This week I sat down for lunch with a founder named Mark who I’ve been advising for the past year. He’s a smart guy building a beautiful eBike in the Micro-mobility scene. The product is almost finished and he’s starting his first institutional round of fundraising. Here’s the problem: Mark has three verbal offers. Sounds terrible right?!?!?! Of course, each offer has different terms attached, with different kinds of “smart-money” behind each deal. We sat down and analyzed each deal and the person / advantages behind it. At the end of our meeting Mark knew exactly what he needed to do. Did I say or analyze anything specifically? No. Did I make some awe-inspiring quote allowing Mark to see the light at the end of the tunnel? No. Well then, what did I do? I simply broke each deal down and confirmed to Mark what he already knew. It’s not rocket science.
Now comes the hard part. Mark needs to make the decision and jump in with both feet, taking a slightly aggressive approach while being very clear with the potential investors and what he expects to be in the term sheets. No Mark has never done this before and yes it’s scary, but we’re not in this to sit back and let things unfold by themselves.
When it come to tough decisions, speak to your advisors (and if you don’t have any, you’d better find one), and then execute! That’s what’s going to push your company forward. Actions beget actions!
And yes, the ramen was delicious, thank you for asking.
Frog Ventures 