Ideas from a 2013 TechCrunch pitch-off winner
After successful the 2013 TechCrunch Meetup and Pitch-off, I made a decision to drop out of enterprise faculty to pursue my startup full time. Two years and two award-winning iPhone apps later, we finally determined it was time to promote our expertise to Snapchat.
At that time, I went again to Harvard to complete up my MBA, and after commencement, I joined an early-stage enterprise capital agency based mostly in Palo Alto.
By way of my startup expertise and having now invested in additional than 10 startups with Wing, what I’ve come to study is that discovering the correct enterprise capitalist to your startup is among the most vital selections you’ll make. In some ways, it’s like discovering the correct partner.
An awesome VC will achieve this rather more for you than simply write a verify. You need somebody with a excessive diploma of empathy and curiosity who will ask the correct questions and problem you, whereas additionally being a shock absorber for unhealthy information. VCs ought to by no means give armchair product recommendation nor cross the road into micromanagement.
Constant communication is vital, nevertheless it’s not only a matter of throwing a recurring assembly on the calendar.
The very best founder and VC relationships are based mostly on belief and partnership; it must be a relationship that’s nonjudgmental, supportive, and constructive. As many founders can attest, the startup journey may be lonely at instances. Having a real associate that will help you steer the ship when the crusing is clean or in any other case generally is a game-changer.
Listed here are some items of recommendation that I’d give to founders about how to decide on the correct VC and get the most effective out of the connection.
Select somebody who might help together with your blind spots
As a founder, it’s simple to get slowed down by particulars. In my case, I used to be so targeted on the product expertise that I didn’t assume by different strategic initiatives like advertising, partnerships, or, at instances, fundraising.
For instance, it was solely after being prompted by an investor that I began placing time and power into strengthening my relationship with Apple to get our app featured within the Apple Retailer. This App Retailer characteristic modified the corporate’s trajectory, and it got here because of an investor making an introduction to Apple.