By Heidi Zak, Co-Founder of ThirdLove. Originally published on Quora.
Raising money as a female founder is difficult. It’s challenging for anyone to get funding for a startup, but as a woman in a male-dominated industry, there’s an added degree of difficulty.
I can still remember one particular pitch while raising money for ThirdLove.
I show up to this meeting with my husband Dave, who also happens to be my co-founder. We give our pitch and feel pretty confident. Then, at the end of the meeting, the guy gets up and says:
“Sorry, but we only invest in businesses we understand.”
Just a quick reminder that we make women’s underwear.
I mean, isn’t that crazy? His company invests in blockchain and data analytics, but he only invests in things he understands? Give me a break.
It’s not easy to raise money when you’re going into meetings with people who have that type of attitude. But it’s not impossible. I’ve done it, and here are three important lessons I’ve learned along the way.
1. Leverage Tactical Elements In The Pitch
Unfortunately, as a female founder, you’re likely going to encounter some maddening responses from investors — especially if your product is female-focused. If your product is targeted at women, it’s exponentially harder to raise money. And quite simply, that’s because you’re almost exclusively pitching to a male audience.
I’ve had a male investor rave about our metrics upfront. But then he sent us an email saying that he’d already invested in a female e-commerce company, and he wasn’t passionate enough to invest in another. Even though we were nothing like that e-commerce company, we were another female brand. He wasn’t excited enough to get involved.
So, one good piece of advice for female founders is to focus on the technical aspects of your product. When we first started presenting, we spent a lot of time focusing on how we were leveraging technology, creating a better fitting experience online, innovating in our supply chain. We spent much less time talking about how we were building a better bra, because it didn’t resonate as well with the audience.
Focus on tactical details. That’s where you’re more likely to make a connection.
2. Get A Co-Founder To Make Things Easier
It’s a good idea for everyone to get a co-founder, male or female. I honestly hate giving this next piece of advice to female founders, but I think it’s true. It’s easier to raise money if you have a male co-founder. It pains me to say that, truly. But that’s the current state of the world. It’s a harsh reality I’ve had to face, so that’s the advice I give women who start companies, especially female-focused companies.
Although, that advice isn’t just because male VCs feel more comfortable with another guy in the room.
It’s actually a good idea for any founder to have a partner when trying to raise money. When you make a pitch, you hope for a good interaction, for a connection with the person you pitch to. If you have two co-founders making the pitch, one of you is probably going to jive better with the person sitting across the table. Two people means two shots at connecting.
With ThirdLove, there were certain meetings when I led the whole pitch because I was connecting better. Then, there were times when Dave led because we noticed that was where the connection was.
3. Schedule Your Meetings From Least To Most Important
At some point (probably during an early meeting) you’re going to be asked a question that stumps you. You’ll probably be able to squeak by or give a so-so answer, but it’ll be pretty obvious you weren’t expecting that question. If you’ve ever had that happen in a job interview, you know how deflating it can be.
That’s why you should always schedule your most important meetings last. Order them from least to most important, and stick with that schedule. Don’t head to your dream meeting right away. Get at least a few meetings under your belt before you walk in the door at your most promising meeting.
You’ll probably be pitching for weeks, maybe even months. By the end, your pitch will be much more refined. Your presentation will look better, your answers will be tighter, and you’ll have all the data investors want. Only go to that dream meeting once you’re a well-oiled pitching machine.
It’s hard to raise money for a startup. It’s harder if you’re a woman with a female-focused company. But don’t let that discourage you. If your idea is sound and your product is great, you’ll always have a shot. Even if some people can’t quite understand it.
By Heidi Zak, Co-Founder of ThirdLove. Originally published on Quora.
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