Raising money for your startup in a virtual environment presents new challenges for founders.
Prior to his current role, Cowan was the founder and CEO of a software startup, as well as an investor with Intel, Bowman Capital, and Bridgescale Partners. One advantage of this approach, Cowan says, is that investors who see a unique opportunity to participate in the trajectory of your business are more likely to commit their money as well.
"A lot of people take false confidence in just being able to get the meeting, and that's a mistake," he said. "You need to focus on getting the meeting with the level of credibility that sets you up for success." "It's not the same as showing a video," he said. "There's something very authentic about being on a video call in real-time."The disruption from the coronavirus pandemic has not only altered the medium of startup pitches, but the message too.
"Venture firms will be much more diligent and careful to ensure that any investment that they pursue has compelling unit economic story," Cowan said.Forging strong connections in a video call with more than a dozen people is extremely difficult, and Cowan recommends scheduling one-on-one calls with the partners at the venture firm.
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