I am about to embark on an Angel investor search for capital on behalf of a client. The last time I attempted to raise private investor money was in 1992 and I remember sitting in a waiting room with a minister who wanted to raise money for his for-profit church in Harlem. (yes, for-profit) We were both waiting to speak with a guy purpotedly from the Saudi Royal family (a very, very, very distant cousin/nephew/something of the King) who was in NYC "looking to invest millions in great business opportunities". I was young and probably gullable. My business plan kept changing after each potential investor meeting. While looking for $200k one moment, someone would say, "Well, as long as you're looking for that much money, you might as well get $1.5M", or they'd say, "We only do investments of $5-10M" and so I'd bring back an inflated business plan matching their needs, not necessarily mine. My idea never changed, but the scope did. I never did find funding for that project; maybe it was just as well.
In the end, what I learned from all that Excel jiggling was that I let the potential and ultimately faux investors decide my financial fate and commitment. Mistake. In hindsight, it showed my immaturity and lack of clarity and knowledge.
As I look for investors this time, I will bring my clear story and financials. I have spent time defining who the proper potential investors are. If the audience does not understand my pitch or believe in my idea, or "get it" I will move on to others who will. In the end, it is not about pleasing them but rather getting my project funded because I (and my client) have done the proper due diligence to lead with confidence knowing that what we have is special, important and fundable. Those who cannot write checks after agreeing with us, need to step aside for those who can. We're on our way.
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