Emil Eifrem / November, 2017
How do I prioritize between
fundraising and managing the company?
In this Startupedia video Emil Eifrem, CEO and Founder of Neo Technology share how he balance time between fundraising and managing the company.
How do I prioritize between fundraising and managing the company?
I think you should spend absolutely as a little time fundraising as you can, as humanly possible. And that doesn’t mean that you should wait until the absolute last moment before you run out of money to fundraise, of course, but I think over the lifetime of a startup, the less time you spend on fundraising, the better it is. Because the ironic part is that the more time you invest in fundraising, the harder it becomes, because that’s less time invested in actually improving the fundamentals of the business. At the end of the day what you’re gonning to fundraise based on, so as little as possible.
I do advise people to caffeiniate frequently, grab a coffee with VCs, pick out a handful of VCs that a clueful about your space. Let’s say 5 or 6, then grab one coffee per month with them. I guess with 6 VCs, for every VC that is twice per year that you meet with them, and just have a coffee with them. Update them on your business, don’t walk in with a powerpoint presentation, but update them on your business and get advise. If they’re good, you’re goning to get clueful insight about your business, but also you’re going to learn about what the VC community feel is the biggest risks associated with funding you, which is always good to know, regardless whether your fundraising or not.