’15 Things Not to Tell Your VC in 2016′

Looking back on 2015, VC-platform VEECEE pulled together memories from the 1,000+ meetings they held with young companies looking for money, and selected the 15 ‘worst’ things they were – often repeatedly – told.

This blog originally appeard on VEECEE (currently closing a modest funding rounf of their own that will enable them to finance their activities in 2016!)

15 Things Not to Tell Your VC in 2016

  • We expect to close this round Friday next week (said during the first Skype interview)
  • We focused on product and not on sales (company has had two full time sales employees on the payroll for the last twelve months)
  • An IPO is the most feasible exit strategy (company was raising a first round)
  • This is our last round in Europe. Investors from the U.S. are already trying to pull us in (user engagement was only visible with a microscope)
  • When asked about customer acquisition: ‘our product will go viral. Facebook too never advertised’ (surely didn’t the recent tractions prove this mechanism)
  • We got a call from a high-profile tier-1 U.S. investor (silence …)
  • We are planning our next round in December next year and plan to raise € 4,510,467
    We are the Spotify of cyber security
  • I am a serial entrepreneur (wrote a newspaper at age 11, and sold that newspaper to mum and neighbour. Note: we didn’t speak to Richard Branson)
  • We are active in 10 countries (translated the website for 10 countries but generate 97% of revenue from the Netherlands)
  • We just need 1 million users (had one hundred users at that moment)
    We outsource all tech (always a good one!)
  • Our valuation is at least 100 million
  • We expect three term sheets next week
  • We have no competitors

A final word of wisdom from VEECEE: unless you’re being asked about a specific choice that took lots of consideration, never ever respond to a question with: ‘that’s a really good question’. Being told you’re asking good questions makes any VC feel miserable.