FOUNDER FOCUS: My Best Year Ever
We asked all of our entrepreneur users to share their funding journeys, for other start-ups to learn about how their peers approach raising capital.
We will be running a series of blogs about these journeys over the coming weeks, starting with Tracey Carr (https://www.linkedin.com/in/traceycarr), Founder & CEO of My Best Year Ever (https://www.mbyever.com/)
(if you would like your story featured, visit http://bit.ly/2ffm0Yb)
MC: What’s your elevator pitch?
Helping busy people to achieve their purpose. The only 3-in-1 app dedicated to driving productivity AND mindfulness
MC: When did you start trying to raise your most recent round?
4 weeks ago
MC: How did you work out which investors you were going to approach? Recommendations through our network of Founding Partners and Advisory Board
MC: What documentation did you initially send to your targeted investors? I.e. a one pager?, a short slide deck? a long slide deck?
A one pager
MC: Was there a typical response from the investors you targeted?
Yep. Even very early stage investors want to see a very detailed 5 year plan and exit strategy
MC: Have you received any interest from investors and have you had any meetings?
Yes. A lot of interest and several weeks of meetings
MC: What common questions have you been asked by investors?
What is the product development road map
MC: Is there anything you wish you hadn’t said in an investor meeting?
Never share concerns or be too open or relaxed up front (especially if you are a woman)
MC: What do you wish you had said, that you didn’t say?
This is our strategy
MC: In your opinion, what are the “no-nos” worth bearing in mind when talking to investors?
You should control the timing and the strategy or you can meet people forever and never get anywhere
MC: Have you got any advice for other entrepreneurs who are preparing for an investor meeting?
Read as much as you can. Prepare as much as you can. Get the best mentor you can find re raising finance
MC: Have you raised anything so far as a result of your efforts?
50% of our goal
MC: If you have raised money, what do you think was the most compelling factor about you/the business?
The investor has to like you. Credibility is key. The team is also critical
MC: What’s the biggest challenge you’ve faced along the way?
Being a solo Founder who is also a woman with 3 children (single Mum) with no experience in tech
MC: What’s your overall view on the UK funding market? Tough? Easy? Over-hyped?
Much more cautious than I ever imagined !
MC: Any last tips?
There is an unwritten protocol. Find out what it is and make sure you don’t deviate from expected norms. The investor has to trust you implicitly