orange notes: Detroit Mobility Lab Panel Session — How To Pitch VCs

  • Megan Guy
  • Kate Hernandez
  • Detroit Venture Partners
  • Family office
  • Reilly Brennan
  • Early or way too early
  • Chris Thomas
  • Assembly ventures
  • Detroit and berlin
  • When being pitched the first time?
  • Research the VC
  • Be responsive and follow up
  • Reilly
  • Want to see a ton of risk on the table
  • Communicate the risk well
  • Honesty, point out your weaknesses
  • Megan
  • Short on slides, don’t read off them
  • Know what you’re looking for in your next investor
  • What kind of partner, assets, skill
  • Any companies that have shown this well?
  • Zendrive
  • Had a chief of staff early
  • Very few do this
  • About communicating your vision
  • Universal Hydrogen
  • Visualized concept very (painstakingly) well
  • Fintech company [name not provided]
  • Data room
  • Be well prepped and don’t drag out the raising process
  • Be ready for what comes after the pitch
  • They had written blogs
  • This showed thought process, gave a ton of confidence to investors
  • Documented strategic decisions
  • Kate
  • Why this team?
  • Articulate what would need to be true in order to reach the huge outcome
  • Are your milestones tied to this? Think about this
  • Eg expand verticals
  • What are signs that you’re into it or they’re losing you in the pitch?
  • How many questions is VC asking?
  • A lot is good
  • Take control of the meeting [as the founder]
  • Intro with direction you want to take meeting
  • Start with 30 sec elevator pitch
  • When really interested, VC is trying to understand really specific things
  • If you get hard questions, circle back and answer later offline
  • Reilly
  • On first meeting he tries to be co conspirator with founder, talk up ideas
  • Get founders outside the flow of their deck to challenge how they manage the difficulty
  • Whether or not you answer the qs, keep track of them all so you can pitch better next time
  • Investors appreciate some silence as the founder thinks on answer
  • Shows you’re thoughtful, appreciate the difficulty of things
  • Want confident but not cocky
  • What are some of the worst practices for founders?
  • Megan
  • Married cofounders didn’t disclose it up front, got awkward later
  • Have to practice your demo (data) a ton
  • Kate
  • Pitch is too rehearsed
  • Like a cheesy skit
  • Don’t get too personal in pitch
  • Yes end with questions for the VC
  • Reilly
  • Don’t talk up your famous angel investor
  • Make sure everyone on your team at the pitch speaks
  • Imagine it like how you would run a board meeting
  • Zoom hygiene
  • If you get a “pass”, how do you still follow up? [as founder]
  • A month or two later give an update
  • People like seeing a mailing list
  • What if post investment, a senior leader or founder leaves?
  • Quite common, face it head on and don’t hide it
  • What’s special about Detroit?
  • Megan
  • Appreciates midwestern roots
  • Brother manages great lakes coffee
  • Reilly
  • Excited about MMI (Michigan Mobility Institute)
  • In partnership with Wayne State
  • More loyal employees in midwest
  • Michigan can build more on natural resources
  • Kate
  • Seeing 2nd generation founders now in Detroit
  • DONE

--

--

--

Thinking all the time, writing poorly some of the time

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Row, Row, Row…Your Business

The 3 Things I Learned on the Way to Starting a Business in 2020

“You should only become an entrepreneur if you absolutely can’t help it — you’re so drawn to the…

Running the nation’s largest student startup competition with Ayushi Sinha (TigerLaunch)

6 Tips for Tackling Low-Volume Sourcing Challenges

What it takes to grow a 7K+ customers WordPress theme

Milestone: First Pilot…!

Female Co-Founder Alana Arnold On Selling Luxury Cookies and Utilizing Marketing Trends

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Gabriel Casalduc

Gabriel Casalduc

Thinking all the time, writing poorly some of the time

More from Medium

Risky Business

Retool Your Sales and Marketing with the Right Tech Stack

Do you have what it takes? The best approach on how to become a CFO.

What I Learned About Delegating Work As An Entrepreneur with Roland Polzin