Fight the good fight: 3 tips for entrepreneurs seeking VC during a global crisis

Thinking about venture capital may feel odd during a global crisis, but the fact remains, companies are still closing major funding deals though there has been a national decline in recent quarters. So, how were they still able to secure funding?

Recently, Technical.ly aired the first season of our investing podcast “Off the Sidelines,” which gathered stories from investors and experts about how to get involved in startup investment. This effort was part of a pilot with Project Entrepreneur and supported by UBS.

Pulling inspiration from the podcast, venture capital experts spoke on a panel discussing how more people can get involved in investing at a time like this. This discussion came on May 7 as part of Technical.ly’s first Introduced|Virtual conference, a daylong conference focused on various aspects of building better businesses.

During the “Off the Sidelines: New Wealth, Impact, and Underrepresented Investors” panel moderated by the podcast’s cohost, Abby Lee Mosconi, attendees heard from these speakers:

• David Hall, partner at Revolution
• Tracy Chadwell, founder of 1843 Capital
• Angela Lee, founder of 37 Angels
• Astrid Scholz, CEO of Sphaera

If you weren’t able to watch the panel live, you can view the session below:

If you’re contemplating seeking funding or you’re already on the hunt, here are some tips and thoughts from the panelists on raising venture capital during this time:

Any time may be a good time to raise funding.

“I think it’s always a good time to be an entrepreneur if you have a great company, solving a real need,” Chadwell said. “And that’s always been the case.”

Each of the panelists shared their thoughts on why now — perhaps more than ever — is a good time to put your idea in front of people who can invest in it so it can grow.

“It’s a good time to be an entrepreneur who is solving systemic problems and who is maybe innovating or inventing new categories,” Scholz said. “We’re solving for a whole new raft of opportunities that didn’t exist in February but exist now.”

Is it a good time to be an entrepreneur seeking funding?

David Hall: "The tech community in general was born out of the last recession." He says it's a great time to be an entrepreneur with an idea to solve real problems. #PTW20 #Intro20

— Technical.ly Philly (@TechnicallyPHL) May 7, 2020

Entrepreneurs, not everyone will say yes — and that’s OK.

Hall stressed that entrepreneurs should always be optimists, especially at a time like this. Lee also noted that in the short term, hearing no may hurt for entrepreneurs, but in the long run, it’ll help you better fine tune your ventures before landing that funding that will impact your business the most.

"You're going to hear no a lot more." -Angela Lee says about being an entrepreneur at this time seeking funding. She said she doesn't see this as a bad thing though, since entrepreneurs will be able to take those nos to improve their ideas. #PTW20 #Intro20

— Technical.ly Philly (@TechnicallyPHL) May 7, 2020

Don’t give up!

There will be some transformational changes in the entrepreneurship sector and how investors consider putting funding into new ideas. You can’t hear no unless you try, right?

"I hope the capital takes the risks, and I hope entrepreneurs keep fighting the good fight." -David Hall said he's optimistic and hopeful, even though it will take some time for the shock to work through the VC system post pandemic. #PTW20 #Intro20

— Technical.ly Philly (@TechnicallyPHL) May 7, 2020

Catch the full day of panels on YouTube. Shoutout to Breakthrough Visuals’ Terry LaBan for illustrating our panel live — and watch his process here:

If you’d like to show your appreciation for our free programming and support our independent newsroom, considering donating to the Technical.ly Journalism Fund, of any amount, including the organizational level of $1,000.

Philly Tech Week 2020 is more like Philly Tech Year, with more virtual events like this coming throughout the next few months. Get updates on speakers, sessions, attendee specials and more by signing up for #PTW20 emails today: