1. 10:37 5th Nov 2009

    comments:

    Telling the Customer Discovery and Customer Validation story this way allows you to take VC’s on your journey through all the learning and discovery you’ve done. After three of these slides, smart VC’s will recognize that by iterating on your assumptions you have dramatically reduced risk– on your nickel, not theirs.  They will realize that you have built a startup that’s agile, resilient and customer-centric.
    — 

    Raising Money Using Customer Development « Steve Blank

    Good article as always from Steve Blank. For many first-time entrepreneurs, however, holding off fundraising until a Series A is simply not financially realistic. Somehow you need to pay rent, pay for servers, pay for lawyers, pay for design. I guess you can say that if your vision and team is compelling enough, you can do a “friends and family” round to get you through the first 6-12 months but again, for some people that’s not possible.

    The overall point is always true - the more risk you remove from your company, the easier it is to raise money.

     
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