What are the deadly investor prospecting mistakes you might be making while trying to raise funding for your startup?
Knowing what you should be doing is half the battle. Just make sure you are alert to the mistakes you shouldn’t be making as well. That’s where things will really line up, and you can go from frustration to getting funded.
If you aren’t getting the response you hoped for with this fundraising round, or you just want to make sure your next round is efficient and successful avoid these blunders.
Your Pitch Deck Is Too Long
How long is your pitch deck? Early-stage, pre-revenue startups only really need 10 slides in their decks. If your startup is a little more mature you may have 12 to 16 slides.
Later stage startups may be able to justify 20 slides if they have a lot of existing financials and complex structures after acquisitions, and have a developed menu of products in different verticals. If you are exceeding these numbers there is a high chance your deck is sabotaging you.
Weak Email Subject Lines
If your pitch deck isn’t even being opened and viewed, and you are cold pitching via email, then it could be your subject lines or cover messages that are the hurdle to your success in fundraising. Make sure to avoid the deadly investor prospecting mistakes you might be making.
Firstly, you have to make sure that your emails aren’t just being filtered as spam, and aren’t even making it through. Then be sure you’ve got some professional copy and marketing help, and even split test these other factors to increase your odds of getting your deck opened by investors.
Keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
Poor Form Email Addresses
Even the email address you are sending from could be an issue. Does it look unprofessional and spammy? Hopefully, you’re not using a cringeworthy Hotmail address.
We get too much spam and junk these days. The first assumption is always that an unexpected email is spam and shouldn’t even be opened. Don’t let that be your fate.
Email Attachments Are Too Big
You may have a beautifully designed pitch deck and all of the supporting materials to really convince investors you have it together. Yet, files that are too large can fail to get through, fail to load, or are just too slow to load.
Time is precious and people are impatient. Send links to your deck and data room hosted online instead of as attachments. This also gives you more options for sending. You can use social media, text messages, signal messenger, and so on.
Links Are Wrong Or Broken
This is such a common issue. Yet, few people may take the time to tell you. Be sure you test your messages and links every time before sending.
Not Polishing Your Online Reputation
The vast majority of people check everything out online before they even consider buying or responding and engaging in a conversation.
If people take the time to check out online reviews before ordering a coffee, lunch, or clothes, you can bet they are going to look you up too.
This isn’t just about cleaning up any digital dirt you may have laying around. It is about shining and showing up well. The first impression should be that this entrepreneur is extremely well qualified and serious. Not that you just hopped onto this idea yesterday after several other miserably failed startup attempts.
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