1 minute read / Oct 24, 2012 / fundraising /
Demo to term sheet in 3 hours
I met the Electric Imp team in April. I had bumped into one of their engineers at a party and he pinged me a few weeks later to say he was working for a startup and the company was raising. The company came in to the office on a Monday at noon.
Hugo, the founder, Electric Imp demoed their product to me. Ten minutes in, I stopped the pitch meeting, pulled 3 partners from their Monday partner meeting, and issued a term sheet that afternoon. The demo was just that compelling.
Electric Imp’s demo had three key parts:
- A simple and clear story line, that the audience related to, describing how a user might use their product to solve a problem and improve their lives.
- A beautiful product that inspires. Though the software was raw, the hardware and software worked together flawlessly and everyone in the room had a clear picture of the way the technology could change the world.
- Well practiced delivery. Smooth, crisp and clear.
Clearly, this process is an exception. But great demos close customers, investors and candidates because they sell the dream. Invest in your demo - they embody the vision, passion and aspiration of the company.