4 Questions Startup Founders Should Ask When Meeting with VC Firms

By Rachel Sheppard

As an investor working in corporate venture capital, I have an average of four introductory meetings a week with startups who come to me with fundraising pitches – and I’ve noticed that founders might do much more to optimize their time with venture capital firms.

Biggest missed opportunity? They don’t leave time for discussion. Or when they do, they expect me to be the one asking all the questions.

But the most fruitful post-pitch questions and answers are collaborative conversations. With that in mind, I would advise all founders to come to these venture capital meetings prepared to ask these four questions.

Ask for feedback on the pitch deck

Make sure you get feedback on your deck right away. If you wait until After Upon receiving the news that you haven’t convinced investors, you’ll likely get a less specific answer. It’s not that investors are apathetic or distant. It’s just that we’re in these meetings all the time, so it’s important to give us the opportunity to engage during the call.

It’s important to keep in mind that asking for feedback from everyone you meet could lead to information overload: you’re ultimately getting each investor’s subjective opinion. But if you notice common themes, take them seriously.

Request presentations

Spending one-on-one time with investors can be intimidating, so it may seem risky to ask for an introduction. But most venture capitalists want to back a startup in some way, even if they aren’t able to invest, and are pretty open with their networks.

Be specific about the type of support you need. And strike while the iron is hot. If you wait an hour later to send an email, the ability to connect to the investor’s network may have lost some of its momentum.

Ask for resources and reviews

A big part of being an effective VC is having deep industry knowledge. I’ve found that tactical founders take the time to ask me questions like: What do you think of the current fundraising climate? Are you seeing any notable changes in consumer behavior in our niche? Do you think an asymptotic market is too difficult?

When you dedicate time to proper collaborative discussion, investors can end up learning as much as you do. And as an added bonus, if you teach them something really new, they’ll probably remember you long into the future.

Ask how you can help

The final question you should set aside time to ask investors during meetings is: “How can I help you?” I love when founders ask me that. This is a sure sign that this is the type of person who cares about their community and is willing to give back.

But it’s also a sign that they are aware that networking is a two-way street.

Obviously, some power imbalance exists when a founder launches a venture capital project, but founders hold a lot of power. Just as you hope an investor will refer you to a colleague, you can be the link between investors and the flow of future deals. So ask them if there’s a particular type of business they’re missing in their portfolio – you might have your own introduction to make.

When we talk about the startup space functioning as an “ecosystem,” it’s because each player has an interconnected role to play. By allowing time in pitch meetings for a real exchange between the VCs and you as the innovator, you help connect more dots within this ecosystem, making it stronger for everyone involved.

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Rachel Sheppard is Director of Ventures at Mars Petcare and Co-Director of Leap Venture Studio, a partnership between Mars Petcare, Michelson Found Animals and R/GA Ventures.

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Illustration: Dom Guzmán