Early this week I was talking to an entrepreneur about his company, market, competitors, and investors. When asking about his investors, he said they were great but super hands-off. Probing deeper, he said he has to reach out to them for help as things are very casual. After thinking about it, I think this happens more often than expected and that entrepreneurs should be more proactive about asking investors for help.
Here are a few thoughts on asking investors for help:
- Most investors want to add value, so asking for help isn’t imposing
- Include asks for help in the regular investor updates
- Before an investor writes a check, ask them how they’d like to help, if at all (if they’ve already invested, and you don’t already know the answer, ask this question)
- Consider the area of expertise for each investor, and lean on them when a relevant question comes up
Investors do want to help and many entrepreneurs don’t regularly seek them out even though they have a vested interest in the success of the startup. Entrepreneurs should ask investors for help more often.
What else? What are some more thoughts on asking investors for help?