We recently closed our fundraiser for Flychain in April 2023.
Although we managed to raise the target amount, the process was quite long and emotionally exhausting at times.
It took us 3 full months to collect the target amount.
I am writing this article for:
Think aboutstrategies that worked best for us, some of which may come in handy in future Flychain runs.
consider sometrapswe show up to make sure we don't make the same mistakes again.
Trajectory vs Shutter
The number one strategy I would recommend to all builders is to prepare for your fundraiser 3-6 months in advance by gently circling around a few investors you like and keeping them updated on your company's progress on a regular basis. .
Put yourself in the shoes of an investor: would you rather evaluate a single snapshot of the company or the trajectory of the company over time?
Given that pre-embedded start-ups often have little more than a simple product and a few customers, investors strongly consider the strength of the team and the pace of its implementation.
What better way to assess this than following the company for six months?
By leaving your business assessment to a single snapshot, you are exposing yourself to the random vicissitudes of an investor's day.
Maybe they just watched 10 conversations before jumping in with you.
(Video) You DID Ask to See My Huge Seed Collection | VLOG | Roots and RefugeMaybe they woke up on the wrong side of the bed.
Maybe they just read a pessimistic article about FinTech.
You can keep investors updated on the progress of your business in several ways:
newsletters
To reach
Upload important articles and events in your industry.
hot intros
This is a relatively obvious point, but you should almost always try to get a warm investor introduction - ideally from someone who has skin in the game, such as an existing investor, advisor or someone who knows you well.
The network of early stage investors is quite dense and everyone knows each other, so getting a warm introduction is probably easier than you think.
On this front, we couldn't be more grateful to the team at Soma Capital for giving us some warm introductions.
As for the admissions themselves (not to mention other aspects of the program), I highly recommend Soma Scholarship - if you'd like to find out more, feel free to email me.
Finally, once an investor has committed to a round, subsequent entries led by that newly engaged investor are invaluable.
Also be sure to let all other potential investors know about this new appointment as it builds heat and shows momentum.
SAFEs and the pricing round
(Video) The ULTIMATE Seed Collection, Over 1,000 Varieties!With SAFE's widespread acceptance, there are almost no advantages to doing a seed pricing round.
The ability to make ongoing commitments via SAFE Notes helps maintain momentum in a round and avoids the delay that comes with having to secure an edge before other traders step up.
Painting a vision.
It is very important that you present a broad view of the market and how your current and future products are capturing value in this market.
How can your current product serve as the foundation for a much broader opportunity?
This is a great exercise for your team, regardless of fundraising.
Introductions to potential clients
If your ideal client profile includes venture-backed start-ups, don't hesitate to ask investors to feature relevant companies from their portfolio.
Not only is this good for your business, it's also a great way for investors to:
Mind your business as he might ask a portfolio company if your product solves a real problem.
Show your portfolio company that it adds value as an investor.
For Flychain, our ideal customer profile includes digital healthcare startups that see our solution as a non-dilutive source of working capital, much like SaaS companies see Pipe or Capchase.
We regularly ask investors to introduce themselves to companies in their portfolio that are likely to need our solution.
Look for investors who already believe in your company's core thesis.
(Video) How To Save Vegetable Seeds For Next Season! You Must DO THIS As A Homesteader!In our experience, when an investor's family member ran a medical practice, the investor immediately understood our value and broader vision of building a financial toolkit to improve the financial health of healthcare providers.
We had a hard time convincing some traditional healthcare investors who don't have direct experience running a healthcare provider.
We found that some of these traditional investors in the healthcare industry are focused solely on the delivery of care, as opposed to the broader set of tools that providers need to run their businesses.
Ironically, this is why health is underrated by FinTech and why there is a gap in the Flychain market.
Your initial offering is likely to require refinement and repetition, so it's not wise to start with the closest investors.
With Flychain, we made the mistake of starting with one of the closest funds.
While we learned from the resulting application and improved our offering, we couldn't help but feel that this fund could have said 'yes' if we introduced them a month later.
If an investor comes back with a list of additional questions and asks you to respond via email, it's very unlikely that they'll end up investing.
If an investor isn't excited enough to schedule another call to loop with other members of your team, they're unlikely to be excited enough to finally invest.
Writing long answers to these additional questions is a huge waste of time and I honestly wish investors would stop asking founders to do this.
In our experience, whenever an investor asked for written answers to additional questions, they ended up agreeing.
Growing while building a business is very difficult, especially if your team consists of just two co-founders.
In today's fundraising environment, it can take 1-3 months to raise money.
Given the time requirements for fundraising, this will be almost a full-time job for a CEO.
(Video) Get Gardening: Seed Collection PerfectionIt's important that the rest of the team continues to build the deal, and the only way to accomplish that is to hedge the rest of the team from raising funds as much as possible, only looping through the later stages of negotiations with select investors.
Strategies that worked for us:
Keep a shortlist of investors and regularly update your information about your company 3-6 months before the raise officially starts.
Get a warm introduction to investors from advisors, current investors or contacts.
Increase through ongoing commitments into a SAFE rather than going out for a pricing round.
Draw a broad view of the market and how your current and future products are capturing value in that market.
If necessary, ask investors to introduce you to portfolio companies that match your ideal client profile.
Look for investors who already believe in the basic theses of your company.
Pitfalls to avoid:
Your initial bid is likely to be difficult, so it's not advisable to start with the closest investors.
If an investor comes back with a list of follow-up questions and asks you to respond via email, remember that they are unlikely to invest. Allocate your time accordingly.
Protect your team from the fundraising process as much as possible to avoid business stalling during the process, which can take 1-3 months.
Ultimately, the old adage is true thatThe best way to raise funds is to build a big business first.. While that sounds good in theory, when you're in the arena, you do what you have to do. I hope these reflections are helpful to other novice founders. If any of these points resonate with you, or if you disagree, I'd love to hear from you. Likewise, if you need help with a raise, I'm happy to chat and discuss ideas.
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FAQs
What is seed collection summary? ›
Collecting seed from several parent trees assures a diversity among seedlings being planted. Whether the program is large or small, maintaining diversity is important and will help guard against pest epidemics. To obtain adequate diversity, seedlots should be collected from a number of trees within a species' range.
What are seed answers? ›Seed refers to the fertilized, matured ovule that contains an embryonic plant, stored material and a protective coat or coats. A seed is a mature ovule that comprises an embryo or a miniature undeveloped plant and food reserves, all enclosed within a protective seed coat.
Why is seed collecting important? ›To save seeds is to preserve food culture. Heirloom crops wouldn't exist if it weren't for the gardeners who meticulously grew and saved seeds including the Brandywine tomato, Purple Top White Globe turnip, and many other varieties, passing them on to future generations.
How many seeds is enough? ›Number of holes x Germination rate = Number of Plants
You'll find that you often need to plant more seeds than there are holes. 2 to 3 seeds per hole is a good baseline, but you might waste seeds this way.
Answer: The poem gives the message of hope to grow and survive in the difficulties of the world. In this poem, the poet describes how a frail seedling attains strength to survive and grows into a tough and sturdy plant.
What is the goal of the seed library? ›The goal the Copper Queen Seed Library is to form and encourage a learning community centered around the saving and sharing of seeds in our unique desert climate. The practice of seed saving has been around for more than 12,000 years.
What is the seed according to the Bible? ›The seed is the Word of God (verse 14), and the ground is our hearts (verse 15). Our hearts were created by God to bring forth fruit when His Word is planted in them. Just as a seed has to remain in the ground over time to germinate, so the Word of God has to abide in us.
What does seed questions mean? ›Seed Questions are "example questions" that establish the standard of what a great question looks like in the class' community, and ensures that students never join a totally empty community. Sometimes it can be intimidating as a student to post to an empty community for the first time.
What is the full meaning of seed? ›a(1) : the grains or ripened ovules of plants used for sowing. (2) : the fertilized ripened ovule of a flowering plant containing an embryo and capable normally of germination to produce a new plant. broadly : a propagative plant structure (such as a spore or small dry fruit)
What are the different types of seed collection? ›Based on the use and duration of conservation, seed collections are of three types: 1) Based collections, 2) Active collections, and 3) Working collections.
What are three reasons seeds are important? ›
Seeds are of immense biological and economic importance. They contain high protein, starch and oil reserves that help in the early stages of growth and development in a plant. These reserves are what make many cereals and legumes major food sources for a large proportion of the world's inhabitants.
Is it good to collect seeds? ›By collecting seeds you can populate new areas of your garden with specific flowers that you love, and is an excellent way to start planning a cut flower garden. Along with collecting seeds, you can also allow many annuals and biennials to self-sow by nature's hand.
How much is too much seeds? ›Also, you can certainly eat too many seeds. Because they contain a concentrated source of fat and calories, it is best to enjoy them in small amounts—one-eighth to one-quarter cup, three or four times a week.
How many seeds do you start with? ›Follow the seed packet instructions for planting. Some will suggest making a shallow hole in the center of the potting mix to put the seeds in and others will say to add seed right on the surface. It's best to add 2-3 seeds to each pot, in case one doesn't sprout.
What lesson can we learn from the seeds? ›Even from a tiny seed they have almost everything they need to become their mature self. With water, sun, and nutrients from the soil they will flourish. We too have almost everything we need to become our best mature selves from the very beginning but too often we see those around us and long to be just like “them”.
What is a seed a metaphor for? ›Seeds and the process of germination is an excellent metaphor for life. Life is that way, if we pay more attention we'll observe lessons that are often inspiring.
What is the secret of the seven seeds about? ›he seven seeds represent the path to uccess and balance in life: self-knowledge, meditation, golessness, service to others, goodness, balance, and freedom. As Ignacio applies the seven seeds to his work life, he is transformed and becomes happier, more balanced, and ultimately more effective at work.
What are the 4 seeds in the Bible? ›In both Luke 8 and Matt 13, Jesus tells “The Parable of the Sower.” In the passage, Jesus describes someone planting seeds into four types of soil; the hard path, rocky, thorny, and good soil.
How do you sow a seed to God? ›- RECOGNIZE that God is your source. God will use many different things to supply our needs — such as jobs, doctors, friends and even family. ...
- GIVE FIRST so that it may be given back to you. ...
- EXPECT A MIRACLE!
In Isaiah, the holy seed is the remnant in the land following the exile, whereas in Ezra, those returning from Babylon take the mantel for themselves.
What does seed the thought mean? ›
idiom. : to cause (an idea, feeling, etc.) to be in someone's mind. Her comment planted/sowed a seed of doubt/suspicion in his mind.
What is the meaning of seeds and examples? ›A seed is a fertilized ovule containing the plant embryo. Given the appropriate growth conditions, it will become the new plant. Thus, it is also regarded as the propagating organ particularly of spermatophytes (i.e. gymnosperms and angiosperms). Plants such as ferns, mosses, and liverworts do not produce seeds.
What does it mean to start a seed? ›Seed germination (or seed starting) is the process of growing plants directly from seeds instead of buying ready-grown plants. Sprouting seeds indoors is an effective way to increase the germination rate versus germinating seeds outdoors directly in the soil.
What are the 3 types of seeds? ›Types of Seeds: Heirloom, Hybrid, and Open-Pollinated Seeds.
What does seed mean in humans? ›SEED is a slang term which means "Child" and "Sperm."
What is a seed collection called? ›Many scientists often use the terms seed bank, gene bank, and germplasm collection interchangeably, although there are different techniques associated with storage of different plants and types of storage.
What is active collection of seed? ›Active collection: Seeds are stored at 0OC temperature and the seed moisture is between 5 and 8%. The storage is for medium duration, i.e., 10-15 years. These collections are used for evaluation, multiplication, and distribution of the accessions.
What is a collection of plant and seeds? ›Germplasm collection refers to the complete collection of plants and seeds having diverse alleles of all the genes of a crop. Germplasm is a natural source of genetic variability.
What is the most important seed? ›Wheat, corn, rice, oats, millet, and sorghum are all grasses. They are important sources of nutrition for humans. But rice is the most important. Billions of people depend on it for their food every day.
What are the four needs of seeds? ›Temperature, moisture, air, and light conditions must be correct for seeds to germinate.
What are the 2 most important things seeds need to grow? ›
All seeds need water, oxygen, and proper temperature in order to germinate. Some seeds require proper light also. Some germinate better in full light while others require darkness to germinate. When a seed is exposed to the proper conditions, water and oxygen are taken in through the seed coat.
What is the best way to collect seeds? ›- Collect ripe seed on a dry day, as soon as the seedheads (e.g. capsules or pods) ripen. ...
- Pick the seedheads, either singly or on stalks, and lay them out to dry on a greenhouse bench, warm windowsill or in an airing cupboard. ...
- If they don't open when dry, gently crush pods and capsules to release the seed.
Seeds need moisture, warmth and light to germinate, so give them the exact opposite, a dry, cool, dark environment, when storing them. Place your seeds in an envelope or paper bag and seal them in plastic containers or glass jars. If you are not convinced that your seeds are dry, eliminate the airtight container step.
How do I collect and save seeds? ›It is essential to keep seeds dry and cool so that they will remain viable until the next spring. Ideally, they should be stored in tightly sealed glass containers. Individual varieties or different types of seeds can be placed inside of paper packets and then packed together inside of a larger glass container.
Do seeds cause inflammation? ›“If you want to battle inflammation, start by taking a look in your kitchen. And when you make your grocery list, add less inflammatory foods and more anti-inflammatory foods like vegetables, fruits, nuts, beans, seeds and fatty fish,” adds Coates.
How many seeds should you have a day? ›Adding nuts and seeds to your diet is simple: stay within the serving guidelines of an ounce or two per day, and eat the ones you like. Sprinkle a few into salads, sauces, vegetables, or whole grains such as brown rice or quinoa.
Which seeds we Cannot eat? ›Eating or drinking cyanogenic plant compounds can cause cyanide poisoning in humans. These compounds exist in apricot seeds, almonds, cassavas, and apple seeds.
What happens if you plant too many seeds together? ›Crowded plants not only discourage growth, they encourage pests and disease. Crowded seedlings shade each other from the sun. As they get larger, it only gets worse. Crowded root vegetables, including turnips, beets, and radishes, won't develop useable roots if they're crowded.
How long do seeds last? ›How Long Will Seeds Last? Many seeds will maintain great germination for three years even in your kitchen cupboard, though there are exceptions. Stored well, some seeds can last centuries. Reducing humidity is key to storing seed, reducing risk of mold and pre-mature sprouting.
How long are seeds good for? ›To keep the seeds cool (ideally, below 50 degrees), some people store them in a jar in their refrigerator or freezer. Seeds in good condition and stored properly will last at least one year and, depending on the plant, may last two to five years.
Should I soak seeds before planting? ›
It is traditional to soak some seeds before planting them. Soaking can accelerate germination and increase the proportion of seeds that successfully germinate. Seeds have evolved a protective coating around the embryo so the embryo can survive being dispersed by some means.
What seeds to grow first? ›The plants that should be started the earliest are broccoli, cabbage, cauliflower, and head lettuce. Sow seeds for these indoors 10 weeks before the date of the last frost. The warm season plants such as tomato, peppers, and eggplant require seven weeks.
What is the summary of sowing the seed by Wendell Berry? ›Answer: The poem centres on the act of sowing by the farmer, who tirelessly sows the seeds, despite having seen many bad harvests. Still an optimist, he hopes for a good harvest each time he sows the seeds. The poem is an ode to the sower, whose noble actions make him the receptor of the poet's admiration.
What are the criteria for seed collection? ›The quantity of seed collected will be determined by many factors, including: 1. The size, rarity and biological health of the plant population 2. Collection timing, inherent dormancy mechanisms and germination response of the species 3. The quantity and quality of seeds that each plant produces in any given year.
What is seed collection called? ›Based on the use and duration of conservation, seed collections are of three types: 1) Based collections, 2) Active collections, and 3) Working collections.
What is the importance of seed sowing in the Bible? ›Every seed sown in the house of God is a seed sown on a good soil and cannot but yield abundant harvest. Jesus also made this clear when He taught as follows “I tell you the truth unless a kernel of wheat falls to the ground and dies, it remains only a single seed. But if it dies it produces many seeds” John 12:24.
What does the Bible mean by sowing seed? ›In short, you are trying to create the most receptive place for the seed to be planted. I think this translates well to how we should sow the seeds of God's word. Sharing the Gospel is a relational endeavor, and preparing the soil simply means building a relationship with the people around us.
What is the story in the Bible about sowing seeds? ›Jesus told them another parable: "The kingdom of heaven is like a man who sowed good seed in his field. But while everyone was sleeping, his enemy came and sowed weeds among the wheat, and went away. When the wheat sprouted and formed heads, then the weeds also appeared.
How to do seed collection? ›- Collect ripe seed on a dry day, as soon as the seedheads (e.g. capsules or pods) ripen. ...
- Pick the seedheads, either singly or on stalks, and lay them out to dry on a greenhouse bench, warm windowsill or in an airing cupboard. ...
- If they don't open when dry, gently crush pods and capsules to release the seed.
Because plants cannot walk around and take their seeds to other places, they have developed other methods to disperse (move) their seeds. The most common methods are wind, water, animals, explosion and fire.
What is an example of seeding? ›
Seeding marketing is all about planting the right content in the places where the right kind of audience is to be found. For example, Instagram is the best place to market lifestyle products as the target audience there is most suitable for seeking out such products and services.
What factors affect seed collection? ›- Factors influencing seed storage. Biotic. ...
- Biotic factors: a. ...
- Abiotic factors. Temperature. ...
- Initial seed quality. ...
- Effect of provenance: The place where the seed crop was produced greately influences the storability. ...
- Effect of weather. ...
- Pre harvest sanitation spray. ...
- Seed moisture content.
- Step 1: Select a site. Native plants will be damaged by herbicide drift, so be sure the location will not have drift. ...
- Step 3: Analyze your site. ...
- Step 4: Select proper plant species for your site. ...
- Step 6: Management.
Seeds Need the Right Environment to Germinate
Temperature, moisture, air, and light conditions must be correct for seeds to germinate.
The origins of “seeding” started off in tennis tournaments of the late 19th century, with the idea being that spreading around the most skilled players in a tournament draw was akin to the sowing of seeds in a field or garden.
What is seed harvest? ›What Does Seed to Harvest Mean? Seed to harvest is a concept that encompasses growing plants, particularly edible plants, from seed until maturity, the harvesting of the fruit or vegetables, and the saving of seed from those plants for future planting.
Why is it called a seed list? ›The term was first used in tennis, and is based on the idea of laying out a tournament ladder by arranging slips of paper with the names of players on them the way seeds or seedlings are arranged in a garden: smaller plants up front, larger ones behind.