New Jersey continues to bolster its vibrant startup ecosystem, recently ranking third in the nation for VC deals in the first half of 2024. In alignment with this momentum, the New Jersey Innovation Fellows (NJIF) program, in coordination with New Jersey Innovation Institute (NJII) and Rowan University, recently led a panel of leading investors from across New Jersey to coach NJIF participants on how to pitch to equity investors.
The session featured an expert who shared their insights and experiences with the NJIF participants. Panelists included Mark Kolb (Tech Council Ventures), Roger Braunfeld (Royer Cooper Cohen Braunfeld LLC), and Perri Richman (Black and Latino Angel Investment Fund), and was moderated by Dr. Michael Dominik (Rowan). Each panelist brought a wealth of knowledge, offering practical advice on crafting compelling pitches, understanding investor perspectives, and navigating the complex VC landscape.
For early-stage entrepreneurs, access to seasoned investors and their insights is invaluable. New Jersey’s top ranking in VC investment isn’t just a statistic—it’s a reflection of the state’s robust startup ecosystem and the increasing opportunities available for founders. However, securing funding is no small feat, especially in a competitive environment. That’s where events like the NJIF learning session become critical.
The panelists offered essential tips to guide founders through the complex fundraising process. Perri Richman emphasized the challenges, stating, “Fundraising is not for the faint of heart.” This underscores the need for resilience and patience in the journey. Richman also advised against overextending early on: “You only raise what you need to hit your first milestone.” This approach ensures that entrepreneurs maintain focus and credibility with investors.
Furthermore, the panelists highlighted the time commitment involved in fundraising. Founders often underestimate how long it takes to secure investment. As Roger Braunfeld shared, “Trust doesn’t just happen overnight, so the time from your first conversation to raising capital could be 12 months.” Setting realistic timelines and treating fundraising as a primary focus can significantly increase a startup’s chances of success.
Mark Kolb further elaborated on what investors look for, saying, “Investors are not just looking at the idea; they’re evaluating the team and their ability to execute. A strong pitch is one that convincingly connects the dots between vision and execution.” This insight highlights the critical importance of not just having a great idea but also being able to demonstrate a clear path to success.
With New Jersey’s startup ecosystem thriving, the onus is now on entrepreneurs to capitalize on the available resources. The NJIF session was more than just a workshop; it was a call to action for founders to refine their pitches, build meaningful investor relationships, and leverage the state’s growing reputation as a venture capital hotspot.
For NJIF participants, the next steps involve applying the insights gained from the session to their own fundraising efforts. This means not only crafting a compelling narrative for their businesses but also actively engaging with the investor community across New Jersey. As the state continues to attract more VC dollars, the timing has never been better for startups to secure the capital they need to scale.
The success of New Jersey’s startups will hinge on their ability to pitch effectively, connect with the right investors, and execute on their vision. With the guidance of seasoned professionals like Mark Kolb, Roger Braunfeld, and Perri Richman, NJIF participants are well-positioned to navigate the challenges of fundraising and take their ventures to the next level.
NJII’s Entrepreneurship Division is committed to the growth and development of startups throughout New Jersey. New Jersey’s rise in the VC rankings is a testament to the state’s vibrant innovation ecosystem. By sponsoring the NJIF program and providing resources to newly founded companies, NJII is not only ensuring that startups achieve necessary funds to further their work, but also maintaining the overall growth and acceleration of New Jersey’s startup economy. NJII has profiled two companies participating in the NJIF program, AnataMed and MyFitPlate, which you can read about on our website.