Y Combinator Startup Podcast How Startup Fundraising Works with Brad Flora | Startup School
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Apr 18, 2023 Brad Flora, a YC Group Partner and seasoned angel investor, shares his wealth of knowledge on startup fundraising. He breaks down common myths about fundraising, emphasizing that genuine conversations trump flashy pitches. Flora explains the evolving dynamics of fundraising, advocating for building prototypes and gaining traction before seeking investments. He also discusses the importance of resilience, sharing inspiring stories of successful companies that triumphed over early rejections, encouraging founders to stay persistent in their entrepreneurial pursuits.
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Build First, Fundraise Later
- Build a simple product version first, even if it's basic.
- Get users before seeking funding to demonstrate value and gain leverage.
Solugen's Small Start
- Solugen, a chemical manufacturing startup, built small, functional reactors before seeking large investments.
- This early progress helped them secure initial funding and eventually scale to a full plant.
Convince, Don't Impress
- Focus on convincing investors, not impressing them, as most startups appear unimpressive initially.
- Explain your product's value and potential in simple terms, highlighting the possibility of it becoming huge.