Today we’re talking about momentum in fundraising. Of course, fundraising is easy when you’re consistently hearing yes and have lots of momentum. But what should you do if you’re starting from scratch or your pipeline is running dry? Here are three strategies to help you build and maintain momentum:
1. Find the Easy Yeses
Getting a yes is always a confidence boost and will increase your meeting count, as you can leverage your new investor’s network for leads. Reaching out to smaller angels and people that already know you well, is a great way to get an easy yes, even if the check size is modest.
2. Update the Maybes
If you have people still making their decision, don’t be afraid to send good news updates to them on a regular basis about product and sales wins, as well as the round’s progress. This can help you generate excitement with an investor, pushing a maybe to a yes.
3. Ramp up Outreach
If your pipeline is running low on new meetings, do more outreach. Increasing outreach means generating more meetings. More meetings means more yeses, and it really is that simple. Do the boring work on outreach and you will get lots of meetings.
Best of luck out there.
Sterling Road invests in idea stage and pre-seed B2B startups based in the US, Canada and UK.
