I’ve looked at thousands of founder pitches. Here are 5 mistakes I keep seeing, and how you can avoid them…

1. Don’t Ask Investors to Sign an NDA. No investor worth their salt is going to sign an NDA.
   
   Every year I look at thousands of decks. Can I sign thousands of NDAs? No one could ever keep on top of that many different legal agreements.
   
   Instead, just send the materials, sans legal agreements.
   
2. Don’t Have a Minimum Check Size. I recently got a message asking for angel funding. Minimum check size: $500,000
   
   It doesn’t make sense to pitch angels and ask for a $500,000 minimum. Very few angels write checks that big.
   
   A couple of years ago, I was in a round with a billionaire angel. That person only wrote a $250,000 check.
   
   So, what minimum should you have?
   
   If a person is helpful, I wouldn’t have a minimum check size. Many founders tell me their most helpful investors were their smallest.
   
3. Don’t Follow Up Immediately. Sometimes a founder will email me and then message again an hour or two later to see if I have looked at their deck.
   
   I try to get respond to everyone in under 24 hours. But I can’t always look at your message instantly.
   
   Give us at least three days before you follow up.
   
4. Don’t Write Long Messages. Many founders write extremely long messages — hundreds of words. The longer your message is, the less likely an investor will read it.
   
   A good cold message is around 30 to 50 words. Craft your cold message according to the guide I wrote here. Stick to facts on customers, team and product.
   
5. Don’t Hide Your Deck. Some founders only want to send their deck once there’s a meeting booked. This is a bad approach.
   
   The deck is there to help you get a meeting.
   
   Don’t treat your deck like it contains the nuclear launch codes. Instead, send the deck so we can learn more about your startup and get excited! 

Wrap-Up

Fundraising is sales.

When I meet a founder who’s good at fundraising. I picture him crushing one sales meeting after another. 

If you want to get good at fundraising, avoid these common mistakes. Send brief, clear, compelling messages.

If you can do that, your round will fill up before you know it!

More from the blog: 

38 Words Got This Founder on My Calendar — Here’s the Cold Email Formula That Wins

Fundraising Friction is Killing Your Round – Here’s How to Remove It

When Is It Time for a Startup To Do Huge Layoffs?

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