Maximilian Rast

founders: this is a good summary of why VCs reject you, though keep in mind that stellaris isn't an early stage fund. that is, it's just fine if you haven't figured out everything in the early days. but by the time you are raising series A, you need to have clarity on many fronts- Just don't wait for everything to fall in place before you startup.

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Founders should be able to sell secondary whenever they’d like to do so. If you make something - and that thing is valuable - you should be able to sell it. Actually selling that secondary can be tricky. Let's go through the actual steps (or read the whole essay https://lnkd.in/eajr238N): 1. Get the term sheet. 2. Negotiate “normal” major terms: dollars in, price, board, etc. 3. Don’t forget about re-vesting. Founders often do. 4. Sign the term sheet. Go out and start figuring out allocations for the remaining dollars. 5. If you’re lucky enough to have more demand than you do space, you have the opportunity to sell some secondary. Figure out how much excess demand you have. 6. Talk to your lawyer and your accountant about what you want to do. Ask them to explain the pros and cons of selling secondary as common shares vs. preferred shares (which is a bit out of scope for this essay). 7. Decide how much secondary you want - ideally this is “reasonable,” which is a moving target. One good way to frame “reasonable” is to give a clear reason as to why you want to sell. This is particularly important in early rounds. Good reasons include: “Need to pay off student debt” and “Just had our first kid after years at below market salary.” Less good reasons include “Need a new Porsche” and “LinkedIn ghostwriter prices went up.” 8. Go to your new lead investor and say “Hey! Great news! We have 2x demand for available shares. It would mean quite a lot to me and my cofounder if we could take (insert reasonable amount here) off the table because (insert reasonable reason) here. Obviously as our lead, you get first access. Sound good?” 9. Work with the buyer to figure out if you are selling common shares or preferred shares. (a) If you are selling common shares, and the buyer is willing to buy these at the same price as preferred, great! Just make sure that you aren’t creating any challenges around voting by giving those shares to an outside party. Also, talk to your lawyer and accountant. (b) If you are selling preferred shares, go back to your lawyer and accountant to make sure you’re not creating any issues for yourself. You’ll also need to confirm with your existing investors that they are ok with you doing this because it will change the preference stack - which impacts them. 10. Triple check your numbers. 11. Complete your transaction and close the round.

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My first startup failed. We almost raised a massive Series A, and I almost became a millionaire at 26. But instead we went bankrupt. I was 26 when I started Fitbay with my brother Christian and my friend Andreas, and I had just one goal: get rich And for a while my co-founders and I were right on track. We secured initial funding from Jesper Buch (founder of Just Eat Takeaway.com). We closed a then record €2m VC-backed seed round from VC's including Creandum (early investor in Spotify) I'm 26 years old - and I've made it. We were one of the most hyped startups and about to get a massive Series A investment and then, at the last minute, they pull their offer. We were burning $100k+ per month and would go bankrupt in 3 months. It was game over. We kept going for a few of months after that. We pivoted. We launched the product we had "always intended to build". But it was too late... We had to let 18 people go overnight. We had competitors at the time including True Fit, Virtusize, and Son of a Tailor, but back then I dismissed them as amateurs. Instead of chasing hype, they built a strong company culture. Instead of chasing unicorns, they delivered value to every single customer. Instead of almost becoming a millionaires, they became millionaires. My 3 learnings: 1. If I were to do it all over again, I would remove my ego from the equation. I wouldn't worry about the 1B+ story or the dream of unlocking a massive new market. I'd worry about delivering real value to customers. I would focus on generating revenue, rather than chasing metrics that gave me a false sense of success. Like sign ups and app installs. 2. Startups are not just hard, they are emotionally draining. I would make sure I didn't work 70+ hour work weeks and that I would have time for my friends and family. After working like that for 3 years I hit the wall big time, and I gave way too much of myself during that period. It impacted me professionally and personally for years to come, and it sure as hell wasn't worth it. 3. There is no substitute for solving real problems for people. No massive investment, no PR, no hype will save you if you're not solving a top-of-mind problem for your customers. If you are unable to create demand or capture demand in the market, odds are you are not solving a problem that is big enough for enough people.

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Does being a great VC = being a great manager ? Basically no.  Because the two are very different things.  (It’s not me, Kyle Harrison is saying so!) What's important for a VC can be summed up like that : "The two most important things are (1) performance, and (2) teamwork. But if you don't have number 1 then nothing else matters." Being a good VC is making the right investments to have a solid track record. The currency in VC is getting credit for getting deals done. This leaves little room for investors to train newcomers (ie. Associates/Analysts) because you don’t get recognition from that. So being a good manager isn’t valued as much as being a good investor. But problem is, building a solid track record is very different from building a long lasting investment firm, which can only be done by training associates and so being a good manager. David Haber compare the way VC are working with the way Chicago Bulls won championships in 1991-92 meaning winning on the back of 1 or 2 players (1 or 2 good investors) So the structural incentive rewards only deals getting done leaving on the side building a team that knows how to work together. Everything outside track record could be considered pointless. And that’s why VC can’t be considered as an apprenticeship business. But the the positive thing is, a lot of smart VC (ex: Sequoia Capital (US) or Serena (FR)) already know that training new generations is equally important as having a great track record if you want to survive on the long run. So remember as a VC, find great deals but don’t forget to find a great Associate that can succeed you ;) PS: I’m not going to say it but I could: Automate as much as possible to have time for your Associate. Many thanks to Kyle for this interesting piece! Link in comments 👇

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The most important fundraising KPI: 1st pitch → 2nd meeting conversion rate Is yours low? (< 30-50%) Something is wrong. Here's how to diagnose your issue and fix it: There are two types of potential problems... 1️⃣ Investor targeting 2️⃣ Pitching 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐓𝐀𝐑𝐆𝐄𝐓𝐈𝐍𝐆: The most common issue is targeting the wrong investors. Usually you're reaching out to investors that focus on a different stage or industry. Do some research on the investors that didn't convert to a second meeting. The most important resource: their portfolio page. Ignore the "about" section, or their blog. That's mostly about marketing to potential investors in their fund. Instead, look at what they've actually invested in and the stage at which they invested (Pre-Seed, Seed, Series A, etc.) Remember: trust the portfolio, not the thesis. __ The other main issue is unclear outbound messaging. Investors think you do one thing (industry, business model, tech, etc.) but you actually do something else. I recommend sending your outbound email template to 5+ friends that don't know anything about your startup. Ask them: • What kinds of customers do you think we serve? • What benefits do you think we provide for them? • What product features do you think we have? • What technologies do you think we use? If more 20% of your friends answer these questions incorrectly, you need to write new outreach emails. 𝐏𝐈𝐓𝐂𝐇𝐈𝐍𝐆: The most common issue is just that your pitch is weak. Usually because you aren't telling a story. You're just sharing disconnected data. The best pitches are stories that foreshadow the only possible outcome: your startup's tremendous success. It feels inevitable. The easiest test to figure out if you're telling a story: try connecting the main idea of each of your slides with "but," "so" or one of their synonyms. If the natural link between slides is "and" or if you can move the order around, you don't have a story. Chronology matters in storytelling. Go back to the drawing board and try to write your inevitable success story. __ Maybe your overall pitch isn't weak. But VCs may still be spotting a red flag when you pitch. It turns them off right away. If you think this might be your issue, it's important to start asking questions. Most pitches have time for you to ask questions at the end. Here's my go-to to diagnose this issue: "What would you need to see in order to get excited about investing in <<STARTUP>>?" If they tell you a primary KPI that you need to improve, then you've probably identified the issue. The other possibility: They try to avoid giving you a specific answer. If they're evading your question, you NEED to dig in to get to the bottom of it. Your fundraising success may depend on it. —— Was this helpful? 👍 like and ♻️ repost it to help other founders!

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Raise Millions: The guide to fundraising for first-time founders What’s inside the book - Chapter 1: how the fundraising process actually works - Chapter 2: the essential ingredients of a killer pitch deck - Chapter 3: building relationships with investors - Chapter 4: how to pitch to investors - Chapter 5: steps to take once an investor verbally commits Bonus resources: email scripts, templates, and a cheat sheet of our entire book This book is educational and actionable. You’ll learn everything you need to know to fundraise from the pre-seed stage all the way to your Series A. #scalerbee #startup #india #startups #investments #funding #fundraising #venturecapitalist #venturecapital #scale #pitchdeck #business #ai #generativeai #entrepreneures #entrepreneurship #scalingbusinesses #angelinvestors #angelinvesting #fund #founders #businessmodels #pitching #pitch #pitchdecks #investing #investors #investindia #investorcommunity #founderjourney #fundraise #vc

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The highest valuation in a financing round might be attractive but often it is not the option you should chose. Because it will hurt you later. 1.) With an established valuation you also create an expectation for the exit price. E.g. if you raise at 50m you need to build a 500m company - ask yourself how feasible that is in your industry with your model 2.) The highest bidder might not be the best fit for you in terms of know-how and/or on a personal level. Given you will be "married" to your investor for a longer period of time a 100% match is important. 3.) Often raising at a more aggressive valuation takes longer, so you will put the money to work later than with a less competitive but faster round. It is worth asking yourself if some or maybe all of the additional dilution of a lower priced round will be offset by putting the money to work earlier and spending less time on fundraising. 4.) The high price might come with additional asks that can hurt you later 2x liq pref, additional guarantees.... So don't raise the price at all cost

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🙃 💸 Flink raised $1.5B... and is now valued at less than $1B Let's move beyond the snarky comments of how such a feat is possible. The German quick-commerce startup just raised an additional $150M. And that's actually quite interesting: 1️⃣ If valuation has been slashed (from a peak at $5B) to below $1B, it is a first sign of maturity. 2️⃣ There is a focus on profitability: the startup has broken even in its two main markets: Germany and The Netherlands. It wants to use the money to further strengthen its position there. Done are the days when startups were only focusing on growth and expansion. 3️⃣ That's the last European pure player operating in Europe (JOKR now only operates in Latin America). It is also among the last players operating at scale in developed economies. So, what it does and how successfully it can grow will be key to the future of quick-commerce. 📈 I am quite confident in the future of quick-commerce. It answers a consumer need, but it needs to be operated with care, notably in developed economies, due to high labour costs. 👉 : https://lnkd.in/gmpcNhNP #startup #commerce #grocery #delivery #foodtech

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𝗪𝗲 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗿𝗲𝘁𝗵𝗶𝗻𝗸 𝗼𝘂𝗿 𝗦𝗮𝗮𝗦 𝗺𝗲𝘁𝗿𝗶𝗰𝘀. CAC, LTV, MRR, and churn rate have been north-star metrics for years—in today’s market, they're no longer enough. 𝗪𝗵𝘆? // There’s too much competition, raising CAC and making it harder to keep churn low with reduced customer loyalty, further decreasing expected LTV. // Customers expect more personalized services, increasing costs. // Market volatility affects spending habits, affecting MRR and churn unpredictably. // Prioritizing growth over profit sidelines important profitability metrics and puts a risk on long-term sustainability. Calculating the CAC payback period gives us insights into the efficiency and sustainability of our growth strategies. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗖𝗔𝗖 𝗽𝗮𝘆𝗯𝗮𝗰𝗸 𝗽𝗲𝗿𝗶𝗼𝗱?  It’s the time it takes to recover the cost of acquiring a new customer through the revenue it generates. A shorter payback period indicates an efficient and sustainable business model. The average benchmark for SaaS is 16 months; while there is no “good” number, keeping on top of industry trends is beneficial. Micro SaaS firms should target 3 to 6mths... Shortening the CAC payback period improves cash flow, minimizes potential customer churn, accelerates growth, and increases investment appeal through quicker ROI. 𝗝𝘂𝘀𝘁 𝘁𝗮𝗸𝗲 𝗮 𝗹𝗼𝗼𝗸 𝗮𝘁 ZoomInfo’s 𝗰𝗮𝗹𝗰𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀.  Their slowed revenue growth, coupled with a spike in churn, has extended their CAC payback period to an alarming 138 months 🚩 Indicating that CAC costs won't be recuperated for over a decade, limiting their flexibility to fund growth and further innovation. This scenario further underscores the need for SaaS to continuously optimize CAC and retention strategies to maintain a sustainable business model, especially in a volatile market. 𝗛𝗲𝗿𝗲’𝘀 𝗵𝗼𝘄 𝘁𝗼 𝗮𝘃𝗼𝗶𝗱 𝗶𝘁: > Enhance conversion rates > Focus on high-quality leads > Optimize pricing strategies > Leverage automation and CRM to streamline operations > Refine marketing spend > Invest in PLG > Upsell, cross-sell, and boost retention With the rise of AI and competition, churn rise is inevitable.  Despite this, it’s still a promising market.  You just need to be proactive and adapt your strategies to survive and thrive in these changing economic conditions. Thanks to OnlyCFO for the insights! If you have a Micro SaaS and are exploring an exit, shoot me a message. Otherwise, follow for more awesome content. #SaaS #MicroSaaS #Startups #Strategy #Tech 

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Founders in SaaS + Consumer: Slauson & Co. is investing $300K – $2mm checks from their F&F Accelerator + $100mm Fund II My favorite part? They doubled down on: “we invest in everybody” Stage: Pre-seed to Seed+ 🔸 Verticals / Areas of Interest: – SMB SaaS – Consumer tech Friends & Family Accelerator 🔸 Startups get: — $300K for 6% via SAFE + startup discounts/perks — 6 month program: IRL in LA w/ weekly URL sessions — Network with investors/operators/ founders — Small group / 1:1 office hours $100mm Fund II 🔸 Startups get: — Checks $500,000 - $2 million — Potential lead investor — Capital reserved for follow-on Links to learn more and apply are below. Hit up the queens Brittany Crockett and Miki Reynolds with questions. ✍🏾 Tag a founder who may be a good fit ♻️ Repost if this was helpful.

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You might disagree with me but: Having your partner as a co-founder is great. I talked to Vivien Bresson about this a while back on my podcast. Vivien and her husband have co-founded multiple companies. They love building startups together. I got some mixed reactions on this topic after releasing the podcast. Some people said they couldn’t imagine working with their partners. Mixing personal and business seems like a no-go to them. But in my personal experience, working with your partner is great. When I met my wife in Toronto, she was a beauty technician at a Korean Beauty Salon. Her clients loved her and always had ideas on improving the business, but the owner always objected. She was frustrated. I hated seeing her initiatives constantly being shot down and wanted her to be free to implement her vision. So we did our own thing. She quit her job and we set up her own beauty salon. We thought out the entire game plan on a month-long trip to Ko Pha Ngan island in Thailand. It was pretty simple: • She keeps doing what she does best: Making clients happy. • I run some digital marketing and operations in the background. We came back to Canada and got to work - and it was a mega success. She grew it from a small salon with three staff to having two locations and 12 full-time employees. • Top rated on Google. • Clients were raving about it. • Both salons were constantly packed. This isn’t supposed to be a brag about how good we are at building beauty salons. (even though we are.) It’s a reminder that building a business with your partner can be extremely fulfilling, while it might be a relationship test at times. 2 weeks ago, we visited Ko Pha Ngan island again to reminisce about the time we planned out the business together. There’s something about that island that gets us thinking about business and let’s just say - there might be something else in the works. Stay tuned…

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Philipp Klöckner - Could you give us some insights into how your personal brand positively impacted your VC investment opportunities? Is it more important than SEO these days? ➡ 1) Aka running the Doppelgänger Tech Talk Podcast ➡ 2) Getting more people to know you ➡ 3) When someone needs VC money they'll talk to you. ➡ ... and start again with 1) For everyone else not knowing him - Philipp Klöckner and Philipp Gloeckler started the wonderful 🇩🇪 German language Doppelgänger Tech Talk Podcast a couple of years ago. Great tech topics. Great insights into companies trading on the public market. Highly recommended! #seo #personalbrand #socialmedia #podcast #vc

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𝗥𝗲𝗮𝗱𝘆 𝘁𝗼 𝗷𝗼𝗶𝗻 𝘁𝗵𝗲 𝗹𝗲𝗮𝗴𝘂𝗲 𝗼𝗳 𝟯𝟬+ 𝗳𝗼𝘂𝗻𝗱𝗲𝗿𝘀 𝘄𝗵𝗼 𝗿𝗮𝗶𝘀𝗲𝗱 𝗮𝘁 𝗼𝘂𝗿 𝗗𝗲𝗺𝗼 𝗗𝗮𝘆? 𝗟𝗼𝗻𝗱𝗼𝗻’𝘀 𝗟𝗮𝗿𝗴𝗲𝘀𝘁 𝗗𝗲𝗺𝗼 𝗗𝗮𝘆 is back on 𝗔𝗽𝗿𝗶𝗹 𝟭𝟰𝘁𝗵, and this is your chance to get 𝗿𝗲𝗮𝗹 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲 to investors. 𝗙𝘂𝗻𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴? Want to be one of the 100 founders pitching on stage? 𝘊𝘰𝘮𝘮𝘦𝘯𝘵 “𝗪𝗮𝗻𝘁 𝘁𝗼 𝗽𝗶𝘁𝗰𝗵”, and I’ll DM you the instructions to apply. Here’s what’s happening: • 𝟭𝟬𝟬 𝗳𝗼𝘂𝗻𝗱𝗲𝗿𝘀 will take the stage, each with just 𝟭 𝗺𝗶𝗻𝘂𝘁𝗲 to 𝗽𝗶𝘁𝗰𝗵 and 𝟯 𝗺𝗶𝗻𝘂𝘁𝗲𝘀 for 𝗤&𝗔. • 𝟰𝟬𝟬+ 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 in the crowd, with a total of 𝘂𝗽 𝘁𝗼 𝟮,𝟬𝟬𝟬 𝗮𝘁𝘁𝗲𝗻𝗱𝗲𝗲𝘀 expected. And this year, we’re taking things to the 𝗻𝗲𝘅𝘁 𝗹𝗲𝘃𝗲𝗹: 1. 𝗣𝘂𝗯𝗹𝗶𝗰 & 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗥𝗮𝘁𝗶𝗻𝗴𝘀 – 𝘠𝘰𝘶𝘳 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘸𝘰𝘯’𝘵 𝘫𝘶𝘴𝘵 𝘣𝘦 𝘳𝘢𝘵𝘦𝘥 𝘣𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴; 𝘵𝘩𝘦 𝙬𝙞𝙙𝙚𝙧 𝙨𝙩𝙖𝙧𝙩𝙪𝙥 𝙘𝙤𝙢𝙢𝙪𝙣𝙞𝙩𝙮 𝘸𝘪𝘭𝘭 𝘸𝘦𝘪𝘨𝘩 𝘪𝘯 𝘵𝘰𝘰. That means 𝗺𝗼𝗿𝗲 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲 and even 𝗯𝗲𝘁𝘁𝗲𝗿 𝗾𝘂𝗮𝗹𝗶𝘁𝘆 pitches on the day. 2. 𝗙𝗥𝗘𝗘 𝗧𝗶𝗰𝗸𝗲𝘁𝘀 – Yes, tickets are free, but to secure one, you’ll need to: • 𝗝𝗼𝗶𝗻 𝘁𝗵𝗲 𝘄𝗮𝗶𝘁𝗹𝗶𝘀𝘁 (𝘤𝘰𝘮𝘮𝘦𝘯𝘵 “𝗪𝗮𝗻𝘁 𝘁𝗼 𝗮𝘁𝘁𝗲𝗻𝗱”, and I’ll DM you the details). • Help us 𝗿𝗮𝘁𝗲 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 when the time comes. 3. 𝗧𝗵𝗲𝗺𝗲 – This event’s theme is “𝗟𝗶𝗴𝗵𝘁 𝗮𝗻𝗱 𝗗𝗮𝗿𝗸 𝗦𝗶𝗱𝗲𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗼𝗻𝗲𝘆.” • One stage, the “Against Fundraising” stage, will run under 𝘊𝘩𝘢𝘵𝘩𝘢𝘮 𝘏𝘰𝘶𝘴𝘦 𝘙𝘶𝘭𝘦𝘴: 𝘯𝘰 𝘱𝘩𝘰𝘯𝘦𝘴, 𝘯𝘰 𝘳𝘦𝘤𝘰𝘳𝘥𝘪𝘯𝘨𝘴, 𝘫𝘶𝘴𝘵 𝘳𝘢𝘸, 𝘶𝘯𝘧𝘪𝘭𝘵𝘦𝘳𝘦𝘥 𝘥𝘪𝘴𝘤𝘶𝘴𝘴𝘪𝘰𝘯𝘴. This event is shaping up to be historic. So much effort has gone into making it epic, and we’re confident this will be the biggest and best yet. Are you in?

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From 12-18 to 24+ months: Raising between two rounds is getting longer, but is it really bad for founders? •In the past couple of weeks several data points showed that the time between two successive financing rounds is getting significantly longer. •Pre-2022, most VC backed startups raised money every 12 to 18 months until the Series B. •It concretely means that startups had to hit specific milestones every 12 to 18 months to be able to raise again. •And these milestones depended on the “VC zeitgeist”. It could be growth rate, revenue level, product milestones etc… •Fast forward today it’s around 24 to 32 months between two rounds. While it shows that access to funding is getting tougher, is it really a bad thing? First of all, what does it fundamentally change for founders? ----------------------------------------------------------- •Obviously founders need to adjust their burn rate so that they can survive longer than 12/18 months with what they have raised. •They need to focus on sustainable growth. The current “VC zeitgeist” is not about “growth at all costs” milestones anymore but about “sustainable growth” oriented ones. To raise the next round you need to have healthy unit economics. •Board meetings have often dramatically changed. It’s sometimes an almost schizophrenic experience to go from a board that asks you to be super aggressive with growth to a board that asks you to build a sustainable business. •It’s better to have VCs that can support you through bridge rounds over a longer period of time. I know a couple of early stage founders that have raised €1-1.5M with syndicates and small VC firms and are now stuck because they cannot do bridge rounds. So, all in all is it a bad thing? ---------------------------- •If you make the correct adjustments (and most early stage founders have probably done it) I do not think that it’s such a bad thing for founders. •I know many founders that were uncomfortable with the pre-2022 VC Zeitgeist and didn’t feel good when they were pushed by VCs to hire aggressively or spend more money to grow faster. •And many prefer the current situation where the emphasis is on building a real business from day one and accelerate only when it makes sense. And not the other way. The real problem for most SaaS founders is not the longer time between two rounds, but rather to get the very first checks with VCs that are ready to support them over a longer period of time (through bridge rounds).

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How to End a VC Pitch Meeting The end of a pitch meeting is as critical as the presentation itself. While many founders spend the bulk of their time perfecting the pitch, the last 10 minutes of the meeting require as much attention. Abruptly ending a meeting leaves investors uncertain or disengaged. A structured conclusion, however, can lead to a clear path forward. Here are three objectives every founder should aim to achieve when wrapping up a VC meeting: Define a Clear Next Step Never leave a meeting without defining the next step. Investors have multiple demands on their time. Without a defined follow-up, your pitch will get lost in the shuffle. Ask directly when the VC’s internal meeting will take place. If they say their investment team meets on Wednesdays, say, “Great, I’ll follow up with you on Thursday.” This tactic demonstrates initiative and keeps the momentum going. If the VC hesitates to define a next step, it’s a red flag. It indicates they aren’t interested in moving forward. Don’t waste time chasing uninterested investors—focus your energy on those who show commitment. Guide Their Evaluation Process Most VCs won’t know how to evaluate your company. It’s your job to guide them. Highlight the metrics that matter in your industry and set the framework for how they should assess your business. For example, you might say, “Retention is a key indicator of our success. Have a look at industry benchmarks and see how our numbers compare.” Or, “To understand our customers' pain points, I recommend speaking with players in this particular segment of the ecosystem.” If you have a supportive paying customer or an industry expert contact, feel free to suggest a reference call. By giving them a roadmap for evaluation, you help the VC align their assessment with the most critical factors that reflect your company’s potential. Set Terms for Further Information Exchange If the VC requests documents you didn’t cover in the meeting—such as a financial plan—this is a chance to secure another engagement. For example, you can say, “I’ll provide the pitch deck we just covered, and let’s schedule a time to go through the detailed financial plan.” This keeps the dialogue active and ensures that further engagement is tied to your next move. It’s not just about sharing data—it’s about maintaining engagement and moving toward the next step in the process. Each piece of information you provide should act as a bridge to further discussions. Ending with Control The key to ending a VC pitch meeting is to maintain control of the process. Defining a clear next step, guiding the evaluation process, and negotiating further engagement are all critical components of a successful close. By managing these elements, you ensure that the conversation doesn't fizzle out but instead continues to progress. Reserve the final 10 minutes of your meeting to wrap up effectively—because how you end the meeting might just determine whether or not you secure the investment.

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Excellent chart! A common wrong assumption about VC investments in Europe, that they are in close relation with country size, population or GDP. This map clearly shows fundamental differences amongst similar sized countries... Whether one likes it or not, there MUST be a hub impact (preferred locations), existing network benefits as well as big disadvantages for any fragmentation...

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💌 saas.wtf newsletter update: +24 subs vs. last week 🫠 Could be better, but I was on vacation and therefore less active here (= less promo). Minimum goal for this year is to get to 5k subs. Let's see. ➡️ Newsletter KPIs (YTD): Net new subs: +754 Open Rate: 55.7% CTR: 5.7% Unfortunately, the LI posts in which I share my progress and announce new articles no longer generate as many new subs as a few months ago. I'm looking to use more freebies (templates etc.) as lead magnets, but I can't get around to creating any at the moment. At least not any I'd be satisfied with myself. There will also be more content collaborations. Any other things I could try? ➡️ Latest article: Micro M&A for SaaS Startups At a time when growth has become more difficult, it is worth trying ways off the beaten track. Small, strategic acquisitions can be one of them. This article is about “Micro M&A” as a growth hack and shows how buying small indiehacker projects, newsletters, etc. can potentially: 1. Drive more traffic to your website, 2. Generate more leads, and 3. Enhance your product offering. Link below - enjoy reading! If you have any specific questions about such acquisitions, feel free to reach out! #saas #startups #growth #growthhacks #mergersandacquisitions #newsletter #newsletters

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Stuck in the SaaS Dead Zone? The longer you linger, the more company value you lose! In my experience, many SaaS companies are currently facing a tough reality: stagnating growth without a corresponding increase in profitability. This is the Dead Zone, and it’s a dangerous place to be. Lingering here too long can seriously erode your company’s value. Ideally, you want to reignite growth. But if that feels out of reach, you should focus on improving your bottom line asap. A highly profitable company — even without growth — holds significantly more value than one struggling on both fronts. Public SaaS data shows that highly profitable companies with no growth have a median ARR multiple that’s 78% higher than those in the Dead Zone. I can tell you that there will be similar valuation differences in the private market. You can read more about it in my latest saas.wtf newsletter! ✌️

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There should be a checklist for founders to determine if they've achieved Product-Market Fit.

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