How Fundraising is Like Fishing

1 min read I meet a great number of entrepreneurs and have seen numerous approaches to raising funding.

Some approach it as an opportunity to meet new people and explore another part of the entrepreneur ecosystem.  Others see it as a chore that distracts from the real business such as product development, selling customers, creating the next unicorn (take your pick). 

Some bring their sales skills to the process and are quite good at meeting investors, listening to their concerns, and closing the deal. Others expect the investor to be bowled over by the idea, the pitch deck, the rock-star team (take your pick), or otherwise. When that doesn’t happen they look at it as a failed meeting.

The key is to bring your best game to the meeting and treat it as you would fishing.

In fishing, you have to set the bait and be patient for the right fish to come along. Just like you can’t rush a fish to take the hook so you can’t rush an investor. If you don’t get a bite in one place you can move to another location or you can stay where you are and change the bait.

I see entrepreneurs setting specific time schedules for their raise. This is the same as casting the line and then saying “by 3:25 we will have our first fish”. The fish rarely work on your schedule. Investors won’t do so either.

While a fisherman can throw a stick of dynamite into the waters to expedite the process, this is where the analogy ends as you can’t do that with investors, patience is still key.

Read more in our TEN Capital eGuides:

Hall T. Martin is the founder and CEO of the TEN Capital Network. TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email:

Previous Post
Chris Rawlings of JudoLaunch
Next Post
Reducing the Fees in Startup Investing

Related Posts

When and How Your Startup Should Look for Investors

Finding Funding

2 min read Finding Funding: When and How Your Startup Should Look for Investors. If your startup is beginning to gain traction in your market, yet you feel held back by lack of capital, you may be wondering if it…

What gives You Competitive Advantage?

2 min read  Many entrepreneurs are unaware of what gives their product a competitive advantage, confusing anecdotal stories for concrete evidence. Recurring Revenue Competitive advantage increases revenue by 30% over the competition. This creates a loop where the extra money…

How to Write a Pitch Deck

2 min read When venturing into raising funding, every startup needs to know how to write a pitch deck. The following is a listing of all the slides you’ll need to put in your startup’s pitch deck. Use it to…