key learnings in failing fund raising

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Presentation I made at Failcon France to publicly share how we failed fund raising in France!

TRANSCRIPT

Failure in fundraising

Hello

Cdric Giorgi Cookening Co-Founder Previously at Scoop.it (Goojet), Seesmic, Techcrunch France

Also involved in LeWeb, Startup Assembly, La French Touch Conference

Founder of French Startupers FB Group

@cgiorgi cedric@cookening.com

Learning 1. There is no Rule in Fundraising, only

specic cases.

Cookening Timeline

May 2012 - Dev is starAng November 2012 - Private Alpha is launched

Cookening Timeline

May 2012 - Dev is starOng November 2012 - Private Alpha is launched December 2012 - A VC is calling December 2012 - Lets start to think about raising funds

Learning 2. The US and France have nothing in

common. Really. Nothing.

Cookening Timeline

May 2012 - Dev is starOng November 2012 - Private Alpha is launched December 2012 - A VC is calling December 2012 - Lets start to think about raising funds

January 2013 - Were meeAng with a dozen French VC funds

Learning 3. Its not because a VC is calling that youre ready for

fundraising

Cookening Timeline

November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch

Learning 4. Timing, Timing is key.

Cookening Timeline

November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch June 2013 - Update sent to Investors

Cookening Timeline

November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now

Learning 5. When you try to raise funds when you really need them, it might be too late.

Cookening Timeline

November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now October 2013 - MeeAngs, meeAngs

Cookening Timeline

November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now October 2013 - MeeOngs, meeOngs December 2013 - Last VC said no.

Learning 6. You might have a kick-ass team, a kick-ass product, you need a big market.

Learning 7. Do not focus on one specic VC

Learning 8. Look for VCs that do invest in

companies like yours

Cookening Timeline

January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now December 2013 - Last VC said no. January 2014 - Lets look for a round with BAs

Learning 9. BAs and VCs really dont think the

same way.

Cookening Timeline

January 2013 - Were meeOng with a dozen French VC funds

May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now December 2013 - Last VC said no. January 2014 - Lets look for a round with Bas February 2014 - Ok lets do not raise at all

Learning 10. SomeAmes its be\er not to raise

than bad raising.

Also

We didnt want to move to the US. We didnt want to / couldnt pivot. We certainly focused too much on wrong things

We were too long to launch Careful with sexy ideas Being the X for Z is a dangerous pitch

Now ?

Thanks!

Check Cookening, we have awesome meals to aaend in France and in 30 countries

cedric@cookening.com

@cgiorgi