The next sessions focused on cold hard cash, and how to persuade potential investors to part with it.
And the one thing they are looking for is capital efficiency, said Pat Finn, managing partner at Finn Capital Partners, which invests in early stage (< $10m in revenue) CPG companies. In other words, can you prove that you've been able to turn the limited amount of money you've had at your disposal thus far into something concrete?
Ideally, you should “network like a maniac”, and try and work out as many kinks in your business as you can before you start going beyond family, friends and crowd-funding platforms to raise capital, he added.
“Bootstrap for as long as you can, but don’t turn down big orders. You might not get a second chance.”