Nicholas Brusson, co-founder of BlaBlaCar:
First, do as much as you can to gather evidence that your concept has potential. Even if you are not able to offer the full vision of your product, because you have limited resources, whittle the idea down to its bare bones so you can test it in the market. Get your first customers as soon as possible, find out how much they need what you offer them. This will be proof for investors. It will validate what’s called market need.
Second, and especially if this is your first business, try to get as far into this process as you can without raising too much money. Think “capital efficiency” rather than “raising capital”. The more you have been able to prove your concept the higher your chances of raising money from the right people.
Of course, you will probably need capital at some point down the line, so, build relationship with angels and VCs early on. Discussions are always easier when you are not (yet) negotiating.
Great advice – validate market need, bootstrap, and cultivate relationship with VCs and angels early.
Read the full interview here.