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- A smart entrepreneur’s guide to choosing the right VC
- Choosing an investor is like choosing a spouse (but with less romance)
- Not much difference between angel investors and VCs anymore
- What to do if your startup is suffering founderitis
- How risk and failure drive entrepreneurial success
- Beware of the revolving-door venture capitalist
- Getting an investor to move from “not now” to “yes”
- Talk to your venture capitalist before you crash and burn
- Entrepreneurs need to know when to call it quits
Don’t roll the dice when chasing a VC: Referrals trump cold calls every time
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How you approach a venture capitalist (VC) can be the difference between receiving a quick glance or gaining direct attention. It can be very tempting to cold call venture capital via web search results or chase down a harried VC at an entrepreneur event. While those attempts may work, it’s a low-probability tactic and just might ruin your shot. Ideally, you want to be referred to a venture capitalist through a trusted connection.
Think of it this way: literary agents receive unsolicited submissions in enormous quantities. While a VC might fund one in 100 deals, literary agents take on only one in 1,000 writers. The flood of submissions piles up into what’s known as the “slush pile,” which is usually assigned to an intern to sift through in search of rare gems. Most agents, however, prioritize submissions referred by writers they already represent or other trusted sources.
The situation is similar with venture capitalists. While they might receive fewer unsolicited approaches than literary agents, the principle remains the same: unsolicited pitches become just another part of the noise. Cold calls and uninvited conversations at events often come across as impersonal and desperate, making it harder for your pitch to stand out.
 Nail your pitch, get the funding |
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The reality is that VCs are inundated with opportunities while managing their existing portfolios. They’re simultaneously looking to exit one deal, find a new CEO for another, perform due diligence on a third, and update their institutional backers. Getting their attention requires a strategic, thoughtful approach.
Instead of cold-calling, start by identifying VCs who focus on your industry sector and your stage of development. Research their portfolio companies, particularly those operating in your space but not competing directly with you. Reach out to entrepreneurs within these companies to request advice or a meeting. Be upfront about your intentions—don’t disguise your search for funding behind vague questions.
During these conversations, share your vision and demonstrate your value. If the entrepreneur becomes excited about your work, they may offer a referral to the VC managing their funding. This introduction is infinitely more effective than a cold call.
When a trusted entrepreneur refers a deal, the VC feels an obligation to take it seriously. Referrals carry an unspoken contract: they are pre-vetted opportunities that deserve proper consideration. A referred deal bypasses most of the slush pile, putting you directly in front of a decision-maker. That said, you must ensure your pitch and business model are strong enough to justify the referral. The trust the referrer places in you reflects on their own reputation, so they will only make the connection if they believe your business has genuine merit.
When you get the opportunity to pitch, don’t waste it. Be prepared with a concise, compelling presentation that lasts no more than 10 minutes. Start with a clear introduction: “ABC Co. makes wireless widgets for the baking industry and is seeking $1.8 million to expand its marketing reach.”
Follow this with a minute each on these key points: the market problem you’re solving, your solution, the size of the opportunity, how your solution is sustainably differentiated, the competitive landscape, your market approach, your team’s experience, and the specific ask you’re making.
In today’s venture landscape, data-driven pitches are more critical than ever. Investors expect clear evidence of traction, including metrics like customer acquisition costs, lifetime value, and retention rates.
Consider using online platforms like AngelList, Crunchbase or LinkedIn to network with investors and build a strong presence. A polished LinkedIn profile and active participation in industry discussions can help you make connections that lead to referrals. If virtual meetings are part of your pitching strategy, practise delivering an engaging online presentation and troubleshoot technical issues ahead of time. These steps ensure you’re ready for every opportunity, whether in person or online.
If delivering this pitch in 10 minutes feels impossible, you’re not ready. A solid, concise pitch should spark enough interest to keep the VC asking questions and engaging for much longer. On the other hand, if your meeting ends abruptly and you find yourself in the parking lot by minute 11, it’s a clear sign you need to refine your approach.
Securing venture capital requires preparation, persistence, and strategy. Building trusted connections and leveraging referrals are your best tools to bypass the noise and gain the attention of decision-makers. When you get the chance to pitch, be ready to make every second count.
It’s not about luck—it’s about positioning yourself as a credible, compelling investment opportunity. Approach every meeting with confidence, learn from setbacks, and keep refining your pitch.
Success isn’t guaranteed, but preparation and resilience will dramatically improve your odds.
Warren Bergen is the author of Swagger & Sweat, A Start-up Capital Boot Camp.
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