That’s four meetings each business day. It’s a brutal number. Here’s why you should try it.
The 5-100-500 Rule
500 Startups partner Elizabeth Yin coined the term “5-100-500” after considering the dedication needed for fundraising. How can you look at the process in a way that best clarifies how difficult it is? Here’s Yin’s solution:
How It Works
Well, it might not. This isn’t a science. But you need practice at pitching and you need a sense of urgency. You’ll get both from a jampacked schedule. Better yet, you’ll have a lot of momentum, since you won’t be giving yourself time to cool off or start dreading the next meeting before you have to do it. And there’s one more important reason behind why you’ll want to take so many meetings: And, if just the thought of 100 or 200 meetings makes you give up, then you know you should stop fundraising immediately! It’s an even easier way to test your resolve. One of the reasons for having this rule of thumb is so you can know when to stop fundraising. Sometimes you just need to throw in the towel on fundraising, make more progress, and then go back out and hit the pavement again later. And that’s ok. There’s nothing wrong with this.”
