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1/ This has been the busiest end of summer, start of fall I& #39;ve had in 8 years of venture investing. The market is abuzz. A few takeaways:
2/ When founders say they aren& #39;t raising, it just means they aren& #39;t actively pitching partnerships. Keep trying to build the relationship regardless. These days, founders decide overnight to fundraise and it& #39;s a mad dash to a term sheet.
3/ Seed/insider firms can be friend or foe. Know the difference!
4/ The more time you spend with founders, the better. No ifs and buts about it. "Giving space" in this market doesn& #39;t help anybody.
5/ Price always matters. It triangulates, in the founder& #39;s mind, how much conviction you have about the business.
6/ Founder references are the single most important thing you do - and the references won& #39;t end at the ones you offer. Founders today are hyperconnected - expect backchannels, expect friends of friends. Reminder to always be respectful, kind, thoughtful.
7/ Moving fast matters, but don& #39;t forget to do your diligence just because you want to win. That balance is the difference between a good firm and a great firm.
8/ Sector specific experience matters, but most founders are looking for software-scaling experience. Have you helped a team scale from $1M to $5M, $5M to $15M, and onwards?
9/ Access to your partners is powerful, but a founder is still choosing you as the board member. Don& #39;t dilute the messaging.
10/ Finally, winning deals is hard work but also a lot of luck and right place, right time. Keep your cup full and keep on chasing!
