Foursquare's Dennis Crowley: How To Pitch A VC

TL;DR

Entrepreneurs should focus on telling their unique story and showcasing their growth and learnings rather than relying on conventional templates or charts in VC meetings.

Transcript

give some entrepreneurs in the room who have never raised money before or going through this like what are the five things you do not do in a meeting with a VC um five things you don't do gosh I don't know um I can tell I can tell you things to do I I don't know I I wish I you did things wrong you I all of things wrong yeah I know um we we were kin... Read More

Key Insights

• 🧍 Unconventional approaches, such as using visual decks with photos, can help entrepreneurs stand out in VC meetings.
• 🛰️ Telling the story of the company, including mistakes and growth, is crucial in VC meetings.
• 💦 Templates should be avoided, and entrepreneurs should focus on what works for them and their unique story.
• ❓ Positive feedback from influential figures in the industry can greatly impact an entrepreneur's chances of securing funding.
• 💪 Building a strong community and listening to both merchants and users can guide the direction and success of a startup.
• 🤗 Startups should be prepared for rejection and be open to opportunities that may come at the right time and pace.
• 👤 Ideas and features sometimes emerge organically from user behavior, and startups should adapt and build around them.

Questions & Answers

Q: What approach did the speaker take in VC meetings that was unconventional?

The speaker used a visual deck consisting of photos instead of traditional charts and graphs in their VC meetings. This approach helped to convey the story of the company and its future opportunities.

Q: How did the unconventional approach of using a visual deck in VC meetings benefit the speaker?

The speaker received positive feedback from a well-known figure in the Venture industry who praised their presentation as one of the best they had ever seen. The unconventional approach helped the speaker stand out and capture attention.

Q: What advice does the speaker give to entrepreneurs about their decks in VC meetings?

The speaker advises entrepreneurs to avoid using templates and instead focus on telling their unique story. They suggest highlighting what excites them, discussing prototypes and their learnings from failures, and demonstrating growth and improvement.

Q: Did the speaker notice a difference in the way VCs treated them as they progressed from early stages to Series B?

The speaker mentioned that initially, they faced rejection from many VCs, but once they secured their first investor, others started showing interest. However, some individuals who had previously dismissed them now wanted to be involved, which was not received positively.

Summary & Key Takeaways

• The speaker recommends being unconventional in VC meetings by using a visual deck with photos instead of traditional charts and graphs.

• The importance of telling the story of the company's journey, including mistakes made and lessons learned, is emphasized.

• The speaker advises entrepreneurs to focus on what works for them and their unique story rather than relying on templates or following conventional advice.