Really interesting, I applaud the effort and hope there are more similar studies done...but I just can't buy the "Rule of 10" conclusion. Much more to the point is your "nail the message"point, which might be followed by a "lemming rule"--it's always easier (and less risky) for investors to pile on rather than pioneer. I'm a big fan, and have invested multiple times with AngelList. But studying it shows me that it is as much about getting momentum via a bandwagon effect, and that is only done when others sign on...i.e., social proof is big. In contrast, angel groups, which can appear to be big wastes of time, are an efficient way for someone early not just to reach many at once (in which AngelList is really key), but more importantly get live and immediate feedback on messaging, as well as getting champions willing to give introductions, support on AngelList. Most important, of course, is getting someone to break that initial inertia, showing there is always a place for the earliest "friends, family, fools" component.

As for seasonal timing, I suspect this is right, but that's the time to do that message honing, when the downside is lowest. I also would never approach the best prospects earlier.

Finally, the best way to get funding is to have both credibility, practice, feedback and mentorship--meaning that any early company should kill to get into YCombinator or TechStars, and strongly consider programs like MassChallenge. The first two virtually assure a strong funding platform, and MassChallenge, while intentionally not as selective and therefore less intense, still provides a valuable way to get your act together. Moral--any way you cut it, you've got to have your act together, making you either a) a seasoned entrepreneur, or b) in it, fully committed, for months before you can have hopes to get together a meaningful round.

Ty, thanks for your thoughts. Yes it's hard for me to swallow the Rule of 10 too, but there it is -- diagramed out over 14 weeks of sweat. If you look at the bottom 1/3 of the infographic (which Brendan cateogrized as 'time wasters' you can see all the one-to-one intros and that none of them worked out (save one, which was actually a friend of mine I knew from before the raise.)

So all I can say is that it held true for me. That may have more to do with my personality or our company, who knows. I hadn't actually even realized it until Brendan and I went over the infographic together.

DROdio

Yeah thanks Alex. That was all Brendan. He toiled through all the connections to get it figured out.

Daniel, what do you think is the reason for Summer being a difficult time to raise funds? In DC I would guess that's when people tend to take vacations with their families and it might be harder to nail them down, however that's just a guess on my part.

holy crap! this is one of the coolest things I've ever seen! Great work Brendan on the infographic + slides and same to you daniel, great post!

Daniel, I spoke to Scott Suhy for advice on my early start-up and he recommended I review your blog. After reading several posts, its hard to determine which one to respond to - they are all so relevant and pouring great insight / wisdom. Anyway, just want to say thanks for being you and being passionate about supporting us struggling entreprenuers during sometimes a lonely trek in the very beginning. I would love to have coffee with you in DC and get to know you better, Scott mentioned I must have met you a few times becuase I use to spend time at PointAbout when it had free space. I'd love a copy of the AngelList materials. Be Well and looking forward to reading more. BTW, I use to work for the mayor's office , so I would love to help influence DC's entreprenuer spirit and have a very persuassive way of getting things done in local government. Cheers

thx man!

Thanks Dahyu -- sent you the materials. I'm in SF now, but come by for lunch next time you're in town. We cater lunch for our office every Monday through Thursday. Addy is at http://go.GetSocialize.com/sf-office

Amazing visualization of data.... Hum... how this could be used in real estate.

Raising money is hard work. I applaud what you accomplished, but take issue with the assumption around your rule of ten. Any entrepreneur that doesn't follow up on every single investor lead he gets is lazy, a flake, or has a method and a deal that is very unique. I recently did a Series A Preferred offering across A & B rounds and raised over $6.5 million from high net worth individuals. We made roughly 85 pitches and closed 56 investors, including $1.25 million from a Swiss private bank; we went to Zurich twice to do it. And, at the bottom line, the two founders kept voting control of the company - something a VC would never allow for that much money.