really well written. but this is something i'd challenge: setting deadline can be suicide. you miss your own deadline = signal that you didn't make it.
In my experience those deadlines are more like an indication and are reset all the time. In a fundraising process you have to keep the herd moving and I appreciate founders pushing hard even if the deadlines move. Investors feel when the round has momentum (e.g. founder suddenly ghosting; other investors reaching out for feedback; big milestones being hit etc.). That in aggregate is more important than some rule of thumb deadline.
good point! so the model is roughly this: set a deadline, because the no-deadline move doesn’t make sense because deadline is a poor signal of momentum anyway
yes, set a deadline and keep going. External anchors can also help - e.g. "we expect 2 other investors to get back by end of next week" or "we have customer meetings in the US after X, ideally we'd have a decision before that." or similar.
The underlying problem is that people move on different time lines. Founders operate on different timelines than VCs. VCs operate on (vastly) different time lines than LPs. From speed boat to glaciers... Aligning timelines at such a large spread naturally requires effort and friction.
really well written. but this is something i'd challenge: setting deadline can be suicide. you miss your own deadline = signal that you didn't make it.
In my experience those deadlines are more like an indication and are reset all the time. In a fundraising process you have to keep the herd moving and I appreciate founders pushing hard even if the deadlines move. Investors feel when the round has momentum (e.g. founder suddenly ghosting; other investors reaching out for feedback; big milestones being hit etc.). That in aggregate is more important than some rule of thumb deadline.
good point! so the model is roughly this: set a deadline, because the no-deadline move doesn’t make sense because deadline is a poor signal of momentum anyway
yes, set a deadline and keep going. External anchors can also help - e.g. "we expect 2 other investors to get back by end of next week" or "we have customer meetings in the US after X, ideally we'd have a decision before that." or similar.
The underlying problem is that people move on different time lines. Founders operate on different timelines than VCs. VCs operate on (vastly) different time lines than LPs. From speed boat to glaciers... Aligning timelines at such a large spread naturally requires effort and friction.