I started to realize that Demo Days might be getting stale when an investor at one of our events told me to share the highlights after the pitches were done — he would be out in the hallway with a beer.
Another time, an investor said he wanted to quit his job and build a startup that goes to pitch events on behalf of other startups. “I’d make a killing taking a percentage of the prize money!” he told me. “These things are rigged!”
Think of a startup pitching for funding. What comes to mind? It’s likely the “Demo Day.” A startup stands onstage, going through slides in front of a packed room, with expert judges onstage ready to give feedback. Maybe there’s some prize money. It’s an entrepreneur’s best shot at getting the funding they need — or at least some attention.
Except, as we at Village Capital have learned, Demo Days are not the best way to help most entrepreneurs get the funding they need. And in the long run, they are not helpful for investors, or the broader ecosystem — in fact, they aggravate blind spots that investors already face.
That’s why we made the decision to ditch the Demo Day — and why I encourage others to rethink how they support innovation.>>> READ MORE at: