This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2020/05/01/timing-is-everything-how-to-secure-early-stage-funding/
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by Ash Rust, founder and managing partner of Sterling Road
Money is constantly on the mind of any entrepreneur: how to raise it, where to invest it, and how to make more of it. Given that mindset, it’s only natural that most entrepreneurs jump at the first chance they get to secure early-stage startup funding. The sooner they have the funding, the sooner they can invest it in their business.
However, strategy — not speed — is often the name of the game. Most startups will need a viable product and proof of credibility before they can expect early-stage investors to really bite.
The most common fundraising mistake I see is when early stage entrepreneurs focus all their attention on trying to secure a $1 million check from a lead investor. If they fail, they’ve spent months fundraising with nothing to show for it.
Instead, approach your fundraising in tiers. For your very first funds (up to $100,000), start with your friends, family, and connections. These are the people who have known you for a long time and want to see you succeed. Ideally, reach out to people from your past who have wealth, influence, or a network.
When raising your pre-seed round (usually $250,000 to $750,000), you’ll want to focus your outreach on active angel investors and the new generation of small fund managers, often called micro venture capitalists, whose fund sizes are usually less than $100 million. By this point, you will have had the chance through your customer traction to establish credibility, which will make you more attractive to investors than a mere idea. You can find these investors on services like AngelList, Crunchbase, or PitchBook.
When you reach the seed stage and you’re looking to raise $1 million to $3 million, that’s when you should … Read More
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