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abc logo2_fullUsually, I am cynical about pithy posts proffering advice such as “5 steps to …” – particularly when it is about becoming a successful entrepreneur, or raising venture funding.  Most often, I find these posts written by articulate armchair quarterbacks (who have never really done it themselves) or by what I call accidental passengers :  people who have been lucky enough to have been aboard a rocketship just as it launched, but somehow think that they piloted the thing.   Every so often though, a very self aware first-timer, is able to explain the journey in such a way that not only makes sense, but contains universal lessons for all.  Such is the case with  Eran Galperin, co-founder at Binpress, in describing in detail their fundraising process.

His opening line is particularly interesting:

After failing miserably to raise 18 months ago, digging deep and bootstrapping our way to profitability, we made another attempt earlier this year and got a huge break by getting into 500startups.

For first-time entrepreneurs, note how long it took from their first (failed) fundraising attempt to the successful seed  round!  And even then, he admits they got a lucky break.   Below is the top level summary, but the details are an essential read for new and veteran entrepreneurs alike.

The ABC of raising your seed round « techfounder

Quick Summary (TL;DR):

  • When To Raise
  • Raising Funds Is A Fulltime Job
  • Raise Your Seed From Angels. Leave VCs To The Next Round
  • Building An Investor Pipeline
  • Getting Intros And Building A Network
  • Don’t Pitch A Deck, Tell A Story. And Make The Ask!
  • Manage Your Time And Expectations
  • Sweeten The Deal For Advisors And First-Movers
  • Manage Your AngelList Page Effectively
  • ABC – Always Be Closing

 

Written by CJ Cornell

CJ Cornell

Serial Entrepreneur. University Professor. Software Engineer. Media Executive. Venture Capitalist. Researcher. Marketer. Advisor. Mentor. Author and Speaker. Founded or co-founded nearly a dozen companies in software, digital media and television.

For the past few years I’ve been Co-Director of the Knight Center for Digital Media Entrepreneurship and Professor of Digital Media & Entrepreneurship at Arizona State University, and the university’s first full time Entrepreneur-in-Residence. Currently Visiting Professor of Entrepreneurship & Innovation at New York Institute of Technology and Managing Director at Propel Ventures LLC.

 

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