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It's a mistake to treat investors' reasons for rejecting you as a guide to what you need to focus on, for three separate reasons: (a) much of the time they're lying, (b) when they're not, they're often mistaken, and (c) fundraising is not the primary goal anyway.
But when customers tell you why they won't buy your product, that you should listen to. They can occasionally be mistaken, but not as often, and there is an iterative process for converging on the truth.
I'd take that advice, but every product I build customers buy and love, whereas the VCs always have bad feedback about why they don't invest (most of whom have never built and sold things that customers *love*, if at all). I learned to skip the VCs, and go straight to customers.
Exception is probably someone like Steve Jobs.pic.twitter.com/LcanoqueBA
Not true. You should look for underlying behaviors.
What many Founders don’t value is that initial customer feedback (albeit focused discussions) is where you get the gas to accelerate sales ... it’s not investor intros, bodies, or brute forcing a transaction
Neil Gaiman said something similar about editing. When people tell you something's wrong or doesn't work for them, they are almost always right. When they tell you exactly what they think is wrong and how to fix it, they are almost always wrong
Customers and / or members initially reject a lot of products and services which later become popular. Another early test is whether you personally love AND use your own product.
What is the iterative process you recommend?
A customer invest their own money. A VC invests someone else's. Incentives matter.
In my limited experience (we sold Hyperscan to many customers before being acquired by Intel, and were rejected by many more) even customer "reasons" for a 'no' were often face-saving for either them or us. There were even big network companies who repeatedly evaluated our ...
library but had no path to buy it. We once learned a SVP of a big network company said of us "I like what they have, but I wouldn't buy it from them" (i.e. we were too small). We evaluated with them many times and got 'no' each time, with a obviously secondary reason put forward.
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