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11 Sep 07
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Venture investments by their very nature require a leap of faith (none more than ours) that only comes when an investor becomes aspirational – when he or she wants the investment to make sense (even though statistically deals never do make sense).
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three things come together for the investor
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They personally believe in the entrepreneur
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they have a sense (and it’s often just a gut feeling) that the idea could be very big
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have a personal interest or background in the industry that gives them a leg up the diligence curve.
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So my advice, if you’re an entrepreneur trying to raise money, is focus on these three levers. If you’re not the evangelist, ‘people person’ type, find someone who is and make them your front person.
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convincingly convey a sense that yours is a big idea then go looking for investors who love the stuff you do.
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Avoid the trap of pitching anyone who will listen. It’s exhausting and demoralizing.
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carefully from among those with an expressed affinity for your sector – they’ll be the ones with a tendency towards the aspirational.
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