Running a startup is expensive. If you’re an entrepreneur, you already know this, and likely have “find money” high on your priority list. There’s a fair chance that the first place you’re going to look is at venture capital firms — those glorious businesses that, thanks to shows such as Silicon Valley and Shark Tank, have reached nearly mythical status among would-be founders.
As you’re likely aware, you’re not alone. You’ll face a steep uphill battle against many other fully qualified startups, some of whom may even have similar ideas as your own and asking for more money than you’ve ever held in your hands before.
How do you get VCs’ attention? I’ve scoured the web — and talked to a few — to find the five best tips from five extremely attractive venture capitalists. Here are the winners:
1. Fix a problem others ignore.
“Figure out where the world is going, and get there first,” says Wade Diebner, managing partner of ExCapsa Group, the investment firm behind B2B solution LeadCrunch. “Make sure that your solution is developed for a specific problem that you have the expertise to address. After all, a good solution, no matter how elegant, is only good insofar as someone else cannot come along and develop something similar. Your product will need to stand up against competitors with more capital and resources, along with other assets which they can leverage. We look for startups that not only present solutions to uncrowded markets but also resist the temptation to use their early lead as a crutch.”
2. When you pitch, focus on the big picture.
Edith Yeung, a partner at 500 Startups, advises applicants to the prestigious accelerator — which has produced companies as varied as Twilio to Studypool — to approach their pitches with a big picture assessment and a thorough understanding of their industry as well as their product.
“Most founders I meet are in love with their product,” Yeung writes in…