How Do VCs Decide to Take a First Meeting? & Non-Obvious Fundraising Lessons On Pitching. | VC & Startup Jobs
Hidden trap of going viral, PM to building Supersonic Jet Company & FMF >> PMF
👋Hey Sahil here! Welcome to this bi-weekly venture curator newsletter. Each week, I tackle questions about building products, startups, growth, and venture capital! In today’s newsletter, we -
Deep Dive: How Do VCs Decide to Take a First Meeting? & Non-Obvious Fundraising Lessons On Pitching.
Quick Dive:
The Hidden Trap of Going Viral: Why It Brings the Wrong Users.
Reminder: Founder Market Fit is More Important than PMF.
How a Former Groupon PM Built a Supersonic Jet Company.
Major News: SoftBank is in talks to invest $25 Billion in OpenAI, AI app spending surges to $1.42 Billion, Meta creates 'war rooms' for DeepSeek & DeepSeek accused of using OpenAI models for training.
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📜 TODAY’S DEEP DIVE
How Do VCs Decide to Take a First Meeting? & Non-Obvious Fundraising Lessons On Pitching….
In the last newsletter, we shared 35+ investors database. Since then, some of you have reached out with a key question: How do VCs decide whether to take a first meeting?
So, I thought I’d share a few insights you should consider before reaching out to investors.
As an early-stage founder, you need to get inside the heads of VCs. Like you, they have a job to do and a limited number of meetings they can take. When they come across your startup, their first decision isn’t whether to invest—it’s whether to meet with you at all.
A typical VC hears about 1,000 companies a year. Out of those, they’ll meet with around 200. And how many do they invest in? Just 4. That means 80% of the time, they’re saying “thanks, but no thanks”—even for a conversation.
So, how do they decide? Every investor is different, and most don’t follow a strict checklist. Often, it’s a gut decision. But in general, there are 12 key factors they look at to determine if you're worth a first meeting.
Your team: What makes your group stand out? Have you had any big wins in the past, like successful startups or major achievements? Think about unique skills or experiences that set you apart. Also, how long have you all been working together? VCs love teams that already click.
Quick pitch: Can you describe what your company does in one exciting sentence? This isn't just about listing features - it's about capturing the essence of your vision. Make it catchy and memorable. If you can make someone's eyes light up with your one-liner, you're on the right track.
The big picture: What's the massive opportunity you're going after? VCs want to know why this problem is worth solving right now. Has something changed in the market or technology that makes your solution possible or necessary? Paint a picture of how big this could be.
Money stuff: How does your business actually make money? Be clear about who's paying for your product or service. What kind of margins are you looking at? Even if you're early stage, share any numbers you have so far. VCs want to see that you've thought through the economics.
Where you work: Where is your team based? Are you all in one office, or do you have a remote setup? Some VCs prefer local investments they can visit easily, while others are fine with distributed teams. Being upfront about this can save time for everyone.
Team size: How many people are currently part of your company? Break it down into full-time and part-time roles if applicable. This gives VCs a sense of your current stage and how much you're spending on salaries. It also hints at how far along you are in building out your team.
Timing: Why is now the perfect moment for your startup to exist? Has there been a recent shift in technology, regulations, or consumer behaviour that makes your idea more viable? VCs love to hear about why the stars are aligning for your business right now, not two years ago or two years from now.
Traction: What concrete progress have you made so far? This could be user numbers, revenue figures, key partnerships, or any other metrics that show you're gaining momentum. Make sure these metrics are relevant to your specific business model. Even small wins can be exciting if they show rapid growth.
Fundraising target: How much money are you looking to raise in this round? Be specific - don't just give a range. VCs often have sweet spots for investment sizes, so knowing your target helps them quickly assess if you're a fit. Also, be prepared to explain how you arrived at this number and what milestones it will help you achieve.
Past funding: Have you raised money before? If so, who invested, when, and how much? This acts as social proof and shows how you've used resources up to this point. Even if it's just friends and family money or a small angel round, it's worth mentioning. It shows that others have believed in you enough to open their wallets.
Investor fit: Why are you interested in this particular VC or firm? Show that you've done your homework on what they bring to the table beyond just money. Maybe they have expertise in your industry or a track record of helping companies like yours scale. Demonstrating that you've thought about fit can really impress VCs.
Referral source: Who introduced you to the VC? A strong referral from someone the investor trusts can make a huge difference. If you have a solid connection, make sure to highlight it. If the intro came through a less direct route, that's okay too - just be upfront about it. VCs appreciate knowing the context of how you got to them.
If you have solid answers to all the points mentioned above (and include them in your pitch deck or cold email), your fundraising process will likely go much more smoothly.
Once you secure a call, the most important aspect is how you pitch as a founder. Many founders struggle with presenting their deck or idea effectively. To help, we're sharing some non-obvious fundraising lessons on pitching that VCs expect every founder to know and follow..
Be specific with numbers
When you're talking to investors, try to include concrete numbers in every sentence. Instead of saying "We're growing fast", say something like "Our monthly revenue increased 30% from August to September". Precise figures show you really know your business inside and out.
Use your whole body when pitching
Don't just sit there talking - get up and move around! Pitching is a performance, so use your body language to convey energy and excitement. I've found that standing up and gesturing helps keep investors engaged.Visuals are powerful Whenever possible,
Use diagrams or charts to illustrate your points. A good visual can communicate way more than words alone. I always try to include some key diagrams in my pitch decks.Point things out on the screen
When going through slides, physically point to what you're talking about. It helps keep everyone focused on the key information. I'll often walk up to the screen to highlight important data points.Send materials in advance
Give investors a brief overview of your company before the meeting. That way you can dive right into the meat of your pitch instead of wasting time on basic background info. I like to send a short company summary a day or two before.Arrive early to set up
Getting there 15 minutes early lets you make sure all your tech is working and you're fully prepared. It also shows you're organized and respect the investor's time. I always build in buffer time for traffic or other delays.Position yourself well in the room
Figure out where the investors usually sit and position yourself nearby, in front of your presentation screen. This lets you easily interact with your materials. I try to scope out the room beforehand if possible.Show passion,
Don't just talk about it Actions speak louder than words when it comes to conveying your passion. Use your energy and body language to show how committed you are. I once got down on one knee to emphasize a key point - it definitely got the investor's attention!Dress professionally
Wear something sharp that shows you're serious. Sloppy attire can make it hard for investors to see you as a strong leader. I always dress a step up from my usual work attire for pitches.Take notes
Bring a notebook and pen to jot down investor comments and questions. It shows you're engaged and helps you follow up later. I review my pitch notes after each meeting to look for ways to improve.Only bring your best presenters
Only include team members who are great at pitching, regardless of their role. Having weak presenters can drag down the whole pitch. I'm careful about who I bring, even if it means some tough conversations.Customize for each investor
Tweak your pitch for each VC firm based on their interests and values. I create a slightly different deck for every investor I meet with.Talk less, ask more
Spend only about a third of the meeting on your pitch. Use the rest of the time to ask questions and discuss. I try to keep my initial presentation to 10 minutes max.Focus on learning, not closing
Don't expect to close a deal in the first meeting. Instead, use it as a chance to get valuable feedback. I always ask VCs for their thoughts on my business model and strategy.Keep improving your pitch
Pay attention to how investors respond and keep refining your pitch. If you're not seeing improvement over time, you may need to rethink your approach. I'm constantly tweaking my pitch based on feedback.Understand VC psychology
Try to put yourself in the investor's shoes. Understanding their perspective and constraints helps you pitch more effectively. I've found that empathizing with VCs makes the whole process less stressful.
That’t it!!
📃 QUICK DIVES
1. The Hidden Trap of Going Viral: Why It Brings the Wrong Users.
Recently, I came across a tweet by Andrew Chen where he discussed how founders often fall into the trap of chasing virality, only to end up with a flood of low-quality users. It resonated with me, so I thought to share my thoughts and a few key points on this.
Every founder dreams of their product going viral. A flood of new users, signups spiking, your app trending on Reddit and X—it’s the fantasy, right? But when it happens, reality hits differently.
It starts slow. A small group of loyal users finds your product. They give feedback. You iterate. Feels good. Then, one day, a funny video about your app blows up. A major influencer shares it. Signups skyrocket. Feels even better. But then, the Looky-Loos arrive.
The Looky-Loo Problem
LOOKY-LOO (noun): A person who checks something out with no real intent to use it seriously.
Going viral doesn’t just bring more users—it brings the wrong users. These aren’t your ideal customers; they’re tourists. They try the product, poke around, maybe share a meme, and then vanish. Your DAUs spike, but retention doesn’t. Your revenue doesn’t. Your support inbox? Flooded with nonsense.
Suddenly, you’re dealing with international users who don’t fit your market, edge cases breaking the product and chaotic community interactions. If your growth is built on Looky-Loos, it’s not real growth—it’s noise.
Easy Come, Easy Go
The growth that happens fast usually disappears just as fast. Here’s what happens next:
The traffic spike dies down after a few days.
The new users don’t stick around.
Engagement drops. Conversion rates tank. Your metrics look worse than before.
You scramble to create another viral moment—only to realize you can’t manufacture lightning twice.
Traction isn’t just about more users. It’s about high-intent users—people who genuinely want your product and will stick around long-term.
What Works
Instead of chasing virality, focus on growth that’s durable, scalable, and valuable:
Durable Growth: Users who keep coming back. Look at D1/D7/D30 retention, not just DAUs.
Scalable Growth: Repeatable acquisition channels—referrals, SEO, paid marketing—not just one-time spikes.
Valuable Users: Not all users are equal. Focus on those who engage deeply, pay, and spread word-of-mouth.
When Spikes Can Work
Some situations where a viral moment can be useful:
Waitlists: Filtering users before letting them in keeps quality high.
Raising VC Money: A spike in traction can help close funding but don’t build a business expecting virality.
Products Built for Churn: Some apps (e.g., AI photo generators) expect short-term use and monetize aggressively upfront.
Network Effects: If even 1% of a viral audience sticks, they can kickstart a community or marketplace.
Focus on the Right Users
Going viral might feel great, but it’s not a business strategy. Real traction comes from gradual, consistent growth with users who care. Instead of chasing DAU spikes, build something people love—because love, not virality, is what makes a product last.
Also if you really want to learn about building real virality products that last long, I would highly suggest checking this podcast - Nikita Bier’s Playbook for winning at consumer apps.
2. Reminder: Founder Market Fit is More Important than PMF.
If you’re reading this newsletter, you likely know and have seen definitions for PMF, and may be familiar with FMF (but might not have seen it concisely defined anywhere):
PMF → From Andrew Chen’s great PMF deck: “when people who know they want your product are happy with what you're offering”
FMF → I couldn’t find a definition I loved, so here’s mine: “when founders are obsessed with a big, fast-growing market they understand well”
Why FMF Matters More in the Early Stages
Reaching PMF is always the initial goal as a founder, but when you’re in the early stages of starting something new the actual product you have doesn’t matter much yet.
What you’re really trying to use the product to do is to get signals from potential users who fit your target persona and are experiencing the problem you’re trying to solve.
The reality is that the product will change (and good investors know this). Slack is a classic example — their team started out building a game, and Slack was just an internal tool they built. Eventually, because their team was great, they realized selling Slack was the bigger opportunity.
It’s also true from an investor’s perspective. Early stage investors are looking for:
A big, fast-growing market
A team that is obsessed with and can effectively capture that market
A deep understanding of the users within that market
Notice I didn’t say “product” anywhere there. In the early stages it’s typically a bet on the founders and the market.
3. How a Former Groupon PM Built a Supersonic Jet Company.
Many of you might came across this snapshot that’s surfing on interest this week.
You might guess it correctly—it’s the LinkedIn profile of Blake Scholl, founder & CEO of Boom Supersonic. For those who don’t know about company:
Boom Supersonic's XB-1 demonstrator aircraft became the first civil plane to break the sound barrier in a test flight without government funding or direction. The aircraft's successful 35-minute flight took place at California's Mojave Air & Space Port, where it surpassed Mach 1 multiple times before landing safely back at the base.
Avichal (Co-founder of Electric Capital) shared his firsthand experience working with Blake and the incredible story behind Boom Supersonic. It’s one of the most inspiring founder journeys—a testament to what’s possible when you:
Think from first principles
Find something you believe in so much that you'd be proud to try - even if you might fail (a Blake quote)
Highly recommend to go through this tweet.
🗞️ THIS WEEK’S NEWS RECAP
Major News In Tech. VC & Startup Funding
8VC, an Austin-based VC firm led by Palantir founder Joe Lonsdale, is raising nearly $1B for its sixth fund, per a regulatory filing.
SoftBank is in talks to invest up to $25B in OpenAI, potentially surpassing Microsoft as its largest backer, while also committing $15B to the $100B Stargate data centre project.
AI app spending skyrocketed to $1.42B in 2024, a 274% jump from 2023, with ChatGPT dominating revenue despite thousands of competing apps.
Apple has collaborated with SpaceX and T-Mobile to integrate Starlink satellite texting capabilities into iPhones via the new iOS 18.3 update, as reported by Bloomberg.
OpenAI introduced ChatGPT Gov, a government-focused version of its AI platform, allowing U.S. agencies to deploy models on Microsoft Azure.
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