VC Minute – quick advice to help startup founders fundraise better.
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The people that are committed, they’re already in the pool. They’re having fun. They’re splashing around. They’re your advocates. Everyone else is still milling about trying to figure out if they’re going to jump in, or if they’re going to look stupid if they jump in now.
As soon as you get an investor’s commitment to the round, get their commitment to use their name to other investors. The only way that the folks that are milling around will know that there are other people in the pool is if you tell them.
Assume that investors are talking to each other anyway. The people that you want talking to your potential investors are the people in the pool, the people that are already committed, the people that are having fun.
Now I’m not trying to be mean to my fellow investors. I’m not immune to this by any means. Just like you just like everybody else in the world. Investors have limited time too. And probably more work on their plate than they have time for, just like you.
So one of the hacks investors use for prioritizing their workload is figuring out, how fast do I need to move on this investment? The more, the party heats up, then the faster that they need to move.
This is where your communication is absolutely critical to make sure that you show that your round, your pool party, is heating up. It’s getting hotter and hotter, and if they want to party they’re going to have to jump in.
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