014. Deadlines

Text your thoughts directly to Rich.

The last piece in your toolkit for driving action is deadlines. When you've got enough capital around the table, it's time to pull it in. And nothing drives action like a deadline. 

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):
The last piece in your toolkit for driving action is
deadlines.
When you've got enough capitalaround the table, it's time to
pull it in.
And nothing drives action like adeadline.
Now, fair word of warning,similar to overstating
commitments, if you set adeadline and then move it, and
then set a new deadline and movethat, investors will lose faith

(00:24):
in your ability to bring thisround to a close.
And it makes me wonder ifthere's something else going on,
like, say for example, you don'treally have$2 million committed.
You may have investors start toback out.
And the round could spiral outof control.
However, you'll know when you'reready.
Ideally you'll have a leadinvestor in place and between
you and the lead, you can setthat deadline.

(00:46):
You can also do this without alead.
If you have enough capital atthe table, run a SAFE note.
Pull all of that capitaltogether, set a deadline and get
those last few folks in thepool.
After you set that deadline, yougo back to those last few
investors that were millingabout at the edge of the pool,
that were given you the SHITS,and show them how everybody's in

(01:07):
the pool having a great time,splashing around, and if they
want in, they need to jump innow.