On Monday, July 31, we hosted a #StartupChats discussion tips and resources for entrepreneurs looking to kickstart their fundraising round. We discussed best practices from how much you should aim to raise in your first round to how to build a strong pitch.
Hosted by Startup Canada’s Marketing & Communications Manager, Jocelyn Courneya, we were joined by Nunzio Presta, Founder, CEO and Head of Product of BuyAndSellABusiness.com and Executive Director of Rothwell Capital, and Tim Kwok, Associate at Panache Ventures.
This #StartupChats was presented by our partners at Mastercard.
Check out these highlights from our discussion:
- Nunzio: You want the fuel to grow but also not see your company dilute out the gate. When it comes to raising your first round, you have to be realistic. Scott Galloway said it best, “the best thing that can happen for your business is quick success the other is fail fast.”
- Tim: The further you can delay raising a round the better. But in the event, 12 to 18 months of runway is the general rule, but it really depends on the startup.
- Nunzio: Successful pitches should start and finish with a compelling story. Founders need to be able to create a clear and interesting story about how they started and how they can help solve a problem. You also want to make your deck look welcoming, exciting, and as innovative as your idea
- Tim: As an early stage company, your story is the most important part of your pitch. Think of pitch decks like a children’s story – where there is only one storyline, and by the end, you know the moral of the story!
- Nunzio: To meet investors, you want to be active in the community because it will lead to natural connections. Naturally, also, if you build a great business and generate buzz, investors will come find you.
- Tim: When meeting with VCs, if you can communicate how you’re the best or tell me what you know and how you know it – you will get my attention.
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