Mark Evans DM breaks down why most founders botch fundraising: they won't name a target amount, IRR, or lockup period. He recounts a stalled $3 million close and argues that vague, small raises attract nothing. State your numbers or stop wasting time.
$3 million
December 7, 2023
If you want to get money, go to. People, have money. But the thing is, you can't go too high up because they're gated, they're guarded, they have fiduciary. I. Dude, I'm doing a deal right now. We were supposed to close last week for 3 million. I have the cash, but everything's running through my fiduciary. I've already checked off on the deal. I'm like, send it to Carter. Yep. Cool. Got the documents. Send a card. They're holding. They're holding the throttle. It's like they're gonna push the button, kill it or grow it or push it forward. I'm past it, but I wouldn't invest in something that small. It's just too small. But I'm not your client either, so how much are you trying to raise? Is it 25 million? 30 million? 2 million? Have a number. Like your target number. What's the IRR? Where are you placing the funds and all that? What's the lockup period? What do you pay? The problem is it's too cheap, dude. There's no money.
