This is the big question after all, isn’t it! Unfortunately, there’s no simple answer. We do have a few suggestions, however, that may help you come closer to figuring it out. The first step is to review your pitch deck. If you’re not communicating your story clearly enough, you’re hurting your chances of getting responses from VCs. Here’s where it might be advantageous to apply to the DocSend Fundraising Network. Our pitch deck analyzer — calibrated based upon more than 100,000 successful decks — will evaluate your deck for free, and we’ll send you feedback with data-driven insights that inform you where your pitch deck excels and where it could improve. And if it does pass our quality bar, it will get accepted into our network where we’ll showcase your newly-polished deck to dozens of quality VCs.
Another important step is to make sure that you’re reaching out to the right investors. Our research shows that contacting more investors does not yield more funding dollars. If you’re building a hardware product but reaching out to VC firms that primarily invest in software, you’re likely looking in the wrong place. You may have built a fantastic product and crafted a beautiful, clear deck to show it off, but it’s all for naught if you’re not being smart about your outreach strategy. Each VC has their own set of specific preferences that they’re looking for, whether it’s in regards to the stage of the company, product-readiness, or industry, so don’t be discouraged if you’re not getting responses from all the VCs you’ve targeted. Re-evaluate where to direct your energy so as not to burn out in what is already an exhausting process.