VC Minute – quick advice to help startup founders fundraise better.
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We have a saying at SpringTime, “no, he’s the second best answer.” We repeat it to remind ourselves that founders deserve the respect of an answer, even if it’s a no.
Now you may have noticed that not everyone does this. Because, hey, why not mill about the pool for a while? It’s not like they’re going to get kicked out and they might as well stick around for the optionality.
But that sucks for you.
I’m going to suggest something that’s a classic sales tactic and can be used effectively as you wrap up your round: the takeaway.
In essence, the takeaway is, “oh, it looks like you’re not interested in buying. I’m going to take this offer away.”
As you’re circling up commitments and coming into your close, go back to all the investors that we’re giving you the SHITS, or even ghosted you, and send a simple, polite email.
I enjoyed our conversation and wanted to let you know that we’re targeting a final close in two weeks. We’re determining allocations ahead of that and wanted to be sure you had a chance to hear the update, and make a final decision. If I don’t hear back from you, I’ll assume that you’re out and I won’t bother you again.
If they don’t respond to that. You have your answer.
That’s a wrap for week eight of the VC Minute. Wow! Week eight. Thanks for sticking with me through all of this. I’m going to do five more episodes next week, and then put a pause on this for a few weeks.
I want to say thank you again, to Startup of the Year. If you’re a startup listening to this, you should go check out and apply to join their free community. I’ve been a part of this community for over seven years, in various roles. It’s a 100% free community that is deeply rooted in diversity and open to all founders everywhere.
VC Minute actually started out as a segment on the Startup of the Year podcast over two years ago. And I’m grateful for the support from the team, as I spun it out into its own show. Startupofyear.com. Sign up and check them out!
Have a wonderful weekend.
Time is our most precious asset. I’m grateful that you’d spend more of it with me. Thank you.
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