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"7 Fundraising Lessons I Learned as a Unicorn Founder" by Pete Flint
- 1. The truth about fundraising
- 2. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com Largest global online real estate marketplace $33 million raised $96 million IPO $3.5 billion merger
- 3. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com@peteflint@nfxguild www.nfx.com VALUE DRIVEN BY NETWORK EFFECTS
- 4. JAMES CURRIER OVERVIEW nfx.com @nfxguild ©NFX Guildnfx.com @nfxguild ©NFXNETWORK EFFECTS OVERVIEW 13 TYPES OF NFX
- 5. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com ONE If you tell a VC you don’t have competitors, you are just communicating ignorance.
- 6. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT COMPETITION @peteflint@nfxguild www.nfx.com •If you don’t have any, you generally aren’t attacking a big market •3 competitor views you need: direct, adjacent and potential •Minimum 5 criteria to address: Strengths, weaknesses, funding, location, scale •Your competitive edge = why they can not or will not do what YOU are doing
- 7. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com GREAT ATHLETES KNOW THEIR COMPETITION
- 8. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com AIRBNB @peteflint@nfxguild www.nfx.com
- 9. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com TRULIA @peteflint@nfxguild www.nfx.com
- 10. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com TWO NEARLY EVERY SUCCESSFUL FUNDRAISE IS DRIVEN BY SCARCITY
- 11. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT SCARCITY @peteflint@nfxguild www.nfx.com •Scarcity can be engineered by 3 key factors: size of raise, your confidence, and how quickly you move •DO Raise less than you need •DO Manufacture ”want” by confident articulation •DO Seize interest with speed •DON’T think its closed deal until the $ hits the bank
- 12. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com SCARCITY IN FUNDRAISING IS CREATED BY BEHAVIOR, NOT WORDS
- 13. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THREE YOUR NETWORK IS THE RESULT OF YOUR HUNGER
- 14. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT NETWORKS @peteflint@nfxguild www.nfx.com •Few people are born connected; the rest are just hungry •If you can’t figure out how to meet VCs, you’ll have a really hard time building a startup •Give first •Use Signal to find, understand, and connect with VC’s: http://signal.nfx.com
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- 16. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com
- 17. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com FOUR OPTIMIZE FOR THE SHORT-TERM AND EVEN IF YOU WIN, YOU LOSE.
- 18. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT LONG-TERM THINKING @peteflint@nfxguild www.nfx.com •Few fundraise for the long-term, those who do often win. •Top investors who turn you down will often meet you again. Hit your plan. •Trust is like traction – it takes a long time to earn but once you do, the benefit is exponential. •Keep terms simple, don’t optimize for valuation.
- 19. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com FIVE FORMULA FOR “YES”= MARKET TIMING + PRODUCT TIMING + COMPANY TIMING
- 20. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT VENTURE RISK @peteflint@nfxguild www.nfx.com It’s the right time to invest in this market AND It’s the right time to invest in this product AND It’s the right time to invest in this company
- 21. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE 3-FACTOR TIPPING POINT @peteflint@nfxguild www.nfx.com •Market timing: Is this a big enough market that is likely going through some sort of change? •Product timing: Is this product in the most exciting and fastest growing part of the market? •Company timing: Is this team relative to the competition & opportunity the right fit for this investor?
- 22. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com SIX HAVING TOO MANY VC MEETINGS CAN BE AS BAD AS HAVING NONE
- 23. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT VC SIGNAL @peteflint@nfxguild www.nfx.com •VC’s are highly collaborative. Word travels fast. •VC’s tend to have the same, small groups of co-investors. •If you’re meeting with no one = bad signal •If you’re meeting with everyone = neutral to bad signal •If you’re meeting with a targeted few = strong signal
- 24. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com
- 25. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com
- 26. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com BETA ACCESS FOR STARTUP GRIND: VCmatchApp.com
- 27. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com SEVEN TREAT VC’S LIKE A CHECK, AND THAT’S ALL YOU’LL EVER GET.
- 28. ENTER SLIDE TITLE HERE @peteflint@nfxguild www.nfx.com THE TRUTH ABOUT FOUNDER-VC RELATIONSHIPS @peteflint@nfxguild www.nfx.com •True – Not all VC’s are accretive. •But – Your expectation drives probability. •And – Your perception drives who you attract. •If you’re looking for money, that is all you’ll get. •Optimize for personality and skill fits, and never settle. •Remember – your investor syndicate is your brand.