Katie Dunn

It doesn't matter if investors aren't interested. It matters if customers aren't interested. How much you raise from investors is NOT a measure of success. What ARE measures of success: - revenue - revenue growth - number of customers - customer growth - recurring revenue - recurring revenue growth If you're building a company with a scalable product, and you're in the process of growing in a meaningful way, investors will find you. Investors want traction, revenue, annual/monthly recurring revenue from customers. But the focus should be on making the customer happy and wanting to pay for your product. Worry about what they think, need, and want vs. the investor.

What you say and how you say it is critical. If you can't clearly and concisely explain your problem, solution, and how you'll make money, no one is going to listen to you. Try saying it a few ways, and practice on friends, colleagues, and strangers. Here's the real trick - after you tell them about your business, have them repeat back what they heard - and record it if you can. Can they explain the way you intended it? If not, go back to the drawing board. Keep iterating until you get it right. As I always say, I'm an angel investor, speak to me like I'm 5 years old.

The advice I give all founders: do quarterly updates (at least). START the update with a "thank you" to those advisors, investors, and mentors that helped you with a specific item since the last update. Name them and their contribution. END the update with asks for things you need help with. Be VERY specific. People will be inclined to help because they've seen the contributions mentioned in the beginning of your update. Their ego will want that recognition, thereby incentivizing them beyond just a good deed and protecting their investment. (In the middle put in your wins, dashboard metrics (including financials), and challenges.)

Follow the rubric! A rubric, or factors being considered, is always provided to the judges to bring fairness and objectiveness to the competition. So understanding the rules will put you ahead of the game. Think of it like answering a question as directly as possible. Also, understanding who is putting on the competition - and their motivations - will help. Show them how you will make them look good - they're likely doing this for PR opportunities and connections too - so find that fit where you both win. This is also known as "knowing your audience."

You have to track the feedback, just like you track the investor calls. If you hear the same thing three times, it's time to iterate. But do not change your deck/projections/business model/idea just because one person said something one time. To track the feedback: 1) record the zoom call using a tool like Fathom Notetaker. It will give you a summary, a list of questions asked, a transcript, and a recording to review. 2) Use a form to input the feedback on every portion of the pitch. It should highlight patterns for you so you notice them quickly and can address. (I've created this tool.) 3) Take it all with a grain of salt. Everyone has an opinion, and pitch decks are very subjective documents.

Raising funds - and from whom - is something to be thoughtfully considered. Investor relationships are like marriages: they need trust, open communication, love, passion, and respect to thrive. Trust and transparency is essential because an investor is entrusting a founder with their money, and the founder is entrusting the investor with their idea. Open communication is critical. The good should be celebrated, and when things start to go bad, the investor should be there to support the founder. Love and passion for the actual product/idea are what binds the relationship. The founder's passion will fuel the growth, while the investor's love and respect provides accountability and backing.