Question
We have been approached by a VC about two months ago and did our first intro call (upon their request). A week ago, they emailed me again and requested a follow-up call. Within the past two months, the traction may not have been impressive, but we do have a powerful product, an amazing and growing market, a proven market-product fit, with a great go-to-market strategy. We need funding to make all this happen in a timely manner. How do we conduct this call to have a better chance of approval?
Answer
First, don't be nervous. VC's are obviously looking for numbers. While base line numbers are important, there are obviously other factors. You have to explain what was accomplished in the month. IE building a product, getting X done with the process, or how what you did will get you to the next stage, is important. If you tried something and it didn't work, thats okay too. However you need to explain how your mistakes won't happen again and give a detailed explanation on how you've fixed those mistakes. Throughout the entire process don't answer too much. What I mean is, make sure you focus on the good and answer their questions but don't go too far off topic on what they are asking you about.
If at anytime they say they need to move on, its okay. But don't let go. Ask them if you can still keep them updated and if at a further point when you have more traction, if you can ask for another meeting. Good luck!
