Location, Remote Teams & Tacos
I just started working on getting my first check for https://conversioncrimes.com. My advisor says that my biggest hurdle is going to be my location because statistics say that being close to the investor gives a startup a higher chance of success.
I’m currently based in Playa Del Carmen, Mexico (because it’s awesome and who doesn’t love tacos 🌮). My core team has agreed to be here with me when the money comes.
So for companies, like mine, who have and intend to keep remote teams raising pre-seed / seed rounds - will angel investors be comfortable funding them even after COVID ends and companies start going back to the office?
If you are not near the investors, you have been--before the pandemic--at a significant disadvantage in the fund-raising competition.
During the pandemic, investors have adapted to making investment decisions without meeting with people in person multiple times to get a "feel" for them.
If you are in a remote location, you will be judged, primarily, by your performance.... which is why I'm hanging out here at indiehackers: I'm looking for performance-driven (outcome-driven?) founders.
After you've built your product, all you need to do at the early stage is to pick a metric that matters (customers, revenue, etc.) and demonstrate that you can make the metric go up and to the right.
Building the 8th feature is not as crucial as getting the 8th customer... I hope this helps!
I think the Covid-19 crisis is going to help companies outside the Bay area compete for funding on an equal footing. So that's in your favor, and you have a few more months to strike your deals. I have to say, as an attorney, I was completely confused by your company name. We studied "conversion crimes" in law school, and it meant something quite different: https://en.wikipedia.org/wiki/Criminal_conversion#:~:text=Criminal conversion is a crime,or holding over)%20or%20to
What's your bigges struggle at the moment? There are many successful companies who work completely remote i.e. Zapier, MailerLite
You might find VenturesList useful to kickstart your fundraising journey.
Location is never a concern for me. Happy to assist. Current working for a boutique vc and previous at seed acceletor. @quinnzeda
I have no problems working remote been doing it for many years with my team and clients. As I understand, the issue is that the majority of investors want you close to them.
I subscribed to Ventures List a while back - cool to see you launched, will check it out.
I am seeing the other way round. I based in Asia and investing startups in Asia and Europe. Don’t seem to see this coming. Would be great hear more about your experience :) if you want to talk, I’m on Twitter and LinkedIn
I don't see a consistency between the button "Find out what they think" and the next page. When I click on that button, I expected more information on how it all works, not a pricing page.
Good feedback! Thank you. I'll change that to the how it works page.