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!

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<p>Failure in fundraising </p> <p>Hello </p> <p> Cdric Giorgi Cookening Co-Founder Previously at Scoop.it (Goojet), Seesmic, Techcrunch France </p> <p> Also involved in LeWeb, Startup Assembly, La French Touch Conference </p> <p> Founder of French Startupers FB Group </p> <p>@cgiorgi cedric@cookening.com </p> <p>Learning 1. There is no Rule in Fundraising, only </p> <p>specic cases. </p> <p>Cookening Timeline </p> <p> May 2012 - Dev is starAng November 2012 - Private Alpha is launched </p> <p>Cookening Timeline </p> <p> 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 </p> <p>Learning 2. The US and France have nothing in </p> <p>common. Really. Nothing. </p> <p>Cookening Timeline </p> <p> 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 </p> <p> January 2013 - Were meeAng with a dozen French VC funds </p> <p>Learning 3. Its not because a VC is calling that youre ready for </p> <p>fundraising </p> <p>Cookening Timeline </p> <p> November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds </p> <p> May 2013 - Cookening Public Launch </p> <p>Learning 4. Timing, Timing is key. </p> <p>Cookening Timeline </p> <p> November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds </p> <p> May 2013 - Cookening Public Launch June 2013 - Update sent to Investors </p> <p>Cookening Timeline </p> <p> November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds </p> <p> May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now </p> <p>Learning 5. When you try to raise funds when you really need them, it might be too late. </p> <p>Cookening Timeline </p> <p> November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds </p> <p> May 2013 - Cookening Public Launch June 2013 - Update sent to Investors September 2013 - We really need to raise now October 2013 - MeeAngs, meeAngs </p> <p>Cookening Timeline </p> <p> November 2012 - Private Alpha is launched December 2012 - A VC is calling January 2013 - Were meeOng with a dozen French VC funds </p> <p> 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. </p> <p>Learning 6. You might have a kick-ass team, a kick-ass product, you need a big market. </p> <p>Learning 7. Do not focus on one specic VC </p> <p>Learning 8. Look for VCs that do invest in </p> <p>companies like yours </p> <p>Cookening Timeline </p> <p> January 2013 - Were meeOng with a dozen French VC funds </p> <p> 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 </p> <p>Learning 9. BAs and VCs really dont think the </p> <p>same way. </p> <p>Cookening Timeline </p> <p> January 2013 - Were meeOng with a dozen French VC funds </p> <p> 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 </p> <p>Learning 10. SomeAmes its be\er not to raise </p> <p>than bad raising. </p> <p>Also </p> <p> We didnt want to move to the US. We didnt want to / couldnt pivot. We certainly focused too much on wrong things </p> <p> We were too long to launch Careful with sexy ideas Being the X for Z is a dangerous pitch </p> <p>Now ? </p> <p>Thanks! </p> <p>Check Cookening, we have awesome meals to aaend in France and in 30 countries </p> <p>cedric@cookening.com </p> <p>@cgiorgi </p>