#24 — 14th March: Intro to Mr. Y at N Ventures
@Con call
This was the second introduction that my friend Mr. C. made (Read: 16th January, 2011 socialSOS Dry Run with Venture Capitalist).
Mr. Y. was a managing partner at a renowned VC firm that had made investments and exited numerous successful tech-driven startups in both the business-to-business and consumer space.
Mr. Y. listened to our entire pitch without interrupting us. He saved his questions to the end, which were related to our revenue model and the need for a real-world prototype.
He saw merit in socialSOS but felt that we lacked real-world validation of the problem, and more importantly had no real idea about people’s willingness to pay for our solution.
In the end, he explained that we were too early for his firm. We were still at the idea stage, and they preferred to invest in companies that had launched even a BETA version of their product but had some real users.
So while he passed, he did tell us that he was impressed with us, the pitch and suggested we stay in touch as we develop and bring socialSOS to market.
While, it felt good to get further validation of our concept and receive kudos on our pitch deck and presentation style, at this stage it was starting to feel like small consolation because we had still not been able to convince anyone to invest in us.
P.S. Here’s an index of all the articles in this series:
- Prologue: The Little Startup that Wasn’t…
- #1–1st December, 2010: An Idea is Born!
- # 2–6th December: Pitch Gestation Process
- #3–20th December: First Pitch Walk-Through
- #4–7th January, 2011: The Internal Pitch
- #5–12th January: External Gut Check
- # 6–16th January: SocialSOS Dry Run with Venture Capitalist
- #7–19th January: Introduction to prominent NYC Angel Investor
- #8–20th January: Pitch Dry Run
- #9–21st January: Agony of the Wait
- #10–22nd January: Not so Instant Gratification!
- #11–26th January: The Shanghai Connection…
- #12–28th January: The Light and the Darkness
- #13–28th January: Show me the Money!
- #14–29th January: One Final Hurrah!
- #15–30th January: Dry Run
- #16–31st January: Dream Pitch Meeting
- #17–31st January: Pitch Reality
- #18–1st February: Young Wounds Heal Quickly…
- #19–16th February: Mr. Independent
- #20–22nd February: Riding High with Greylock Partners
- #21–23rd February: Time is Money at Greylock Partners
- #22–24th February: Mr. Independent’s IT Crowd
- #23–9th March: College Hustle
- #24–14th March: Intro to Mr. Y at N Ventures
- #25–15th March: The Connector
- #26–18th March: Pitch to Mr. Skype
- #27–19th March: On a Wing and a Prayer
- #28 — April 5th: End of the Beginning
- Epilogue: The Little Startup that Wasn’t…