Along the road to raising a seed round, most entrepreneurs are going to hear the word “no” more often than they would care to remember.
In a fascinating little breakdown, Anatomy of a Seed Round, Brendan Baker of Angel List charted the rejections and connections that start-up AppMakr went through to raise $1 million.
Some of the more interesting points, this process involved 27 middlemen, who helped connect the start-up with 55 VCs, 55 Angels, 28 seed funds, 5 corporations, 2 institutions and one angel group.
The seed funds were the biggest source of capital by far, but they also took the longest to commit, an average of 30 days. Influential angels didn’t always commit to the deal themselves, but they were able to make introductions that led to meetings in person, and those kinds of interactions had the biggest pay off.