31Aug
Comment créer un slide deck pour un envoi courriel

La communication par courriel et l’étiquette s’appliquant à l’usage de cette plateforme font partie intégrante de la pratique concrète des affaires. En tant qu’entrepreneur, vous devrez préparer et envoyer de nombreux slide decks par courriel avant de rencontrer tout investisseur en personne. Les informations présentées dans ces nombreuses diapositives peuvent vous sembler si redondantes que vous songez à créer un slide-deck unique dont vous pourrez vous servir pour toutes les occasions. Ne le faites pas! Bien sûr, il vous faut plus de temps pour personnaliser vos slide decks, mais n’oubliez pas que vos investisseurs potentiels ne veulent que l’information qui est pertinente pour eux, qui correspond à leurs besoins et intérêts à un moment donné. Quelques règles de base s’appliquent lorsqu’on envoie un slide deck par courriel pour susciter l’intérêt d’un investisseur. Soyez concis, concentrez-vous sur l’essentiel et allez droit au but.

Voici la structure à considérer pour un jeu de diapositive concis, centré sur l’essentiel et qui va droit au but :

Identification du problème

Dès le départ, l’investisseur doit connaître le problème. La façon dont vous le décrivez est des plus importantes. Vous devez être précis, clair et facilement compréhensible. Cette section doit mettre en place les dynamiques qui introduiront votre produit ou service comme solution.

Exemple: Les personnes souffrant d’embonpoint — 66,7 % de la population des États-Unis — refusent de monter sur la balance parce que voir leur poids réel leur parait trop déprimant. Il est donc impossible d’imaginer comment ces personnes pourraient arriver à perdre de 9 à 20 kg (quantité moyenne qu’un Américain souffrant d’embonpoint cherche à perdre). Le problème c’est qu’il est pratiquement impossible de perdre du poids volontairement sans les évaluations de la balance.

2. Solution — votre produit

Ne tentez pas de compliquer les choses en expliquant toutes les fonctionnalités de votre produit. Réservez cet aspect au slide deck à présenter lors de la réunion en personne. Pour les diapositives qui accompagnent un courriel, il est préférable de mettre l’accent sur l’expérience de l’utilisateur.

Exemple: SOMA indexe le poids de départ de l’utilisateur à zéro. Ensuite, l’appareil enregistre tout simplement les différences ascendantes et descendantes de poids sur une base quotidienne. L’utilisation quotidienne de SOMA par rapport aux balances régulières est de 87 % contre 14 %.

3. Équipe

Si vous avez plus de cinq employés, vous ne devez pas tous les présenter. Il suffit de mentionner les personnes qui gèrent les opérations. Poste, domaine d’expertise, réalisations passées, alma mater (le cas échéant, ou si pertinent) sont tout ce qui est nécessaire.

4. Créer de l’intérêt et présenter des données sur le produit

Même si vous n’en êtes qu’aux premiers stades de développement de votre produit cette section devrait être incluse. Votre investisseur potentiel ne s’attend pas à ce que la performance de votre entreprise soit au même niveau que celle d’une entreprise prospère, vous n’avez donc pas à vous soucier de cet aspect. L’objectif de cette section est de montrer que les gens veulent votre produit. Vous devez vous concentrer sur ce qui concerne les canaux d’acquisition de clients qui ont été testés, le coût d’acquisition de nouveaux clients, le taux de rétention, l’engagement des clients, etc. Si vous ne disposez que de peu d’informations, vous pouvez fournir des données économiques concernant ce que vous offrez (combien de clients vous avez, combien d’inscriptions par trimestre, le coût des marchandises vendues, les fournisseurs, etc.).

5. Volume du marché

Le marché dans lequel vous entrez en compétition représente un des éléments les plus importants pour influencer la décision d’un investisseur. Que vous cherchiez à vous insérer comme concurrent sur un marché important ou dans un créneau peut donner aux investisseurs une bonne idée du retour auquel ils peuvent s’attendre pour leur investissement. La taille du marché, la taille du marché cible, et le potentiel de croissance sont des éléments essentiels.

6. Concurrence

Même si vous prétendez être le premier dans votre secteur, vous aurez possiblement de la concurrence! Et même si personne ne vend le même produit que le vôtre, mentionnez des substituts potentiels ou la concurrence indirecte.

7. Coordonnées

Il va sans dire que les noms, numéros de téléphone — incluant les numéros de postes ainsi que les courriels de tous les principaux décideurs de l’entreprise doivent être inclus.

Ce slide deck ne devrait pas demander plus de deux minutes de lecture à l’investisseur! Sur le plan esthétique, assurez-vous que les couleurs sont bien choisies et subtiles. Rappelez-vous que le but de ce courriel est seulement d’attirer l’attention de l’investisseur et d’obtenir une réunion en personne. Vous ne vous attentez pas à ce qu’ils décident d’investir immédiatement, il s’agit ici de se concentrer sur les faits qui attireront les investisseurs et d’élaborer. Cela vient plus tard!

31Aug
How to Create an E-Mail Slide Deck for an Investor

E-Mail communication and etiquette is an integral part of business practicality. As an entrepreneur you will have many slide decks to prepare and send by e-mail prior to an in-person meeting with investors. Though you may find the information in your numerous slide decks redundant and contemplate one deck for all occasions, don’t. While it may take more time to customize your slide decks, keep in mind that your potential investors will want information catered to their needs and interests at a given time. When sending a slide deck by e-mail to spark an investor’s interest, a few rules of thumb apply. Be concise, skimmable and to-the-point.

Here is how you should consider structuring your concise, skimmable and to the point slide deck:

Problem Identification

At the very beginning the investor should know what the problem is. The way you articulate your problem is key. It should be specific, clear and easily comprehensible. This section should be building momentum for the introduction of your product or service as the solution.

Ex: Overweight people-66.7% of the US population refuse to step on the scale because their actual weight is too depressing, making it impossible to conceive how they can lose 20-40 pounds (the average an overweight American seeks to shed.) The issue is that voluntary weight loss without the feedback of a scale is essentially impossible.

Solution/Your Product

Don’t attempt to complicate things by explaining all of your product’s features. Leave that to the slide deck for the in-person meeting. For an e-mail deck, focusing on the user experience is your best bet.

Ex: SOMA indexes the user’s starting weight at zero. It then simply records upward and downward movements of weight on a daily basis. Daily use of SOMA vs. regular scales is 87% vs. 14%.

Team

If you have over five employees you do not have to introduce all of them. It is only important to mention the people heading the operations. Position, field of expertise, past accomplishments, alma mater (if applicable or useful) are what is necessary.

Traction and Unit Economics

Even if you are in the early stages of your product development this section should be included. Your potential investor will not expect your business’s performance to be at par with that of a successful business, so there is not much to worry about in that aspect. What this section should do is show that people want your product. Areas you must address should be with regards to: the tested customer acquisition channels, the cost to acquire new customers, retention rate, customer engagement, etc. If you do not have much information you can provide some of your unit economics (How many customers you have, how much sign up per quarter, cost of goods sold, supplier, etc.)

Market Size

The market you are competing in is one of the greatest influencers of an investor’s decision. Whether or not you are competing in a large or niche market can give the investor an idea of how much return they can expect from their investment. Market size, size of target market, and growth potential are the essentials.

Competition

Even if you claim to be a first mover, you still have competition! Even if no one sells the same product mention potential substitutes or your indirect competition.

Contact information

This is a given. Name, phone number with extension, and email, of all key business decision makers is to be included.

Your e-mail slide deck should not take more than two minutes for the investor to read! Aesthetically, ensure that your chosen colors are well selected and subtle. Remember that this is only to get an investor’s attention and to book an in-person meeting, not for them to invest. The key here is to focus on the facts that will attract investors to you, don’t worry too much about elaboration. That comes later!

29Feb
Mentorship for Entrepreneurs

PME funded business Main & Local talks about their experience with mentors.

There comes a time in every entrepreneur’s career when they are unable to make a decision or simply don’t know what to do, and require a certain amount of guidance. Asking for guidance is perfectly normal, but you must make sure you ask the right people. That is where mentors come in: a mentor is a successful professional that has experience in your industry, and helps your start-up by providing counseling and guidance.

Why do I need a mentor?

Getting a mentor can help you avoid some failure and will significantly shorten your learning curve: if you are unsure about which direction to take, you can ask your mentor instead of trying to do it yourself, and possibly doing it wrong. A mentor will also guide you. Sure, you are your own boss, but you still have to deal with investors, customers, and suppliers, so having a relationship with a mentor will increase your circle of confidants. Being an entrepreneur can also get quite exhausting emotionally and mentally: when you need support, you will always be able to turn to your mentor. If you are too emotionally invested in your start-up and can’t see things objectively, your mentor will be able to provide you with a fresh perspective.

Where can I find a mentor?

Note that some mentors work for free, under a volunteer model. Here are some examples of organizations that can help you find a free mentor:

ProMontreal Entrepreneurs: we match our mentor’s experiences to the needs of our mentees, and forge long-lasting relationships.
Yes Montreal: To apply to this mentorship program, you must be referred by a business coach. Yes Montreal mentorship provides entrepreneurs with a continuous mentorship relation for at least a year.

Other mentors require money for their services. The argument here is that mentors who have a monetary incentive are able to give better advice, and have better connections that they can introduce you to. Again, here are a couple of mentorship programs that function according to the paid model:

Highline: this organization offers a paid package where entrepreneurs can benefit from office space, mobile education, and access to a variety of mentors.
DreamIT: DreamIT is an accelerator that offers 3 to 4 month programs that include funding, training, and mentorship for experts across the United States.

I want to be a mentor. What’s in it for me?

Above all, there is the altruistic experience of helping a young entrepreneur seeking guidance and sharing your knowledge. Although this is a little cliché, changing an entrepreneur’s life can very well make your own life better. Furthermore, you never know where the relationship will take you: you might be pleasantly surprised. Many times mentors learn as much as the mentees do!

Apart from benefiting your own karma, mentoring will also benefit your career. Mentors are seen as more respected, knowledgeable professionals. You will improve your reputation in the business world, and will likely make new contacts that may be able to help you in the future.

Sounds tempting, right? If you are interested in becoming a mentor, why not consider ProMontreal Entrepreneurs. Our simple online application will get you mentoring young entrepreneurs in no time.

13Oct
Mastering Your Elevator Pitch

An elevator pitch is an ice breaker that will hopefully lead into a deeper dialogue about yourself and your start-up. It should be delivered in 60 seconds, the average time of an elevator ride. Your main goal in this pitch is to convey important information about yourself and your business, and encourage questions and interest from your prospect. Since you have a tight time frame, you should rehearse your pitch a lot! Ideally, your elevator pitch should be separated in 5 parts:

Who you are: “My name is Katherine and I’m the Program Manager at ProMontreal Entrepreneurs.”
What you do: “I provide coaching and information on the entrepreneurial ecosystem for start-ups in Montreal. I also manage a start-up fund.”
Elaborate: “I have guided [business name] since their very beginning, and I have helped them with identifying investors and setting them up with amazing mentors. Years later, they are one of the most competitive companies in their field.”
Leave them wanting more. Elevator pitches are meant to be short, so don’t try to pack in too much. Just enough to peak curiosity and hopefully have a follow-up meeting.
Closure: Stay in touch. Give out a business card and send them an email about something that helps them. “I really enjoyed meeting you. Here is my card, I’ll be sure to send you the address to that restaurant I was talking to you about.”

These are the basic guidelines for a successful elevator pitch. Here are some dos and don’ts to help you build a good pitch:

State some names: universities, awards, business name: you need to give the listener something to remember you by. You should try to say your business name a few times in your pitch.
Show your excitement and enthusiasm about your start-up. Be positive. State your goals, accomplishments, and positive experiences. Don’t say negative things about past projects, employers or other start-ups.
Be confident
End with a question. Your elevator pitch is not a one sided monologue, it is an interaction. After your presentation is over, ask a question to the person, including them in the conversation.

Don’t

Sound rehearsed. Your elevator pitch should sound like a conversation, not a prepared speech. Be natural
Don’t hesitate to develop different versions of your Elevator Speech for different situations and audiences.
Speak for too long. Your pitch should be one minute long at the most. The more you talk, the more chances you have of boring the other person.
Don’t forget to include your competitive advantage also known as your Unique Selling Proposition (USP)
Try to sell your product. This is where people will lose interest in you. An elevator pitch should, once again, be conversational: you don’t want to put any pressure on your prospect, or make them feel like you are trying to close a sale.

7Oct
All About Pricing

Your vision is amazing, and your product is great. However, making a great product and selling it are two different things. And without sales, your dreams of becoming a successful entrepreneur won’t go very far. The first step, and one of the most delicate in an effective sales campaign, is to price your product. When it comes to pricing your product, here are a few things to consider:

What is the customer willing to pay for my product?

Pricing the product is not only about you, but also about the customer. Find out what your product is actually worth. You can use surveys and customer research to accurately price your product.

Furthermore, you have to consider your competitors’ pricing. If customers are willing to pay $5 for your product but can get it from your competitor at $4, why should they buy from you? Price your product accordingly, for it to be competitive on the market. If your product is vastly better in quality than your competitors’, you can justify raising the price.

What kind of pricing strategy should I choose?

As the price of your products goes down, you will access a larger market, but will have to increase sales. Consequently, when the price of your product goes up, your market will be much more reserved, but you will have to sell fewer products to make profit. Balance this relationship until you have found your ideal customer base. You can always adjust your prices in order to meet your customers’ needs.

Decide on a pricing strategy. There are two options to choose from: market skimming, or market penetration. Market skimming involves introducing your product onto the market at a high price to account for potentially low initial sales. If your business is new and relatively unknown to the public, this may be a good strategy. As you establish your customer-base and production costs start to decrease, you can begin to lower the price of your product incrementally (i.e. skim the price). However, be sure that you can justify the high price with quality and add-ons (customer service, support, shipping, etc).

How do I want to sell my product?

Consider different options when it comes to selling your product. You can bill your customers with one-time payments, but also with monthly or yearly subscriptions. This will allow you to not only make the sale, but to keep the customer coming back and renewing. Depending on what kind of product or service you are selling, you should consider different payment plans.

Create different options for your customers to buy: three is ideal. You can have a basic, upgraded, and premium option. By doing so, you will attract a larger market by selling your basic version but will still be able to make sales to people who want a little more with your premium option. Consider a computer: you can buy the same brand for $400, $1000, $2000, etc.

Discounts, benefits, bundles.
This is an important step in pricing your product. You need to create some kind of initiative for customers to buy your product. You can do this in different ways:

• Discounts: Discounts are good to attract a boost in sales or new customers, but they should not be overused. If your product can only sell during discounts, there might be something wrong with the product or the pricing.
• Bundles: Again, don’t overuse this. By promoting sales in bundles, your sales will inevitably go up, but your profit per item sold will decrease. Balance your prices and bundle quantities accordingly.
• Benefits: This can work in two ways. You can create some kind of monetary benefit (buy five and get the next one free kind of deal) for your regular buyers in order to secure a solid customer base. The second way, which is a lot harder to achieve, is to create a social benefit. In this case, customers will partly be buying your product for the social status it gives them, and not only for the product itself. Think of expensive watches, cars, etc.
In order to sell your product at a high price, you have to ask yourself: have I given the customer a reason to pay more for my product? In order to sell your product at a competitive rate, you need to bring something that your competition does not offer. This can be clear differences or perceived differences. Let’s say you are selling coffee for example: if your coffee is simply better than anything else on the market, this is a clear difference that will allow you to raise your price. If, however, your coffee is average but has a fair-trade policy as well as an environmental one, this is a perceived difference.
Remember that once your pricing is done, it is not set forever. You will often have to change your prices due to competitors, supply and demand factors, and discounts. Do your research, evaluate your product, and set a price!

30Sep
Angel Investors

Sometimes, big venture capital firms are not the answer to funding your start-up. A good alternative is angel investors.

Angel investors are usually wealthy individuals who want to invest in a start-up with their own money in exchange for convertible debt or ownership equality. Contrary to popular belief, angel investors are not that hard to find. Here are a few places where you can start your search:

Your personal network. An angel investor can be anyone with enough money to be able to believe and invest in your start-up. Ask your friends, family members, or other connections: maybe they happen to know such a person.
Attend events such as the International Start-Up Festival, where angel investors can often be found. The goal of these kinds of events is to facilitate the connection between entrepreneurs and angel investors. Make sure to print out some business cards and rehearse your elevator pitch!
Browse online directories to find angel investors near you. The biggest and most important directory of angel investors is AngelList. With the growth of the Internet, angel investors are now easy to find: check out some local sites like Anges Quebec, and connect with an investor you are interested in.

You may be wondering why you would want to trust an angel investor? Although they are individuals rather than firms or banks, angel investors do have their benefits:

If your Startup is not in the Tech industry, a VC investor will be hard to find. Angel investors however, tend to invest in many different verticals, so you can broaden your start-ups financial access.
The selection process and due diligence is done relatively fast, so you can expect your money to arrive quickly. Also, it will most likely arrive in one large payment, as opposed to meeting certain benchmarks for installments to be made.
Angels can be more accessible when larger firms: since you are dealing with an individual, it is easier to build a connection and see what they are interested in. Remember they can be living a block away from you!
Angel investors are more likely to take big risks: as they either have experience with entrepreneurship or have a personal relationship with you. They understand the implied risks and will not constrain you as much as financial institutions would.

Sounds like a good deal, right? However, despite their benefits, angel investors also have disadvantages:

As they take a lot of risk and invest personal money, angel investors expect a very high rate of return, sometimes over 25%.
Since they are investing their own money into your start-up, angel investors will want to be kept informed of all of your company’s actions and decisions. You investor may also feel entitled and will want to take an active role in your start-up’s decision making process.
Your investor’s money is not a loan, so you don’t have to repay it. Although this could also be an advantage, it will lead you to lose money if your start-up is extremely successful. You will have to give your angel an equity for the deal, which could add up to a lot of money in the long run.

Angel investors are good alternative if you can’t, or simply don’t want to deal with big venture capital firms. However, make sure you pick your angel investor wisely, and consider all aspects and consequences of the deal before you make a decision. Remember that although angel investors seem like a sweet deal, it may lead you to losing money or losing control of your start-up in the long run. As always, do your research.

22Sep
Incorporating a Business in Quebec

Incorporating

Incorporating a business is usually highly advantageous for entrepreneurs, but can be a long and complicated process. When a business is incorporated, it becomes legally separate from its owners, and can act independently from them. According to the Entrepreneur website, incorporating a company provides the company with most of the legal rights granted to individuals, with the exception of voting rights.

The biggest advantage of incorporating a business is the limited liability that it brings to the owners. Once a business is incorporated, it becomes a separate legal entity. Any debt that it has or any outstanding loans are the responsibility of the company itself, not its owners. If the company goes bankrupt, the individual finances of the owners are not affected, and any claims against the assets of a corporation are not the responsibility of its shareholders.

However, incorporation comes with enormous amounts of paperwork that, although it is a separate legal entity, the company can’t fill out itself. Owners must constantly document all major activities and transactions made by the corporation. Filing these documents becomes a lot more complicated once the company is incorporated.

In every Canadian province, the laws concerning business incorporation are different. However, you may choose to incorporate under the federal jurisdiction or under a provincial jurisdiction. As a general rule, if your company is active in only one province, incorporate provincially. If it is active in more than one province, incorporate federally. Incorporating provincially is less expensive, but usually takes a lot more time, and has a weaker name protection policy. Furthermore, you will only have to file one set of annual corporate fillings, while you will have to file two on the federal level, making things a little more complicated. Some provinces have unique rules: for example, Quebec is the only Canadian province that has no residency requirements for Directors. In Quebec, here are the steps to incorporating your business:

Establish the name of your business

If you decide to name your business, the process of incorporation will be longer and more demanding. Provincial laws dictate that the company name be French, but is allowed to have an English version. However, the English version must be a direct translation. You can also number your company: the government will automatically select a number for you, which will greatly speed up the process.

Designate your head office and company leaders

The company must have a residential or commercial address in Quebec. If it does not, you may have to consider getting a Virtual Office. After your address is set, you must provide the Director of the company, along with his or her personal details: this personal does not necessarily have to be a Canadian citizen. The company must also have officers: the government of Quebec requires each company to appoint a President and a Secretary. Finally you must provide the government with the names and addresses of the shareholders of your company: each company must have between 1 and 50 shareholders.

Structure your business

You need to provide the government with the number of employees that you have as well as with all of your company’s business activities. Furthermore, all companies must determine, at the time of incorporation, their capital stock structure, restrictions on stock transfer, and limitations on business activities.

Incorporating your business has many advantages, but it must be done right. Before incorporating, consider speaking to a legal expert to make sure you meet of the criteria and that your business is ready for that next step.

16Sep
ProMontreal Entrepreneurs Application Process

9Sep
Tips for Getting Into PME

PME tips Accelerator

Tip 1: Apply early

We start reviewing applications on a rolling basis as soon as the application window opens. More than half of the applications come in on the last day. If you want us to spend more time on your application, get it in early. We get a lot of funding applications, so this is your chance to stand out. If you wait until the last minute, our review of your file will also be last-minute, and there will be no edits.

Tip 2: Put effort into your application and give as much detail as possible

The fact that we are a social business does not mean that we are not a serious program. Review your application before submitting it, and make sure it is complete. Don’t assume that you can submit a poor application with missing documents and then send us the rest in a few weeks.

Tip 3: Come prepared

You need to convey who you are, why your business is interesting, and be prepared for us to dig into everything from your unit economics and customer acquisition strategies to long-term plans and where you met your co-founders. Make sure you prepare your file and have all of the required documents when you come to your meeting. Arrive on time to your meeting with all the required documents, and be professional.

Tip 4: Research the program

Make sure that PME is right for you, and that you are right for PME. Know what our terms are, know how we work, and come prepared to tell us what you want from PME. Read about our selection criteria and about the requirements you need in order to be eligible. Do not apply if you did not read the criteria, or if you do not meet some of them: we will not make exceptions. Make contact with our funded entrepreneurs to find out how PME has worked for them, and see if you can benefit in the same way.

Tip 5: Tell us what you’ve learned

The most important skill you can have is the ability to adapt quickly. Tell us what you’ve learned. What were you wrong about? What’s your unfair advantage? Describe what you have done since the launch of your start-up, and what you have learned about the industry and entrepreneurship in general. Show us that you have grown as an entrepreneur, and explain to us why you are ready for funding.

Tip 6:Tell us your vision (why you are doing this?) and how you’ll grow

Where are your customers? How will you reach them? Tell us what you’ve done. Unscalable growth is fine (and reflects hustle), but ultimately we’ll need to see a path to scalability. Explain to us how you intend to grow, how you will market your product and sell it, how you will target new markets and expand your customer base, and how you will innovate and further develop your product. You need to convey a realistic long-term plan to make your business credible.

Tip 7: Make sure we understand your traction

You must be able to prove that your start-up is growing and has made significant progress so far. By providing factual growth evidence such as sales records, you are reducing the risk that comes with the investment, improving your chances of getting into PME. Traction can also be proved by the amount of active users, or the amount of views on your website. As we cannot simply fund ideas, you must be able to show that your business has already attracted customers and that your product can sell.

I hope this is helpful. We’re grateful for all the amazing companies we received applications from. Application is open NOW, so apply here. And good luck!

2Sep
VC Funding 101

Your business idea is great, but you are still having trouble getting funded by a venture capital investors. When funding businesses, VCs look for certain characteristics, to ensure that they make a return and that they minimize their risk. Here are some of the criteria VC’s look for:

Market Size

One of the most important things that VCs consider is market size. If your business only has operational potential in a certain neighborhood, you will have trouble finding a VC: your idea needs to be global, or at least be a part of a massive addressable market. For example, if you own a local sushi shop, you will have trouble finding VC funding, as your idea does not address a global market for fish and rice.

Scalability

If your market size is large enough, the next thing to consider is the scalability of your business. Very often, VCs look for businesses that have a large growth potential. This means that once your product is developed, manufacturing should be relatively inexpensive and barriers for distribution should be minimal. If your product is cheap and can sell easily, you have more chances to attract VCs.

Time Horizon

You will need to show your investor that you will be able to grow your business substantially in a given number of years. Each investor has a different time criteria, but expects a good return after a given amount of time. This is why it’s crucial to have a good and well-founded understanding of your profit projections.

Team

Your team plays a crucial role in determining if you will get funded by a VC. Since your start-up is still in its early stages, chances are that your product and your market fit is less than perfect, and will have to adjust overtime based on customer needs and other different factors. Due to this uncertainty, VCs prefer to bet on the team rather than the start-up, as it is the factor that is the less likely to chance. Make sure your team is skilled, motivated, and willing to evolve with your start-up.

If your business does not meet these criteria, it does not mean it is wrong. You will simply have to look elsewhere for funding, as you will have a hard time with VCs. You can look for other kinds of investors or consider debt financing. Remember that not all VC firms are the same, and they all have different criteria and interests. VC funds are always picky about the start-ups they invest in, and you should be too. Before applying for a fund, do your research: find out what kind of start-ups the VC usually funds, what they are known for and how they can make your business grow. This will improve your chances of getting funded, and will help you find an investor that can truly be helpful for your start-up.