This video is a part of a series of lectures on ‘How to Raise Money’, collated by Sam Altman.
In the previous video, Stanley Tang (DoorDash’s Founder); Walker Williams (Teespring’s Founder) and Justin Kan (Kiko’s Founder) talked about the importance of scaling up. It is very important for a startup to come out of its stagnancy and scale up its operations to grow and expand. Technology is one important factor in the scaling up process, along with a good product, building a brand and value of public relations in supporting the plan.
In this video, Netscape founder Marc Andreessen, SV Angel backer Ron Conway, and Zenefits founder, Parker Conrad, talk about the importance of fund raising for a startup and what they look for in an investment. Ron Conway says that time is extremely important for investors, therefore the startup founders should know their product well in their first investor pitch. “When you first meet an investor, you’ve got to be able to say in one compelling sentence what your product does, so that the investor that you are talking to can immediately picture the product in their own mind.” – Conway. Further Andreessen argues that the company representatives should know their milestones and risk well, so that they can plan their fund raising strategically.