Comment les fondateurs individuels peuvent-ils réseauter efficacement avec des sociétés de capital-risque ?

In the European VC market, you don’t find your VC, they find you, the entrepreneur. The job of a VC is to say no to 99%, a rather boring and inefficient job, as far as the numbers game goes. Therefore VCs try to filter incoming contacts with references, in short, who told the VC about the entrepreneur? The highest value references are entrepreneurs the VC has already invested in and fellow investors the VC trusts. Networking with VCs is therefore about getting to know other entrepreneurs and as many investors as possible (asking for advice rather than money).

Establishing connections as solo founders with VC demands a strategic approach and meticulous research. Before initiating outreach, a thorough investigation into VC firms that align with your startup's stage, sector, and vision is imperative. Utilize resources such as websites and posts to gain insights into a VC firm's investment thesis. Your message to VCs should be highly relevant, emphasizing the importance of knowing your audience. Tailor your communication to align with the specific interests and focus areas of the VC firm you are engaging with.

Create and execute on a plan like any other part of the business. Funding is a critical step that often is an afterthought and it is not something that is easy or that you can turn on and off like a light switch. Research and develop a network, market and meet with several VC’s, qualify or disqualify and ensure you zero in on the right potential partners. Develop the materials needed to have a mature discussion on your vision and business plan. Get help if you need it through a consultant that specializes in your industry, knows your market and competitive landscape, and has relationships you can leverage. Validate and perfect the plan with your new relationships. Make it part of your strategy to avoid disruptions.

I think the starting point for solo founders is to acknowledge that VCs prefer to fund teams and not individuals. That’s the sentiment that's been echoed by a lot of them, but most of them take into account that the road to scaling up capacity is a function of how much you have raised. You just need to find clever solutions around that. What I’ve done is to target a network of angel investors or a network of people who may know several angels while I work on my early stage product roadmap for my startup. LinkedIn is helpful, but warm leads work best. Lastly, solo founders must consider approaching VCs for advice before asking for funding. A lot of them are very much willing to help, and will eventually open up funding avenues.

My experience from having raised capital from marquee investors and now helping founders as a VC myself, it's important to make an effort to know who is right for you. Most VC firms market themselves publicly, know what you like and you don't like, speak to their portfolio founders, understand how they behave on a good day and importantly a bad day. Build confidence through such measures and a critical ambush to avoid is, deciding basis "deal momentum".

One of the best ways is to seek a warm introduction from a founder that VC has already invested in. There is an inherent trust based relationship between a VC and their existing founders/portfolio companies. Any introduction coming via existing portcos tend to be taken more seriously, almost as if one level of filtering is done. Existing founders also understand how a particular investor thinks and can guide new founders on ethos of the fund, their thesis, value addition, etc.

Most VC has often placed warm introduction over any cold outreach by a founder. Trust is highly valued in this industry and VC often trusts that people would have helped them to do certain level of filtration before introducing someone to them. So, if you have friends / network who are an existing portco of a VC, get them to do an introduction. If you don't have anyone who has that, another alternative is to engage with some financial advisors who have worked with / referred deals to VC on a consistent basis. VC often rely on these people in their deal sourcing.

Other than investor to investor , don’t underestimate other founders. Especially if a peer has secured funding already and if you are not a competitor, there is a high chance of getting introduced. Founders like to help founders.

As a solo founder, networking with VC firms can be challenging, but it is not impossible. The first step is to create a strong online presence by showcasing your startup story on social media platforms like LinkedIn. You can also attend startup events and conferences to meet investors and other entrepreneurs. It is essential to have a clear and concise pitch that highlights your unique value proposition and the problem you are solving. Additionally, it is crucial to do your research and target VC firms that invest in your industry and stage of development. Finally, building relationships with investors takes time, so be patient and persistent in your efforts.

The best way to find a warm intro to a VC firm is to go through one the VC fund's portfolio company founders. This is an often overlooked source of introductions!

It is famously said of VCs that "if you want money, ask for advice; if you want advice, ask for money". 100% true. Research the VC, their focus sector, prior investments, their point of view, impact lens, and approach them content-first (fundraise-later). Note the specific nuggets of advice in your first conversation, incorporate elements in your business model/ customer approach, and loop back with the VC to share how that panned out. VCs take notice of founders who listen, experiment, and respond with data. Along the way, the funding door will eventually open.

Before reaching out, research the VCs you’re targeting. Understand their investment thesis, the types of companies they’ve invested in previously, and their professional backgrounds. Personalized and well-informed outreach significantly increases your chances of getting a positive response. When reaching out to VCs, it’s essential to have the mindset of “be of value.” Focus on building genuine relationships rather than seeing the interaction as a mere transaction. Understand their interests, offer insights that might be helpful to them, and engage in meaningful conversations. By showing that you are interested in their success and value their expertise, you lay the foundation for a long-term, mutually beneficial relationship.

If you are new to fundraising without an existing VC network, solo founders should use the many VC lists online to identify their target investors. By spending some time researching individual investors on their websites, it's very easy to identify which investors are open to cold approaches, and which investors require a warm introduction. Those with emails clearly listed or an easy to use contact information form with deck information will be the ones most likely to respond to your approaches.

In bio/deep tech due to the length of time needed, its important to have a strategy which caters to long term relationship building. Proposing in a one liner what you're building and asking for an intro call to "explore synergies" and get to know each other is always valuable. Then form here, have a normal organic conversation. Use conversational threading, dont be pushy and just speak solely about how much money you need and what you're building etc. After all, a founder must assess if this is the right fit investor to them also. Dont forget you're the golden egg!

4. (cont'd from above) Have a clear value proposition in your mind of how your product will address a key pain point in your market 5. Have a clear value proposition to the target VC on how they will succeed in their investment in you and your company 6. Have a clear value proposition on how your company is complimentary in their portfolio 7. Demonstrate and clearly communicate why you and your team are worthwhile to consider investing in - whether it be their time, or ideally, their LP's money

I can count on one hand the number of founders or co-investors that consistently follow up. They are memorable and stay top of mind for me. When an investor makes an introduction for you, take the 5 minutes to write back after the meeting and let them know if you're moving forward or if not, why not. It helps build trust in the relationship and creates feedback loop what kinds of deals or opportunities they should send you in the future.

I agree that relationship development matters in this context (and it takes time) because VCs often invest in people, not just their products or services. Therefore, staying in touch, seeking and implementing feedback or insight, and keeping a VC informed about material updates are generally good practices, but they also need to be handled mindfully. For example, contact should not be too frequent, inefficient or disorganized. The amount and type of communications should demonstrate a respect for the relationship, professionalism and competency.

Follow up. Send update. Discuss. How many founders just drop the channel because they did not get a yes or received a "probably no"? This is a long game. A fundraising take time. Building trust take time. Building a network take time. Even if the VC you are talking to will not invest, he could still like your project. He might have given you some advice that you found useful. Provide him feedback. Show your appreciation. He might know someone that could invest in your project. You did the hardest part. You have passed the hurdle of cold emails. You got beyond the deck reviews. You talked to a human being face to face. So don't squander this opportunity because it did not give you everything you wanted right away.

If you connect with an investor at two different times, they will get a glimpse of: - your progress, - velocity - and ability to do what you said you would do/execute. If you do that multiple times, you build a mental trust graph.

This might sound like an extremely simple idea, but it works. Create a company newsletter that you send to everyone. Your prospective investors, people who like you, your hopeful customers, your current customers, etc. You get the picture. Everyone knows someone and that someone might be your next investor.

Facing rejections is an inevitable part of the entrepreneurial journey, and it's important not to take them personally. Each rejection provides a unique opportunity to gain insights into areas that need improvement, whether it's the business pitch, the product itself, or the overall strategy.

One thing I have seen helping is to get an early "no" and a decisive "no". Good firms objectively quantity the response which are helpful to the founders as they build. As a founder, you should hear them all but only listen to what you feel is constructive and useful, but also be mindful that most investors will have macro views, a founder will always know better. It's the match that's critical and not just solving for what capital sometimes tells you as a founder.

Even if you receive a rejection, ask the VC if they know one person in their network who might be interested in your solution. Because your solution is not a great fit for the respective VC, it might fit very well for another one.

If you received a rejection from a VC, congrats! You have made it on their watchlist, and you are likely going to remain there for a loong time! And your chances of them participating in your next round have most likely increased. Make sure to keep them and their junior analysts in the loop of your next fundraising, milestones, industry events you are attending and pitching at, demos you are giving, etc.

Ask for feedback if you get a rejection, don't take "we pass" without an explanation, but be gracious and ask for feedback within 24 hours, because longer than that and they are already 5 deals further and they cannot remember the details anymore. And if you don't agree with the feedback or you are convinced they didn't "get it", just politely give your answer and let it rest. Once a VC says no, it's almost impossible to "change their mind". Just move on to the next one. Good luck!

Absolutely I suspect founders get judged by the company they keep so leverage of the founder network should be a go to for all stages of investment.

Fund raising requires a tremendous amount of ground work to get the story and the asks correct. For solo entrepreneurs, you will need a sounding board to brainstorm on the story, pitch, funding ask, b plan, evaluating options and negotiations. You need to find an experienced hand who can give clear advice through the stages.

One of the best advice I got in this regard is that always, at the end of a meeting, ask "who should I talk to next?". It's a great way to get the best of meetings even if there is no fit. It can help in getting warm intros and expand your relevant network.

The widespread adoption of automating mass outreach campaigns is a common practice nowadays. Despite its prevalence, it's essential to exercise caution and incorporate periodic reviews of the lead list. This practice ensures that the targeting remains focused on relevant leads. Neglecting the careful curation of the lead list can lead to substantial inefficiencies, wasting valuable time, resources, and effort. By consistently filtering out unrelatable leads, founders can optimize their outreach strategies and channel their efforts more effectively toward investors genuinely aligned with their objectives.

Reach out early! VCs like to meet founders, especially when they are not raising at this time. Establish a connection and build a relationship before you need anything, and have a genuine interest in the VC's work. From my experience, VCs have diversified their offerings and support tremendously over the last years, and through your early conversations you might identify additional value an investor can provide to you - besides capital.