WAYS TO INCREASE YOUR CHANCES OF GETTING FUNDING
By following the Lean Canvas and Customer Development process, you may have a greater chance of getting listened to, believed, and funded.
The first step in Customer Development is Customer Discovery; extracting hypotheses from the business plan and getting the founders out of the building to test the hypotheses in front of potential customers.
Your goal is to:
- Preserve your cash while you turned these guesses into facts
- Search for a repeatable and scalable sales model
The proof that you have a business rather than a hobby comes from:
- Customer feedback and orders
- Users for your buggy, unfinished product with a minimum feature set
- This process even works for Life Science
HOW DOES THIS AFFECT YOUR PITCH?
- If you are following Customer Development, you are raising money because you believe you have found product/market fit and you want to scale.
- A Customer Development fundraising presentation tells the story of your journey in Customer Discovery and Validation. While your presentation will cover the same ground as the traditional investment pitch, evidence and lessons learned from customers and stakeholders are intertwined with statements reducing risk while increasing credibility and probability of being funded.