More than 70 veterans of all military branches packed the house for the VetsinTech launch of “VetCap” in San Francisco, a new program geared to teach transitioning vets where and how to raise capital for their startup. Part workshop and part pitch session, VetCap covered the basics of corporate capital financing, angel funding, crowdsourcing, venture debt and small business loans.

Held at Next World Capital in honor of Military Appreciation Month, the event is the first in a series of workshops by VetsinTech set to continue around the country. Here are four key takeaways:

Tech-savvy veterans fill the room. Photo by Brian Jarvis

1) Think of investors like dating: The analogy between finding a significant other and securing financing for a startup is strikingly similar. As with any relationship, it begins with basic chemistry. “Imagine asking random people for a date and your hit rate will be pretty low. That’s where the power of a personal introduction can’t be overstated,” said panelist David Mayhew, Chief Risk Officer of GE Ventures. “It means making connections by grabbing people at every coffee bar and networking event.”

VetCap speakers also stressed the importance of finding companies who have previously worked with the investors in question and picking their brains. “You think funding sources are evaluating you. But you need to do the same to them,” said Kevin Laws, COO of AngelList. “Some investors will be great on the first date, but then you never get a call back from them afterward.”

2) Put your best material up front: For many in attendance, the highlight was the chance to “pitch” their startup to the panel, get asked tough questions and receive feedback. With only two minutes each to make their case, veteran entrepreneurs were encouraged to bring a clear idea and a clear ask. Give the hook right from the beginning, and don’t let the lead get buried in the back.

“What I learned is to keep doing it all you can. Every time you’ll learn something, whether it’s something good or bad,” said Travis Knoll, a former Army paratrooper.

3) Look for mentorship, not just money: Even when you find an investor willing to throw cash your way, be sure it’s the right investor. That means they don’t just cut you a check but bring wisdom and guidance. In fact, the right VC firm should come with a Rolodex of people who can help. “You need a mentor. A damn good one,” said panelist Carrie Walsh, a managing director with Silicon Valley Bank Financial Group.

No one is going to get funding or a free pass simply because he or she is a vet. At the same time, “We know vets bring a lot to the table and you have to leverage that. You’re a vet with a concept,” said Mayhew. Leveraging leads to meetings and new connections. And mentors.

4) The power of passion: The passion that counts is not wanting to be rich. It’s wanting your product to succeed, and doing everything in your power to make that happen.  Remember that you’re not pitching a product, you’re pitching a solution. That’s the peg investors need to know: How can you help the customer?

Passion also manifests in showing expertise. Know your audience and customize your message. Be diligent with researching investors. “You’ve got to know more than everyone in the room,” said Walsh. “To find money and providers, be the expert you want to be.”

Silvi Steigerwald, vice president of Business Development Asia at PatentBooks and a former Air Force captain, said that she found the VetsinTech workshop useful. “It was the opportunity to pitch in an environment that’s not threatening or stressful, and to get feedback that’s more than just yes or no. The ideas were much more mature than I expected.”

Other panelists included Craig Hanson, general partner at Next World Capital; Alisa Cordesius, vertical manager at Indiegogo; and Rhett Jeppson, associate administrator for the U.S. Small Business Administration’s Office of Veterans Business Development.

VetsinTech is an independent nonprofit organization made up of technology industry leaders and veterans with a mission to help train, connect and find jobs for veterans interested in technology careers. For more information visit vetsintech.co.

Brian Jarvis is a content creator in San Francisco and public affairs specialist with the Air National Guard.