VC Minute – quick advice to help startup founders fundraise better
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Alex Ryden:
The mental game of fundraising is a game. That’s just what it says it is. It’s a game.
It’s really like you’re playing a game and treat it that way. I think both with how you’re interacting with people. It can be fun, be positive in the fundraise.
Don’t let your anxiety of not closing come through in conversations with people. You’re playing a game and you’re stepping up to the plate, and swinging the bat.
Continue to think about it and, and just have some levity as you enter it. And it’s really hard, right? Because so much of your investor’s opportunity, your team’s opportunity, and your personal opportunity rides on the outcome.
So it’s hard to think about it as a game. But when you do, I think you can have a better outcome, in my opinion. Meaning can have better mental health. Like, hey, I’m going to go start playing the game.
I’ve got 10 meetings. I’m going to go play the game today. And when I’m done, I’m done playing the game, and I’ll go pick it back up tomorrow. It’s not stewing on it at night and thinking about what if this doesn’t happen with that doesn’t happen.
And then there’s also rules to the game. There’s certain approaches you can have to have a better outcome faster. Just thinking about the way that you’re messaging to investors, like the tone of the message, but also the delivery.
And then who you’re reaching out to and how long you’re running the process. Then there’s always going to be wins and losses in any game and you’re not going to hit a home run every time.
So every time you stand up to the plate, you’re not going to just close someone and get the capital. I don’t know how long I can run with this game reference, but I think I can do it.
It’s going to take a lot of time. It’s going to take multiple innings. It’s much more of a marathon, a baseball game, whatever than a game show that happens over 30 seconds. Just be ready for it to take some time.
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