November 12, 2011
The advent of AngelList, micro VC’s, and the super angel has resulted in an awkward fundraising landscape. There is more access to investors, but more entrepreneurs vying for their attention. There is more information than ever, yet this leads to the challenge of trying to break through the noise. The “Getting Funding” panel at DCWEEK hit on some of the biggest changes in fundraising and entrepreneurship.
You must have revenue to get funded
Getting revenue is easier than ever before, but you need customers before you can even get funded. Focus on customer development in order to build real businesses.
Keep Impact in Mind
More entrepreneurs are interested in for-profit, for-good ventures than ever before. TOMs shoes and the like have made impact-minded folks aware of double bottom-line movements and companies.
You Have to Make Fewer Mistakes
With so much information available, there is no excuse for making the same mistakes that others have made. Your information starting point is radically better than ever before.
Don’t be stealthy
Stealth companies are a bad idea. You need to be learning, not keeping your ideas to yourself. You can’t build a company in a vacuum.
The venture world is both more fractured and more approachable. Getting in the door is hard, but use the above advice to get heard.
Allen Gannett is an entrepreneur and DC resident. He was a castmember on MTV’s Mover and Changers. You can follow him on twitter at @AllenGannett and read his blog at AllenGannett.com.
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