If you don't control the process, the process will end up controlling you.”
time pressure came after Roneil’s co-founder ran into Niko Bonatsos from General Catalyst. Niko took an immediate interest when he heard about Audius’ plans. He quickly set up a meeting with the team and committed to leading the round.
They used Niko’s interest as leverage.
“We went to talk to other folks and said, 'Hey, something's happening here and it's moving quickly. Can you meet in the next couple of days? Otherwise, we probably won't be able to meet,'”
one VC’s interest can definitely stoke the flames of a round
used a bluff to try and secure capital. Bad move.
everyone in venture knows each other and everyone talks to each other about stuff
If you lie like that, and someone finds out, you will become toxic
avoid doing anything to suggest they’re untrustworthy.
One way to create more urgency is to get really specific with your requests.
‘Nico is going to be one of the leads on a round — do you want to join?’
‘I’m raising money; come and be involved,’ their next steps are less clear.’”
Nothing can kill interest quicker than an open-ended ask.
When it comes to tackling family commitments and financial constraints, he suggests raising a friends and family round or going with an angel investor.
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