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The secret science of raising money - a guide for entrepreneursBy Tine Thygesen
www.tinethygesen.com @tahitahi
•CEO Everplaces•CEO 23•CEO Venture Cup•CEO GlobalEventSupplies•CMO Colego•Cofounder Founders House•Cofounder Cleantech Open•Worked with 100 startups
Hi! I am Tine Thygesen
Tech entrepreneur x 5, board member x12, advisor
Based on my experience raising:
• €5mio/ 38mio DKK
• In three rounds
• From 7 Angels + 2 VCs
• As we speak raising5mio DKK
9 untold truths about raising money
#1 You must speak the language
-Know your numbers, CACs, conversions
- Learn the lingo and expressions -Understand a VCs business, what do
they need to return?
Don’t sell, attract!
Be visible, and let them ask
Intros whenever possible
Short meetings at first
Say no if not relevant
#2 - Raising is like dating
Rules of attraction
- We want what we can’t have - If we want it, we’ll pay what it costs - Interest from others, spike our own
VisionProblem & opportunity
Market opportunity Traction
Your productGrowth engine + revenue model
CompetitionFinancials
Team
#3 The basics: You should include
"I am rather a fan of Everplaces, I've been longing for an app that does exactly this,
since before the smart phone was invented.”
Alaina, USA
#4 Early stage: Often easier to sell vision than traction
-Start early, several months before you are raising.
-Create trust
-Deliver over time. Don’t send out projections that show 6 month later that you cant deliver.
#5 Deliver
Example: User map sent after 8 weeks
mobile war will be fought out on ux
with the big portals fighting another the strategic advantage is to the independent player
-Investment is a power play!-Meet on equal level
#6 Psychology of power
#7 - Play to win, not survive
-Offering yourself cheaply will have opposite effect, they know what things cost.
- Show big potential in budget. VCs will divide your revenue projections in half and double your expenses to gauge your business.
To be relevant for a VC, you must go for a huge market. Pick a niche worth fighting for
• Market for travel info $500m pa
• Travel, $920 billion , one of world’s largest industries• Doubled last 10 years, moving mobile• 35% travel transactions occur online (vs. 10% total retail).• Largest online expense (Europe)• Proven: Tripadvisor turnover $900m in 2013
#8 - Don’t just ask the usual suspects-For early stage VCs funds are typically to early, go for private people (angels)
- Look for wealthy individuals in your industry/passionate about your product, not just official angels
- For “tech enabled” you often end up with non tech investor
#9 Play the hand you have
Much reading is about serial entrepreneurs, they will have
other cards that you do
Dont wait for perfect circumstances
Who do you have access to?
#10 Pitch perfect
Opening sentence is of massive importance
Tell stories Be bold Pause!
Slides are for emphasis, not information
Speak like a bear
tinethygesen.comSpeaking tips on
1. You must speak the language2. Raising is like dating3. Include this4. Vision can be easier to sell than
traction5. Deliver6. Understand psychology of
power7. Play to win, not to survive8. Dont just ask the usual
suspects9. Play the hand you have10. Pitch perfect
Thank you! More tips and tricks for entrepreneurs and
innovators on: www.tinethygesen.com
Tine Thygesen @tahitahi
Tine Thygesen@tahitahi
My startup tips: daredo.tumblr.com
Thank you!
Recommended reading: - Zero to One, Peter Theil- Venture Deals, Feld & Mendelson- Fundraising fieldguide, Carlos Espinal
Image credit and sources
www.everplaces.comhttps://unsplash.com/@flenjoorehttps://unsplash.com/@anubhavhttps://unsplash.com/@markusspiskehttps://unsplash.com/@monmohttps://unsplash.com/@sweeticecreamphotographyhttps://unsplash.com/@vincentvanzalingehttp://www.wallpaperswala.com/wp-content/gallery/lonely/lonely_girl_walking_on_railway_track.jpg