Question: We have a meeting with a VC scout who reached out to us and we have
some questions on how to prepare for this meeting
Answer:
The best way to think about it is that these are angels investors with a thesis. Meaning instead of opportunistic investments, they're allocating a set check size in a certain area. Usually especially true if at a larger fund, ie $300M+ fund. Otherwise, if they're a scout at a Fund I-III, they most likely won't have checkwriting abilities. Not that you should discount their thoughts, but know that going in, and getting a champion internal to a firm is always better than no champion at all.
Metrics are always helpful if you have awesome traction. But in general, narrative and really, just getting them to like you go a long way. If it helps, think about this way. By the end of the first meeting, your goal is:
1/ To have a champion who gets really excited about you. In many ways, it's almost better for them to like you as a human being than just for your business
2/ Keep your pitch concise. Most scouts play a game of telephone that eventually lead back to the partners. Figure out the shortest, easiest to understand version of your pitch that isn't too generic.
(Credit: David Zhou)