TSP005 | Andrew Ackerman – How Meerkat Got Funded
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Episode Summary
Andrew Ackerman is the Managing Director for DreamIt Ventures. He was the COO of Bunk1.com and shares some insight on how he pitched people within 30 seconds or less. Andrew also talks about how Meerkat got started and what it takes to get the attention of a potential investor.
Key Takeaways
- 02:40 – Andrew talks about Bunk1.com
- 09:20 – Don’t pitch everything, just pitch enough so your customer asks you more.
- 17:15 – The one skill that’s critical for an entrepreneur is empathy. Put yourself in the investor’s shoes.
- 18:35 – Andrew breaks down the different viral levels a company can fall under.
- 24:05 – Andrew talks about Meerkat.
- 27:10 – Help an investor understand what makes your company special right off the bat.
- 31:10 – Reach out to Andrew via email with a warm introduction and a clear subject line.
Tweetables
[Tweet “Don’t pitch everything, just enough to get them to lean forward.”]
[Tweet “It’s important for people to realize that just ’cause you’re in love with something doesn’t mean it’s the right thing to pursue.”]
[Tweet “Meerkat is an overnight sensation two years in the making.”]
Links Mentioned
Mastering the VC Game by Jeff Bussgang [book]
Andrew Ackerman runs DreamIt’s startup accelerator program in New York. Serial entrepreneur, former investment manager at a family office, and recovering management consultant. Follow at @AndrewAckerman and @DreamItVentures.
DreamIt is one of the top accelerators in the world, having helped launch 178 companies since 2008 including SeatGeek, Meerkat, LevelUp, Adaptly, Parsely, Elevate, Cloudmine, Biomeme, et. al., who have collectively gone on to raise $270M and who are worth over $810M.
DreamIt is currently accepting applications for the DreamIt Health Philly program starting in July. Application deadline May 1:
http://dreamit.com/apply/
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John is Guest on School for Startups Radio – The Perfect Pitch
Posted by John Livesay in blog | 0 comments
[vc_row][vc_column][vc_column_text]John Livesay is guest on School for Startups Radio sharing tips on how to deliver the perfect pitch to secure VC funding. Join host Jim Beach everyday at 6:00am and 6pm EST as he interviews entrepreneurs and great authors that can help you grow your business, or start one.
Jim is known for this belief that entrepreneurship is not about creativity, risk, or passion. Jim’s first book, School for Startups, was published by McGraw-Hill in June 2011 and reached as high as number 9 on Amazon’s business section. Promoting the book, he has done over 100 radio interviews, was featured in a UPS commercial, was referred to as the Simon Cowell of venture capital by CNN, and was excerpted by Entrepreneur magazine and the Wall Street Journal India.[/vc_column_text][vc_empty_space][vc_column_text]Listen Now![/vc_column_text][/vc_column][/vc_row]
TSP004 | Andrew Medal – From Prison To Angel Investor
Posted by John Livesay in podcast | 0 comments
Listen to the podcast here
Episode Summary
Andrew Medal has a remarkable story on how he went from a prison inmate to becoming a serial entrepreneur. He talks to John about how he became an Entrepreneur magazine contributor, his charity work with Last Mile, and shares some insightful tips on how entrepreneurs can get investor interest without any experience or a working prototype.
Key Takeaways
- 02:15 – Andrew talks about how he got his job working for an angel investment firm.
- 05:20 – What’s considered a great pitch versus a bad one?
- 09:10 – Andrew talks about the charity project he’s involved with called Last Mile.
- 16:35 – Mistakes are an important part of an entrepreneur’s journey. Don’t give up on taking chances and risks.
- 21:30 – How can entrepreneurs raise money without a working prototype?
- 28:30 – Andrew recommends people read The Lean Startup by Eric Ries
Tweetables
[Tweet “Paint a picture to #investors. Become the #Picasso of Pitches.”]
[Tweet “There’s a lot of first time entrepreneurs that don’t have experience, so explain to your investors why you’re the right team.”]
[Tweet “Just because you’ve made a mistake, doesn’t mean you should stop dreaming.”]
[Tweet “No matter what we’re doing as entrepreneurs, if we’re learning in the process, we’re growing and we should never stop learning/growing.”]
Links Mentioned
http://buzzsumo.com/
http://www.invisionapp.com/
The Art of War by Sun Tzu
The Lean Startup by Eric Ries
AndrewMedal.com
@AndrewMedal
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