August 23, 2024
Noah Lack
Sometimes I forget Silicon Valley is a bubble. I mean this in a good way. I have ample resources and see best practices from the fastest rising entrepreneurs on how to fundraise for their startup.
Like how do you come up with this stuff?! The fundraising process is not something you should be innovative with.
Fundraising can be incredibly hard even if you go about it the right way, but I felt it was right to list out three things the athlete entrepreneur should not do when raising money for a startup.
If someone is asking for equity in exchange for introductions with other investors, run for the hills.
What goes around comes around in the investing world, the universe will reward folks who introduce good people to good people.
Asking for equity because they introduced you to an investor feels exploitative, since you can get to that person another way if you really wanted to.
Ohhhh lord did you read the contract before you hired a third party to do your raise? I doubt it, and it’s going to screw you over.
Another bad move, you should be fundraising for your company, not a stranger.
Where are your checks coming from?
Who’s money is going to help take the startup to the next level in the long term?
Did you really vet the investors that put money into the company?
These are questions I’d like to hear athlete-entrepreneurs ask themselves more!
Don’t take just take quick money from anybody.
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