I read this essay. Then I re-read it. This is a superb effort to analyze the funding experience for startups!
For the last 4-years we lived this, down to moving into a consulting role to survive. If funding ever arrives, we will thrive.
We are lucky to have 2 founders - I focus on fund-raising, business development, IP, and operations. The other focuses on the technology and product development. My keeping him out of morale-threatening situations, we have a kick-ass product. I learned not to take the multitude of rejections personally. The ignorance of the product and market conspires to keep most investors away.
The one addition I would add is this: Those investors who do "get it" and are supportive in both dollars and participation should be treated the highest-level of respect. We are extremely lucky to have a stable of such investors!
There is a great forum at http://thefunded.com/ where entrepreneurs can share their funding experience, terms sheets, and good leads. Also, those VCs who like to rope-a-dope entrepreneurs are highlighted there so we can avoid them.
For the last 4-years we lived this, down to moving into a consulting role to survive. If funding ever arrives, we will thrive.
We are lucky to have 2 founders - I focus on fund-raising, business development, IP, and operations. The other focuses on the technology and product development. My keeping him out of morale-threatening situations, we have a kick-ass product. I learned not to take the multitude of rejections personally. The ignorance of the product and market conspires to keep most investors away.
The one addition I would add is this: Those investors who do "get it" and are supportive in both dollars and participation should be treated the highest-level of respect. We are extremely lucky to have a stable of such investors!
There is a great forum at http://thefunded.com/ where entrepreneurs can share their funding experience, terms sheets, and good leads. Also, those VCs who like to rope-a-dope entrepreneurs are highlighted there so we can avoid them.
I highly recommend this essay be linked there!