How do I know I'm ready to approach outside investors to raise capital?
Posted by Robert Norton on
Well, this is art more than science, so you will need an expert in raising capital to review the materials you have prepared and tell you your materials are of sufficient quality. These materials should include the following, even at the seed stage, even though the bar for quality and completeness will not be as high:
- Pitch deck
- Business plan with market research, competitive intelligence and the business model you have designed to be unique in the marketplace
- Team resumes in detail with every job (no holes)
- Financial projections
- Product offering and any sales and marketing results that can drive the projections. This includes Customer acquisition costs *CAC) and lifetime value (LTV) of a customer.
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If you do not have quality versions of all these things, you are not ready to approach investors like angels. You may get money from “Friends, Family and Fools” but are unlikely to be successful with angels unless you have a completed product with revenue already. Family is betting on you and know about your integrity, abilities and “vision” but they are not experienced and so likely not good judges of what makes a quality deal.
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Bob Norton is a long-time Serial Entrepreneur and CEO with four exits that returned over $1 billion to investors. He has trained, coached and advised over 1,000 CEOs since 2002. And is Founder of The CEO Boot Camp™ and Entrepreneurship University™. Mr. Norton works with companies to triple their chances of success in launching new companies and products. And helps established companies scale faster using the six AirTight Management™ systems. And helps companies successfully raise capital.
Call (619) SCALE06 or email info@AirTightMgt.com for a complementary strategic consultation
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