(REBLOGGED FROM COMPASS.TO/BLOG)
We’re reviewing all our start-up adventures, developments and even our mental health on a regular basis. This time we thought it’s helpful for others who are planning to run the same path as we did. We (the Team like to share some insights with you every first Friday of the month.
Steve Nitzschner (CXO and Co-Founder) and Alexander Bierling (CEO and Co-Founder of Compass.to)
1. VCs, thanks for turning us down in 2012. Start-Ups: Keep pitching but try to avoid to raise capital too early!
(by Alexander Bierling, Compass.to Co-Founder and CEO)
In 2012, right after the end of the financial crisis but in the middle of the Series-A/Angel money crunch, we’ve been approaching all kinds of investors to finance the next steps of our new venture. We spend a third of our time over the year on researching investors, building relationships, preparing pitch decks (executive summary and 15 page slider) and meeting and presenting. All while we’ve been working on the product at the same time. We thought we’re ready with a MVP (most viable product) and ready to launch with a bunch of features to improve life.