Fundraising Panel at Female Founders Conference 2014

Summary

The panel consists of four female founders who discuss their experiences with fundraising for their companies. They share the amount of money they raised and the type of investors they worked with. The companies range from a marketplace for travel experiences to a big data company and a company focused on transforming divorce. The panel is moderated by a YC partner and CFO who helps companies with their finance and fundraising efforts.

The panelists discussed their experiences and lessons learned during the fundraising process.
Danielle Morrill emphasized the importance of seeking angel investors instead of big VC firms when starting out.
The panelists highlighted the need to prioritize customer interactions over investor meetings.
They emphasized the importance of talking to the right investors who understand and are interested in their specific industry.
They also highlighted the value of angel investors in the early stages of a startup.
The panelists acknowledged the time-consuming nature of fundraising and the need to balance it with product development.
They advised against wasting time with investors who are not relevant to the startup's industry.
Ultimately, they found that talking to investors who were knowledgeable and invested in their specific field yielded the best results.
They emphasized the importance of asking questions and showing genuine interest in the investor's perspective.
They also highlighted that investors have different specialties and investing philosophies.
It is crucial to understand what value they can bring beyond just money.
Being open and transparent about their company was well-received by investors.
Concerns about competition are often overestimated as investors are focused on their own business plans.
Building rapport with investors and establishing a long-term relationship is important.
A three-part structure for investor meetings was shared, including starting with a conversation, incorporating highlights every two minutes, and always closing with a next step.
Having a structured timeline for fundraising is important.
Embracing the fundraising process and not waiting for a perfect moment is crucial.
The difficulties faced during the fundraising process include setting a date for term sheets and managing multiple meetings to keep investors excited.
The time commitment of fundraising is emphasized, and keeping the fundraising period short is recommended.
Dealing with rejection and quickly moving past early rejections is advised.
Fundraising is compared to cleaning out a closet, with more work than initially thought.
Balancing fundraising with product development and customer engagement is challenging.
The challenges of conveying their vision and feeling misunderstood by investors are discussed.
Female founders found it easier to relate to female VCs and angels.
Instances of gender bias, such as being questioned about their ability to continue working after becoming pregnant, were shared.
Responding to gender bias comments by asking for clarification or throwing the question back is advised.
Being treated differently based on gender was mentioned, but having a gender-neutral name helped in some cases.
Gender bias was not an issue with most investors, who focused on the company's traction, profitability, and vision.
Executing and countering stereotypes is important.
Facing questions about personal lives and being stereotyped based on gender is mentioned.
Raising funds with a spouse as the pitch presenter and feeling confident in the CEO role is shared.
Efficiency and focus in the fundraising process are advised, with scheduling multiple meetings in a day to create urgency.
Networking and leveraging resources like Y Combinator and press coverage are mentioned as valuable.
Building rapport with angel investors during the early stages of the business is emphasized.
Saving time and setting deadlines for closing rounds using personal commitments is recommended.
Staying true to the vision and not giving in to pressure from investors to make drastic changes is advised.
Finding a champion in the field who can vouch for the business plan and technology is important.
Being selective and strategic in choosing investors is crucial.
Confidence and alignment with investors' principles are highlighted.
Asking for advice to get money is proven to be effective.
Persistence and resilience are needed in the fundraising process.

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