Lessons from the Frontline: My First Venture into Fundraising

Before April of this year, I had never embarked on the task of fundraising. The kind of fundraising where your venture will not see the light of day without hustle, lots of hustle. There's no one to step in and get the job done if you can't perform, it's 100% YOU!

I'd always heard it was the most challenging aspect of a CEO's job, filled with countless rejections and tireless efforts. My experience since joining VC Lab 's emerging fund manager accelerator has been a profound journey of learning, adaptation, and unexpected successes. Given that we're seeing a renaissance in entrepreneurship at the moment, I thought I'd share a few stories from the past few months of my own fundraising journey:

1. The Power of a 'No': Fundraising is a marathon, not a sprint. It involves hearing 'no' hundreds of times, which, while disheartening, each 'no' brings you closer to a 'yes.' The key is persistence and maintaining momentum, no matter how challenging the path seems. I've found a positive, growth-oriented mindset is essential in order to maintain my focus on the end goal.

2. Essential Tools: CRM and Calendly: Managing relationships effectively is crucial, it's very easy to miss following up on a key email that came in at 10pm last night. A robust CRM system has been indispensable for managing contact points through the fundraising funnel. Decile Hub is a CRM platform purposely built by Decile Group for the emerging fund manager. I've enjoyed diving deep into its features, pressure testing it as a power user, and thinking of "what ifs" to further enhance the value it provides. Thank you Robert and Travis at Decile Group for the back-end support! Additionally, tools like Calendly have streamlined scheduling, making it easier to manage calls from early morning till late evening without double-booking or missing opportunities.

3. Understanding LP Archetypes: Every limited partner is different. I've experimented with various targets and tactics, from hard pitches to softer, story-driven approaches. Understanding the preferences and expectations of each LP type helps in tailoring conversations and presentations to resonate more effectively.

4. The Art of Networking: Networking is more than just exchanging business cards. It's about creating real value for others. A few weeks ago, I had a call with a graduate school classmate who was looking for her next executive role in the industry. That same morning, I had a call with a serial entrepreneur who is on his forth company and just closed a $70M financing round. I knew a strong connection could be made that day, and as it turns out, it has been fruitful for both parties. Nothing brings me more joy than building strong connections within my network. This approach is equally effective with investors—aligning opportunities with their interests ensures mutual benefits.

5. The Magic of In-Person Interactions: While presentations and panels at conferences provide a great platform for learning, the real magic happens in the informal settings—coffee breaks, small group happy hours, and side conversations. These moments allow for deeper connections and more personal interactions, which are often where the most meaningful deals and partnerships begin. At the MedTech Innovator event in DC, I attended an "after hours" with a small group of CEOs who I've since had great conversations with. Needless to say, I was elated to see that every one of them was accepted into this year's cohort.

6. Small Investor Events: Hosting small investor events has been a revelation. By inviting committed investors, potential investors, friends of the firm, and industry experts, these events turn into rich networking opportunities. Hearing a seasoned expert validate your position with a compelling story can be incredibly affirming—it's akin to applying resin to a carbon fiber sheet, where every pass strengthens the bond. Carve out a few hours before the event for 1 on 1 meetings in a coffee shop, leveraging a custom Calendly link to keep the schedule in order.

Conclusion: Fundraising is undoubtedly challenging, but it's also immensely rewarding. I've enjoyed connecting with people I haven't talked to in decades, even going back as far as grade school! Each interaction, each presentation, and each phone call adds layers to your venture's foundation, much like the resin on carbon fiber. As I continue on this journey, the lessons learned will guide me, and the relationships built will support the enduring growth of our fund.