We've spoken to a few investors about our university spinout, and the answer keeps being some version of “interesting, but you're too early.”

I'm trying to work out what that actually means. Is it one of these?

1. We don't have enough paying customers yet.

2. The product works, but there's not enough evidence that people will pay for it.

3. We need a more experienced founding team.

4. The technology is promising, but the commercial opportunity isn't clear enough.

5. They just don't want to invest and “too early” is an easier way to say no.

I can work with specific feedback. What frustrates me is being told to come back in six months without knowing what I'm supposed to achieve in those six months.

For founders who've raised investment, which milestone actually made the difference for you? And investors or people who've worked with them, is “too early” usually a genuine assessment or just a polite rejection?

“Too early” is investor for “not convinced yet” half the time.

I'd stop trying to decode the phrase and ask what would actually change their mind.

I'd ask them what they'd need to see before investing.

“More traction” is pretty useless feedback if they won't explain what that means.

@James has a guide to raising capital on here that might be worth a read, especially the bits about the business plan and pitching.

38 minutes ago, Connor Takeuchi said:

We've spoken to a few investors about our university spinout, and the answer keeps being some version of “interesting, but you're too early.”

I'm trying to work out what that actually means. Is it one of these?

1. We don't have enough paying customers yet.

2. The product works, but there's not enough evidence that people will pay for it.

3. We need a more experienced founding team.

4. The technology is promising, but the commercial opportunity isn't clear enough.

5. They just don't want to invest and “too early” is an easier way to say no.

I can work with specific feedback. What frustrates me is being told to come back in six months without knowing what I'm supposed to achieve in those six months.

For founders who've raised investment, which milestone actually made the difference for you? And investors or people who've worked with them, is “too early” usually a genuine assessment or just a polite rejection?

But honestly, I'd still push those investors for specifics.