vcs say nice things to everyone

If a VC says they like your startup, that means nothing. Their job is to be nice to everyone. They’re maintaining relationships. They talk to a hundred founders a week and most of them aren’t decision makers.

So when they say “you’re too early”, ask them exactly what would make it interesting. Revenue of 10 crores? 50? A retention number? If they can name it, they’re serious. If they can’t, they’re fishing, and now you know, and nothing’s wrong with your startup.

Same with “we add a lot of value”. Value add hardly ever comes from people who say the words value add. A fund that built the Uber of LATAM says they’ll help with distribution. Ask: will you give us ad space in your app? An email blast? A post on your Instagram? How exactly? It’s not rude. It’s a business deal. They’ll never put it on paper but you’ve created some shame if they don’t deliver. Write down their exact words so you can read them back in six months.

Most help comes from people, not funds. An analyst who angel invests and makes two intros is worth more than a logo. Scouts aren’t special either. Every big fund has two thousand of them. A scout check gets you in the door. It never closes anything. Partners lead.

The ones who do add value never need to tell you. The ones who keep telling you will say “you guys are persistent, you’ll figure it out” and keep the upside.

And the last thing: a VC ghosting you is a done deal. If someone doesn’t call you back after a date, you don’t call them. The equation is set. Move on to the next one. There’s no version where chasing works.

the call where i said it best

A team with a tier one lead was offered half a million from a small accelerator in exchange for free housing. I asked what the value was. “They’ll intro us to a founder who sold for 200 million.” A million people on earth have sold something for 200 million. That doesn’t mean he can do it again or that he’ll pick up your call. I asked if they’d researched the fund. “I looked at their website.” I can go to Coca-Cola’s website and it’ll say sugar free. Just Google them.

do this this week

Go back to every investor who said “interesting” and ask one question: what number would get you to a term sheet. Keep a list of who answered.

the line to remember

if vcs say nice things about you or your startup, that doesn’t mean shit. their job is to be nice to everyone.