Investors think a great deal about a great number of things when considering an investment: How big is the market? How good is the founder-market fit? Is it venture-scale?
It’s natural for founders to live and breathe for their customers and product, but the dirty little secret of fundraising is that your investors are extraordinarily unlikely to care about your product. And they have a few legitimate reasons for being that way.
I often see product-focused founders spending a lot of time talking about the solution they are building. That makes sense. In the context of building a great product, founders are creating an investment pitch that reflects their day-to-day life. They will spend a lot of time on their product: They’ll talk to customers, work with engineering and are trying to slice the marketing pie in a way that makes sense.
So when a founder is talking to their investors, clearly the investors should care just as much as about the product, right?