Startupland: How Three Guys Risked Everything to Turn an Idea into a Global Business by Mikkel Svane

Author:Mikkel Svane [Svane, Mikkel]
Language: eng
Format: mobi
ISBN: 9781118980866
Publisher: Wiley
Published: 2014-11-12T14:00:00+00:00

Fostering Your VC Relationship

A relationship with a VC is a marriage. You want to be able to expose yourself 100 percent to them, and you will. And you want to be able to do that without fear of retaliation.

Have them look you in the eye and tell you they love you—and say it so you believe them. Or rather, figure out a way to build that trust. It's often a two-way game; maybe you will have to expose yourself to have them expose themselves. Often it has nothing to do with business. But you need to figure out whether you share the same values—because ultimately, that is what defines a business.

You will have a baby together. They need to live up to that responsibility. You both need to be in it for the long haul. It can be worthwhile to understand their fund structure, need for showing returns, and historical exit strategy. But none of these things may mean anything for the relationship you're building.

Each stage of your life has different VC needs. Your teenage life needs a different investor than you golden years does. But that's okay. A good VC will understand up to what point they add value. And you may even get VCs that won't show their real value until further down the line.

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