First Money In Is All That Matters
And you likely already have it.
"We love the project, but we don't want to be first money in."
If you're an independent filmmaker, you've heard this line more times than you can count. It's frustrating, deflating, and—most importantly—incorrect. Because here's the truth: they wouldn't be first money in. You are.
Filmmakers*: It's time to reframe how you think about your project's investment structure. You're not just an artist seeking funding—you're a creator-entrepreneur who has already placed a significant bet on yourself and your vision. That initial investment isn't just your cash; it's your time, your resources, and your creative capital. When you walk into those pitch meetings, you're not starting from zero—you're already deep into building your business.
(* When I say filmmakers, I mean filmmaking teams. This is not just a message for directors — they need support of great producers from the jump.)
The Psychology of Film Investment
Choosing to invest in film is a fascinating decision. It’s a bad business, any financial advisor will tell you this. But it’s SOO alluring, and even the most savvy investors will repeatedly get into bed with producers and film studios time and again, despite their losses, chasing that one mega breakout hit. Certain studios and distributors have built models that can work over longer periods, but any individual investment is effectively a crap shoot: the market for independent film is dependably unpredictable.
Nevertheless, financiers eagerly open their doors to countless pitches every year. They always “love the project”, but after years of pitching my own projects to investors and working with independent filmmakers to do the same, I've seen countless conversations stall at the "first money in" roadblock. Even experienced film investors, who clearly see the project's potential and understand the lifecycle of a feature film, hesitate to be the first outside check.
But here's what's equally fascinating: once that first external investor commits, the entire dynamic changes. Subsequent investment conversations become markedly easier to move forward. That first outside validation transforms the project from a dream into a tangible business opportunity — likely because the business folks on the other side of the table all trust each other far more than they trust the artist pitching them. Validation from the business community is what they need to feel comfortable investing. So give them what they want.
Quantifying Your Investment
This reality demands a new strategic approach to funding conversations.
Start quantifying your skin in the game—both financial and sweat equity.
That year you spent developing the script? That's investment. The test footage you self-funded? Investment. The six months you spent following your main subject, filming their journey and acquiring their life rights or exclusive access? That’s you cornering a market. The audience you've been building on social media? That's valuable marketing capital you've already deployed. When you present your project, lead with its financial assets.
And while you’re presenting the production of a creative work, I don’t think it hurts to structure the pitch more like an episode of Shark Tank. Present the film as a startup business that has already completed its Series A, its R&D phase, and brought its MVP to market. Maybe there’s a happy medium between pure VC-speak and filmmaker nomenclature, but the fact is you're not asking someone to take a blind leap, you're inviting them to join an already-moving train, using the ideas they recognize.
Present an independent distribution strategy as a business opportunity, not just a fallback.
In today's market, a pitch that includes distribution path of Sundance-premier-to-global-streaming-deal is like pitching a mulitcam sitcom or crime procedural. Sure, they are still around, but unless you’re Chuck Lorre or Dick Wolfe, the odds of success are effectively nil. Financiers are starting to see that, and are keeping their wallets closed when filmmakers propose a model that is 4+ years out of date.
Instead, present an independent distribution plan to demonstrate a pathway to revenue. These models have evolved dramatically, to the point that they should be part of the first conversations for outside investment. Offering multiple potential paths to revenue would be music to a financier’s ears, and showing an awareness of that potential long before your film is complete is exactly the kind of business-minded forecasting that financiers should be interested in. When you pitch investors, show them how you're building audience engagement from day one. Explain how your distribution strategy provides multiple opportunities for ROI — from in-person events, to influencer or brand partnerships, to merch, to derivative works — with streaming being just one option among many.
The New Creator-Investor Relationship
This approach fundamentally changes the filmmaker-investor relationship. Instead of the traditional model where success hinges on a single distribution deal, you're offering investors participation in a business with multiple revenue streams and long-term value potential. You maintain optionality throughout the process, and your investors benefit from every audience connection you build.
The most successful independent filmmakers today understand that they're not just making a film—they're building a media asset with multiple exploitation opportunities. Your early investors aren't just funding production; they're buying into your ability to navigate these opportunities and maximize value over time. This is particularly powerful because it aligns everyone's incentives toward long-term success rather than a quick sale.
Building Long-Term Value
Think about the implications: When you own your distribution pathway, you're not just creating a backstop for investor recoupment—you're opening up new opportunities to exploit the investment far into the future. Each audience member you connect with becomes a potential customer for future projects. Each distribution channel you develop becomes an asset for your next film. You're building infrastructure, not just content.
The next time someone says they don't want to be first money in, remind them—they're not. You are. And you're not just bringing a film to the table—you're bringing a business with multiple paths to success.
Your job isn't to find someone willing to take the first risk; it's to find partners who recognize that the risk has already been taken, the business has already started, and they have the opportunity to help scale something that's already in motion.
The film financing landscape is evolving, and successful creators are the ones who understand how to position themselves within this new reality. Own your role as the first investor, build your distribution strategy from day one, and approach funding conversations as a founder seeking growth capital rather than an artist seeking patronage. Because in the end, first money in isn't just about who writes the first check—it's about who has the vision and commitment to start building before anyone else believes.
Love this perspective! So true. Investment isn’t just about money.