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8 MISTAKES WHEN PITCHING INVESTORS
Jan Coppens
1 2
3
4 5
6
7
8
Prepara/on
Compe//on
Problem defini/on
Product differen/a/on
Business model
Status
Go-‐to-‐market
You
Raising Capital 1 What do you know
about our business?
PreparaFon
General Partners
Limited Partner
Limited Partner
Limited Partner
Venture Capital firm
€ €
€ Fund
€ Management
fee
Fund raising
General Partners
Venture Capital firm
Startup €
Startup €
Startup € Fund
€
Inves.ng
• Investment strategy • Deal-‐flow management • PorPolio management
General Partners
Venture Capital firm
Exit
Startup
Startup
Startup
€ Carried Interest
Limited Partner
Limited Partner
Limited Partner
€ €
€
2 I don’t feel the pain
• Tell the story of your customer • Show current solu/ons do not cure • Translate opportunity in problem
• Proof with data
Problem definiFon
An important client or market need addressed by a unique approach with
compelling benefits when compared against
the compe//on or alterna/ves
“ “
A word on communica/on
Where have I seen this before? 3 Product differenFaFon
Low barriers to entry for Web startups result in many “me too” products
Ancient technology
Lack unique knowhow?
single most common quesFon
52%
14%
34%
User pays
Someone else pays
Don't know
4 and how exactly are you going to make money?
Business model
“
“ Business model
n = 56
0 5
10 15 20 25 30 35 40 45
2012 2013 2014 2015 2016
Revenu
EBITDA
Example of real-‐life startup financials (Belgium)
Really?
Can you prove what you claim?
Something
Something else
Weak Strong
Weak
Stron
g
Google Apple
Someone you found on Google
Other startup
Radom companies in same space
5 You don’t understand your market
Missing link to customer priori/es
YOU
Typical compe//on analysis
CompeFFon
B2B 69%
B2C 31%
Customer type
6 Go-‐to-‐market
How will you reach your customers?
• What is your compe//ve advantage to reach your customers?
• How are you going to make this repeatable and scalable?
n = 54
7 You
You need a right team size, …
Solo founders take 3.6x longer to reach
scale stage
“ “ Startup Genome report
…and the right set of skills
Computer game
• Technical vs. business • Thinker vs. doer • INTP vs. ESFJ • Etc.
Does it exist outside of your head?
8 Status
