Alan was a CEO. He was the
founder and held all the patents. He decided that he would handle all the fundraising.
He was not financially literate but that didn’t bother him. He led the seed
round and was convinced that he could do the series A.
I went with Alan to an investor
meeting, but he did all the talking. He had some PowerPoints and basically just
read them. He had a set of notes and did not look up from them and had no eye
contact with the investors.
When they asked him
questions, he took it as a personal challenge and got aggressive. When he didn’t
know the answer to questions, he didn’t consult me or say, “I don’t know, I’ll
get back to you.”
At the end of the meeting
Alan, asked the investors when he would get the money. When the most senior investor
said never, Alan was shell-shocked.