116. Accountability & Updating on the Three P's
This simple format for updating investors is all you need. The 3 P's: Plans, Progress, Problems.
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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 $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 believes technology gives all people the opportunity to grow, learn and earn. He is a Managing Partner at SpringTime Ventures and the host of the VC Minute podcast. With prior careers in finance and sales, he's been focused on the startup ecosystem for over a dozen years. He's a father of two young children and loves sci-fi, skiing, and video games.
With regards to accountability during the fundraising process,even in companies I've Angel invested in,the one thing I look for is the monthly update and the consistency around that monthly update.What is the framework that they use to tell their their story and communicate progress,communicate the challenges that they're having?And I think the easy framework to follow is,focus on plans,progress,and problems.Every single company is gonna have problems throughout their,their journey.I want to make sure that they're focused on the the problems and are communicating progress against the plans that they're communicating.The one thing I look forward to is,and I know I'm talking in the context of just my experience in angel investing.But what is the North Star metric they're focused on week over week or,month over month?Because that helps validate the growth opportunity for the business.In terms of accountability,it's the consistency.Are they always consistent with the monthly update that they,they give?And it's okay if,you know,things are not always gonna be rosy and perfect and headed up into the right.But even if there are the challenges going on in the business,which every business has its own set of challenges,it's sharing what those are and,and what are some of the things that they're doing about the,those challenges.I think it's really,really important to demonstrate that consistency and accountability over the,three Ps plans,progress and,and problems,but also the north star metric,you know,what are they trying to grow every single month that tells us this business could be a big opportunity.
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Get you started on your fundraising journey. In true VC Minute fashion, all 50 episodes are less than 1 hr 30 min combined.
