23. What are some rookie mistakes founders make during VC meetings? RAISING A few that are easy to fix: CAPITAL Not standing (when you present to > 2–3 folks). When you stand, you present better. Period. Standing turns you into the center of the audience, into the owner, the presenter. Sitting is great for a small conversation but sucks all the energy out of a 3+ person audience presentation. Being cagey with answers. Just answer the question. How much are you raising? Where are you in the process? Being direct (and honest) builds trust. With VCs you want to build trust quickly, if you can. Bringing the wrong people with you. Do not bring “consultants”. Do not bring anyone with you that isn’t part of the senior team. As soon as you bring a “consultant” with you — I’m out. 100% of the time. Not sending the deck ahead of time. Just send it. You are wasting a lot of time and an opportunity by not letting VCs do basic homework ahead of time. Make it easy on them. Not doing at least basic homework on the VC firm. You should know their other investments in the space. VCs may be fungible but no one wants to feel that way. Spending more than 2 slides on “the industry”. Do not do this unless asked. Assume VCs understand what is “happening in the cloud”. This is a waste of precious time … I’ll fade away. Going in too strong. If you have 2 signed term sheets, for sure, go in strong. It saves everyone time but being too aggressive, too take-it-or-leave-it, if you don’t have options — is a big mistake. BATNA, folks. Going in too weak. Telling me you could succeed “if only you could raise $____” is just the wrong message. Winners always find a way to win. No matter how hard it is. Asking for coffee to “share notes”. Some VCs may want to do this but I sure don’t. My job is to invest. Show me a team and product I want to invest in — I’m in. I already drink 4 cups a day. I don’t need a 5th. Hearing about how the founders met in elementary school. Even if this is true I don’t want to hear it, at least not as a part of the core pitch. That’s not a positive for me. Meeting at Google or Salesforce is a positive. Meeting at SAASTR.COM 21