According to Jed the environment for funding is actually getting better. He recommends entrepreneurs looking for funding have a great plan, a solid team and start building momentum so others believe your business as well.
How do you demonstrate good momentum? Jed shares that there are different ways to demonstrate momentum including building out a piece of great technology, signing up early customers or number of users.
For seed deals ranging from $250,000 to $1million the milestones include have you built initial technology, put together some team and are you targeting a big market. For later stage deals you have to prove that the model is scalable and your target market is big, defined as ability to get to $100M in revenues.
He shares that its getting harder to define whats "hot" but the business must be capital efficient and scalable.
Mistakes to watch out for: creating a solution in search of a problem, hiring wrong early, raising wrong amount of capital which could be too little or too much. Jed shares some great parting shots so watch the video to get those final words of wisdom.