It was a new book publishing product called Tales: taleswriter.com
They created a story for me on what they did in a fun & easy way to read. And personalized it.
3) This is what they sent me:
4) In the story, they talked about what Tales was trying to achieve w their mission & business.
You could double click into subplots around aspects of their business -- from the business model to the product etc. (Pretty meta to learn about the product within the product)
5) The story also showed they had done their homework on @HustleFundVC & what we believe in & how they tie into that.
They talked about removing gatekeepers in publishing and increasing access to more aspiring writers.
And, the "bad guy" in the story was a stodgy VC!
6) Lastly, like a "typical pitch", they talked about key pts that are interesting about the business in the story.
Traction / notable partners they have brought in to date. Experiments they've done w/ unit economics and initial set of users. Etc...
7) It was a great all-around blend of pitching the business in the product. It was informative & creative. It was unique & clever.
If your product / company doesn't have natural ties to a pitch, don't worry about it.
But if you do, a bit of creativity can make you stand out.
8) And yes! I did offer to invest :)
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1) Even though you may not have any / much traction at pre-seed, your go-to-market strategy has to be solid when you pitch. But nevermind investors -- even just for your own plan, it should be solid.
There are 2 components:
-qualitative
-quantitative
2) Qualitatively, you must do the legwork to understand your customer persona.
Who is your target demographic? What is your target customer's specific problem? Why? What does a day-in-a-life look like for this person? How does this person currently solve this problem today?
1) First off - what is an LP? A limited partner is an investor in a fund.
@HustleFundVC for example, we have raised money from individuals, families, companies, and fund-of-funds. This is the money we use to invest in startups.
They are our LPs.
2) Next, what is the process to becoming an LP in a fund?
Today almost all US funds (if not all) require LPs to be at least accredited investors in order to invest. ($1m+ in assets or $200k/yr in salary)
A VC fund $10m+ can have 99 LPs max. Under that, 250 LPs is the limit.
2) At a high level, the most *ideal* situation is that you have just 1 customer acquisition method & channel. 1 playbook. People specialize & focus on the same thing day in & out.
That's the ideal. It doesn't work out that way, but that's what you hope will happen.
Today I was talking with a @HustleFundVC portfolio founder about how aggressive they should be with customer acquisition spend.
What customer acquisition cost (CAC) should they aim for? Payback period?
A thread on this topic >>
1) First off, I think a lot of founders think about what number they should aim for for their CAC.
I think this is the WRONG way to think about it. There's no holy grail number. But there are good and bad ways to think about CAC.
2) At a high level, your CAC must ALWAYS be less than your lifetime value (LTV) at scale - in order to have a real business!
The problem for startups is that you often don't know what that lifetime value is, so it's a moving target of what your best guess is. Refine as you go.