Written by: Dr. David von Rosen-von Hoewel
Most founders play a numbers game when searching for early-stage capital, firing out hundreds of pitches to investors they’ve barely researched. I did that myself when trying to get my first venture, CareerConcept, off the ground. I'll argue here that this is the wrong approach.
The idea was to help students fund their university fees with a pre-determined percentage of their future income. It was novel and untested, which made it difficult to find someone to take a chance on us.
I handwrote letters to all 250 people on the German rich list. I didn’t bother to read about what area they worked in. If they were on the list, I pitched them.
And then, I waited...
Until, months later, I received a single response from Susanne Klatten, the majority owner of BMW and Germany’s richest woman.
Susanne was the perfect fit. Not because she was wealthy, but because she was already actively supporting education and social impact causes in Munich. We were a good fit for her, and she was a perfect fit for us, giving us institutional credibility in Germany and targeted support.
I was lucky in this case that the right investor effectively fell into our lap. But the lesson I’ve taken forward is this: it’s more effective to focus on pitching a small number of investors that vibe with your company than it is to go out to hundreds.
Carefully handpick 5 to 10 investors. Research them deeply. Understand what makes them tick. Then reach out to them in a personal way that shows you’re choosing them, not just chasing their capital.
That’s how you find the right investor for your business. And by ‘right’ I mean someone who actually gets behind what you’re trying to do. Who has relevant expertise you can learn from, targeted contacts you can utilize.
Those factors ultimately matter just as much – if not more – than the capital itself. Because early-stage investors are formative to how your company evolves. And the wrong investor can pull your company in a direction that doesn’t align with your vision.
But finding that right fit investor is only half the battle. The next part is getting them as interested in you as you are in them.
Most investors are inundated with generic outreach. That’s only got worse recently with AI. I personally get hundreds of people asking me to invest every month, and I disregard most because they're clearly not a fit for me. I can usually tell within a sentence or two whether they’ve researched me and my FO or not.
To get an investor’s attention, you need to consider not just how they can benefit you, but how you can benefit them – beyond the financial returns. That’s what gets you a response.
I’ve found that investors are looking for a company that fits with the brand they’re forging for themselves. They want to be seen as the investor supporting students, or innovating in clean energy, or backing female founders. Whatever brand speciality they’re building, you need to fit into it.
Your pitch has to position the offer as a way for them to further that image or mission. It should answer the “what’s in it for me?” question before they have to ask.
Sure, some investors are only in it for the financial returns. Sometimes that's fine. But if you're early stage and looking for a single investor and their involvement, their passion, and their contacts, then finding a mutually beneficial vibe, mission, or speciality with your investor is a must.
So, if like I did, you have a new idea that no one is getting behind, stop wondering if you've pitched enough people and try asking "am I choosing the right ones?" and "is it worth it for them?"
In the news
- I spoke with Edwin Smith, editor at Spear's, for this profile piece looking at my journey from the early days at university to founding my first couple of companies, and to more recent ventures and some of my lifestyle pursuits.
Important reads
- UK entrepreneurs are lobbying the Treasury to introduce a “repeat entrepreneur relief”, which would allow founders to defer capital gains tax if they reinvest proceeds from a company exit into a new startup within 12 months.
- Abu Dhabi and Dubai have been ranked the world's best cities for entrepreneurs in 2026, overtaking the US and the UK. This shift the result of founder-friendly tax environments and government initiatives that support and incentivise entrepreneurship.
- Across Europe, nearly €80bn of public money is being channelled into startups and venture capital, but investors are increasingly questioning whether state-led funding can replace strong founder-driven ecosystems.
Related: The Nike Reset: How Elliott Hill Is Turning Strategy, Marketing, and Culture Into Growth