One of the post powerful tools in fundraising

One of the most obvious, yet underused, methods of raising capital can make the difference between receiving an investment or not.

The saying goes: "Ask for a cheque and get advice. Ask for advice and get a cheque twice." So often when entrepreneurs meet investors, they dive into pitching without digging into the background and experience of the investors (whether angels or VCs) for advice that can move the dial.

As a five time founder, I get the frustration that some founders feel when advice comes first - perhaps without ever getting the money. Remember though, that this is a key signal. The investor is not ready to invest - now or possibly ever (make sure you ask them what will help them get to a Yes or a No). Yet, they want to provide value. Why? Often because they have relevant experience, wisdom, and discernment. Sometimes they don't - but remember their heart is in the right place and they are well intentioned and they want to help. As founders, we want to receive all feedback and advice and filter to our context, our sector, and our stage.

Now, the crucial element that so many miss: follow-up!! I often joke that investors have longer memories than elephants yet it's so true. I can remember advice I've given founders the moment we reconnect or I see an update. And I'm always curious what happened with my advice. To stay top of mind with investors, to show gratitude, and to show your abilities as a leader, following up on a conversation is key. Whether advice, feedback, or tough questions, showing you listened, evaluated the feedback, and made a decision is invaluable.

You may not agree with the advice - that's ok! Your job is to filter and sort through diverse, and often opposing, feedback and make the right decision for your firm. Showing why you did, or did not, act helps investors to understand how you lead and can increase the probability of greater interest in you, the company, and the round. Regardless of your assessment and decision, show gratitude. It's in these moments that you can show who you are as a person, and how you approach relationships in business. And ask for the help you want including introductions to subject matter experts, customers, partners, talent and aligned investors.

If you want to get the most out of your fundraising efforts, then seek advice that can help your business regardless of the investment decision. And show who you are - with gratitude driven follow-up that reflects your inquisitiveness, process, discernment and decision making ability, humility, grace, and passionate desire to make your business thrive and create lasting impact. When you follow-up show gratitude, investors keep you top of mind, believe in you, and can invest beyond the advice.