As an investor working in corporate venture capital, I average about four introductory meetings a week with startups coming to me with fundraising pitches — and I’ve noticed that founders could be doing a lot more to optimize their time with VCs.
The greatest missed opportunity? They’re not leaving time for discussion. Or when they do, they expect me to be the one to ask all the questions.
But the most fruitful post-pitch Q&A’s are collaborative conversations. With that in mind, I’d advise all founders to come to these VC meetings ready to ask these four questions.
Ask for pitch deck feedback
Ensure you get feedback on your deck then and there. If you wait until after receiving the news that you haven’t won investors over, it’s likely you’ll get a less specific response. It’s not that investors are apathetic or aloof. It’s just that we’re constantly taking these meetings, so it’s important to provide us an opportunity to engage while on the call.
It’s important to keep in mind that asking everyone you meet for feedback could lead to information overload — you’re ultimately getting the subjective opinion of each investor. But if you’re noticing common themes, take them seriously.
Ask for introductions
Getting one-on-one time with investors can be intimidating, so it may feel risky to ask for an introduction. But most venture capitalists want to support a startup in some way, even when they’re not able to invest, and are fairly open with their networks.
Be specific about the kind of support you need. And strike while the iron is hot. If you wait to send an email even an hour later, it’s possible the opportunity to get connected to the investor’s network has lost some momentum.
Ask for resources and opinions
A massive part of being an effective VC is having deep industry knowledge. I’ve found that tactical founders take the time to ask me questions like: What are your thoughts about the current fundraising climate? Are you seeing any notable changes in consumer behavior in our niche? Do you think an asymptotic marketplace is too difficult?
When you dedicate meeting time to proper collaborative discussion, investors can end up learning as much as you. And as an added bonus, if you teach them something truly novel, they’re likely to remember you well into the future.
Ask how you can help
The last question you should be leaving time to ask investors in meetings is, “How might I help you?” I love when founders ask me this. It’s a sure sign they’re the type of person who is community-minded and willing to give back.
But it’s also a sign that they’re aware that networking is a two-way street.
Obviously, a certain power imbalance exists when a founder is pitching a VC, but founders hold a lot of power. Just as you’d hope an investor would point you in the direction of a colleague, you can be the link between investors and future deal flow. So ask if there is a particular type of business they feel they’re missing in their portfolio — you just might have an intro of your own you can make.
When we talk about the startup space working as an “ecosystem,” it’s because every player has an interconnected role to play. By leaving time in pitch meetings for a veritable exchange between VCs and you as an innovator, you’re helping connect more dots within that ecosystem, strengthening it for everyone involved.
Rachel Sheppard is the director of ventures at Mars Petcare and co-manager of Leap Venture Studio, a partnership between Mars Petcare, Michelson Found Animals and R/GA Ventures.
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Illustration: Dom Guzman
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