WEBVTT - Study Hall: Mastering the Art of Fundraising

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<v Speaker 1>Earners.

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<v Speaker 2>This episode is brought to you by P and C Bank,

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<v Speaker 3>When I started raising money, I was doing everything wrong.

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<v Speaker 3>And one of the first rules that I say in

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<v Speaker 3>my book Fundraising is, uh, don't say you're fundraising. As

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<v Speaker 3>the second you say that you're fundraising and you're on

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<v Speaker 3>the clock, meaning people are gonna be like, all right,

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<v Speaker 3>well his round should blow up and be over soon.

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<v Speaker 3>Because if this is a hot company, I'm gonna have

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<v Speaker 3>a limited window. So if in two weeks your round

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<v Speaker 3>isn't done, people are gonna be like, why aren't others investing?

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<v Speaker 3>And so they're gonna you know, they're gonna walk away.

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<v Speaker 3>And if you build up a bunch of no's around

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<v Speaker 3>your company people are not investing, then that's you know,

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<v Speaker 3>the network becomes aware that all these people didn't invest,

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<v Speaker 3>and you're kind of screwed. So, you know, one of

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<v Speaker 3>the first lessons that I learned from a great mentor

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<v Speaker 3>of mine, his name is Michael Cartery, as this company

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<v Speaker 3>play Co, very successful gaming company. He was giving some

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<v Speaker 3>talks on fundraising, and he taught me this, just don't

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<v Speaker 3>say you're fundraising. Just go build relationships first. Go and

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<v Speaker 3>meet investors and get them excited about who you are

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<v Speaker 3>as a person, and casually get them excited about your

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<v Speaker 3>idea instead of going and saying I'm pitching you, which

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<v Speaker 3>automatically puts them on a pedestal versus you.

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<v Speaker 1>Right, you're not peers anymore.

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<v Speaker 3>Now they're on a pedestal, and so it sets the

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<v Speaker 3>dynamics incorrectly from the beginning. You're not building a relationship

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<v Speaker 3>and you can get this domino effect of nose which

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<v Speaker 3>could really screw you before you even begin.

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<v Speaker 1>So I did that in the beginning. I learned from

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<v Speaker 1>those mistakes.

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<v Speaker 3>I had some great mentors who helped me reshape my

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<v Speaker 3>fundraising strategy.

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<v Speaker 4>So you said something, or you say when you said,

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<v Speaker 4>if you want money, ask for advice. If you want advice,

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<v Speaker 4>to ask for money. Yep, that's how I said it correctly. Yeah,

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<v Speaker 4>so can you elaborate on that.

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<v Speaker 3>Yeah, it's a pretty common adage in Silicon Valley and

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<v Speaker 3>so I certainly didn't invent that. But uh, if you

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<v Speaker 3>go to someone and you say, hey, I want, you know,

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<v Speaker 3>to pitch you for funding, They're most likely going to

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<v Speaker 3>give you advice. It's going to say, hey, you know,

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<v Speaker 3>I'm not able to fund you right now, but how

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<v Speaker 3>about I give you some advice. Whereas if you go

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<v Speaker 3>to them and you show a genuine interest in their advice,

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<v Speaker 3>but also, potentially even more importantly, you really impress the

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<v Speaker 3>shit out of them with who you are, and that

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<v Speaker 3>person has money or is an investor, they're going to

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<v Speaker 3>organically want to invest in you.

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<v Speaker 4>So let's say I have a company and I'm trying

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<v Speaker 4>to raise money. I know a very wealthy guy. Instead

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<v Speaker 4>of saying, hey, do you want to you know, hand

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<v Speaker 4>my pitch to give me money to put my startup,

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<v Speaker 4>and we say, you know, I have this idea, da

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<v Speaker 4>da da, And I really respect, your your opinion. Would

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<v Speaker 4>you want to just hear about it just to kind

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<v Speaker 4>of give me some feedback on it? And then you

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<v Speaker 4>just do a really great job presenting it, and then

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<v Speaker 4>they're like, damn, I gotta be involved in this situation,

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<v Speaker 4>but you're not. You don't look like you're so eager

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<v Speaker 4>to just only get their money. You really genuinely want

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<v Speaker 4>their advice. But then by you not wanting to take

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<v Speaker 4>their money, they want to give you money even more.

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<v Speaker 3>Exactly, this approaches a win win makes it more comfortable

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<v Speaker 3>for them, right because they don't like saying no to you.

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<v Speaker 3>It makes it more comfortable for you because if if

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<v Speaker 3>you're doing a good job, they're gonna want invest. If

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<v Speaker 3>you're talking to an investor whose job it is to invest,

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<v Speaker 3>who invests, they need you just as much as you

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<v Speaker 3>need them. So if you're sitting in front of them

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<v Speaker 3>and they're like, oh shit, this dude is gonna fucking

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<v Speaker 3>kill it, they will pro actively say how can I

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<v Speaker 3>get involved? And they're going to be just as likely,

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<v Speaker 3>if not more likely, than if you came to them

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<v Speaker 3>explicitly trying to pitch.

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<v Speaker 2>How intentional are you about it? Before you even go

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<v Speaker 2>to get the advice. Are you strategically targeting the people

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<v Speaker 2>that you want to get the advice from? Like, is

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<v Speaker 2>there a list? And it's like if I could meet

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<v Speaker 2>or get in front of this ten or twenty people

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<v Speaker 2>this month, that's my target. Like how did you go

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<v Speaker 2>about it?

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<v Speaker 3>Well, in the beginning, you know, beggars can't be choosers, right,

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<v Speaker 3>so you kind of will try to get meetings with

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<v Speaker 3>anyone who has money, right.

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<v Speaker 1>I mean, now you.

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<v Speaker 3>Can be as you go later, Sage, you could be

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<v Speaker 3>a little more picky, and you should be picking. I mean,

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<v Speaker 3>you should try to avoid putting sharks on your cap

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<v Speaker 3>table who are at odds with you or who are

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<v Speaker 3>very short termistic and they're going to create issues for you.

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<v Speaker 1>You should avoid.

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<v Speaker 3>Those to the maximum extent possible. But you know what

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<v Speaker 3>I would do is I would try to build my

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<v Speaker 3>network in a very strategic way, so I would host

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<v Speaker 3>like happy hours or dinners. I'd do this on a

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<v Speaker 3>college budget. I mean I didn't spend I spent minimal

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<v Speaker 3>money on it. It's like a couple hundred bucks that

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<v Speaker 3>i'd throw together after a few this VC would sponsor them,

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<v Speaker 3>so they'd throw down three four hundred bucks on these

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<v Speaker 3>dinners right and be at my place or you know,

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<v Speaker 3>I didn't spend a lot of money and so I

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<v Speaker 3>was building network. So first step is build network if

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<v Speaker 3>people have interconnectivity to investors and play the long game.

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<v Speaker 3>Build a relationship with these folks casually, make sure all

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<v Speaker 3>these people in your network are impressed by you, right casually,

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<v Speaker 3>and then at some point you can make the asks

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<v Speaker 3>or you can say, hey, I know this person invests

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<v Speaker 3>in your company. I think they have this relevant experience

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<v Speaker 3>what I'm doing. Do you mind making the intro? And

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<v Speaker 3>so you do that with you know, all founder friends.

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<v Speaker 3>People will raise money before you're trying to build this

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<v Speaker 3>network to cultivate and then eventually make the ask for

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<v Speaker 3>the introductions and uh, you know you're just doing this

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<v Speaker 3>on repeat as much as possible.

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<v Speaker 4>So you said something also where it's like you always

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<v Speaker 4>want to avoid try and get it know.

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<v Speaker 1>Yes, you don't. You never want to get to know.

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<v Speaker 3>This is a little bit of the opposite advice that

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<v Speaker 3>some would give you.

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<v Speaker 1>Oh you want to get to know quickly. Yeah, that's

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<v Speaker 1>that's what I've heard.

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<v Speaker 4>I need not know because I come from sales, So

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<v Speaker 4>that's what I heard all the time. Was like a

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<v Speaker 4>no is always one step quicker to a yes, or

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<v Speaker 4>get to the know early or stuff like. But so

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<v Speaker 4>that's an interesting.

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<v Speaker 1>It even it feels contradictory.

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<v Speaker 2>It's like because you're going this is trial, right, Like

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<v Speaker 2>you're saying this because you've got nos.

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<v Speaker 3>Yeah exactly nos uh spread. So you know, investor community

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<v Speaker 3>or the community you're raising within is small, and so

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<v Speaker 3>you don't want somebody to go to someone you just

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<v Speaker 3>pitched and that person say be like I passed, right you. Now,

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<v Speaker 3>if you follow this strategy, you may have had a

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<v Speaker 3>meeting with that person, it may not have went well,

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<v Speaker 3>so they may not have invested, but you were never

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<v Speaker 3>pitching them, so they don't have the ability to say

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<v Speaker 3>I passed because you never went to them officially asking

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<v Speaker 3>them for money.

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<v Speaker 4>No, it's actually makes a lot of sense psychologically, because,

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<v Speaker 4>like you said, it becomes a virus once one person

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<v Speaker 4>says no and then another person acts. This person even

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<v Speaker 4>if they want to say yes, it's like, well why'd

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<v Speaker 4>you say no?

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<v Speaker 1>Right?

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<v Speaker 4>And then it's like I don't want to be the

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<v Speaker 4>person that says yes and be an idiot when my

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<v Speaker 4>friend who I'm I have a high level of respect

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<v Speaker 4>for said no, so more likely to lean towards the

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<v Speaker 4>know because that's just where the crowd is going exactly.

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<v Speaker 3>And so what you're trying to create is a crowd

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<v Speaker 3>momentum behind you. The hardest one to get the fall

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<v Speaker 3>is the first one. And you have to get this

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<v Speaker 3>person to fall just through your character and your pitch

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<v Speaker 3>and this strategy that I'm outlining, and then that one

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<v Speaker 3>will hopefully turn to two or three once you have

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<v Speaker 3>like three people is the magic number where three people

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<v Speaker 3>have now casually without you saying you're fundraising, have told

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<v Speaker 3>you they want to get behind you. Now you can

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<v Speaker 3>start a fundraising round with the wind at you're back.

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<v Speaker 3>Because you could say, the way I like to sequence

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<v Speaker 3>it generally is even when these people say I want

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<v Speaker 3>to back you, I won't say, okay, how much, here's

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<v Speaker 3>the docs you want to then take a step back

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<v Speaker 3>once again and say, okay, I'm honored. I'd love to

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<v Speaker 3>work with you. Let's do another meeting. I'd love to

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<v Speaker 3>get your advice on these other things. I'd love to

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<v Speaker 3>learn how you work with founders. I like to, you know,

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<v Speaker 3>have this discussion on what working together will look like.

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<v Speaker 3>I asked for references say hey, can I speak to

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<v Speaker 3>a couple other founders you've worked with? So, uh, you know,

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<v Speaker 3>when someone expresses interest, you don't.

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<v Speaker 4>Just automatically jump and say hey, yeah, I'm ready.

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<v Speaker 1>Yeah exactly.

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<v Speaker 2>Yeah. I think that probably feels like the biggest mistake

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<v Speaker 2>that most people make because you're in so much desperate

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<v Speaker 2>not desperate need, but you're in need of the funds.

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<v Speaker 2>And so once you feel it inklink of somebody who's interested,

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<v Speaker 2>it's like, I gotta jump, you got it.

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<v Speaker 3>Desperate, you can't. You can't show the desperation, even if

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<v Speaker 3>you are. I've been desperate many times in my career,

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<v Speaker 3>even beyond us our seed round, But you can never

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<v Speaker 3>show it because this is what investors are. Just their

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<v Speaker 3>job is to sniff desperation, right. They're experts at this,

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<v Speaker 3>so they can get the best deal possible, So.

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<v Speaker 1>They can get the best deal possible. Exactly.

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<v Speaker 3>So, no matter what desperate situation you're in, I mean,

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<v Speaker 3>you've got to come in with confidence. It's as simple

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<v Speaker 3>as that. I mean, most people won't give this advice,

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<v Speaker 3>but I mean it's just the truth.

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<v Speaker 5>An illegal alien from Guatemala charged with raping a child

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<v Speaker 5>in Massachusetts, an MS thirteen gang member from Al Salvador

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<v Speaker 5>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 5>filming and selling child pornography in Michigan. These are just

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<v Speaker 5>some of the heinous migrant criminals caught because of President

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<v Speaker 5>Donald J. Trump's leadership. I'm Christy Noman, the United States

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<v Speaker 5>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 5>crossings are at the lowest levels ever recorded, and over

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<v Speaker 5>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 5>are here illegally, your next you will be fine nearly

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<v Speaker 5>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 5>never return. But if you register using our CBP home

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<v Speaker 5>app and leave now, you could be allowed to return legally.

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<v Speaker 5>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 5>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security,