Bridger Pennington shares a fundraising tactic: ask people for advice in 12-minute conversations instead of directly requesting money. Advisers often refine your pitch and become investors themselves.
I love the quote of, if you ask for money, you generally get advice. Ask for advice, you generally get money. Call people up. Hey, I'm looking to put together a fund. Can I get your advice? I know you look at a lot of funds. Can you spend 12 minutes with me? Am I barking up the right tree? People love to give advice. If they're a mentor friend of yours, great. Give them the full pitch. One of two things will happen. They're going to give you some great advice that you're going to go back to phase 1 or phase 2 to tweak, or they're going to go, if this thing actually comes together, I'll put some money in. We've raised a ton of money doing that.