We’re making very slow progress on the product side of things at the moment due to all our goodbyes and farewells with friends and mentors.
But we did join a fantastic event tonight: The Rocky Venture Club’s Sixth Annual Impact Investing event. Taking place in Downtown Denver, this event brought together entrepreneurs and venture capitalists passionate about impact. Thanks to Jessy’s Watson mentor Barb, we were able to attend the event. In addition to seeing Barb and a few other mentors and friends, we built a few new connections, too.
At the center of the event were three pitches by post-launch/pre-scale for-profit startups that were trying to make connections to raise additional money (they all already had significant investment and were looking for an additional $200-300k). I learned a lot from watching the pitches. Three things stood out to me:
- All three companies addressed the “exit” question: When will you exit? How will you exit (who will acquire you/IPO)? Roughly how much will you exit for?
- The investors asked lots of questions, particularly about all kinds of potential risk: Who are your competitors? Why is no one else doing this (having no competitors is somewhat of a risk because it means that maybe you’re crazy)? What happens to your solar panel structure when a hurricane strikes? How often do you need to calibrate your sensors? Any sorts of edge cases that they can think of.
- All three companies have IP. The investors, at least some, appeared to love IP.