SaaStr 盘点创始人 VC 融资中最常见的 10 个可避免错误

So the other day I was introduced to what looked like a great founder. The space was a bit unusual but that’s OK. I asked the founder to send me the most detailed deck he could so I could do my homework.

He sent me a 3 page teaser deck with zero data. The classic “teaser deck”. It said basically nothing I couldn’t learn from his homepage. Not even how many customers they had, or what their plans were for the year.

I had to send an email back kindly saying it wasn’t for me. Even though if there had been a bit more there, it might have been.  I was genuinely interested.  But I just … needed to learn more to lean in.

Sometimes, you’ll still take a meeting after a Teaser Deck. If it’s enough. But at least for me, more often than not, I politely just decline if I don’t get it quickly. A real, detailed investor deck though just might have been enough. We’ll never know.

So with that, I thought I’d put together a list of 10 Unforced Errors founders make in fundraising. They aren’t necessary fatal. But just be aware, they often decrease the odds you get funded.  So at least reflect on them before you kick off a fundraising process, or even just meet informally with investors.

#1.  Sending a Very Basic Teaser Deck

A lot of founders are told to share the bare minimum to a VC, just enough to get a meeting.  That may work sometimes.  But just as often, if an investor asks for more detail, and you don’t provide it — they may pass on next steps just because they don’t see it.  It’s sales.  Lead with your strength.  A ton of great info really can turn a “Maybe” into “I’m Actually Interested”.  Often.  Hiding it or not sharing it can lead to just moving on to the next deal.

It’s sales.  Lead with your best shot.  Leave the games for others.

Dear SaaStr: Do VCs Like Short, Teaser Pitch Decks?

#2.  Fundraising After Just 1 Good Month

I know it can be tempting to go out and talk to investors after 1 good month of growth.  But really 3 is so, so much better.  In fact, most early stage VCs will almost completely overlook a period of flat growth if they see 3-4 months of strong growth.  But 1 isn’t a trend.

“The Three Months of Strong Growth” Rule in Raising Venture Capital

#3.  Going In Super Hot / Super Aggressive If You Aren’t A Clear “Yes”

A related point to the first one, but a broader one.  Many on social media and otherwise tell founders to run a “tight process” with VCs and in essence give them just a few days to quickly make a decision. If you are super hot, this can work well.  But if you are interesting but it’s not 100% clear folks would want to invest, then they may just pass if you tell them they have little to no time to make a multi-million dollar decision.

I’ll give you a recent example.  One of the fastest growing companies in the SaaStr Fund portfolio recently raised a strong round, and I reached out to one of the top 2-3 VCs in the space that I knew well to see if they were interested.  The VC immediately said No.  Why not, I asked?  Just curious.   “The growth is incredible but the space has a lot going on and we would just need time to actually meet and get to know the company.”  So they didn’t even take an initial meeting.  I then told them they would have the time and vouched for the founder.  They had a few weeks to dig in, and eventually offered to fund them.

#4.  Asking For Way Too Much Money

This one is a bit nuanced and complicated, but still important.  Look, if you need say $15m seed round and are confident you can raise at a valuation to support it, then ask for it.  But also realize if you ask for more money than is “usual” at a given stage, and/or more money that a VC generally invests, many VCs will just opt out.  Why?  Because it’s too much stress on the fund, and too much risk, among other reasons.  Most mid-sized and smaller funds want to write checks of around 2% of the fund for 10%-20% ownership.  So a $150m fund might be very comfortable writing a $3m check at a $20m valuation.  But ask them for $15m?  They’ll either say No, or at least, pause.  That’s 10% of the entire fund.  Just understand the check size to stage to fund size ratios here.  So many times in earlier stage deals, a deal could have happened if the founders had just asked for less.  Certainly they could at least have gotten many more meetings.  It’s a trade-off.

Dear SaaStr: Should I Tell VCs How Much I Want Them to Invest?

#5.  Not Having a CTO or Other Key Resources

Personally, I won’t invest if a start-up doesn’t have an S-tier CTO.  I think the world is just too competitive today to win without one.  Others are OK with it if they think the CEO is great.  If you don’t have a key resource, at least don’t hide it.  That will only backfire.

#6.  Sending Mediocre or Generic AI Outreach

This should go without saying, but any VC will tell you 95% of the inbound / cold emails they get are just terrible.  Slow it down.  Slow it down.  Make it great, and make it truly personalized.  Show a connection to that VC.  At least, a tweet you saw that resonated.  At a bare minimum.

Be honest.  Would you fund your own start-up based on that outreach?  If not, try harder.

#7.  Not Reaching Out Because You Don’t Have a Warm Into

Don’t wait if you don’t have a warm intro.  Instead, write the world’s best cold email.  Literally every early stage VC reads their cold email.   Growth and late stage investors often don’t, but that’s a different stage and process.  The very best seed and Series A VCs do read their cold email.  It just has to be great.  So if you don’t have that magical warm intro, don’t let it stop you.

And just as importantly, remember a mediocre warm intro is worse than a great cold outreach to a VC.  VCs do want warm intros, but they really want the ones where a trusted resource says that are The Best of The Best.  Not just a random intro.  So if this so-called “warm” intro won’t say you are The Best of the Best, you’re often better off with a cold email to that VC.

Which VCs Open Cold Emails? Keith Rabois. Aileen Lee. David Sacks. Satya Patel. And More.

#8.  Looking Stale

Don’t send a deck that says “Feb Deck FIN v12” in … April.  Don’t send a deck that is dated.  Don’t make it sound like you’ve already talked to 60 VC already and everyone said no and they are your last choice.  Even if it’s true.  Be honest here, but man, keep it fresh.

#9.  Not Giving Anyone Time To Get To Know You

Will VCs invest in 24 hours into a super hot deal?  Yes.  Does anyone want to?  No.  Investing is risky.  And these days, everyone has a fraud or two in their portfolio, a mini-FTX or mini-Theranos.  Everyone.  So, first, every VC would love to actually know a founder before they invest.  And second, every VC would love to actually get a chance to watch your progress over 2-3 months before they invest.

This is why I recommend to founders to take 1 VC meeting a week.  Even if you don’t want to.  And then just keep them updated regularly with your progress.

Yes, You Need to Fundraise 52 Weeks a Year. The 1-and-30 Rule.

#10.  Not Being Honest.

Don’t hide the fact your co-founder is quitting.  Don’t pretend pilots are signed year-long deals.  Don’t claim you’ve built something entirely yourself that is really just someone else’s API.  7 times out of 10, you’ll get caught on this during due diligence.  The deal will blow up. 3 times out of 10, you may get aware with it.  And then when, after funding, the VC realizes they were lied to … trust is broken forever.

It’s not worth it.  Too many founders are tempted to cut corners here to get the check.  It blows up on you.  Either now.  Or later.