Have you just got a LinkedIn request from one of our board members? Have you just applied via. our website for funding? Are you uneasy about the treacherous waters of ~venture capital~? Don't be!

Give me 5 minutes of your time and I will deconstruct LTF's funding process and give you an actionable tip for coming to the coffee chat ready to tell us about your idea (your baby).

Blank, blank, blank, Super Fire Mario.

Before we get to the funding process itself, we have to discuss how you should be framing your product to us so that we can understand it properly. Part of this means understanding why your solution is necessary / that it targets an actual problem.

A way I like to think about this is through a Techstars framework they give founders in the first week of all programs. Don't judge the image too fast…

Imagine Mario, the classic video game plumber. He starts small, just doing his job, but then he finds a special flower—a power-up that transforms him into Super Fire Mario. Suddenly, he’s bigger, stronger, and throwing fireballs like a champ, ready to conquer any obstacle in his way.

Now, think about your business. Your customer is Mario, facing challenges in their world. Your product? That’s the power-up. It’s not just a solution; it’s the thing that turns your customer into their own version of Super Fire Mario, helping them do something amazing they couldn’t do before.

When you come to our coffee chat (and really any investor) we don’t just want to hear about your product. We want to know who your Mario is and what kind of superpowers your product gives them. How does your solution make your customer’s life better, easier, or more successful? How does it turn them into Super Fire Mario?

Here’s how to think about it:

• For [your customer],

• who [faces a specific problem],

• we [provide your product or service],

• so they can [achieve an amazing result].

That's blank, blank, blank, Super Fire Mario! Come prepared to talk about this transformation. If you can show us how your product turns your customer into Super Fire Mario, you’re halfway to winning the game.

Our process

With that framework in mind, let's move to the process. We like to think about our process like a funnel (except, with some extra steps).

The coffee chat

First, you'll have a coffee chat with 1 or 2 people from our team. This is an informal chat (usually at Pret) to discuss your idea. For us, this chat helps us see three main things:

1. Have you thought about your customer (Mario)?

2. Have you thought about your solution and how it solves the pain point (The Flower)?

3. Have you thought deeply about this, and do you care deeply about it?

The acceptance rate from the coffee chat to the pitch is usually quite generous—so don't stress too much about this part of the process.

Now, you might be wondering: why is there a loop in the diagram above? This loop is for those who need a bit more tinkering. Here are a few reasons why a founder might find themselves in the loop:

• The founder hasn’t thought enough about their startup.

• The founder’s idea is a tarpit idea (slang for startups that are deceptively attractive but trap founders in unscalable companies).

• Not enough customer discovery (ensuring customers actually want your product).

• They're too far along to benefit financially from LTF (e.g., companies like Exactics, which we couldn’t fund because they were out of our budget).

If you don't get a board pitch—DO NOT WORRY (we really mean it). This is where the loop comes in. We still want to support you, even if it's not financially at your current stage. LTF's team is full of VC/startup experience, and we would love to keep you in the pipeline to refine your idea (customer discovery help, pitch deck editing, VC connections, etc.).

The board pitch

In the board pitch, we will start with brief introductions and outline the pitch structure. Then, it’s your turn. As founders, you'll introduce yourselves and dive into your pitch. Here’s what we expect you to cover, with a pitch deck to guide us through:

1. What actual problem are you trying to solve, and how will you solve it?

2. What does the existing market/competition look like?

3. Who is your target customer (be specific), and what customer discovery have you done to find them? (Think surveys, conversations, etc.)

4. A detailed breakdown of what the funds from LTF will be allocated to.

During the Q&A portion, we’ll be asking two types of questions:

• Specific questions about your company/funding needs—these help us understand how your company operates.

• Broader questions about your company/landscape/future—these help us understand your thought process and passion.

Funding outcome

So, you've gone through the coffee chat, presented to the board, and now you're waiting for the final decision. Here’s what happens next:

Funding Request Accepted:
Congratulations! We really like your idea and believe you have the traction and passion needed to make good use of our funds. Here’s the process moving forward:

• We’ll gather some additional information from you and write an investment memo.

• After the memo is approved, you'll receive a direct deposit into the account of your choosing.

• You can expect to hear back with a final decision within about a week after your pitch.

Funding Request Denied:
If your funding request is denied, don't be discouraged. There could be a variety of reasons, such as:

• Lack of traction.

• The funds aren't vital for your growth.

• Lack of a specific, well-defined target customer.

But remember, this isn't the end of the road. Many teams apply for LTF funding multiple times. We make investments in lines, not dots—meaning we value seeing progress over time. Show us how you’ve grown, and we’ll be excited to revisit your pitch in the future.

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About LTF Ventures: As UChicago’s undergraduate venture capital fund, we provide funding to UChicago startups without taking equity. We are the university's premier student-run organization dedicated to fostering entrepreneurship, supporting founders at the earliest stages of their journey. Startups we’ve backed have gone on to raise millions and gain acceptance into top incubators like Y-Combinator. Ready to take your idea to the next level? Apply today!