That included Jay Syzdek, 30, of Germantown, who is building a social-media marketing company; Peter Malamis, 48, of New Hope, whose firm would assess clinical research labs for drug companies; and Michael Daley, 60, also of New Hope, who wants to market a full range of sports medicine products to doctors who specialize in that field.
They learned that seeking investors was a bit like seeking a spouse: Yes, it is important to have a lot to offer, but be sure to know what your would-be partner needs, as well. And if the answer is no, don't give up.
"Remember, this is a process," said Dean Miller, president and CEO of the Greater Philadelphia Alliance for Capital and Technologies. "No is simply an opportunity to ask more questions."
Miller received a nod of agreement from the rest of the funding panel: Gloria Rabinowitz, managing director of the funding group Golden Seeds Philadelphia; Ned Moore, CEO of Portico Systems and an experienced seeker of business funds; and Katherine Crothall, a principal with Liberty Venture Partners.
The panel's advice focused on the three stages of fund-raising: preparation, the pitch, and follow-through.
For preparation, the panel stressed the need to know your product, your market, and your audience. Expect to be peppered with questions about the first two. Know who carries the weight among the last category.
In speaking of your market, don't be complacent, Rabinowitz warned.
"Don't say you don't have any competition. That is the kiss of death," she said. Rather, be prepared to talk in depth about the marketplace and any other lurking, potential competitors.
And don't be slapdash, she warned: no shoe boxes filled with receipts passing as financials, no business plans sketched on napkins.
"You might have been able to get by with that five years ago," said Rabinowitz. "No more."
