First meeting with a founder: an early stage investor’s guide
When I was a founder, it frustrated me that so few people were the gate keepers of venture capital.
I would have such high expectations before the first meeting and often left feeling like a failure.
Thankfully there is more venture capital these days and more gatekeepers with increasingly diverse perspective.
But as early stage investors, we can never forget that we are gatekeepers to a future which the person we are about to meet is passionately committed to bringing to life. We must treat that with respect and care.
It is all too common for founders to leave a first meeting with the following observations from an investor:
They will slow me down.
They will make me feel unqualified or generally bad.
They will not be able to help much.
I am certain that I leave founders like this sometimes. But I try hard not to.
Here’s what I do.
A system to deliver the most useful 60 minutes I can muster
For a while, my first meetings were 30 minute Zoom calls. This turned out to be horrible on both sides. It created days crammed with 10+ calls that felt rushed and added no value.
Now I have 60 minute sessions that I only run if I feel like I can genuinely help.
If I can’t I try to quickly respond with an email containing as much feedback as I have time to provide.
I also share a common guide to why VCs usually say NO for reasons other than the readiness of the company.
If we are going for the meeting, here’s my process.
Two way preparation to make the best of a short time
Both the founder and myself need to get ready for an optimal hour. I send an email suggesting that the founder:
Send me a deck so that I can do my homework
Review our focus areas as a fund and some of the areas I am personally interested in
Review our portfolio to articulate where their company fits or builds.
I review the deck and make some notes on the same as well as collect some ideas on how Main Sequence and others could help.
Make the session about growth and possibility
In the session, we are now both ready to make the most of the time. Here are my principles:
Be on time
Concentrate — be clear that when I am typing I am writing notes not catching up on email.
The session is about making them successful as a primary objective. This may include exploring investment from Main Sequence, but should not be the primary objective.
Leave them with hope and ideas.
After the meeting
Followup within 1 week
If no, be as clear as possible on feedback that helps them move forward.
—
To the founders I have collaborated with, if I don’t behave this way — call me out. It is important to me.
I will collect my thoughts for early stage investors working with founders here.
This post was created with Typeshare