Here's how to get the most out of your fundraising visit to Silicon Valley
REUTERS/Brendan McDermid
When you go to meet at Andreessen Horowitz, be sure to check out their lobby book collection.
Danielle Morrill, the CEO and cofounder of Mattermark, has a bunch of advice - both conventional and otherwise - for founders.
Morrill's startup tracks all sorts of data about private companies. Mattermark examines the number of employees a company has, how much money a company has raised, a website's estimated number of monthly unique visitors, app downloads, and more. Investors use Mattermark to keep tabs on startups.
Mattermark collects data from a number of sources, including but not limited to: AngelList, Alexa.com rankings, app store rankings, anonymous sources, and social media.
Given the nature of her startup - in addition to her experiences as a founder - it makes total sense for Morrill to be doling out advice about the fundraising process herself.
In a tweetstorm Sunday, Morrill laid out advice to founders, providing tips on everything from parking advice at Khosla Ventures, to the best places to meet (and not to meet) with VCs, to the importance of having a pitch deck and being nice to executive assistants.
We've collected Morrill's tweets below. Take heed, founders:
1) Fundraising this fall? I have some unconventional tips for you to make your experience awesome
- Danielle Morrill (@DanielleMorrill) August 23, 20152) when visiting @a16z show up early not just to lower your stress but to peruse the awesome lobby book collection!
- Danielle Morrill (@DanielleMorrill) August 23, 2015(Curious about the collection of H-bomb pictures in the lobby at Andreessen Horowitz? Marc Andreessen says they represent "energy." They're also good conversation starters because everyone wants to ask about them.)
3) Sequoia is surprisingly difficult to find (perhaps an intelligence test?) so plan for extra time to get a parking spot
4) have some downtime between meetings? The parking lot of DFJ/CRV has huge beautiful trees you can sit under, far from the buildings
- Danielle Morrill (@DanielleMorrill) August 23, 2015
5) avoid the Sharon Heights Starbucks
- Danielle Morrill (@DanielleMorrill) August 23, 2015
6) first time on Sand Hill road? check out some of the inspiring stuff nearby like Stanford campus and Computer History Museum
- Danielle Morrill (@DanielleMorrill) August 23, 2015
7) if you want a signed term sheet by the end of October start requesting meetings now
- Danielle Morrill (@DanielleMorrill) August 23, 2015
8) Khosla you have to park in the garage underneath, it's a tricky U-turn so plan a little extra time
- Danielle Morrill (@DanielleMorrill) August 23, 20159) also Khosla has the most incredible garden outside the window with plants so big it's like Alice in Wonderland
- Danielle Morrill (@DanielleMorrill) August 23, 2015
10) many VCs are in the same office park, can lead to awkward moments so just embrace it
- Danielle Morrill (@DanielleMorrill) August 23, 2015
11) Accel is in downtown Palo Alto, so plan time before or after to get some macaroons on University Ave (in the downtime between meetings)
- Danielle Morrill (@DanielleMorrill) August 23, 201512) if they ask you to meet at The Battery you are the entertainment. Don't do it.
- Danielle Morrill (@DanielleMorrill) August 23, 2015
13) early morning breakfasts at obscure spots are the real getting-to-know-you signal
- Danielle Morrill (@DanielleMorrill) August 23, 2015
14) unless you are the second coming of Zuck, pitch deck is absolutely required. It is 100x harder to raise A than seed
- Danielle Morrill (@DanielleMorrill) August 23, 201515) Ladies, skip the heels. A lot of investors like to do walking meetings, no need to suffer.
- Danielle Morrill (@DanielleMorrill) August 23, 2015
16) understand pre-money vs. post-money, liquidation preference and other key terms. Read "Venture Deal" by @bfeld
- Danielle Morrill (@DanielleMorrill) August 23, 2015
17) people talk about 10 "brand name" VCs but you should plan to pitch 30+ firms. There are very good less visible investors
- Danielle Morrill (@DanielleMorrill) August 23, 201518) it is 20 degrees hotter in the Valley than the City. If you don't want to be a sweaty pig dress accordingly
- Danielle Morrill (@DanielleMorrill) August 23, 2015
19) ladies, it may look like the set of Mad Men but unless you normally wear dresses just stick with normal clothes and good hygiene
- Danielle Morrill (@DanielleMorrill) August 23, 2015
20) you should know your numbers so deeply and your market so deeply that you could recite them if the slides don't work, without looking
- Danielle Morrill (@DanielleMorrill) August 23, 2015
21) okay back to unconventional stuff... Don't be rude to assistants or other staff EVER
- Danielle Morrill (@DanielleMorrill) August 23, 2015
22) save the "power play" shenanigans theater moves for the actual target
- Danielle Morrill (@DanielleMorrill) August 23, 201523) regarding power moves, investors know what you are doing and yes it will work on some... But huge turn off to others. Know your audience
- Danielle Morrill (@DanielleMorrill) August 23, 201524) in B2B the best metrics do often win, if you've got them flaunt them!
- Danielle Morrill (@DanielleMorrill) August 23, 201525) you need a CRM or at least spreadsheet to keep track of your VC relationships. Kids names, hobbies, companies they're proud of
- Danielle Morrill (@DanielleMorrill) August 23, 2015
26) once you start fundraising ban yourself from saying things like "I hate fundraising" til money is in the bank. You fucking love this ??
- Danielle Morrill (@DanielleMorrill) August 23, 201527) the sandwiches in the Sharon Heights deli are killer
- Danielle Morrill (@DanielleMorrill) August 23, 2015
28) if you'll be leading the pitch have your cofounder drive so you can sing and dance to hype up music in the back seat cc: @SparksZilla
- Danielle Morrill (@DanielleMorrill) August 23, 2015
29) from my cofounder @MisterMorrill "do your research beforehand and look who does deals in your space, only talk to people you want"
- Danielle Morrill (@DanielleMorrill) August 23, 201530) general solicitation is not ready for prime time, don't be trendy get a lead who will partner with you. Think of it like recruiting.
- Danielle Morrill (@DanielleMorrill) August 23, 2015
31) if you raised $3M+ in seed money you are competing with Series A *and* Series B candidates
- Danielle Morrill (@DanielleMorrill) August 23, 2015
32) don't overdo it on slide design, it's like a house that's been on the market too long and is over-staged
- Danielle Morrill (@DanielleMorrill) August 23, 201533) ladies if you feel you were treated differently because you're female note that but don't let it consume you keep going and stay focused
- Danielle Morrill (@DanielleMorrill) August 23, 2015
34) at the end of the day, go home to your support network and share your thorns and roses (learned this from @chrisfhoward's 3 boys)
- Danielle Morrill (@DanielleMorrill) August 23, 2015
35) would be great if collaborative tweet storming was easier. @twitter remember that hing you showed me? Hurry up!!!
- Danielle Morrill (@DanielleMorrill) August 23, 2015
36) if you're not used to living by your calendar this will be really annoying. build in lots of buffer time for travel, food, and bathroom!
- Danielle Morrill (@DanielleMorrill) August 23, 2015
37) if you go to the Rosewood with a VC everyone will know you are fundraising in 5-7 minutes
- Danielle Morrill (@DanielleMorrill) August 23, 2015
38) same deal with Coupa Cafe, The Creamery, Small Foods, 21st Amendment, The Battery --- only do it once you have 2 term sheets ??
- Danielle Morrill (@DanielleMorrill) August 23, 201539) don't subtweet how it's going --- I'm sure this will be hard for me ??
- Danielle Morrill (@DanielleMorrill) August 23, 2015
Also try to figure out if the partner u r meeting has done > 2 deals this year. If so may be "full". https://t.co/9F3ECOe25e
- Jason M. Lemkin (@jasonlk) August 23, 2015
.@DanielleMorrill really the best tip is to tour 2440 in particular it has the best art of the Anderson Collection. this is tip #1.
- Jason M. Lemkin (@jasonlk) August 23, 2015
- Danielle Morrill (@DanielleMorrill) August 23, 2015Just tell them they are really your first choice. Works EVERY TIME. https://t.co/XOJpXYrtR0
- Jason M. Lemkin (@jasonlk) August 23, 2015
Tip 16: When raising an A, guys pl skip the hoodie and sneakers. Wear a blazer and loafers. cc @DanielleMorrill
- Pranay Srinivasan (@utekkare) August 23, 2015
.@DanielleMorrill @bfeld @jasonmendelson reading Venture Deals should be a prerequisite for a meeting with a potential inventor.
- Jeremy Shure (@JeremyShure) August 23, 2015NO MATTER WHAT -- DO THE PITCH. If they say they just want to talk, chat -- DO THE PITCH ANYWAY. https://t.co/l0or2QrwEX
- Jason M. Lemkin (@jasonlk) August 23, 2015
tip 20) -- STAND. don't sit and present. Always STAND. sitting makes u look un-CEO-ish. cc @DanielleMorrill
- Jason M. Lemkin (@jasonlk) August 23, 2015
EAs and assistants can be your *best* friends. remember their names, be courteous, and thank them for their work. https://t.co/sZsU0QNuqj
- Pranay Srinivasan (@utekkare) August 23, 2015
So important. https://t.co/kqek41CWFQ
- Danielle Morrill (@DanielleMorrill) August 23, 2015
.@DanielleMorrill People who don't know corporate America don't realize that Executive Assistants actually run the company. And they talk.
- SecuriTay (@SwiftOnSecurity) August 23, 2015
Best hack here is to have your first slide be the entire pitch: Vision, Numbers, Growth, Team, Future. On 1 slide. https://t.co/ySg2Uqsk0K
- Jason M. Lemkin (@jasonlk) August 23, 2015Key -- always bring 2. And always make your #2 present at least 2 slides. If they don't speak u aren't a manager. https://t.co/wuzwmalaSM
- Jason M. Lemkin (@jasonlk) August 23, 2015
@psygnisfive 140 characters is the ultimate elevator pitch!
- Steve Jurvetson (@dfjsteve) January 13, 2015
@DavidSacks @zachcoelius @jasonlk @DanielleMorrill every call is a sales call. Either you sell them or they sell you.
- Keith Rabois (@rabois) August 23, 2015Listen up... This is a consumer investor and I do not know much about that side https://t.co/yp3zs17A3H
- Danielle Morrill (@DanielleMorrill) August 23, 2015
Have your designer give you a nice on brand template but don't go crazy with transitions or graphics https://t.co/VtH8p0csyR
- Danielle Morrill (@DanielleMorrill) August 23, 2015@DanielleMorrill mostly white templates are a must. decks get printed
- Gabe Eldred (@215Gabe) August 23, 2015Great point! But have an appendix you can use to answer questions you anticipate https://t.co/Smrj4eJuA5
- Danielle Morrill (@DanielleMorrill) August 23, 2015
When getting breakfast with a VC, eat beforehand, so you don't do this: @DanielleMorrill @rabois @jasonlk pic.twitter.com/lJsSTgj2RD
- Adam Khan (@Khanoisseur) August 23, 2015
@rabois @jasonlk @DanielleMorrill I am 5'1" so sitting equalizes height, makes eye contact more natural. (Agree about commanding the room)
- Elissa Shevinsky (@ElissaBeth) August 23, 20154/ founders must lead the charge on a raise. VC's want to see the personality behind the company. Investment is in ppl too.
- Jeremy Shure (@JeremyShure) August 23, 2015
Whatever you do, don't pitch your #1 choice first (unless already know them). Stub your toe there. https://t.co/RgYk4GWCv4
- Jason M. Lemkin (@jasonlk) August 23, 2015
@DanielleMorrill good one. If you don't have a piece of info & get it to me later that day, much better than faking. https://t.co/89fEqniYol
- Hunter Walk (@hunterwalk) August 23, 2015
Introverts take note, a fellow introvert on pitching to VCs https://t.co/zftPYr0Lk5
- Danielle Morrill (@DanielleMorrill) August 23, 2015
@DanielleMorrill and fall fundraising season ends at Thanksgiving. You should work to have term sheets by then.
- Rick Morrison (@morrisor) August 23, 2015
Crucial! https://t.co/qmOFzCMb3o
- Danielle Morrill (@DanielleMorrill) August 23, 2015@jasonlk @DanielleMorrill Unless you are referred to the VC by an entrepreneur who has already made the VC money. VCs seem to like this :-)
- Charles Stromeyer Jr (@cstromeyer) August 23, 2015
If you can't keep the meeting, how are you gonna keep your promises? https://t.co/BHYJ2YlktM
- Danielle Morrill (@DanielleMorrill) August 23, 2015
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