Hey, they actually gave us the money? NOW what do we do?
This actually happened to us. It easily takes 6-12 months of basically full time work to raise a round of funding outside of the "big markets" such as Silicon Valley (or outside of "bubble" markets). During that time all of your focus and energy is on raising the funds, finding contacts and referrals, making the pitch, keeping your chin up....
Then, finally, you've got your round. The lawyers get all the papers, you sign a bunch of stuff (more paper than you thought existed in the world!) and, with the wave of a 'wire', $1 million or some such number is sitting in your formerly empty checking account.
We closed on our first $1 million, and the next day stood looking at each other. We really said "they gave us the money, NOW, what do we do???" Well, we more or less had a plan, but it did take us a month (and a gentle prod from one of our Directors) to get hiring, because it took about that long to sink in. We had the money, now we had to execute like crazy!
Just make sure that, behind all the fund raising, you do have a plan to execute!
Then, finally, you've got your round. The lawyers get all the papers, you sign a bunch of stuff (more paper than you thought existed in the world!) and, with the wave of a 'wire', $1 million or some such number is sitting in your formerly empty checking account.
We closed on our first $1 million, and the next day stood looking at each other. We really said "they gave us the money, NOW, what do we do???" Well, we more or less had a plan, but it did take us a month (and a gentle prod from one of our Directors) to get hiring, because it took about that long to sink in. We had the money, now we had to execute like crazy!
Just make sure that, behind all the fund raising, you do have a plan to execute!



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