The Least Talked About Part of Fundraising – Relationship Building
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In startup fundraising, the discussion focuses on what the investor is looking for.
This often comes down to a strong team, traction with the customer, a product with a moat, and momentum in the deal.
A key component in raising funding is building a relationship with the investor.
There are some startups with enough traction and momentum that carry the startup through the fundraising process.
Most startups don't have such traction to win investor interest right out of the gate.
It's important the founder builds a relationship with the investor.
The founder does this by reaching out on a regular basis first through email and then through phone calls to update the investor and get feedback.
After an introductory meeting, this should be done every one to two weeks.
Email is great for sending information, but not so much for building a relationship.
A discussion by phone or online will build the relationship.
The key test to know if you have a relationship with the investor is the ability to make a phone call and have the investor answer it.
If you can do that, then you have built a relationship with the investor.
If you cannot, then you don't yet have a relationship with the investor.
It takes seven touches to close a sale, so it takes seven touches to close an investor.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let's go startup something today.
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