Conferences: The Secret Weapon Startups Need (Even YC Doesn't Tell You)
A deep tech founder's tactical guide to conference lead generation
Dive into this week's insights:
Startups: Solve Your Cash Flow Problem at Conferences
Startups face a fundamental challenge:
Generating enough cash flow to fuel growth.
Two primary sources can solve this problem:
Private and public funding
Finding customers willing to take a chance on your innovation
This article explains why conferences are powerful tools for deep tech founders seeking capital and customers.
Why Founders Should Follow YCs Advice
Y-Combinator's YC Pocket Guide For Startups offers this gem:
Avoid conferences unless they are the best way to get customers
Many early-stage investors swear by this wisdom, created by legendary founders like Paul Graham and Sam Altman.
Their decades of experience command respect.
When I stumbled over their pocket guide the first time, I nodded to everything, except one piece of advice:
Avoid conferences unless they are the best way to get customers
I read the first two words and immediately stopped, thinking: “That’s not true.”
It contradicted everything I explained to B2B startups and fund managers.
Have I been wrong? Are they wrong?
But it turns out I hadn't read the entire sentence! In context, it makes more sense. Still, I believe founders should actively attend relevant conferences, including those focused on investment.
I will use the last Bio Europe wrap-up to explain
why conferences matter for founders and investors
and how to get the most out of the conference.
Start with the Right Expectations
“How was your conference?” I asked the founder a few years ago. He attended a conference because he was fundraising for his biotech startup company.
"It was a complete disaster! I talked to 30 investors and didn't close a single deal."
Conferences are not about instant deals.
Expecting an investor to write a check on the spot sets you up for disappointment.
My friend did have a successful conference. 30 conversations with potential investors is fantastic! The purpose is to:
Generate touchpoints with qualified leads: People who need your solution and have the resources to invest or buy.
Create awareness: Hundreds more people now know about your company.
The goal of a conference is to have a few conversations with qualified lead contacts, aka creating touchpoints.
Touchpoints via
Partnering system
conversations in 30-minute 1:1 meetings
conversations at panel discussions
conversations at side events, luncheons, booths, and evening receptions
If you do this right, a few hundred people will have more awareness of your company or portfolio than before the conference. A few hundred people in need of your solutions.
Conferences: The Best Way to Connect with Qualified Leads
Marketing is essential.
For B2B companies, that means constantly building relationships with potential customers and investors.
There's no substitute for in-person interaction.
Don't believe the myth about a magical consultant bringing millions in funding overnight.
Foresighted founders register for relevant conferences long before they're desperate for cash. With the right approach, these conferences can generate a steady stream of inbound leads.
Conferences like Bio Europe attract thousands of decision-makers from a single industry.
It's the perfect place to connect with 200+ qualified contacts in a few days. Companies attending can afford high-priced services, products, or investments.
For B2B, factoring conference costs into your budget is non-negotiable.
Make the Most of the Partnering System
Registered companies get access to the partnering system – a database of all attendees. Weeks before the conference, I comb through it, targeting contacts aligned with my mission (fundraising, acquisitions, etc.).
Invest 1-2 hours daily finding the best potential fits.
Reach out to 10-20 per day with personalized messages – no ChatGPT templates!
Find information about their company and interests online. Offer something of value in your initial contact.
Done right, you'll schedule 4-10 meetings per day at the conference – 30 minutes to explore needs, expectations, and potential deals.
That's 10-30 qualified leads added to your CRM!
Stay Ahead of the Curve with Panel Discussions
Panel discussions offer another fantastic way to engage with the industry. I block out two panels per day, sometimes even moderating.
Benefits include:
Insider insights: Learn about the problems top investors and potential acquirers see as critical.
Networking: Brief conversations with panelists and attendees after the panel can yield another 5-10 qualified contacts.
Visibility: Moderating or speaking on a panel yields the highest conversion, with 20-30 leads generated immediately afterward.
Two panels plus networking should deliver 40+ warmed-up contacts.
Time-invested in panels and partnering system founders can leave a 3-day conference with 50-70 new contacts who understand your business.
Here are some panels from the last Bio Europe summarized on my LinkedIn profile:
Looking for ways to supercharge your company's growth without diluting equity?
𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐭𝐡𝐚𝐭 𝐀𝐈-𝐛𝐚𝐬𝐞𝐝 𝐩𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐡𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐜𝐨𝐮𝐥𝐝 𝐫𝐞𝐚𝐜𝐡 90% 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝐢𝐧 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞?
𝐑𝐞𝐚𝐝𝐲 𝐭𝐨 𝐦𝐚𝐤𝐞 𝐲𝐨𝐮𝐫 𝐠𝐫𝐨𝐮𝐧𝐝𝐛𝐫𝐞𝐚𝐤𝐢𝐧𝐠 𝐛𝐢𝐨𝐭𝐞𝐜𝐡 𝐜𝐨𝐧𝐜𝐞𝐩𝐭 𝐚 𝐫𝐞𝐚𝐥𝐢𝐭𝐲?
Struggling to navigate the choppy waters of biotech funding?
Summarizing a panel on LinkedIn, tagging the speakers, and writing a short gratitude DM is another way to leave a positive impression on the speakers and moderators.
Give Serendipity a Chance
The partnering system and panels are great, but they're only 30% of conference success.
The other 70%?
It comes from the encounters you'll have throughout the event.
From the elevator to the coffee line to evening receptions, your mission is to spark genuine conversations and exchange business cards.
Every connection has the potential to turn into business down the road.
It starts in the morning when I take the elevator down to the breakfast room. In conference hotels there are usually many guests having the same way.
Why was the elevator pitch invented? Right. To pitch to people in an elevator.
“What do you do?” - they self-identify, wearing the conference badge.
They are happy to share their brief stories. Share yours. Hand over a business card. They usually give you theirs. Done. Have a nice day.
Walking to the conference hall—the same procedure. Look out for people with a conference badge, spark a short conversation, be kind, and exchange cards.
Are you waiting in line for coffee? Put that mobile phone away. Compliment something, ask where they are from. Spark a short conversation. Ask them what mission they have, tell them yours, and exchange business cards.
Are you lining up for lunch? Same procedure.
Are you looking at the person at the other end of the table, they look at you and smile at you? Smile back. Spark that business conversation.
Evening reception? Same procedure.
On the bus to and from the reception, don’t sit alone playing with your phone. Look for a free seat and politely ask if it is free. Spark that kind of conversation. Exchange cards.
I think you got the hang of it. From the moment you leave your hotel room to the moment you come back somewhen past 10 pm - your mission is:
Sparking kind conversations and exchanging business cards.
The Conference Doesn't End at the Airport – Follow-Ups Are Key to Success
Sure, there are those rare, magical moments in every pipeline.
One in every 1,000 contacts converts effortlessly – a glance, a connection, and the deal is done.
And, let's face it, around 40% of contacts simply won't convert, no matter how skilled you are.
But the real magic happens with the remaining contacts, the ones that require persistent effort and time to close.
Patience and consistent follow-ups are your secret weapons.
After a conference, it's normal to have 100-200 new business cards.
Here's how I work through them to identify the best opportunities:
Sort and Prioritize: I divide the cards into three stacks:
High potential
Medium potential (may require more effort)
Low potential
Targeted Follow-Up: Starting with the high-potential stack, I use my notes from the conference to craft:
A personalized email suggesting a 30-minute call for a deeper discussion.
A LinkedIn connection request to stay in touch.
I add the contact to my CRM and Newsletter with relevant notes.
Don't Neglect Any Stack: I work through all three stacks – even the 'low potential' ones. You never know what opportunities might emerge.
Consistent Effort: Some contacts will naturally progress from these calls. I repeat this process after every conference.
Once started, your IR/PR process should be continuously refined and remain a budget priority.
Need Help Maximizing Conferences?
Conferences aligned with your mission are key to successful fundraising and acquisitions.
If networking doesn't come naturally, let's discuss a strategy for your next conference.
Book a coaching slot here:
Upcoming Conversations and Events:
May 23, 2024 - 11:00 am CET - Jordi Ferrer Rendé, Ship2BVentures
Podcast Episodes
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My Book Pick of the Week
Love Him or Hate Him, Elon Musk is a Business Titan
His bold style sparks controversy, but his track record is undeniable. PayPal, Tesla, SpaceX, The Boring Company – Musk turns audacious ideas into global successes.
Musk's criticism of biographies? The authors lack firsthand experience and miss out on the real story. That's why Walter Isaacson spent two years shadowing Musk, offering a rare, unfiltered glimpse into his mind and methods.
A Key Takeaway: The Musk Algorithm (Page 284)
Challenge assumptions: Question every requirement.
Ruthless efficiency: Eliminate unnecessary steps. Simplify relentlessly.
Speed is king: Accelerate at every turn. Automate wherever possible.
Get your hands dirty: All technical leaders need in-the-trenches experience.
Teamwork with an edge: Avoid overly cozy dynamics.
Find the fire: Hire for attitude. Skills are teachable. Passion isn't.
Operate with urgency: Make it your company's heartbeat.
Physics first: The only limits are the laws of nature.
Best Quote from this week
"The only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle."
- Steve Jobs
Seeking dynamic speakers in these areas. Know any experts? We'd love recommendations!
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