203. Lessons Leading: Manage Legal Depth
Clearly define the depth of legal scrutiny required on each issue to streamline the process.
Clearly define the depth of legal scrutiny required on each issue to streamline the process.
This past December, SpringTime Ventures led a complicated priced equity round. It was the first round that I ever led and I learned a ton of lessons. The first two are that the relationship between the lead VC and the founder is the single most important thing. Second, have great lawyers who know the unknowns.
“Knowing that it is supposed to be hard is oddly freeing because it kind of alleviates that feeling of, oh, so and so makes it look so easy.”
The best fundraisers run a process. It’s no surprise that Liz has a rigorous for building and executing her fundraise.
Your pitch deck should be able to tell the story without voiceover. VCs are going to send it around externally and internally at a fund. Everyone needs to understand it without you presenting it.
To grow your skill in fundraising, master these three pitches: elevator pitch, the hero story, and your fit in greater market.
Liz believes that fundraising is not “on your to do list” but a core skill of a startup CEO, a deeply integrated part of your job.
This is probably my favorite startup maxim of all. It ties in with the Lean Startup Methodology, and is core to figuring out what you should be building and for whom.
The last episode of ABF. I promise. Maybe. But we’re definitely missing the founder’s perspective on this one, which is why I was glad to have Liz Giorgi’s input.
What’s really at the core of the “lines, not dots” maxim? Relationships.
Mark Suster’s classic post: Invest in Lines, Not Dots.
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