Theresa Shafer shared three things she learned at Art of the Start in 2006, finding it a great workshop for startups.
3 things I learned at Art of the Start
Art of the Start is one of the best workshops out there for startups. Here are 3 things I learned from it.
- Mary Hodder, (https://www.linkedin.com/in/maryhodder/) founder and CEO of Dabble, reminded the audience of the saying “If you want money, ask for advice. If you want advice, ask for money!”
- One of the most important Guy Kawasaki’s rules: 10/20/30. It applies to all pitches whether to VC or prospects. 10 slides, 20 minutes and 30 point font size.
- I learned about an interesting new startup Slideshare. It allows you to share PowerPoint slides. We will be checking this out soon.
More on “Ask For Advice If You Want Money”
In “VC Cliche of the Week” (May-17-2006) by Fred Wilson writes:
There is one thing I know for sure about raising money from investors. If you don’t want the investor’s money, they will want to invest even more. It is a sure thing.
Lately I’ve been taking a lot of meetings with entrepreneurs I’ve known for years, many of whom are starting companies again after taking some time off. They call me up, and ask to come in and get some advice from me, but tell me they don’t need money. I take the meeting, they lay out what they are doing, I give them some advice, then we break. Never once do they ask for money.
It’s a great strategy because the best way to raise money is to ask for advice and the best way to get advice is to ask for money. It’s human nature to want what you can’t have and to not want what you can have.
[…]
Of course the downside of the cliche of the week is the second part, the best way to get advice is to ask for money. When you are looking for capital, you’ll get a lot of advice from VCs. That’s just part of the dance. VCs love to give advice. Frankly, its a big part of what we do; before, during, and after we make an investment. That is not to say that we give good advice, although I would suggest that the advice I give is generally pretty good.
Make sure to ask for advice from a VC before you want their money. Don’t ask for money first. Because the best way to raise money is to ask for advice and the best way to get advice is to ask for money
Update 2013: Barry Popik traced “If you want money ask for advice” to a May 4, 1975, article in Los Angeles (CA) Times, “Women Fore Music Center Attack Funding Goal by Trying Harder” by Mary Lou Loper, pg. E2: “Don’t simply ask for money. Ask for advice”