Had this happen (random outreach). Led to a series A.
Respectfully disagree - I don't think competitors copying is a significant risk early on, compared to running out of money whilst trying to hit product market fit.
Respectfully disagree - I don't think competitors copying is a significant risk early on, compared to running out of money whilst trying to hit product market fit.
Basically if somebody wants to invest ask them: $ and t+
If they try to dodge or make up excuses, MOVE ON. IF they say if you give me A,B,C and then we can invest, ask them to put them in writing and put an exit fee. If they do not invest, they give you 1% of the proposed amount.
Somebody who is serious and has the balls won't waste time. Unfortunately rare.
I've wasted a two years of my youth because a VC on HN reached out to me, who ultimately just used my product/coding services.
Any dumb fuck can be a VC if they can raise cheap capital. Remember, there is very small group of VCs that know what they are doing. The rest are just in the game to spray and see what sticks on the wall (most of them do not make it during a downturn)