[RECAP] How to Get Your Startup Funded? by JEC
Jakarta Entrepreneur Centre (JEC) organised a panel session with theme “How to Get your Start Up Funded?” yesterday (21/10) at Cre8 Coworking Space, Jakarta.
At this event, ANGIN had the opportunity to be in the panel together with William Budiharsono (SEA Investment Capital) and Rama Manusama (MDI Ventures). It made us happy to know the crowd was very engaging! Here are some key takeaways from the discussion.
What are the most common mistakes entrepreneurs do when meeting investors?
– Come with crazy valuation
– Do not do their homework (e.g. cant identify competitors, required data is not ready)
– Has snobbish and arrogant attitude
– Being too active or too passive in following up
When do I need to fundraise?
When you need the money! You will feel it when you know there is opportunity to grow bigger but you need a bit of financial kick. As fundraising can potentially take a long time, make sure you dont run out of cash for several months
It is better to build relationship with the investors early before you need the money rather than approach them when you need it.
Do investors want to invest in single founder?
It is not a deal breaker (some of the speakers’ portfolio companies have single founder) however it is riskier. It will be more ideal to have at least two founders that complete one another, competence wise.
Will investors pull out their money if you pivot?
No, as long as it is justifiable (better pivot than fail and lose money). Several portfolio companies the speakers have also experienced the situation. However, it is significantly more difficult situation if you run out of money then ask money from the investors to pivot.