Raise Millions by Hustle Fund VC Page 56 decision-making: Do we believe that you are a founder with the right team and market to support a 100x outcome? Eric also angel invests in companies outside of Hustle Fund. He has invested in non-software companies, small businesses, and even local restaurants in his neighborhood. His mindset as an angel investor is very different. The question he and his wife ask themselves: Do we think this is a company that isn’t going to lose our money? Will we get any multiple on this investment? As an angel investor, if Eric gets a 10x return on a company, that would be a huge success. A 3x return wouldn’t be bad at all. But as a VC, a 3x or 10x return will be a failure because it won’t be enough to pull up the entire portfolio. Angel investors are happy with hitting bases. VCs are looking to hit grand slams. If you’re looking to raise money from a venture fund, make sure your market can be measured in billions of dollars. This shows VCs that there is room to grow and capture a slice of the huge market. If your market is smaller than that, consider raising from angel investors. During those conversations, ask what success looks like to them to see if your goals fit with their vision. How do you actually nail down your market? Let’s use Hubspot as an example. They did a great job targeting a niche audience before later scaling to other areas. They started out targeting small business owners specifically around things like SEO. But fast forward to today, their products are largely targeted at enterprises. They do email hustlefund.vc / @hustlefundvc