Navigating the Fundraising Landscape to Raise $1.2M with Toby Egbuna | Inside the Round

In this conversation, Toby Egbuna, co-founder of Chezie, shares insights into the fundraising process, the importance of having a structured approach, and the unique challenges faced by founders. He discusses the origin of Chezie, the dynamics of working with a sibling as a co-founder, and the significance of community support in the entrepreneurial journey. Toby also reflects on the necessity of venture capital for his business and the role of grants in their funding strategy, emphasizing the importance of building relationships and networks in the startup ecosystem. In this conversation, the speakers delve into the intricacies of fundraising for startups, sharing personal experiences and insights on navigating the venture capital landscape. They discuss the importance of adapting pitches, learning from failures, and the mental fortitude required to persist in fundraising efforts. The dialogue also touches on the challenges faced by underrepresented founders and offers advice on how to approach fundraising strategically. The speakers emphasize the need for a shift in how resources are allocated to ensure equitable opportunities for all entrepreneurs.

Takeaways

• The biggest mistake in fundraising is not having a process.
• Winning the NPR grant was a pivotal moment for Chezie.
• Toby believes Chezie did not need venture capital to succeed.
• Community support is vital for founders to combat loneliness.
• Building relationships with other founders is essential.
• The journey of being a founder is unique and challenging.
• Finding your stride takes time and experience.
• Pivotal moments can redefine your fundraising strategy.
• Pitching on vision can be more effective than traction.
• Fundraising is a marathon without a clear finish line.
• Feedback from investors can be misleading; focus on the no.
• Preparation is key before approaching investors.
• Consider if you genuinely need venture capital before raising.
• Warm introductions can create barriers for underrepresented founders.
• AI is reducing barriers for aspiring entrepreneurs.

Chapters

00:00 The Fundraising Process: Key Mistakes to Avoid
02:51 Co-Founder Dynamics: Sibling Relationships in Business
06:03 Taking the Leap: Going Full-Time as a Founder
08:47 Understanding VC Funding: Is It Necessary?
12:01 Navigating Grants: A Path to Funding
15:03 Building a Supportive Community as a Founder
18:10 The Unique Journey of Being a Founder
19:08 Learning the Ropes of Fundraising
22:41 Navigating the Fundraising Landscape
23:01 The Journey of Raising Capital
24:11 Learning Through Experience
25:30 Pivotal Moments in Fundraising
29:12 Challenges in Closing the Round
30:14 The Marathon of Fundraising
32:23 Investor Conversations and Feedback
34:06 Advice for Aspiring Founders
35:54 Changing the Game for Underrepresented Founders
37:48 Post-Fundraising Reflections
39:23 Maintaining Mental and Physical Health
41:50 Empowering Future Entrepreneurs

Find Toby here: https://www.linkedin.com/in/toby-egbuna/ 
Find Helena here: https://www.linkedin.com/in/helenafogarty/  

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