Great article by Gabriel. It claims to be really long, and it is quite long, but it's also extremely concise, and well worth your time.
Here's the super-short ultra-summary - basically just the headlines:
- The funding process is not to be taken lightly.
- Save up good news for the middle of the process.
- People would talk to me because of traction and track record.
- We probably could have raised earlier.
- There are a lot of VCs.
- Your VC is essentially buying in as a co-founder.
- It's good to know people ahead of time.
- To blast or not to blast.
- Don't pitch ideal VCs first because you'll mess them up.
- Get your story straight.
- It's awkward to pitch people you know, but give them the real pitch.
- Use AngelList.
- Intro channel breakdown.
- Getting to the right partner initially really really matters.
- Often times the right partner is unclear without talking to someone else.
- Having a good network to get intros really matters.
- A warm intro >> cold intro.
- Principal intro is OK if not right partner intro.
- I never walked through my 6 slides.
- I got very few NOs.
- Having multiple term sheets really matters.
- Blasting matters to align time-lines.
- VCs really do take vacations in August.
- Some partners I really liked.
- I did not push for a bidding war.
- I focused on what value the VC would bring.
- I did reference checks.
- I didn't travel much.
- Having a mentor really helped.
- Congratulations.
If you read this far, you should follow me on twitter here.
