I bet I've heard 100 startups explain why they failed to raise money, and I don't think I've heard one say that the reason was that their company seemed unpromising. And yet that is almost always the reason in the investors' minds.
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If investors think you're unlikely to succeed, they may well be wrong, but at least understand why they think that. If they're wrong, why are they wrong?
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In fact, if you try this exercise in the middle of fundraising instead of waiting till the end, you may not fail after all.
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Replying to @paulg
Why wait until the middle? I think it could be a useful exercise for founders to say to themselves, before even approaching a single investor, "VCs don't think my company is promising; why?"
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