VC Minute – quick advice to help startup founders fundraise better.
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An investor that lacks conviction is not driven to action.
You can’t force conviction, but you can drive action.
As much as I joke about pushing people into the pool, the fact is that you can’t do that. Not even figuratively. You can’t force conviction.
What you can do is continually drive action until you get a decision. Even if that decision is a no. At SpringTime we always say “no is the second best answer.”
How do you drive action? There are three steps. Number one, work within that investor’s system. Number two, work your system. Number three, add a deadline at the end.
Getting investors to reach conviction, to jump in the pool, is the ultimate goal but you don’t need to go for the close on every call. You should be working towards that close with every single communication and remember, remember that this is a pool party. They need to know that there are people in the pool splashing around having fun.
You need to turn them from FOLS to FOMO. Just keep scooting those investors closer and closer to the edge of the pool with every call and with every communication.
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