Bits & Pretzels: Why Founders Struggle to Reach VCs

The Reality of Startup Events: An Honest Look at Bits & Pretzels

For founders, securing investment is one of the greatest challenges on the path to success. Networking events like Bits & Pretzels in Munich promise exactly that: direct access to venture capital investors, valuable connections, and the opportunity to advance your startup. But reality often looks different.

After my second visit to Bits & Pretzels, I want to share my experiences and explain why large networking events aren't always the best way to secure funding.

The Promise: VC Access at One of Europe's Largest Startup Events

Bits & Pretzels has evolved into one of Europe's most prominent startup events in recent years. The event brings together founders, investors, and innovators from around the world. The concept sounds appealing: three days of networking, pitch sessions, and direct contact with decision-makers from the VC world.

For founders in the fundraising phase, this seems like the perfect opportunity. The attendee list is impressive, the speakers are top-tier, and the atmosphere is inspiring. But there's often a large gap between promise and reality.

The Reality: When VCs Are Unreachable

My experience during my second visit was sobering. Although the event provided a matching app to facilitate connections between founders and investors, most VCs didn't use it. This led to several problems:

Unanswered Contact Requests

Despite targeted outreach efforts, most of my messages went unanswered. VCs were either busy with their own programs, had already full schedules, or simply didn't use the digital tools. This makes it nearly impossible for founders to initiate a personal conversation.

Minimal Meeting Success Rate

Over three days, I managed to secure only two VC meetings. For the invested time, travel costs, and opportunity costs, this is a shockingly low return. Compared to targeted investor calls or warm introductions through existing contacts, the efficiency is significantly lower.

Unforeseen Disruptions

On the final day, the so-called Liquid Networking at Oktoberfest was scheduled, where I had planned two additional VC conversations. However, a bomb threat led to the event's cancellation, eliminating those opportunities as well. Such external factors are unpredictable, but they demonstrate how fragile networking strategies at large events can be.

What Did Work: Community and Peer Networking

Despite the disappointing VC results, the visit had positive aspects. The startup community at Bits & Pretzels is vibrant and engaged. I made valuable connections with other founders facing similar situations.

These peer connections shouldn't be underestimated:

• Experience Exchange: Other founders share their learnings from fundraising processes
• Potential Partnerships: Synergies between startups can lead to collaborations
• Emotional Support: The founder journey is often lonely, and exchanging with peers helps

Nevertheless, the question remains: If the primary goal is access to capital, does this justify the investment in such events?

The Structural Problem: VC Access by Chance, Not by Design

The core issue lies in the structure of such large-scale events. VC access is based on chance rather than design. There are no guaranteed meeting slots, no structured pitch sessions for all participants, and no obligation for investors to speak with founders.

VCs often arrive with full programs: keynote appearances, panel discussions, meetings with portfolio companies, or targeted conversations with already-known founders. New, unknown startups struggle to break into these prioritized schedules.

Why VCs Don't Use Matching Apps

Investors are flooded daily with pitch decks and requests. At events like Bits & Pretzels, this problem multiplies. The matching app becomes another source of requests they can't or won't process. The result: they ignore the app completely and focus on pre-selected conversations.

Alternative Strategies for Effective Fundraising

After two visits to Bits & Pretzels, I've decided that a third participation isn't attractive for me. Instead, I'm focusing on formats where investors are structurally engaged:

Investor-Focused Demo Days

Events where startups can pitch specifically to a group of VCs offer much higher success rates. Investors attend with the explicit intention of finding new deals.

Accelerator Programs

Programs like Y Combinator, Techstars, or industry-specific accelerators provide not only mentoring but also direct access to a network of investors who already have interest in program participants.

Warm Introductions

The most effective method remains personal recommendations from someone the investor already knows and respects. This could be mentors, business angels, other founders, or industry experts.

Targeted Outreach Campaigns

A well-researched, personalized email to a VC who demonstrably invests in similar companies can be more effective than attending a three-day event.

Virtual Pitch Platforms

Digital platforms like Fundable, Gust, or industry-specific networks enable reaching a larger number of relevant investors with less time investment.

Lessons Learned: What Founders Should Know

My experience at Bits & Pretzels taught me important lessons:

1. Large events aren't automatically effective for fundraising: Attendee numbers alone don't guarantee access to the right people.
2. Structure beats chance: Events with fixed meeting formats are more productive than open networking formats.
3. Time is the most valuable resource: As a founder, every investment of time and money must be carefully considered.
4. Community has value, but different goals: Peer networking is valuable but shouldn't be confused with investor access.
5. Quality over quantity: Two pre-qualified VC meetings are worth more than hoping for random encounters.

Conclusion: Finding the Right Event Strategy

Bits & Pretzels is an impressive event with a strong community and inspiring content. For founders looking to network, learn, and experience the startup scene, it's certainly valuable.

For founders in active fundraising mode, however, it's advisable to set realistic expectations. VC access is limited and largely based on chance. Those primarily seeking capital should focus their resources on formats where investors are structurally engaged and participate with the explicit intention of evaluating new deals.

The most important insight: Not every event is suitable for every goal. A clear strategy, realistic expectations, and selecting the right formats are crucial for successful fundraising efforts.

For founders, the rule is: invest your time where the probability of ROI is highest. Sometimes that means skipping popular events and focusing on targeted, smaller formats instead.