It occurred to me that there isn’t that big of a difference between courting someone you are interested in dating and a possible investor for your start up.
Share a general interest. If you want to date someone it helps that you share similar interests at some level to help foster growth in a relationship. It’s likely that if you meet at an art exhibit you share an interest in art.
An investor will be more inclined to sink some funds into your business if he/she is shares an interest. Someone who likes to invest in alternitive energy probably won’t put money into a retail website. Investors like to know something about a particular space and be interested in it because if they are going to cut that check they need to be excited. Now there are instances where an angel will invest in an individual or team but I have found that to be a rare instance.
Many of my three readers (thanks mom and dad) are familiar with the scene from the movie “Swingers” where Jon Favreau’s character, Mike, scored a phone number from a girl at a bar. He was so excited that he wanted to call her that night despite the advice of his friends telling him to wait at least 2 days before doing so.
As determined as a fanboy in line for the new iPhone 3Gs Extreme Limited Edition he called the girl repeatedly that evening and scared her off. His obvious inexperience and desperation told that girl all she needed to know; that he isn’t seasoned in the way of wooing and doesn’t have many options in terms of other girls.
This same exhibition of inexperience and desperation will scare off any potential angel or VC just as quickly. They will see that you likely don’t have your ducks in a row. Or worse, tell a seasoned investor that you are in fact desperate and will likely let them negotiate better terms for them and not so good for you.
If you exhibit patience and hold off on the phone calls you just may get that date. Think about what comes next. With an actual date you want to pick a place to meet that shows you care but that you aren’t trying too hard. If meeting with a potential angel you’ll want to pick a place thats convenient, nice and that will allow you to talk comfortably.
As with a date always remember that investors are looking at you as much as they are looking at your business idea. If you want to impress and get to second base (with the date literally and investor metaphorically speaking) you’ll want to dress appropriately, show some manners, be polite, follow up with “thank you” emails or phones calls.
A quick game check is to ask yourself when with an investor is “How would I act if this was a date?”
Just use judgement. Holding hands and flirting probably isn’t appropriate but neither is burping, swearing or talking about the hottie at the table next to you. (In most cases).
If a potential investors likes you, likes your business and sees that it could work with a great team in place you are on your way to seeing some funds, or at the very least getting great advice. Which IMO is sometimes worth more than funding.
