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Failure	
  in	
  
fundraising	
  
Hello	
  
•  Cédric	
  Giorgi	
  
•  Cookening	
  Co-­‐Founder	
  
•  Previously	
  at	
  Scoop.it	
  (Goojet),	
  Seesmic,	
  
Techcrunch	
  France	
  
•  Also	
  involved	
  in	
  LeWeb,	
  Startup	
  Assembly,	
  La	
  
French	
  Touch	
  Conference	
  
•  Founder	
  of	
  French	
  Startupers	
  FB	
  Group	
  
@cgiorgi	
  
cedric@cookening.com	
  
Key Learnings in Failing Fund Raising
Learning	
  1.	
  There	
  is	
  no	
  
Rule	
  in	
  Fundraising,	
  only	
  
specific	
  cases.	
  
Cookening	
  Timeline	
  
•  May	
  2012	
  -­‐	
  Dev	
  is	
  starAng	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
Cookening	
  Timeline	
  
•  May	
  2012	
  -­‐	
  Dev	
  is	
  starOng	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  December	
  2012	
  -­‐	
  Let’s	
  start	
  to	
  think	
  about	
  
raising	
  funds	
  
Learning	
  2.	
  The	
  US	
  and	
  
France	
  have	
  nothing	
  in	
  
common.	
  Really.	
  
Nothing.	
  
Cookening	
  Timeline	
  
•  May	
  2012	
  -­‐	
  Dev	
  is	
  starOng	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  December	
  2012	
  -­‐	
  Let’s	
  start	
  to	
  think	
  about	
  
raising	
  funds	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeAng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
Learning	
  3.	
  It’s	
  not	
  
because	
  a	
  VC	
  is	
  calling	
  
that	
  you’re	
  ready	
  for	
  
fundraising	
  
Cookening	
  Timeline	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
Learning	
  4.	
  Timing,	
  
Timing	
  is	
  key.	
  
Cookening	
  Timeline	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
•  June	
  2013	
  -­‐	
  Update	
  sent	
  to	
  Investors	
  
Cookening	
  Timeline	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
•  June	
  2013	
  -­‐	
  Update	
  sent	
  to	
  Investors	
  
•  September	
  2013	
  -­‐	
  We	
  really	
  need	
  to	
  raise	
  
now	
  
Learning	
  5.	
  When	
  you	
  try	
  
to	
  raise	
  funds	
  when	
  you	
  
really	
  need	
  them,	
  it	
  
might	
  be	
  too	
  late.	
  
Cookening	
  Timeline	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
•  June	
  2013	
  -­‐	
  Update	
  sent	
  to	
  Investors	
  
•  September	
  2013	
  -­‐	
  We	
  really	
  need	
  to	
  raise	
  now	
  
•  October	
  2013	
  -­‐	
  MeeAngs,	
  meeAngs	
  
Cookening	
  Timeline	
  
•  November	
  2012	
  -­‐	
  Private	
  Alpha	
  is	
  launched	
  
•  December	
  2012	
  -­‐	
  A	
  VC	
  is	
  calling	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
•  June	
  2013	
  -­‐	
  Update	
  sent	
  to	
  Investors	
  
•  September	
  2013	
  -­‐	
  We	
  really	
  need	
  to	
  raise	
  now	
  
•  October	
  2013	
  -­‐	
  MeeOngs,	
  meeOngs	
  
•  December	
  2013	
  -­‐	
  Last	
  VC	
  said	
  no.	
  
Learning	
  6.	
  You	
  might	
  
have	
  a	
  kick-­‐ass	
  team,	
  a	
  
kick-­‐ass	
  product,	
  you	
  
need	
  a	
  big	
  market.	
  
Learning	
  7.	
  Do	
  not	
  focus	
  
on	
  one	
  specific	
  VC	
  
Learning	
  8.	
  Look	
  for	
  VCs	
  
that	
  do	
  invest	
  in	
  
companies	
  like	
  yours	
  
Cookening	
  Timeline	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
•  June	
  2013	
  -­‐	
  Update	
  sent	
  to	
  Investors	
  
•  September	
  2013	
  -­‐	
  We	
  really	
  need	
  to	
  raise	
  now	
  
•  December	
  2013	
  -­‐	
  Last	
  VC	
  said	
  no.	
  
•  January	
  2014	
  -­‐	
  Let’s	
  look	
  for	
  a	
  round	
  with	
  BAs	
  
Learning	
  9.	
  BAs	
  and	
  VCs	
  
really	
  don’t	
  think	
  the	
  
same	
  way.	
  
Cookening	
  Timeline	
  
•  January	
  2013	
  -­‐	
  We’re	
  meeOng	
  with	
  a	
  dozen	
  
French	
  VC	
  funds	
  
•  May	
  2013	
  -­‐	
  Cookening	
  Public	
  Launch	
  
•  June	
  2013	
  -­‐	
  Update	
  sent	
  to	
  Investors	
  
•  September	
  2013	
  -­‐	
  We	
  really	
  need	
  to	
  raise	
  now	
  
•  December	
  2013	
  -­‐	
  Last	
  VC	
  said	
  no.	
  
•  January	
  2014	
  -­‐	
  Let’s	
  look	
  for	
  a	
  round	
  with	
  Bas	
  
•  February	
  2014	
  -­‐	
  Ok	
  let’s	
  do	
  not	
  raise	
  at	
  all	
  
Learning	
  10.	
  SomeAmes	
  
it’s	
  beer	
  not	
  to	
  raise	
  
than	
  bad	
  raising.	
  
Also…	
  
•  We	
  didn’t	
  want	
  to	
  move	
  to	
  the	
  US.	
  
•  We	
  didn’t	
  want	
  to	
  /	
  couldn’t	
  pivot.	
  
•  We	
  certainly	
  focused	
  too	
  much	
  on	
  wrong	
  
things	
  
•  We	
  were	
  too	
  long	
  to	
  launch	
  
•  Careful	
  with	
  sexy	
  ideas…	
  
•  Being	
  the	
  X	
  for	
  Z	
  is	
  a	
  dangerous	
  pitch	
  
Now	
  ?	
  
Thanks!	
  
Check	
  Cookening,	
  we	
  have	
  awesome	
  meals	
  to	
  
aaend	
  in	
  France	
  and	
  in	
  30	
  countries	
  
cedric@cookening.com	
  
@cgiorgi	
  

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Key Learnings in Failing Fund Raising

  • 2. Hello   •  Cédric  Giorgi   •  Cookening  Co-­‐Founder   •  Previously  at  Scoop.it  (Goojet),  Seesmic,   Techcrunch  France   •  Also  involved  in  LeWeb,  Startup  Assembly,  La   French  Touch  Conference   •  Founder  of  French  Startupers  FB  Group   @cgiorgi   cedric@cookening.com  
  • 4. Learning  1.  There  is  no   Rule  in  Fundraising,  only   specific  cases.  
  • 5. Cookening  Timeline   •  May  2012  -­‐  Dev  is  starAng   •  November  2012  -­‐  Private  Alpha  is  launched  
  • 6. Cookening  Timeline   •  May  2012  -­‐  Dev  is  starOng   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  December  2012  -­‐  Let’s  start  to  think  about   raising  funds  
  • 7. Learning  2.  The  US  and   France  have  nothing  in   common.  Really.   Nothing.  
  • 8. Cookening  Timeline   •  May  2012  -­‐  Dev  is  starOng   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  December  2012  -­‐  Let’s  start  to  think  about   raising  funds   •  January  2013  -­‐  We’re  meeAng  with  a  dozen   French  VC  funds  
  • 9. Learning  3.  It’s  not   because  a  VC  is  calling   that  you’re  ready  for   fundraising  
  • 10. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch  
  • 11. Learning  4.  Timing,   Timing  is  key.  
  • 12. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors  
  • 13. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise   now  
  • 14. Learning  5.  When  you  try   to  raise  funds  when  you   really  need  them,  it   might  be  too  late.  
  • 15. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  October  2013  -­‐  MeeAngs,  meeAngs  
  • 16. Cookening  Timeline   •  November  2012  -­‐  Private  Alpha  is  launched   •  December  2012  -­‐  A  VC  is  calling   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  October  2013  -­‐  MeeOngs,  meeOngs   •  December  2013  -­‐  Last  VC  said  no.  
  • 17. Learning  6.  You  might   have  a  kick-­‐ass  team,  a   kick-­‐ass  product,  you   need  a  big  market.  
  • 18. Learning  7.  Do  not  focus   on  one  specific  VC  
  • 19. Learning  8.  Look  for  VCs   that  do  invest  in   companies  like  yours  
  • 20. Cookening  Timeline   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  December  2013  -­‐  Last  VC  said  no.   •  January  2014  -­‐  Let’s  look  for  a  round  with  BAs  
  • 21. Learning  9.  BAs  and  VCs   really  don’t  think  the   same  way.  
  • 22. Cookening  Timeline   •  January  2013  -­‐  We’re  meeOng  with  a  dozen   French  VC  funds   •  May  2013  -­‐  Cookening  Public  Launch   •  June  2013  -­‐  Update  sent  to  Investors   •  September  2013  -­‐  We  really  need  to  raise  now   •  December  2013  -­‐  Last  VC  said  no.   •  January  2014  -­‐  Let’s  look  for  a  round  with  Bas   •  February  2014  -­‐  Ok  let’s  do  not  raise  at  all  
  • 23. Learning  10.  SomeAmes   it’s  beer  not  to  raise   than  bad  raising.  
  • 24. Also…   •  We  didn’t  want  to  move  to  the  US.   •  We  didn’t  want  to  /  couldn’t  pivot.   •  We  certainly  focused  too  much  on  wrong   things   •  We  were  too  long  to  launch   •  Careful  with  sexy  ideas…   •  Being  the  X  for  Z  is  a  dangerous  pitch  
  • 26. Thanks!   Check  Cookening,  we  have  awesome  meals  to   aaend  in  France  and  in  30  countries   cedric@cookening.com   @cgiorgi