Ash Fontana from AngelList presented Want To Raise A Million Bucks? Here’s What You’ll Need. He says that Product and Team aren’t that important if you reach a traction milestone, such as
- 1K seats at $10/mo for enterprise
- 2 pilot contracts for big enterprise
- 100k+ downloads/signups for social
- $50K revenue/mo for marketplace or e-commerce
One can quibble with numbers and nibble around the edges, But I agree that such traction is critical when you’re looking for VC money.
Build your business and show that you can bring in subscribers, or more importantly revenues, and the the investors will come. That’s what I look for at BAE Investments & Workshop.
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