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About the Episode
Are you considering raising money for your company? Well today’s guest recommends having a rolling seed round and how to actually execute it. Also, if you have trouble talking to strangers to get user feedback then listen to his strategy on how he actually approached teenagers with mockups of his app.
How to Effectively Use a Rolling Seed Round
Setting a specific date to raise capital investment may be good but Iddo believes that if you already having an interested investor weeks before your set date to accept investors, there is no point in waiting. This is the rolling seed round. To take advantage of the rolling seed round, be ready with the documentation so the agreement can be sealed anywhere. The fine points of the contract do not have to be discussed at this point; just do a generic agreement which is applicable to all investors. As long as the investor is aware of the risks, i.e. that they can lose all of it, take the money and make it easy for the investor by having ready, convertible notes.
How to GetFeedback from Teenagers
Teenagers are always interested in messaging; they are probably the biggest group using messaging in the world. If an app developer goes out there and talks to teenagers about putting apps on messaging, chances are, the developer has to make excuses later so he can leave. Teenagers are just into messaging and will talk incessantly about improvements on it. The developer just has to look official. Iddo suggests a company T-shirt announcing your company and what it does are good ideas. He also suggests further to bring along a notepad and look as though you are going to note down everything they have to say. Teenagers will give feedback gladly.