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Investor Update Alternatives
As many of you already know, I am a fierce advocate of monthly investor updates for all founders. I believe that allowing investors to see your progress over months or years makes the fundraising process significantly easier, allowing them to experience your growth with you instead of just being shown a standstill snapshot of your business at the time you are fundraising.
That being said, I understand that there are downsides to monthly investor updates; some founders don’t like sharing their progress publicly, and others have businesses that don’t grow consistently month over month, so some updates look disappointing. Others want to have full control of the narrative when they go to fundraise.
For those of you who don’t like monthly updates, here are some alternatives that I feel still give you some of the benefits of monthly investor updates without the downsides.
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Regional tours. I’ve only seen this done a few times but there are some founders who regularly travel to different locations to meet with investors/attend events to ensure that investors get consistent updates about their companies. The first time I heard of this was a founder from Vancouver, Canada, who travelled every third month to Seattle, San Francisco and LA for 2 weeks and would attend conferences, investor meetings and social events where he would speak with local investors, knowing that there was more cash in those locals than in Vancouver. This gave him the advantage of speaking to investors in people and seeing them consistently enough that in the 18 months between raises, he would meet investors 4-6 times, and they would still get to see the progress he’s made instead of just hearing from him when he raises.
Sending a milestone newsletter. This is actually the strategy that I employed when I started my first business. Instead of monthly updates (which I eventually moved to), I started with a milestone newsletter. This meant that each time the company hit a milestone, I would send a newsletter to a list of investors, letting them know what we’ve accomplished and what we aim to do next. This is a great strategy if you want to only reach out with good news.
Would you use one of these alternatives? |
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