BZ Podcast Review 16: Venture-Backed Family Business

Key Takeaways

1. When you need ideas to start a business, just look around. There are challenges, obstacles, and struggles everywhere that you may want to create a solution for.

2. When to raise capital to support your family business

• The pain point is huge that you cannot solve it all

• Need great advisors who can help open doors for you

• Need to build a great team

3. What Investment Size means

• Size does matter in the VC world. Perception can be reality. People view how much you can raise as their judgement of how good your company are.

• You always want to raise more than what you actually need for unexpected situations like lead time, runways and turnovers.

• VC can increase your credibility

4. Business Pitch

• You need to be the Chief Storyteller Executive. Your story is what makes you the person to solve the problem not some big corporate.

• Be ready to answer all those questions from Shark Tank

5. Tips about Post-Fundraisinfg

• Always keep in contact with your investors

• Need to immediately think about when the next round of fundraising should be

• Money management. 100% of the reason startups fail is they run out of money

• You need to think about the next step and things that will get you to the next level.

Great Resource

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Credited to: JLD Entrepreneur on Fire