Posted by How we leveraged Events, Linkedin, Opensource, free accounts, borrowed GST numbers. Built MVP in 15 days & our first Angel round was closed. Even when we didn’t know anything about this.
This approach helped us raise in 2 months which otherwise would take may be 3-5x more investments from us & may be 2 years. I won’t even call it approach – We were just seeking.
🧠Curiosity > Strategy
We didn’t know these words MVP, pitchdeck nor about fundraise, co-founder
Startups, VC, angels world was alien to Achal & Me.
I just had talked with 2 ex-colleague who had founded a company. Their advise
- Talk to customers & people even before building
- Arrange for some money in some way or it’s a sword hanging on your team always. You won’t be able to work
Strangers who would turn Angels later
So here’s how we started. We would ping strangers on Linkedin & events that I joined.
I would join specific areas I was curious about. I even spent Rs 1L ($4900 in PPP terms) on paid events/niche trainings.
Which I wasn’t clear what I would do with them….but had intuition that they align with my interests.
I have never hesitated to spend on my Curosity….it pays back in long run.
First lessons & disappointments
😞 First Lessons: No One Owes You Replies
We offered free help without any expectations back. Still ppl won’t respond…I wondered why? These people posted they needed help, I responded….still they didn’t. I wondered – Even if they didn’t find me aligned to needs – at least courtesy?
Learning how the world works
I had no reason to feel a heartbreak for a stranger not replying….They owed us nothing….But trust me – you still feel rejected. We are humans after all.
But this slight pain paid well back in long run. you learn this is how the world works. You reach 20 – if 2-5 respond, u r lucky.
That’s why I highly recommend, Join communities, events – be creative, active, open to share & offer help.
Don’t even expect anything back…returns may or may not come. Still help,, reach, offer help, collaborate
A great offer that crashed
I helped 1 waana-be-US-VC raising $100m fund, 2 wanna-be startup & 2 persons who had overlap with our own idea.
Since we weren’t sure about any idea – VC thing looked exciting….I was coming acorss VC world for first time.
We were helping with what we know best that’s tech, connects to tech world – Without even knowing what we wanted in return. I introduced like 7-10 connects, drafted tech, designed tech teams for free.
Surviving “out of frying pan into the fire
Wanna-be-US-VC wanted us to be like in plum role of VC – but that sounded to us like employment.
So the deal crashed. It looked attractive, but we were already in plush jobs. If it looks attractive marginally, don’t go for it
Strangers do become angels – but not they way world thinks
We got first Angel without pitch deck, just an idea & without asking for it
One of persons whom we helped on linkdedin – gave us offer to be first angel investors when we weren’t even raising. We didn’t know word called “Pitch Deck”. He’s investing in our another round too.
He did cz his idea had an overlap with ours & he liked the way we navigated problem while helping him. Cold ping does work. But it has never worked for us that cold ping directly leads to funding.
Our lesson – Go for genuine relations, deepening collab after Cold ping
Cold emails broadcasts never worked.
Building MVP in 15 days – Quick, Dirty, but still worked
Even more striking was our work at event. I would ping ppl who may want help or may become co-founder/partner.
I shared our idea to an executive from Loreal. He said – let’s build it & take it to Loreal.
Achal & I knew how to build code/architectures like water anyway. But we hadn’t worked in frontends. Still we still built it. Learnt a new stack, preferred what’s faster over what we already know.
Turning point – Led to Angel round
Loreal guy said – colors & aesthetics aren’t up to the mark. Can’t be taken to Loreal.
We said – that’s why this is MVP. By this time we had got offer for first angel investment.
Finding way out – there’s no straight road in startups
Achal & I decided to take MVP to market to validate full cycle with so called without “aesthetics”.
We put some money to validate market. (< Indian Rupees 1M to start)
We discounted 7 invoices in semi automated way. GST number was borrowed from 1st investors.
But we had no way forward…what was end game….So first angel tells us to put pitch deck.
Ahcal & I had put already detailed tech & business plan… (though a shabby one…whtever could be)
So we were validating, attending events, taking expensive but niche courses. (I spent roughly 1L on paid events)
Pitch Deck that evolved to hottest market
An ex-colleague whom I had shared a public web page where we put our, introduced to his classmate in Razorpay – an Indian near Decacorn, preparing for IPO now – who introduced us to their investment team to chisel our pitch deck.
Guy tell us what you build is called “Buy now, Pay Later” with elements of AI.
It turned out – we were working on the the hottest hottest product in market at that time.
We didn’t even know this word. We reached this word – cz we were seeking, reaching…
It came from Razorpay guy who had access to all latest ideas.
now our pitch deck aligned to a hot market, we didn’t know…others told us
now pitch deck with same product but said different story…which we didn’t know..som1 else nudged us.
So in 2 months – We had pitch deck & valdiated MVP & a team with hottest product – we raised $110k in first round.
Without Events, active reachout – it woud take may be 2 years & may be at least 3 x more investment to reach this stage….A right MVP, a right pitch deck, team& initial investors.
What we did was – Open to share ideas – we put it on webpage, shared to people. Didn’t try to be perfect but validating, moving forward. Reach out to people, be open to collaborate, help for free, expect no returns.
Attend events but don’t make it like lecture listening. Act, participate reach out.
We are raising our next round & we follow same approach at bigger scale – Build, raise funds, collaborate.
Even today – we are still learning, sharing. This post is about sharing. Even though small value, I hope it helps few people.
Read more about our evolved product – A salesforce Agentforce like product
Read more – Real life work, Learnings from first order principals
Read about our work towards Applied Artificial Intelligence