Do: Find a lead investor you trust
There’s a saying that ‘most investments last longer than most marriages’, so you want to make sure you find the right one, someone who really understands you and what you are doing.
Don’t: Wing it
Opelts: I did my first presentation without a pitch deck, that was pretty bad. I just thought we have the best camera in the world, I know everything about it, why do we need one?
It’s a numbers game too, and closing is a lot easier when you have multiple terms sheets from investors. It gives you leverage in negotiations and competition. I once met the founder of Squarespace, he’s raised $200m. He said to me: “Half of the job for today’s CEO is to raise money. You have to do the preparation.” I sometimes think it’s a full-time job.