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A friend recently asked what it was like to raise $ for @withspectrum at the early stages (we raised ~$450k pre-seed). Here are some of the questions angel/seed investors asked us, in case it can be helpful to anyone who is preparing for early stage startup fundraising:
What’s the path and timeline to unaffiliated customers?
How do you know companies will pay for this?
If enterprise sales will be a component, how will you execute on this?
Who is the competition and what threats might each present?
How do you know companies will pay for this?
If enterprise sales will be a component, how will you execute on this?
Who is the competition and what threats might each present?
What strengths will you leverage to overcome these threats?
What weaknesses do you have that might make these threats dangerous?
How will you ensure the success of acquired customers?
What’s your current churn rate?
What weaknesses do you have that might make these threats dangerous?
How will you ensure the success of acquired customers?
What’s your current churn rate?
How challenging is improving performance of existing product architecture? How might this impede adoption?
How will you deal with the cold-start community problem?
What’s the distribution and customer acquisition strategy to your target audience?
How will you deal with the cold-start community problem?
What’s the distribution and customer acquisition strategy to your target audience?
What’s your target customer acquisition cost, and average revenue per user?
How have you validated the pricing model? How will you know it’s working?
What are KPI’s are unique to this product and business? How are they trending?
How have you validated the pricing model? How will you know it’s working?
What are KPI’s are unique to this product and business? How are they trending?
What are your objectives and key results for the next 3, 6, 12, 24 months?
What features on your roadmap are essential to achieving key results?
What key hires will be necessary to achieving these results?
What features on your roadmap are essential to achieving key results?
What key hires will be necessary to achieving these results?
/end
Answering each of these questions was incredibly valuable for us as a team. They forced us to think deeply about our business model, product strategy, and path to customer acquisition.
Hope they're helpful for someone out there on the same path 🥰
Answering each of these questions was incredibly valuable for us as a team. They forced us to think deeply about our business model, product strategy, and path to customer acquisition.
Hope they're helpful for someone out there on the same path 🥰
