I was listening to a couple of VC’s talk the other day and one of them talked about their favorite type of entrepreneur pitches. He said that he likes an entrepreneur who can, on the one hand, explain the startup concept in “lay terms”. On the other hand, he and his firm really liked entrepreneurs who were really “detailed and metric oriented”. He went on to say that his firm really liked an entrepreneur who could “go deep” on any aspect of their business – no matter where the VC goes, the entrepreneur knows the details. In short, this firm was really happy when the team “couldn’t stump the entrepreneur”. Of course, that was the type of entrepreneur who got funding….
Now, on the one hand, this is pretty arrogant, making it sound like they are just playing a game with the entrepreneur, expecting them to fail. And, let’s face it, there’s a lot to know and lot of ways for a potential investor to stump the entrepreneur.
But on the other hand, I have said before that one of the “50 Ways to Messup your Startup” is to “Forget to track execution and metrics at each stage of the business.” Sounds familiar, huh? In our online course Designing the Perfect Investor™ we coach you through how to be prepared for your pitch presentations to investors – and specifically emphasize that investors will be “doing the numbers in their heads” – so you’d better be prepared. Don’t let potential investors stump you – and then dump you! Be prepared.
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