I was at the Funding Feeding Frenzy last week as a presenting company for my startup Storymix Media, (an automated video creation platform). When I had mentioned to a few friends in the startup / tech scene in Chicago that we were attending, the first reaction I got was, huh, I thought that thing was a scam. My response was, I hope not.
Well after attending I can definitely say it is not a scam. As with most things, a big part of its value is what you put into it. And I will definitely give props to Dave Culver who runs the event for working with us to help make it as beneficial as possible. He spent a lot of time coaching and reviewing our presentation so it would have the best shot at attracting investors. Dave and his team really prioritize putting the entrepreneur first.
It might be helpful for those interested in presenting at another FFF to understand what it is and what it is not. It is not an investor pitch at a VC or angel group. It is not a demo day like at Excelerate. I know, because I've done both (Storymix was part of Capital Factory 2011 in Austin).
The format is setup to make a presentation to a panel of tech / startup / investors for 10 minutes. Of course there is a crowd watching too. Then the panel spends 10 minutes asking questions and poking holes in your business plan. At the conclusion, the panelist all show a placard which reveals their opinion on your company - Fund Yourself, Keep Fishing, or Fundable.
We were hoping to get some different perspectives than the typical VC and angel groups which are the most accessible to startups here in Chicago. And by that account it was a real success. The panelists had some tough questions and brought up concerns we hadn't heard before. Ultimately they all told us to Keep Fishing because they had concerns on our ability to process a massive influx of orders. We've already begun to address that issue.
Don't expect there to be 50 investors waiting to speak with you after your presentation. Like most events of this nature, you need to network and meet as many people as possible. I've already lined up a few meetings with angel investors for next week and even if they don't lead to any funding I know their advice and feedback will be nearly as valuable.
So, the FFF is definitely not a scam. And depending on the stage of your company it might be a good event to attend and present. One last bit of advice, contact previous companies to learn what their experience was and how you can be prepared to get the maximum value from it.
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