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How can you build trust with founders in different time zones?

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As a venture capitalist, you may have to deal with founders across different time zones, especially if you invest in global startups. This can pose some challenges for building trust and rapport, which are essential for successful partnerships. How can you overcome these obstacles and foster a strong relationship with founders in different time zones? Here are some tips to help you.

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Martin Priest

Capital and Financial Advisor for Closely Held Companies | Solving Complex Economic Problems

1 Communicate clearly and frequently

Communication is the key to any relationship, but it becomes even more important when you are working with founders in different time zones. You need to establish clear and frequent communication channels, such as email, phone, video call, or chat, and use them consistently. You also need to be respectful of the founders' time and availability, and avoid sending messages or requests at odd hours. Try to schedule regular check-ins and updates, and use tools like Calendly or Doodle to find the best time slots for both parties.

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Martin Priest

Capital and Financial Advisor for Closely Held Companies | Solving Complex Economic Problems
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Emphasize regular offsite visits for all the founders to unplug and focus on strategy face to face. It may seem counterintuitive, but stopping the grind for 5 days can probably pick up months worth of momentum. Modern technology is great for daily communication, but seeing each other face to face will make sure the human connection and trust is built.

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2 Show interest and empathy

Another way to build trust with founders in different time zones is to show genuine interest and empathy for their challenges and successes. You can do this by asking open-ended questions, listening actively, giving constructive feedback, and celebrating their milestones. You can also try to learn more about their culture, background, and personal stories, and share some of yours as well. This can help you create a deeper connection and understanding, and show that you care about them as people, not just as business partners.

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3 Provide value and support

As a venture capitalist, you are not just providing capital, but also value and support to the founders. You can demonstrate this by offering your expertise, network, resources, and guidance to help them grow their business and overcome their pain points. You can also connect them with other founders or mentors in your portfolio or network who can relate to their situation and offer advice or assistance. By providing value and support, you are showing that you are invested in their success and that you are a reliable and helpful partner.

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Martin Priest

Capital and Financial Advisor for Closely Held Companies | Solving Complex Economic Problems
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Offer to provide good back office support and operations help wherever you can. Asking founders in different places to do tasks they are not suited to is a deeper risk when they are sitting side by side. For example, provide them with a third party bookkeeping service or someone who can prepare investor presentations for them. Whatever their weakest skills are, provide a third party solution which you have a line of sight into to monitor and grow the business’ overall skill set.

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4 Be transparent and honest

Trust is based on transparency and honesty, so you need to be upfront and clear with the founders about your expectations, goals, terms, and feedback. You need to avoid any hidden agendas, conflicts of interest, or surprises that could damage the relationship. You also need to be honest about your strengths and weaknesses, and admit when you don't know something or when you make a mistake. By being transparent and honest, you are building a foundation of trust and credibility that can withstand any challenges or disagreements.

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Martin Priest

Capital and Financial Advisor for Closely Held Companies | Solving Complex Economic Problems
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Get each KPI broken down into small enough pieces that everyone can spot the inevitable setback. Use every setback as a teaching moment and relate it back to your own experiences. Tell them the truth of how painful it was., so they know that they are not alone. A founder is an isolated experience. Giving them context and support is a human need which a VC needs to deliver.

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5 Respect and embrace diversity

Finally, you need to respect and embrace the diversity of the founders in different time zones, and avoid any biases or stereotypes that could harm the relationship. You need to acknowledge and appreciate the differences in perspectives, opinions, values, and styles that the founders bring to the table, and learn from them. You also need to be open-minded and flexible, and adapt to the changing needs and preferences of the founders. By respecting and embracing diversity, you are creating a culture of inclusion and collaboration that can foster innovation and growth.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Martin Priest

Capital and Financial Advisor for Closely Held Companies | Solving Complex Economic Problems
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Founders in different time zones is a risk factor. It has to be addressed and will make growth more expensive, but that’s okay if it means you have the right team. However, before the business raises more capital, the founders may have to address the question of when do they relocate to the same place. I also want to emphasize that a startup is stressful and science tells us that sleep deprivation makes stress and mistakes more likely. Don’t fall for the hustle nonsense, a healthy founder is absolutely needed. I’ve seen too many good ideas die on the vine because a founder became ill or died. Smart VCs watch the health and mindset of their portfolio founders.

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How can you build trust with founders in different time zones?

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6

1 Communicate clearly and frequently

2 Show interest and empathy

3 Provide value and support

4 Be transparent and honest

5 Respect and embrace diversity

6 Here’s what else to consider

Venture Capital

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How can you build trust with founders in different time zones?

1

2

3

4

5

6

1 Communicate clearly and frequently

2 Show interest and empathy

3 Provide value and support

4 Be transparent and honest

5 Respect and embrace diversity

6 Here’s what else to consider

Venture Capital

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