We were very successful in our seed rounds and
raised over $200K. We had
convertible notes and were convinced we had the pitch right for additional
investors. We were meeting our operational and strategic benchmarks. We lined up a number of investors for our
Series A round.
We prepared the pitch
deck and sent it out. We did not get any
external input about the deck because we had been so successful with the seed
round. We met the first investor who was not overwhelmed by the business
idea or our presentation. He did not see
how the business could scale even though our presentation explained that.
He did not think the addressable market was big enough even though we showed it
was one of the largest markets in our country. We went away and decided that the investor was not that smart.
We gave the same
presentation again to another set of investors and their reaction was pretty
much the same. A third investors gave
the same feedback. Finally we
decided that it might be our investment deck and pitch that was our fault. We asked trusted friends and advisors to review them - apparently things that were obvious to us were not so clear in the presentation. We incorporated
this feedback and redid the deck and pitch. We rehearsed in front of
them and improved our message and focus. The next investor decided to invest in