The Art of Raising Seed: Youâ€™re Either Hot, Or You Make Your Own Heat
Eric Barker stashed this in Funding
He pretty much nails what it's like to create heat and then raise a seed.
That he's raised seed three times and never had a decent exit shows how hard this is.
Most entrepreneurs will struggle even with the seed raise.
It's hard. No sugar coating it.
"With our terms set, we put our profile up on Angel.co and they blasted us out to a thousand investors. Because of our advisors & early commitments, we got 25 inbound requested intros and that interest created heat. Enough heat to push our inbound intros to about 65 in the first week or so. (An Angel.co record at the time.) Then I packed 60 meetings into the next couple weeks. Often with 8+ a day. Iâ€™m not a bullshitter and I hate sales-y jargon and when a potential investor was giving me grief or not understanding the opportunity, I simply said, â€śNo worries, I appreciate your timeâ€ť and quickly removed them from my target list. When you have 50 other meetings to take, you can rebound immediately from a crap meeting. When you only have 3 scheduled and take a downerâ€¦ itâ€™s hard to get back up."
Especially since you cannot do that anymore.
Angel.co got rid of the ability to blast out to a thousand investors.
In some ways, it's better.
Instead of spamming everyone, now you have to target.
By targeting you can customize it for a particular person.
That makes it a more personal experience.