Show Me the Money: Business and Financing Strategies for Founders
In Show Me the Money: Financing Strategies for Founders we got an up-close-and-personal look at the relationship between Founder and Investor. Over the course of the 45 minute chat, Katie and Kaeya specifically covered financing strategies that have been successful or failed for women-owned businesses. Self funding, loans, and venture capital are viable ways to get your startup off the ground, but not every business will be successful with every path.
In this session we learned about different financing strategies from a founder and VC perspective, and tips and tricks to help women entrepreneurs understand their financing and capital options.
Catch the video of the session and some of our key take-aways here!
Key Takeaways
Warm up by talking to investors that you know aren’t the best fit before you pitch to your “dream” investor.
Remember that investors are looking to find a great company to invest in as much as you are looking for an investor to invest in you.
Kaeya: No boards until Series A. Your boards form naturally when during your pre-seed and your seed. You lean into certain people more naturally than others. Even if your seed is a price round you can wait til Series A. I think it’s a red flag when investors ask for a board seat that early. It’s similar to dating, you date then you get married. You don't pay advisors, they pay you in time.
Before accepting capital from a VC, know what type of partnership you’re looking for with them. A good VC relationship means that you will be able to utilize them in various ways other than just for the capital they are giving you.
One action every women entrepreneur should take this week:
Katie:
Find another entrepreneur and ask some burning questions that you've had. Or ask for a connection for someone that will talk about it. Don't be afraid to ask.
Kaeya:
Go find the right people, thought partners, other founders, advisors.
Julie:
If you are good at branding, marketing and partnerships, you may overlook what you are not good at. Pay extra attention to the areas you aren’t comfortable like financing, bookkeeping, etc. And if you don’t know, ask!