Wednesday, March 08, 2006
Why Looking for Venture Capital is Like Picking Up Girls
1. If you don't approach, you don't score. Okay, the "three second rule" (don't hesitate, demonstrate your confidence and Alpha maleness by approaching within three seconds of noticing the target) doesn't apply--actually it makes sense to do some research on the firm first--but the basic rule pertains.
2. Always be confident. Needy guys are losers. Entrepreneurs who don't project confidence and passion in what they are doing don't get much beyond the door.
3. "Social proof" is essential. In picking up girls, this means they'll be more interested in you if other people in the social setting respond positively to you; it means they're getting a high status male. That's the idea behind using a wingman; even if no one else is making you look good, he (or she) will. In a VC context, this can mean a lot of different things; an introduction from an entrepreneur or associate of the VC is a lot more likely to spur interest than if you business plan comes in over the transom. Similarly, a lot of the things you do are essentially designed to increase your "social proof," a sense that you're connected and have good "domain knowledge"--having an impressive board of advisors, for instance.
4. Always be closing; always be working toward the score. Don't end a phone conversation or a meeting without a follow-up; if you can't bed the chick now, try to set up another meeting, or at least get a phone number.
5. Cut your losses. If it's clear you're not getting anywhere, don't waste your time. Find another target.
6. "Let's just be friends" is the kiss of death. It means she thinks you're a "nice guy" not the alpha male of her dreams; it means they want to pick your brains, not fund your company. However, if you do get LJBF, you may be able to use her as a wingman; her friendship provides social credibility with other girls. Similarly, if a VC won't invest but seems otherwise positive, try to get them to introduce you to other potential investors.
7. Mirror the values. With a chick, try to find out what's important to her (friends, family, work, whatever), and tell anecdotes that demonstrate that these things are important to you too. With a VC, try to find out what motivates their investments (trendy theories like Web 2.0 or the Long Tail; unfair competitive advantages that lock out others; scalability; branding; whatever) and tweak your pitch to appeal to their motivations.
8. Don't let the contact get stale. If you can't score tonight, get in touch ASAP and set up a meeting--not a "date" (that's scary) but perhaps coffee. If your first pitch doesn't get you a meeting, ping them in a week or two, with "new progress," and keep doing so as long as it still looks feasible. If you can pigeonhole them at a conference, do that too; don't drop off their radar.
9. Don't buy her a drink. That makes you a supplicant, not the confident, go-getting guy of her dreams. Similarly, project that you're offering a stellar opportunity, you will raise the money regardless, and they ought to be damn grateful to have the chance to participate.
10. For God's sake, shower, shave, and dress nicely before you go out hunting.
2. Always be confident. Needy guys are losers. Entrepreneurs who don't project confidence and passion in what they are doing don't get much beyond the door.
3. "Social proof" is essential. In picking up girls, this means they'll be more interested in you if other people in the social setting respond positively to you; it means they're getting a high status male. That's the idea behind using a wingman; even if no one else is making you look good, he (or she) will. In a VC context, this can mean a lot of different things; an introduction from an entrepreneur or associate of the VC is a lot more likely to spur interest than if you business plan comes in over the transom. Similarly, a lot of the things you do are essentially designed to increase your "social proof," a sense that you're connected and have good "domain knowledge"--having an impressive board of advisors, for instance.
4. Always be closing; always be working toward the score. Don't end a phone conversation or a meeting without a follow-up; if you can't bed the chick now, try to set up another meeting, or at least get a phone number.
5. Cut your losses. If it's clear you're not getting anywhere, don't waste your time. Find another target.
6. "Let's just be friends" is the kiss of death. It means she thinks you're a "nice guy" not the alpha male of her dreams; it means they want to pick your brains, not fund your company. However, if you do get LJBF, you may be able to use her as a wingman; her friendship provides social credibility with other girls. Similarly, if a VC won't invest but seems otherwise positive, try to get them to introduce you to other potential investors.
7. Mirror the values. With a chick, try to find out what's important to her (friends, family, work, whatever), and tell anecdotes that demonstrate that these things are important to you too. With a VC, try to find out what motivates their investments (trendy theories like Web 2.0 or the Long Tail; unfair competitive advantages that lock out others; scalability; branding; whatever) and tweak your pitch to appeal to their motivations.
8. Don't let the contact get stale. If you can't score tonight, get in touch ASAP and set up a meeting--not a "date" (that's scary) but perhaps coffee. If your first pitch doesn't get you a meeting, ping them in a week or two, with "new progress," and keep doing so as long as it still looks feasible. If you can pigeonhole them at a conference, do that too; don't drop off their radar.
9. Don't buy her a drink. That makes you a supplicant, not the confident, go-getting guy of her dreams. Similarly, project that you're offering a stellar opportunity, you will raise the money regardless, and they ought to be damn grateful to have the chance to participate.
10. For God's sake, shower, shave, and dress nicely before you go out hunting.
