Entrepreneurs often ask the following question.
“How much money do I need to raise?”
My standard answer to this question is: “Enough to accmplish something significant.” The reasoning behind this is best illustrated by example.
Imagine a company that needs 12 months and $250,000 to build a product. They are out trying to raise money and Investor A is willing to come in right now for $100,000. The company takes those funds, starts the product build, and continues the capital raise.
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When pitching prospective investors the use of proceeds has become: “It allows us to complete the product development process that is already underway.” There is no accomplishment that can be pointed to as the result of the first investment, and the underlying theme is that development has to be turned off if the capital cannot be raised in time. The entire mood of the raise has become negative.
If the company had instead held off on taking Investor A’s funds until they had secured commitments on the entire $250,000 they would be no worse off. In either case the development project could not be completed until $250,000 had been raised. Presuming that the $250,000 does see development through to conclusion, the next raise is now focused upon customer acquisition, which is an entirely logical next step and a positive story.
When you are looking for the financial fuel to get started on building your dream it can be hard to turn down money that is on the table. However, that is sometimes exactly what you should do.