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Jeff Bezos Took 60 Meetings to Raise $1 Million. 40 Said No.

By Jeff Bezos · Investing · 1 min read

1995. The first question in every meeting: what is the internet? Bezos sold 20% of Amazon at a $5 million valuation. He told every investor there was a 70% chance they'd lose their money.

Key Points

22 angel investors, roughly $50,000 each, for $1 million total at a $5 million valuation
60 meetings. 40 said no. Hard-earned nos — multiple meetings per investor.
He told every investor there was a 70% chance they'd lose everything. In retrospect, the real odds were probably worse.

I would always tell people I thought there was a 70% chance they would lose their investment. In retrospect, I was giving myself better than the real odds.

What Is the Internet?

Bezos: To raise the first million dollars of seed capital, I sold 20% of the company at a $5 million valuation. 22 angel investors, roughly $50,000 each. I had to take 60 meetings. About 40 said no.

The common question was: what is the internet? This was 1995. Most people hadn't heard of the web.

60 meetings. 40 said no. The common question was: what is the internet?

70% Chance You Lose Everything

Bezos: I would always tell people I thought there was a 70% chance they would lose their investment. In retrospect, I think that might have been a little naive — I was giving myself better than the real odds.

The whole enterprise could have been extinguished then. It was the hardest thing I've ever done.

70% chance they'd lose their investment. In retrospect, the real odds were probably worse.