Smart Little Things (Part I)
At Masthead, we meet with many entrepreneurs pitching us their startup for a potential investment. A lot has been written in the blogosphere recommending how to generally approach these meetings, so instead I thought it would be good to highlight some of the small smart things that I’ve seen entrepreneurs do outside the meat of these conversations. They aren’t the significant make or break actions, but rather little ones that I notice which were deliberate, conscious, and beneficial.
The first thing that struck me recently was two separate entrepreneurs who, at the end of their formal pitch while the conversation was transitioning to small talk, posed a simple question. Both of them casually asked if we knew anyone it would be helpful for them to speak to. They didn’t ask for an introduction to anyone specific, but rather just posed an open inquiry about an introduction to anyone that might be useful to their business. VCs are well-connected and well-networked people, and are often able to facilitate an introduction that could be helpful to a startup. I am not suggesting that an entrepreneur should be looking for a VC to open up best android vpn app their rolodex after just meeting them for the first couple times, but rather that it could be helpful inquiring if anybody immediately comes to mind – if delivered correctly. While nobody immediately emerged in the first instance described above, someone occurred to us in the second. And whether or not we end up funding the company, both entrepreneurs did a smart little thing in these cases.
Smart Little Things (Part II: Updating on Your Successes)
Yesterday, I posted about a smart little thing that I’ve seen entrepreneurs do when they pitch to us here at Masthead – asking if there is anyone who s/he should talk to that might be helpful. Today I wanted to highlight another one. As with all VCs, we are in the position of having to say “no” to 99% of all opportunities. There are many reasons why we wouldn’t do a deal, and a significant one of them comes down to timing. Perhaps it is too early for us to get involved without having that key channel partner, a demonstrated customer usage pattern, or other external validation. However, it doesn’t necessarily mean that we aren’t interested at all.
A few smart entrepreneurs that we’ve met with have periodically kept in touch with us via e-mail, updating us on new customer wins and other successes. With some of these people we’ve reengaged with to re-explore a potential investment. Others we’ve ended up introducing to potential partners and other valuable people that we’ve met since the initial pitch. A timely periodic, short, e-mail is a great way to keep VCs you’ve talked to updated on your company’s accomplishments. If it’s done a way that isn’t overly frequent or overly intrusive, I think only good things could come of it.
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