Seeking money is definitively a full time job for blue “startupers”. Meanwhile, business does not wait and you ‘ll also have to take care of product development, IP registration, staffing, communication and reporting. It’s a very intense but exciting period, and it will consume most of your energy and time.
As you are now envisaging the next step, you are wondering how you’ll get the right investor to invest the right amount of money to boost your startup and reach the next level. Organizing a Seed or Series A round is not like going shopping! We must prepare:
- start to consult and organize a full immersion week-end with your board and advisory board. They are here to help. Pick up their brains, adapt to their recommendations, and fine tune your strategy.
- In a second step, you should ask yourself the following question: who do I really want to attract? Family offices tend to have a long term vision. They expect to build value for future generations and they will likely support you in the next rounds if you play by the rules. Corporates have also this long term vision and they always scout the market to identify the very good opportunity that could bring an added value to their portfolio. If they get in, you may envisage a fruitful journey and prepare for a clever exit. VCs, in the contrary, will expect a quicker return on their investment. The question you should ask yourself when attracting VCs is how supportive could they be? What are their industry connections? What doors could they open when I ‘ll need it?
The choice is yours. Take your time, plan carefully and discuss within your network. You may find the right connector nearby. If you’re planning your next round for early 2021, and if you are a blue nugget, then contact me. Blue Forward will be interested to discuss this round with you.
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