Was that a groan you just heard in the audience while presenting? A snicker, perhaps? Or maybe you just sensed that you lost credibility in some way. You’ve worked so hard on your business and conveying the opportunity to potential investors is so important to you, so how do you avoid some common pitfalls which frustrate angels?
Here are a few angel pet peeves to avoid:
Never say: “There’s no competition.” Of course there’s competition! There’s always competition. I once heard someone say that, before Open Table, the competition was a paper and pen. And there’s potential for future competition, too. There’s always the possibility that a large company with deep pockets replicates what you’re doing. Saying there’s no competition can sound naïve; however, addressing the competitive landscape thoughtfully and honestly while showing how you can persevere regardless is a smart move.
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