You can't dabble in it and then step out.
TweetShareShare As part of our Founders + Funders SF 2019 summit, held in partnership with Seneca VC, we brought together an exciting group of startup founders and investors for a day of learning, networking and growth.
So we started asking the question, “Why don’t you have an attorney?” and the responses we were getting back were, “I don’t know where to find one.” or “I can’t afford an attorney.” And even if they could afford an attorney, it was so blurry to them, we were hearing things like, “I don’t want to put my life savings into something and I don’t know the outcome of.” We quickly realized that there was a disconnect between people needing and actually understanding the legal industry.
But then it got to a point where we needed the help. The site was getting a lot of traction. We were generating revenue, but we needed the help in terms of staff to support our members. Kristina: For the seed round, 500 Startups definitely helped prepare us. I don’t know if you know about that program, but if you’re from outside of the area, you move to San Francisco, it’s a four month program. Every single day they’re giving you content, they’re introducing you to investors, they’re preparing you for your seed round.
There were a lot of– there was silence. There was, “You’re too early.” But what we learned in the process was, even though we received a no, we could quickly turn that into a yes by asking them to refer us to someone who they thought would be a yes. So out of every meeting, we got a list of other VCs that we could talk to. So we never left a no meeting without something to follow up with, which was great.Kristina: For the seed round, it was just James and I.
Kristina: With the seed, it was– we were brand new to Silicon Valley. It was a lot of introductions, telling people about the problem, telling people about our solution. A lot of just first-time interactions. And then there were some times, if it was an all-male investment team, that they would ask a question and I would respond, and they wouldn’t even look at me. They just look at James.Kristina: And so there was a moment during our raise where I was like, “If there isn’t a woman in the room, I don’t want to go. James, you’ve got it.” He would say, “Oh, we’re meeting with this firm,” I would look them up really quickly and try to see if there was a woman as a partner.
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