Just a little over two years ago, I took my first Investor Meeting. I was meeting E , Seasoned head honcho at a VC preparing to relocate to Nigeria, he had seen it all before. He was at the tale end of a whistle stop trip to Nigeria and I wrestled a meeting via linked in and a referral.
I was still at Google and Fashpa was still my side gig. I was still perfectly manicured, hair all done up and I looked the part. BUT, I was nervous I had never spoken to anyone externally about my company, and I wasnt even sure what my ask was. Nevertheless I figured it was good to get a feel for what “VC’s investors look for? and great to network for when I was ready. I prepped up on my numbers , industry, our hockey stick metrics etc.
We met at blowfish at around 4-5 , it was raining, I was early. He was late. He asked me all this weird questions, Like why should I invest in YOU? whats makes you great? When have you failed before? Why this Idea? I said things like “hypothesis” when describing the concept familiar from my Mckinsey days, he didn’t seem that moved. And then he asked, so why would this Fail? errrh Fail, like not work out? I had it all figured out, I know the market , it was huge ( 10 billion dollars anyone), I was a first mover in fashion online in Nigeria, I was focusing on a niche, I was putting together an epic team, this is not GOING to fail. So I really didn’t have an answer.
I know better, and a million and one reasons why I could fail.
I wasn’t really an entrepreneur at that time. I am now.
You have to accept / understand/ failure in order to win.
Honey ogundeyi 