# Source Summary — Fundraising (Refound/Lenny)

Source: `sources/refound/raw/fundraising/SKILL.md`

## What the original skill emphasized

### Insight 1 — “Don’t raise by default” (Ryan Hoover)

- Challenge the assumption that raising VC is always the right move.
- Make the **why** and **when** explicit.
- Understand trade-offs of the “venture treadmill” and consider alternatives (bootstrap/delay).

### Insight 2 — “First impressions win meetings” (Uri Levine)

- The first slide is often the most important because it sets the investor’s first impression.
- Provide tactical advice on pitch deck structure and the psychology of investor attention.
- Fundraising is a “dance of 100 no’s”; resilience + process matters.

## How this pack transformed the insights

- Converted the “don’t raise by default” insight into a concrete **Raise Decision Memo** deliverable and a Step 2 decision gate.
- Converted “first slide matters” into a **Pitch Narrative + Deck Outline** with explicit checks (10-second test) and templates.
- Converted “100 no’s” into a pipeline-driven execution system: tracker, weekly targets, rejection reasons log, and iteration loop.
