Angel investor · Building a team

What I've gained so far after joining a startup in the seed stage is...

David Novotny Consultant; Founder, PhaBay LLC; ..., Intel

June 26th, 2019

More confidence. As the founder of my own startup my idea, the pitch, a video, the proof of concept IMHO are mature and compelling enough to get seed funding. Also I do have many of the skills needed to be either a CEO or CTO of a startup.


Yet I find myself in the same situation I was in before. I just don't know how to network person to person and frankly I don't know how to leverage this site or LinkedIn or AngelList either.


What were your first step(s) finding co-founders and investors to simply get an opportunity to make your pitch?

David M

Last updated on June 26th, 2019

A big part of connecting with people is finding passion and pressure points. That will open most doors, at least crack them open where you have a chance to gain a review. So much of it is in the strategy also. You have to build the connector points in favor of your idea. So you have a pharmaceutical based...drug pricing software? Who supports that concept? Follow the trail.


Most entrepreneurs are timid. I hear it all the time, "you can't just contact so and so." Yes...you can. That is the easy part. The more challenging part is aligning the reasons why that person should pay attention to you. One part of that process is the strategy that comes through passion and pressure points. Obvious passion point...the investor who is vocal about the cartel of Big Pharmaceutical...the investor who was once poor and could not afford prescription drugs for his sick family member. Pressure point...in this case...might be getting online with a company that can utilize your technology...that is a competitor to the investor you want to gain consideration from.


As for C level positions...what does your business plan show you need? Where there are weak links, pursue individuals who can fill those.


Never in the history of business has networking been so available. I think too many entrepreneurs get caught up in social media "networking" sites. Research companies and then connect to the people at those companies you are interested in.


I would be interested to learn more about your company. With President Trump's recent executive order, I imagine that can only help your success.


David

David Insro Founder & CEO, Serial Entrepreneur

Last updated on July 3rd, 2019

One of the most important things you have to learn as a founder is to network. Go to a meetup every week and start networking with strangers. You won't be very good to begin with but after a few months practise, you'll get better. I also recommend reading "The Mom Test" because it will teach you how to engage with others. Although you could describe it as a sales book, it's really about connecting.

David Novotny Consultant; Founder, PhaBay LLC; ..., Intel

July 1st, 2019

Thanks for the feedback. I agree the personal angle is the right approach. I've found most VCs are focused on their own good with little interest in anything else. Angel investors and crowdfunding seem the best approach but how do you find folks with that personal angle? I've made a video that explains my company and my inspiration. I've gotten good feedback.


The core technology and design for the product along with a marketing strategy and financial projections have been developed. I've defined the co-founder roles and skills I'm looking for. I already tried working with family and friends but they had a sense of entitlement rather than hard work. Posting on this board is the first time I'm reaching out beyond that small circle.