What an investor memo really contains
An honest memo names the stage — concept, prototype, revenue — and doesn't overstate. It frames the problem with numbers a partner can verify, describes the platform and the moat, presents a credible 18-month plan and asks for a specific amount tied to specific milestones. Memos that hide weaknesses get caught in due diligence. Memos that name them with a plan get funded.
Why IP setup matters before fundraising
File a provisional patent before you show the deck beyond your closest circle. A provisional is cheap, fast and secures priority. The patent itself signals to investors that you understand defensive positioning. Trade secrets often protect AI methodology and clinical protocols better than patents — knowing the difference is part of the work.
Angels, VCs, grants — what fits at concept stage
At concept stage, angels invest in weeks. VCs need more proof and move in months — they're the target of the seed round, not the pre-seed call. DACH founders systematically under-use non-dilutive funding: EXIST (€150k + coaching), ZIM (up to 45% of R&D cost), Horizon Europe EIC (up to €2.5m grant + €15m equity). File grant applications in parallel with angel outreach — the timelines don't overlap.
Dilution math — the only formula that counts
Investor equity % = capital raised ÷ (pre-money valuation + capital raised). €1m at €4m pre-money → the investor gets 20%. Model the rounds before you talk to anyone. Pre-seed dilution above 25% hurts later rounds. Plan three rounds ahead — not just the next one.
Go-to-market plan vs. wishful thinking
A credible GTM names the first customer segment specifically, the channel that reaches it, the price point and the conversion assumption. Bonus points if you name the specific accounts you'll approach in month 1. Generic "we'll do digital marketing and partnerships" is a red flag in due diligence.