PT - JOURNAL ARTICLE AU - Colin M. Mason AU - Richard T. Harrison TI - “Auditioning for Money” AID - 10.3905/jpe.2003.320037 DP - 2003 Feb 28 TA - The Journal of Private Equity PG - 29--42 VI - 6 IP - 2 4099 - https://pm-research.com/content/6/2/29.short 4100 - https://pm-research.com/content/6/2/29.full AB - Many businesses fail to raise external equity finance because they are not “investment ready.” One of the key aspects of being investment ready is the ability to effectively present the opportunity to investors. This article examines the role of impression management skills on investor decisions by means of a case study of a presentation by an entrepreneur who was seeking funding for a software venture. The real-time reactions of business angels who watched the presentation on video were captured. Presentation-related issues dominated their reactions. Most investors were critical of the style, content, and structure of the presentation. The failure of the entrepreneur to “sell” the opportunity raised doubts in the minds of investors about the ability of the company to sell its product. The implication is that entrepreneurs need to develop their impression management skills so that potential investors draw the preferred conclusions. Policymakers should consider developing initiatives to help entrepreneurs overcome these deficiencies.