Yes, warm intros are the best way to approach investors and should ideally be your Plan A. But what if you can’t get one?
As I’ve discussed in the past, cold emails can also work well, and while it takes some research to build a good list of investors, it can be done quite easily. However, as someone who researches and writes for a living, I underestimated how difficult writing the actual email itself can be for people who don’t write all day, every day.
Recently, while working with a pitch coaching client, I offered to share my screen and show how I do investor research and draft cold emails. The client was surprised enough by my process that it served as a reminder that not everyone knows how to prospect and make cold emails. This article hopefully helps!
So! In this article, I’ll show you how to write relevant, targeted emails that get investors to lean in and pay attention. Believe me, this approach really works: At some of my previous startups, I had response rates of over 80% on some of these emails.
Can’t you just use a template? Well no, not really. Or rather, not completely. Put yourself in the shoes of a VC: You often get completely generic emails that are just there to pitch, regardless of whether you’re even remotely interested. Before you’re ready to send cold emails, make sure you really understand how VCs work and what a VC investment thesis is. Once you have a good understanding of these two concepts, you will know why emails need to be tailored to their audience.
Here’s how to make sure the email gets to the right place and what it should include: