Steph from OpenVC ⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰⃝꙰
@StephNass
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Co-founder at . Building the front door into venture capital. I tweet incredible tools and terrible insights for VCs and founders. 🫡
Nomad (now: China)
Joined April 2012
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Last Seen Profiles
Pinned Tweet
We've just released a VC search engine 🙃
4,400+ VC firms. Type in "Enterprise SaaS 👨💼", "Fintech 💵", "Black founder 👨🏿🦱", "Woman-led 🙋🏻♀️"... And voilà!
It's 100% free and collaborative:
Also, RT to help a founder out! 👏👏👏
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We've built THE list of VC lists.
23 databases. 220k+ investors. 100% free.
Please like + RT this tweet to help a founder out.
Aaaand... here we go 👇
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Every founder who raised in 2021: 💀
(must watch)
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Every founder should watch this!
How to negotiate with VCs:
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@France2tv
De toute façon, le stagiaire sous-titres sera remplacé par GPT4 dans 6 mois alors à quoi bon 🤷
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Starbucks is the greatest startup incubator in the world ☕️👨💻
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Founders: "I need funding to get traction."
Investors: "You need traction to get funding."
🥲
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WORK IN PROGRESS:
Trying to explain how VC works to first-time founders.
(It's oversimplified on purpose)
It is clear? helpful? correct?
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Asking investors:
This is our template
@OpenVC
for cold emailing VCs.
How do you rate it from A to F? 🤔
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"I need VC money to build a MVP!"
That's not how it works.
Here's how founders fund themselves in the real world:
1️⃣ Husband or wife salary
2️⃣ Unemployment benefits
3️⃣ Side gigs and freelancing
4️⃣ Downsizing/Nomading
5️⃣ Personal savings
6️⃣ Grants & Subsidies
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@iamsegunajibola
I'm looking for a coder to be the CTO of my new startup. You just build an app like Uber, but that can match people in the car by hobbies. Uber is worth 100Bn, so I'm giving you 5% equity - I'm bringing the idea, after all. Let me know when it's ready so I can start marketing! 😎
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The v0 of billion-dollar landing pages:
1️⃣ FACEBOOK (2004)
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1. OpenVC - The best VC list for cold outreach
A list of 4,000+ VC firms, entirely free. Deal flow is screened, so VCs don't get spammed and good founders get noticed. And yes, I'm biased. 🚜
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This founder sent 7 decks to investors via OpenVC:
- Got 4 replies within 24 hours
- 3 "no", with a short explanation
- 1 "yes", with meeting booked
- The 3 remaining investors are on auto-follow up
- Cost: $0 to the founder + investor
It's happening... 😃
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2 cold emails sent to VCs.
Same content, different style.
Which one performs best in your opinion? Why?
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Founders don't seem to understand,
so here's what 90% of VCs think of you:
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I have yet to see a VC care about the product.
Market yes. Team for sure. Traction of course.
But the product? UX? Features? Nope.
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My friend
@MuieenCader
got a killer list of 2,000+ family offices.
Let's turn it into a cool product for emerging VCs?
Reply "Yes" to get on the waitlist! 😎
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@MarcGuyon
Je vis au fin fond de l'Anhui en Chine.
J'ose même pas imaginer ce qui m'arriverait si, dans une soirée arrosée, je mettais un coup de poing à un local.
Alors attaquer un commissariat...
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Can someone give me one RATIONAL reason why people dislike Calendly links?
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Sweet opportunity for non-US founders:
🤑 $200k check in equity funding
🌁 Build for 6 months near San Francisco
💰 Raise your seed from Silicon Valley VCs
Reply with your *best* emoji and I'll DM you the details.
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Updated cheatsheet for founders.
Know the game you're playing... ♟️
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Serious: How do you tell a founder they are not good enough for VC funding without hurting them?
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Four value bombs for emerging VC managers:
1⃣ How to model a VC fund (+ templates)
2⃣ Portfolio construction (w/ real numbers)
3⃣ A hand-curated list of 2k+ LPs (paid)
4⃣ Watch a Fund of Funds roast 3 GP decks
Read on 👇
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It had to happen...
I just asked a founder for his "pitch dick" 😭
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I'm giving away 200 invites to OpenVC private beta.
Including our LP List & Flow Board - both still WIP.
Reply with your BEST emoji and I'll send you the link 🚜
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Best template to cold email VCs
(2nd attempt)
What do you think? 👇👇👇
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Trying to explain founders what "signal" is.
What do you think of this? 👇
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2. Gritt - A free list of angel investors
A massive list of angel investors freely available to all. You can even download the results as a spreadsheet. 👼
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Investor requested 4 decks.
Never opened. Never replied.
Guess who's getting kicked out of OpenVC today? 😘
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🔥 List of investors who reply to cold emails 🔥
Like/RT/reply and I will add more names over the week. Everyone who replies gets the Excel file on Friday.
Let's do this!! 👇
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When investors say "We invest at idea stage...",
it often means "...from founders with a proven track record".
Learn to read between the lines to save yourself some time and frustration. 🥲
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Slide 2 - Growing 300% MoM.
Slide 8 - Current MRR: $963
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This cold email got a meeting with two A16Z partners.
Do you see what's special about it?
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You have 5 words to get a VC excited.
What do you say?
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The cruel VC eye.
Founders get pissed off when they realize they don't have what VCs care about.
▸ Track record: academic & professional achievements
▸ Social capital: who refers you + invest in you
▸ A hot market: like AI right now
▸ Traction: retention, usage, and growth…
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Early-stage investing is an emotional act
Much more than VCs will ever admit.
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🔥 HOW TO MODEL A VC FUND 🔥
I am so excited to share these 20 pages of VC goodness!!
Please retweet to help a VC out! 💪🙏
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Looking for 10 *more* founders to try a fundability test we just built for OpenVC.
Reply if interested, I'll send you the link 😉
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Superbe faute de grammaire étalée sur 6 m² gare de Lyon.
@Winamax
aurait bien besoin d'un coup de
@Bescherelle
!
http://t.co/X9Ci7MmvYh
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@PalmerLuckey
2nd best.
The best one was:
Every founder should watch this!
How to negotiate with VCs:
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Founders: tell me what your startup does,
I'll make you a custom list of investors.
Include:
1️⃣ Your offer/value prop
2️⃣ Your HQ country
3️⃣ Your round size
4️⃣ Idea OR Users OR Revenue
I'll do everyone who replies in the next 24 hours 😇
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What is the best online resource for a first-time founder who wants to learn how to raise VC money? 🤔
Can be paid or free.
@lolitataub
@MacConwell
@alex
@lucaslameiras
@LucasLiabeuf
@tdavidson
@dunkhippo33
@Trace_Cohen
@chrija
@jramphis
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Delusional founder: "We're raising $500k, minimum check is $25k".
Meanwhile, in the real world:
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Founders should never insist for VC feedback.
VCs don't give honest feedback because:
▸ Giving good feedback is a time suck with 0 upside
▸ VCs can't admit they just didn't like the founder
▸ VCs don't want to handle founders' negativity
▸ VCs don't want to burn bridges in…
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Founders, when building your pitch deck,
start with CONTENT FIRST!
Here's my cheatsheet + 1 example for you 🎁👇
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Tricky case.
I'll admit that this founder didn't have a good experience on OpenVC. We failed to deliver and we failed to reply. 1 in 1,000, but it happens. Sorry.
Still, I can't accept that last email. Just can't.
What would you have done?
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Are you a pitch deck designer for startups?
Reply with :
- A link to your portfolio or best work
- A price range
- Your contact info
Let's get this rolling! 🔥🔥🔥
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Aaaand... that's a wrap!
The whole List of VC lists is available forever at
We'll update it continuously, so you may want to bookmark the URL 😉
Did we forget a list? DM me and I will add it ASAP!
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Has anybody invested in startups that are pre-PMF and whose founders had no proven track record?
If so, what signals did you use?
Did those turn out to be good investments?
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Founders: I know fundraising is frustrating, but...
Don't be a dick.
Don't be salty.
Don't be passive-agressive.
Your reputation should matter more than venting out with a snappy comeback. Be a pro.
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Today, we're launching OpenVC Flow, a new deal sourcing experience for VCs and Angels. 🎉
Read on for the details.
But first, support our launch! Please like + reply + share to help us go HUGE! 🙏🙏🙏
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For my Indian friends:
If you're raising from US investors, try to match their cultural codes:
▸ Don't use "Sir", go by first name.
▸ Don't use "crores" and "lakhs"
▸ Don't be too respectful, it may come off as obsequious. Instead, use a casual tone.
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🔥 HOW LPs LOOK AT VC PORTOFLIOS 🔥
This post was built on the dataset of an actual fund of funds. You will see ACTUAL NUMBERS for multiples, exits, % ownership, etc.
Reply with your best emoji and I'll send you the link.
Also, pls retweet to help a VC out! 💪🙏
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Why do people love Zoom so much?
I mean, Google Meet is free, natively integrates with the Google Suite, and pretty much comparable for me. Video calls are a commodity.
Am I missing something?
What’s your video preference??
I feel like each says something about us 😂
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Founders, do you like being ghosted by investors? Ofc not.
Introducing Anti-Ghosting on OpenVC.
Investors who repeatedly ignore deal flow will be phased out of the platform. Ta-da!
Active now on 🙌
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Seen in a pitch deck just now:
"I come from a family of tech. My father built and sold 2 companies (one to XXX) and is currently the CTO of YYY".
Not sure what to think of it...
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I feel like Google is now officially a Tier 2 company.
It's not just the Gemini debacle. It's Google Domains going away. It's Google Cloud's irrelevance. It's losing the YT adblock battle. It's the LLMs coming for Search.
Google is the next Yahoo? Ironic.
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Founders, I'm giving you my ultimate guide to building your pitch deck.
👉 Slide-by-slide process
👉 50+ killer slide examples
👉 Curated list of templates
In return, I only ask: like & comment this post so another founder can find it! 💪💪💪
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Does your pre-seed startup need a financial model?
I think yes.
A lightweight model showing the main drivers, key KPI assumptions, cash flow, and 2-3 scenarios.
Don't do it for investors, do it for yourself.
Financial models are back!
For years founders rolled their eyes when I asked them to take me thru the model…. ‘I mean we have one, but we are pre-seed so it doesn’t mean anything’
Yikes noooo.
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You're a team of 3 non-US founders.
Is $200k enough to move near SF (East Bay) and build for 6 months?
Asking for a friend.
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Headline: "He raised $3M with just an idea"
"He" is a Wharton graduate with 1 previous exit...
Founders, don't fall for the clickbait. You probably need more than a ppt to raise.
He raised $3M in funding with just an idea and a presentation.
In 2 years, his company passed $8M in revenue.
Now, they're making over $100M as a sustainable outdoor gear brand.
The story of how Davis Smith built Cotopaxi 🧵
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3. DocSend VC List - 365 active VC firms in the US
DocSend is one of the best solutions to send your pitch deck to VCs. They also maintain an Airtable list of active VCs in the US - entirely free. 💌
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This is why fundraising is so freakin' frustrating.
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Pitch deck slides, by difficulty to create:
HARD
- Problem
- Solution
- Go-to-market
- Competition
MID
- Market
- Product
- Business model
- Traction
EASY
- Team
- Funding
- Cover
- Back cover
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Don't raise funds because you need funding,
raise funds because you are fundable.
Critical difference. Most first-time founders don't get it.
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Stuff in your pitch deck that no investor cares about:
🤡 "Confidential - Do not share"
🤡 Laundry list of features
🤡 Testimonials from random ppl
🤡 Link to Statista market study
🤡 Use of funds
🤡 5-year financials
🤡 "Exit strategy" (unless you're Zuck)
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"Early-stage founders need to over-invest in their pitch deck."
Agree? Disagree? 😬
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Can you build a great startup pitch deck with AI? 🤨
This weekend, I'm testing:
- Decktopus․com
- Beemerdocs․com
- Tome․app
- Beautiful․ai
- Pitchgrade․com
- Pitchdeck․io
- Storydoc․com
- Elevo․app
- Pitches․ai
- (suggest more!)
Follow me to get the results! 💫
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"Marc Andreessen pinged me after hearing I was starting something new. We agreed on a $23M series A. We are essentially doing 3-4 ideas in one startup."
This is what fundraising looks like when you sold your previous startup to Uber for $5B.👇
3. How I Raised $23M From Marc Andreessen
He is a hero to me and there was a mutual desire to work together.
He pinged me after hearing I was starting something new after Postmates.
We agreed on a $23M cold start series A. We are essentially doing 3-4 ideas in one startup.
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Founders suck at market sizing.
So let's build a free market sizing calculator for founders!
Investors: please reply with ideas and suggestions about how it should work 🙏🙏🙏
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I respect it but,
Founders: don't do this.
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Any deeptech/biotech founder raising pre-seed?
Here's a cool offer:
💰 $200k investment at competitive terms
🤝 Unfair access to top US academia and R&D facilities
🌍 Only for non-US founders
Comment "YES" and my automation will DM you the deets. (Must be following)
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Just today, get our killer deck template 100% FREE!!
▸ Go to ProductHunt (link in next tweet)
▸ Support our launch
▸ Get your free template
Valid 24 hours only. Like + reply + RT to let other founders know!! 🔥🔥🔥
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Does a MVP count as traction?
I think not.
In vanilla software (SaaS, dating apps, ecommerce..), having a MVP shows that you can build.
Nice, but it's table stakes. 🤷♂️
A MVP alone doesn't show that ppl will use/buy your product. Your market risk remains the same.
I see many…
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If a friend or family starts a small business,
don't go there and expect a discount.
Go there and pay twice the price.
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"I don't have a CTO. How do I build a MVP? "
Here's my answer for founders.
WIP. What do you think?
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Rejected from YC? 🥹
Reply with a sad emoji, I'll DM you 30% off OpenVC Premium forever.
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Founders waste too much time chasing the wrong investors! 😬
Here's who may actually fund you based on (a) your track record and (b) your traction.
Agreed?
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Dear founders,
please STOP with the animated slides 🙇♂️🙇♂️🙇♂️
Sincerely,
- Someone who reviews 100 decks per week
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"But founder X raised seed at 100M+ valuation!"
Founder X's track record:
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I see some ppl misunderstand the message.
Sure, small checks add up and fill the round.
Sure, small angels can bring tremendous value.
But here's the real power of small checks:
they create INTRO PATHS to bigger checks.
For each small check you get, ask for 3 intros.…
Delusional founder: "We're raising $500k, minimum check is $25k".
Meanwhile, in the real world:
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VC: "I receive irrelevant deal flow from OpenVC!"
Me: "Sorry about that, let me check what you put in your investment thesis. "
His investment thesis:
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OpenVC just applied to
@hyper_
2k applicants. 15 spots. WAGMI 🙆♂️
Wanna support us? Like + Comment and let's blow up
@_shahedk
@joshbuckley
@dcurtis
notifications!
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OpenVC rejects 50% of the founders who reach out to VCs
Then, within 24 hours, we provide clear feedback to the founders and give them another shot.
Here's how it works 👇
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One founder broke the progress bar on OpenVC 😅
That's what you call an oversubscribed round!
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7 RULES FOR A ⚡️ PITCH DECK
(whether you like it or not...)
1. You only need 8 slides
For the first contact, 8 slides is enough.
You will not convince investors by adding more words. Instead, focus on the key messages. Show that you understand what matters.
If relevant, go…
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Chess․com
Revenue: $100M+
VC: $0
Mailchimp
Revenue: $700M+
VC: $0
Zoho
Revenue: $1B+
VC: $0
Midjourney (via
@onemoremichael
)
Revenue: $200M+
VC: $0
Butcherbox (via
@DanielGulati
)
Revenue: $600M
VC: $0
Dyson (via
@PatrickOCR
)
Revenue: $8B+
VC: $0
Who else?
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Founders: Just get to $10k MRR
and watch half of your problems disappear.
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I frequently complain that GTM slides suck.
So I tried building one:
‣ Shows a process, not just a list
‣ Shows metrics, not just promises
‣ Shows next steps, not just current status
What do you think? What can I improve?
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"Big VC" funding is for proven founders.
For the others, it's bootstrapping, accelerators, angel investors, maybe micro-VCs, until you get to PMF, then traction.
Then you're proven.
Then you can raise with big VCs (if you want).
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I feel like building a "worst pitch deck ever", with all the common mistakes founders do.
Founders: Would you read it?
Investors: What should it contain?
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Drop your startup description + how much you're raising,
I'll shoot you an investor list in 24 hrs.
(Keep it short - US only 🇺🇸)
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