Are you fundraising for your start-up?
Hopefully you already know the difference between equity, a CLN and an ASA.
If not, fear not, Anthony Rose from SeedLegals explains all in this podcast exclusive.
Anthony kindly explains everything from validating your idea, to pitching, to fundraising, and even start-up strategy.
Anthony Rose bio: Founder & CEO SeedLegals, insight-driven automated legals for startups. Founder Beamly, 6Tribes, QJAM. Investor in Papped. Director Vizrt. The man behind the BBC iPlayer.
Main topics and learnings:-
1. Building a product people want:
1.1. Most founders don't properly validate their idea. Ask "have you ever looked for this," not "would you use this product."
1.2. Listen to your customers, not your team. Or get your team to listen to your customers.
1.3. Use your mission statement as the yardstick when doing customer-driven development. Fix usability issues right away though.
1.4. Don't try do B2B and B2C at the same time. You'll end up being schizophrenic and not satisfying either.
2. Empowering founders:
2.1. We're seeing the rise of agile funding rounds with rolling closes.
2.2. Rounds are moving quicker (from 4 months to 2 weeks). Investors that don't adapt may lose out.
2.3. Get data on what is 'market' for deal terms, don't leave it to chance.
2.4. Consider using an Advanced Subscription Agreement ("ASA") as it is perhaps the best instrument for founders.
3. The art of the pitch:
3.1. Pitching is telling a story to persuade an investor to do something.
3.2. On stage, be a showperson, that's what people want.
3.3. When pitching online, get your tech perfect.
3.4. Do your audience research first by mingling.
3.5. Before you pitch to investors, pitch to your customers through content marketing. It's free and still very underrated. It makes you a thought-leader and drives sustainable web traffic.
No matter what advice you were looking for, I'm sure you'll agree that this episode puts the power firmly in the hands of founders.
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