<aside> 💡 This guide should be followed. If you don't follow it, or you miss steps, and you're not super experienced, then you will cost yourself big time. Time savings can be in the months!
</aside>
The preparation phase. Probably the most important phase. Certainly the phase that takes the longest and requires the most work. Fortunately most of the work you need to do anyway to build your startup!
You know that you have passed this stage when trusted and active investors and advisors give you the go-ahead that you're ready. At a minimum you will need to have ready: pitch deck, brief financial model, dataroom, cap table model, your preferred deal terms and legal plan.
This stage is about getting your deal into the hands and minds of the investors that you need. And building momentum and interest so that you can secure the investment offers.
You know that you have passed this stage when you have secured a Term Sheet from a VC, or an offer from a lead investor (professional and trusted angel investor). This is when your deal has been validated, has secured investor support, and you can work to close out the round.
This stage is about getting agreements signed and money the bank so that you can go back to building your rocketship.
You know that you have passed this stage when you have secured the cash in the bank.
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