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What should I include in my pitch to venture capitalists?
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At MantellaVP we focus on early stage opportunities. We want to understand the founder’s execution track records, their relevant domain expertise, and the special sauce that will give them an unfair competitive advantage. Next, we like to see your view of the problem you are planning to solve, what customer you are solving it for, the ways customers are currently solving or working around the problem, and how your solution is better, unique and hard to duplicate. We like to see that you understand the ecosystem in which you are intending to provide value, that you understand all the players and how you either benefit them or have the differentiation to compete with them. We like to see what progress you have made in validating your hypothesis and your plan to further validate it going forward with some clear milestones we can track together as our engagement with you deepens. And of course, we want to understand how and when you expect to make money. Hope this helps.
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Is it wise to approach an early stage investor/VC before having a working prototype? What about having a proof of concept with screenshots? I ask because the actual prototype that will work in beta will cost 100-250k to build. My plan is to design screenshots to be able to present to the VC then secure funding so that we can build the prototype. Is that wise?
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The more committed you are to your business, the more seriously you will be taken by an investor. Prototypes are great. I wrote a post about just doing it recently and I really believe in this: http://mantellavp.com/blog/are-you-an-entrepreneur-or-a-hobbyist/
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How closely do you work with the entrepreneurs you invest in? I want to know how hands-on a VC would be if I took investment.
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Really depends on the VC. Most VC’s will help with customer introductions, recruiting, and board level governance. Some early stage investors like MantellaVP take more active operating roles. At MVP, we are more like co-founders with capital. If you are considering working with a more hands-on VC like MVP, make sure you have good chemistry, and complimentary skills. Spend time with them working on your business, not just funding negotiation. You’ll soon learn if 1+1=3.
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Where would you recommend we source some talent to assist with a biz plan / term sheet - pro bono? While the basics are complete, we're now financially tapped out to make it presentable to VS's and need help to carry it over the 3 yard line.
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Check out groups like MaRs in toronto, communitech or Accelerator centre in Waterloo. Groups like these will work with early stage opportunities to help you get polished for fund raising. You can also seek out advisors who can coach you on doing it yourself.
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How do I find an investor for a new social network (unlike fb, g+, twitter, unthink, etc)?
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First, get your opportunity ready for investors to look at. Ideally a well formed hypothesis for the business and go to market strategy, a prototype, some customer development validating your hypothesis. Then scour the portfolios of investors to find people who have prior investments in your space. Also ask around at local start-up events for angels they ‘get’ what you are working on. Your best bet for early stage investment is someone who really understands what you are doing, and ideally has had success in a similar business in the past.
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