002. Chief Pool Party Officer

Text your thoughts directly to Rich.

Your job as the Chief Pool Party Officer involves organization and communication. 

About SpringTime Ventures
SpringTime Ventures seeds high-growth startups in healthcare, fintech, logistics, and marketplace businesses. We look for founders with domain expertise, forging a path with a truly transformative technology. We only invest in software-based businesses in the USA. We bring a people-focused approach, work quickly, and reach conviction independently. Our initial check size is $400k to $600k. You can learn more about us and our approach.   

About Rich Maloy
Rich's mission is to rebuild the American dream through entrepreneurship. He works with early stage startups transforming the world, giving all people the opportunity to grow, learn and earn. With prior careers in finance and sales, he's now focused on startups investing through SpringTime Ventures where he is a Managing Partner. He's a father of two young children and loves sci-fi, skiing, and video games.  

Episode Transcript

Rich (00:01):
If you want to throw the coolest pool party in town, your
new title is Chief Pool PartyOfficer.
Your job as the Chief Pool PartyOfficer involves organization
and communication.
We're the pool party analogybreaks down is that investors
can't actually see each otheraround the pool.
So you need to be the proxy forthis.

(00:22):
By communicating where you arein the fundraising process with
everybody at the party.
I'm sure you've been asked byinvestors about the round.
How much are you raising?
How much has committed?
Who else is in?
Do you have a lead.
All of this is an investorgauging round dynamics.
But it's also gauging how muchtime they have before they need
to make a decision.

(00:43):
Or, how slow they can move intheir process.
Your job is to succinctlycommunicate these points to
potential investors.
Here's an example.
"We're just getting ourfundraise started.
We're in active discussions withover a dozen firms right now."
Or,"We're raising$2 million with$1 million committed, no active
lead, but we're in multiplenegotiations with lead

(01:05):
investors.
We have another million ofinterest.
So I think this round will cometogether quickly.
In reality, you'll have both ofthose discussions during your
fundraise.
The lesson here is that you needto keep coming back around to
the other investors to tell themthat the party is heating up.