Zack’s Guide to a Successful Summit
We’ve now run a dozen Summits that have raised over $6,000,000 for scores of Canadian startups.
Here’s the common features of the winning entrepreneurs:
They are prepared. They review the schedule.
They are open-minded and ready to have their ideas challenged.
They are responsive.
They build organized data rooms and clearly communicate their company’s vision, past history, and current state.
In the Top 20, you don’t need a Data Room. A slide deck, a financial model, and the draft financing documents, if you have them, is enough.
If you make the Top 10 and have not yet built a data room, you need to budget the weekend after the Top 10 decision to building your data room.
Great data rooms are well organized and comprehensive. We provide a suggested organizational structure in our DD Checklist (more context available here).
They practice their pitch.
They practice multiple times (many, many times…) with their friends and colleagues.
They implement timeless pitch advice.
They elevate their game for the Finale.
They make significant progress during the process.
Investors can witness the hustle with their very eyes! Investors love to invest in lines not dots - show positive movement over the 8-weeks of the Summit and Investors will believe you when you say you’re going to change the world.
They do their homework on the investors.
They handle sensitive information practically.
Generally, the info in the data room should not require an NDA.
The investors pledge to treat all sensitive company information discreetly, and it’s contractually obligated in their limited partnership agreement to do so as well.
The one case where NDAs can be important is in the disclosure of technical IP related to the product, especially if it includes information going into unfiled patent applications.
Even if this is the case, build a dataroom that doesn’t require an NDA , and share this information separately, if needed.
They read the Summit orientation package and understand the process.
They do their homework on deal structures and price their company reasonably.
They finalize their deal!
Deals can’t happen if the term sheet is still a question mark
Deals are much more likely to happen if there’s a live round. That said, we’re often the first cheque in, but it’s much easier to convince investors when there’s already a round with people that have put money in and we’re just following-in.
They make full use of the reference materials.
They are humble and confident.
They participate for the experience, the learning, and the relationships.
They recognize that there are many, high quality deals at the table and not every single one receives investment.
They help each other out.
They have fun, make friends, and enjoy building their company with the TNT community!