Teach Me How To Dabble: What I Learned About Pitching To Angel Investors
I'm a big fan of learning new things from new people. Well, let me correct myself. I like to learn new things from people that know what they are talking about. Sometimes I learn things from people that don't know what they are talking about, but that's a very different type of learning. When I saw that Jeff Carter was teaching a class on how to pitch to angel investors on Dabble, I couldn't resist. Jeff is a co-founder of Hyde Park Angels and an avid blogger, so I'm pretty sure he knows the topic intimately. I signed up on the site, paid my dues, and was ready to learn. I sent the link to another friend who registered and met me at the class. Here was the confirmation e-mail. We went to the class, which was an intimate setting. We spent the first 10 minutes introducing ourselves and talking about why we registered. I saw some familiar faces as well, and overall it was a very informal and fun environment. There was a minor issue with getting in through the front door, but that was resolved pretty quickly. Here is a quick and dirty summary of what I learned:
- You have 90 seconds to get an angel investor's attention.
- Angel investors are motivated by more than profit; they want to be part of something BIGGER.
- Show how you can get ALL of the market, not just a slice of it. Make them believe you can get it ALL.
- They like your idea, but they are mostly investing in you.
- "People don't buy what you do, people buy why you do it."
- Close with the intention of getting a deeper meeting with the VC's; Don't close with numbers.