I remember Steve Jobs, at a seminar at the Stanford b-school back in 1990, while he was doing NEXT, before he was married with children etc, said that you always need to be learning something, in fact I think his words were that you needed to be trying something that makes you feel stupid!

In any case, I have found that sage advice and so went to a community session yesterday called "How to Raise Money in Utah!" sponsored by the Wayne Brown Institute. WBI head Brad Bertoch had brought together a great panel including Life Sciences entrepreneur Larry Rigby (who also graciously gives back his time to the community including the Centers of Excellence program), Devin Thorpe of Thorpe Capital (and a thoughtful blogger at MidMarketMaven) and David Angerbauer an attorney at Holland and Hart.  I loved the great advice they shared and will recap some of it here. 

Larry Rigby on "How to Be a Fundable CEO":

• Having sold a company or taken it public is a good credential!
  
• Find a mentor to help you - especially someone who has done what you want to do
• Someone who understands about the Agony of starting a company
  
• Angels are a good source of capital
• Show them how THEY are going to make money (but don't promise a return of X% - you're not allowed!)
•  Develop a cadre of loyal angel investors who will back you because they trust you and you've made them money in the past
• Treat your investors with kid gloves
• Communicate with your investors
• Pinch pennies and "stay virtual" as long as you can
• Use somebody else's office
• Get legal and accounting help with equity if you can
• "Live by your wits"
• "You're doing the Saber Dance"
  
• Keep a stiff upper lip
• Keep your courage
• Get up and say "Today is the day it is going to happen" and then make it happen!
  

Devin Thorpe on starting and building a business

• The first sale you make is the easiest one (or you wouldn't have been able to make it!) The rest of them will get harder and you have to get better!
• Get the "elevator pitch" down. 
  
• Note from Nicole - I always thought this was something of a cliché, until the first time I sat down at a networking event next to someone who asked what our new company did and I sputtered over my salad  - I became a believer!!!! 
  
• The elevator pitch should be able to be described to everyone in your life (Devin says write for a smart 14 year old)
• Have a ONE (1) page executive summary - that's all people will read (at least at first)
• Devin spends several weeks with his clients getting to a good 1 pager
  
• Pay it Forward - (this is my favorite idea! )
  
• Even before you get, give back to the community
• Contribute, participate, be the kind of person that everyone around you is rooting for your success
• Know your numbers cold - cash on hand, how long the cash will last, revenues (actual/expected), break even date etc - don't delegate!
  
• Should you use a broker/dealer to raise money?
• For your first round - NO!  Why, because investors think that "part of the test" of whether you'll be successful AS a CEO is whether you can find the investors and the money!
• Raising money is the CEO's responsibility - don't delegate!
• Until you're ready to raise $5million (and have already raised a significant amount on your own), don't hire a broker!
  
• Note from Nicole - When Devin said this, Larry said, "You're an honest broker" - so heed the advice of an honest broker!