Tell Me the Story That Gets You Out of Bed

• In one or two sentences, what problem are you obsessed with solving and for whom?
• Company name, current stage, and your one-line mission?
• Who are the founders, what are their primary roles today, and how much time is each founder committing?
• Which vertical best describes your company? Options: Enterprise software, Fintech, Healthtech, Frontier tech (AI/ML, robotics, etc.), Other
• Which description best matches your product stage right now? Options: Idea / concept, Prototype / alpha, Private beta with design partners, Public beta / pilot customers, Early revenue

If Everything Goes Wrong, What Happens First?

• What's the single biggest threat to making meaningful progress in the next 12 months?
• Which of these constraints are actively limiting progress today? (select all that apply) Options: Access to customers / pilots, Hiring the right talent, Insufficient capital, Technical or product blockers, Regulatory or compliance issues, Go-to-market / sales motion, Other
• How long have you been held back by the top constraint you selected? Options: Weeks, 1–3 months, 3–6 months, 6–12 months, Over a year
• Describe a recent day or week where that constraint materially affected decisions or progress—what happened and how did it feel?
• Who on the team feels this pressure most, and what would change immediately if that pressure eased?

Who Must Be Convinced (Beyond You)?

• Name the three people or groups whose support is make-or-break for closing this round and explain why each matters.
• What founder ownership percentage are you targeting after this round? Options: >50%, 40–50%, 30–40%, 20–30%, <20%
• What is the minimum founder ownership you would accept and why?
• Do any current investors, advisors, or stakeholders have special rights, preferences, or expectations we should plan around? Options: Yes, No
• If yes to the previous question, please describe those rights, expectations, or potential veto points.

What Would Having a Partner Actually Look Like?

• If an investor materially accelerated your path to product-market fit, what exact actions would that investor take in the next 12–18 months?
• Which tangible supports would move the needle for you right now? (select all that apply) Options: Help recruiting first hires, Intro to pilot customers / sales channels, Hands-on product/UX support, Go-to-market strategy and GTM hires, Warm intros to Series A leads and pitch coaching, Back-office setup (incorporation, cap table, finance), Technical architecture / code reviews, Regulatory or clinical support, Other
• Which of those supports have you tried to get previously and what was the outcome?
• How much ongoing partner involvement feels right to you—weekly, monthly, or ad hoc—and what does 'involvement' look like in practice? Options: Weekly, Biweekly, Monthly, Quarterly, On-demand / as-needed
• Which governance structure would you be comfortable with from an investor (board seat, observer, or informal advisor)? Options: Board seat, Board observer, Formal advisor agreement, No formal board role

Show Me Traction as a Story, Not a Number

• Tell the story of the most meaningful traction moment you've had—what happened, who was involved, and why it mattered?
• Which early signal(s) best represent traction today? (select all that apply) Options: Engaged design partners, Paid pilots or pilot commitments, Consistent active users, Recurring revenue, Customer LOIs / MOUs, Clinical validation / approvals, Other
• List 3–5 metrics you track (current value and near-term target) and why each metric matters to growth or fundability.
• How reproducible were your wins—what parts were repeatable processes versus one-off circumstances? Options: Mostly repeatable, Mix of repeatable and one-off, Mostly one-off / opportunistic
• What’s the fastest, most plausible path you see to meaningfully increase traction in the next 6 months?

Hiring the Team That Actually Builds Your Company

• If you could hire one person today who would change everything, who would it be and why?
• Which hires are planned in the next 12 months and which are immediate priorities? (select all that apply) Options: Head of Product / First PM, Engineering lead / Senior SWE, Full-stack engineers, Sales / BD lead, Customer success / account rep, Ops / finance / head of people, Clinical / regulatory specialist, Other
• What is the target timeline and total budget for these hires (months and approximate salary ranges)?
• Which hiring channels have worked for you and which have consistently underperformed? Options: Founders' personal network, Referrals, Recruiting firm, Investor talent network, University partnerships / interns, Job boards, Other
• What cultural traits or mission-aligned qualities are non-negotiable for your earliest hires?

How Will We Know This Round Worked?

• Fast-forward 12 months: what three concrete outcomes would make you say this round was a clear success?
• Which milestones do you want capital to fund? (select all that apply) Options: Hire key roles, Achieve PMF signals / retention metrics, Launch paid pilots and generate revenue, Hit ARR or MRR milestones, Regulatory / clinical milestones, Build core platform / IP, Expand to new market
• What specific metrics or guardrails should we use to evaluate progress and consider follow-on capital?
• What timeline do you expect for raising Series A and what metrics would attract a Series A lead? Options: 9–12 months, 12–18 months, 18–24 months, More than 24 months, Unsure
• Describe what failure would look like after this round—what outcomes would force a major pivot or winding down?

Practical Constraints: Money, Time, and Paperwork

• What's the minimum amount of capital you need to hit the next set of milestones, and why is that the floor?
• Which financing instrument do you prefer for this raise? Options: Priced round (equity), SAFE, Convertible note, KISS, No preference / open
• What's your ideal close timeline and are there any immovable deadlines (e.g., grant expiration, pilot start, payroll)? Options: Immediately / within 2 weeks, 2–4 weeks, 1–2 months, 3+ months, Unsure
• Are there legal, regulatory, IP, or contractual issues that require special diligence? Options: Yes, No
• If yes, please describe those constraints and current mitigation efforts.
• What are the three biggest unknowns you expect us to investigate during diligence?

Final Honest Questions — Let’s Clear the Air

• What do you fear most about taking institutional capital at this stage?
• How comfortable are you with dilution and the trade-offs between capital and control? Options: Very comfortable, Somewhat comfortable, Cautious, Not comfortable
• Have you previously turned down investors or offers? If so, why did you decline?
• What is your single, most important ask of any lead investor beyond capital?
• Which communication style from an investor would help you most during hard moments? Options: Hands-on operator support, Strategic sounding board, Warm intros and network access, Low-intervention / trusted advisor, Other

• Scenario Alignment — Current State & Consequence
• Solution Mapping Workshop — Proof of Acceleration
• Hiring & Org Plan — First 5 Hires Workshop
• Early Customer Pipeline & Pricing Experiments
• Series A Readiness Roadmap — Backcast & Commit

• Founder to prepare one-pager pilot briefs for each target customer and share contact priorities.
• Obtain explicit founder validation on which interventions to pilot first.
• Fund to deliver a 30–60 day pilot plan showing expected metric changes and resource needs.
• Founder to rank interventions by impact and feasibility and return rankings within 48 hours.
• Assign owners for each pilot intervention and schedule execution kickoff meetings.
• One-Sentence Org Current State
• Agree a prioritized, sequenced plan for the first five hires tied to specific milestones.
• Define role specs, compensation bands, and sourcing channels for each priority hire.
• Document explicit partner recruiting commitments and SLAs.
• Draft job descriptions for the first three hires and circulate for feedback.
• Fund to provide initial candidate introductions for the first hire within agreed SLA.
• Founder to set up an interview loop and hiring decision timeline for each role.
• One-Sentence GTM Current State
• Create 1–2 concrete pilot designs with success metrics and pricing experiments.
• Assign intro owners and a timeline for the first wave of partner-facilitated customer meetings.
• Define clear validation criteria that map pilot results to funding/milestone decisions.
• Introductions & Meeting Goals
• Fund to prepare an intro outreach template and schedule the first 3 intros.
• Set measurement cadence and dashboard fields to track pilot KPIs weekly.
• Recap Validated Future-State Outcomes
• Produce a timebound roadmap of milestones that lead to a clear, sector-specific Series A readiness definition.
• Agree governance and ownership targets, and document instrument implications for founder dilution.
• Establish a cadence of checkpoints and responsible owners to monitor progress and validate assumptions.
• Fund to deliver a Series A readiness one-pager including dilution scenarios and governance recommendations.
• Founder to confirm acceptance of the roadmap and provide any remaining missing inputs to finalize milestones.
• Set recurring monthly milestone review meetings and assign owners for each milestone area (hiring, GTM, product, finance).
• Produce a single, one-sentence current-state statement for each scenario.
• Quantify the primary consequence(s) of the problem in operational terms (time, cost, risk).
• Agree the exact metrics and evidence the fund needs to model impact in the next meeting.
• Founder to provide requested metrics, logs, or customer notes identified in the meeting.
• Fund team to prepare a one-page scenario summary (current state + quantified consequences) for the workshop.
• Schedule Solution Mapping Workshop and send pre-read with the refined one-sentence current state.
• Recap of One-Sentence Current State & Consequence
• Produce a concise future-state sentence for each scenario that ties to measurable outcomes.
• Map 3–5 concrete interventions (capital uses + partner actions) to expected metric improvements with timelines.
• Cost of Getting Hiring Wrong (Consequence)
• Define Future-State Outcomes (one sentence each)
• Define Series A Criteria (sector-specific)
• Consequences of Slow Early GTM
• Founder Scenario Readback (Current State)
• Define Future Org State & Role Sequence
• Backcast Milestones & Timeline
• Define Future-State Customer Outcomes
• Surface Consequences
• Intervention Map: Capital + Partner Support
• Proof: Modeled Impact & Portfolio Analogues
• Governance, Dilution & Instrument Mapping
• Stakeholder & Impact Mapping
• Pilot Design & Pricing Experiments
• Tactical Role Specs & Sourcing Channels
• Validation Rounds with Founder
• Partner Commitments & Recruitment SLAs
• Partner Intro Plan & Owner Assignments
• Proof & Sensitivity Check
• Agree Metrics & Evidence Needed
• Decision & Next Steps
• Validation & Go/No-Go Criteria
• Validate Hiring Priorities
• Next Steps & Homework
• Commitments & Monthly Checkpoint Plan

• Issue Term Sheet and Close Seed Investment
• Provide Board Representation (seat or observer)
• Deliver 3‑Year Financial Model and Unit Economics
• Create Equity Plan and Option Grant Documents
• Source 3–5 Vetted First‑Hire Candidates
• Deliver Offer Letters and Compensation Packages
• Make Warm Introductions to 10 Early Customers
• Make Warm Introductions to 5 Series A Investors
• Produce Investor‑Ready Pitch Deck
• Conduct Mock Investor Pitch Rehearsal with Recording
• File Incorporation Documents and Entity Setup
• Deploy Accounting Stack and Chart of Accounts
• Set Up Banking and Payment Processing Accounts

Issue Term Sheet and Close Seed Investment

• What is your target check size from the fund for this round? Options: $500k - $1M, $1M - $1.5M, $1.5M - $2M, $2M - $3M, Undecided / Discuss
• Which instrument do you prefer for closing? Options: Priced equity (preferred stock), SAFE (cap + discount), Convertible note, Undecided / Need recommendation
• What ownership target or post-money valuation range are you aiming for? Options: Target ownership >20%, Target ownership 10-20%, Target ownership <10%, Valuation guidance available (specify below)
• What is your preferred closing timeline? Options: 2 weeks, 3-4 weeks, 1-2 months, 2+ months
• Are there material non-standard terms you require (e.g., pro rata allocation, ratchets, liquidation preferences)? Please list.
• Do you have external legal counsel who will review the term sheet and close documents? Options: Yes, retained counsel, No, need introductions/representation, Partial (in-house counsel only)

Provide Board Representation (seat or observer)

• Do you expect the fund to take a board seat, an observer role, or no formal governance role? Options: Board seat, Board observer, No governance role desired, Open to discussion
• What board size and composition are you targeting post-close? Options: 1 founder + 1 investor, 1 founder + 2 investors, 2 founders + 1 investor, Other (describe)
• Are there specific governance rights or veto items you expect (e.g., hiring/firing CEO, >$X spend, additional fundraising approval)? Options: Yes, will specify, No special veto rights requested, Open to standard protective provisions
• How often do you expect board meetings and what reporting cadence do you prefer? Options: Monthly, Quarterly, Bi-annually, Ad hoc / as needed
• Do you want the fund to help prepare board materials and meeting agendas? Options: Yes, full support, Yes, occasional support, No, we will prepare materials
• If relevant, describe any prior board experience or expectations for the investor director/observer (e.g., domain expertise, fundraising support).

Deliver 3‑Year Financial Model and Unit Economics

• Do you have an existing financial model we should build from or revise? Options: No model exists, Yes, a basic model (spreadsheet), Yes, a detailed model (driver-based)
• What time granularity do you need (monthly first 18 months, then quarterly)? Options: Monthly for 36 months, Monthly for 18 months then quarterly, Quarterly only, Other
• Which revenue and cost drivers should the model reflect (select all that apply)? Options: SaaS (MRR/ARR), One-time services, Transaction fees, Marketplace take rate, Hardware sales, Other
• Which unit economics metrics must be included (required fields)? Options: CAC, LTV, Payback period, Gross margin, Contribution margin, ARPU
• What are your current burn rate and runway (in months)? Options: Pre-revenue / burn not established, Burn < $25k/month, Burn $25k - $100k/month, Burn > $100k/month
• List any assumptions or scenarios you want modeled (e.g., conservative, base, aggressive), including fundraising events.

Create Equity Plan and Option Grant Documents

• Do you currently have a cap table and equity plan in place? Options: No cap table yet, Cap table exists (simple), Cap table exists (complex), Need cap table review
• What size of option pool are you targeting pre- or post-money? Options: 0-5%, 6-10%, 11-15%, 16%+
• Which vesting schedule and terms do you prefer for options? Options: 4 years with 1-year cliff (standard), 3 years with 1-year cliff, Custom vesting (specify)
• Do you need formal option grant documents, exercise paperwork, and grant letter templates prepared? Options: Yes, full documentation, Yes, templates only, No, we have templates
• Are there advisors or consultants who need advisory shares or special agreements? Options: Yes - list below, No
• Provide any special equity terms required (founder vesting resets, reverse vesting, anti-dilution protections, etc.).

Source 3–5 Vetted First‑Hire Candidates

• Which roles do you want the fund to source candidates for (select up to 5)? Options: CTO/Head of Engineering, VP Product/Head of Product, Head of Sales/BD, Head of Ops/Finance, Senior Engineer/IC, Growth/Marketing Lead, Other (specify)
• What seniority and compensation bands do you expect for these hires? Options: Senior IC (IC4+) - <$150k, Manager/Director - $150k-$250k, VP-level - $200k-$350k, Executive >$350k, Flexible / discuss
• What is your preferred hiring timeline for each role? Options: 30 days, 60 days, 90 days, 120+ days
• Are hires location-specific (city/state) or open to remote / distributed candidates? Options: Local / onsite preferred, Remote-first, Hybrid, Flexible
• Do you want the fund to run the recruiting process end-to-end (sourcing, screening, first interviews)? Options: Yes, end-to-end, Yes, sourcing + screening only, No, pipeline introductions only
• List any non-negotiable skills, stack, or domain experience required for these candidates.

Deliver Offer Letters and Compensation Packages

• Do you need the fund to draft legally-reviewed offer letters and employment agreements? Options: Yes, full drafting, Yes, template customization, No, we have templates
• What mix of cash vs equity do you intend to offer typical hires? Options: Cash-heavy (market comp), Balanced cash + equity, Equity-heavy (startup rates)
• Which benefits and perks should be included in offers (select all that apply)? Options: Health insurance, 401(k) / pension, Relocation, Remote stipend, Paid time off, Other
• Do you want compensation benchmarking vs relevant market comps (role, geography, stage)? Options: Yes, provide benchmarking, No, we have internal data
• Are there equity tax considerations or jurisdictional issues we should address in the offer letters? Options: Yes (specify), No
• Any special clauses required (IP assignment, non-compete, severance, change-of-control)? Please list.

Make Warm Introductions to 10 Early Customers

• Which customer profiles should introductions target (industry, company size, buyer persona)? Options: Enterprise (>$500M), Mid-market ($50M-$500M), SMB (<$50M), Consumer, Other
• What geographic markets should introductions focus on? Options: North America, EMEA, APAC, Global / Multi-region, Other
• Do you require NDAs before customer conversations? Options: Yes, NDAs required, No, okay to demo without NDA, Depends on the customer
• What is your preferred introduction format? Options: Email intro with brief context, Warm intro + scheduled call, Intro + product demo arranged, Referral only
• What are the primary outcomes you want from these intros (pilot, paid trial, feedback interview)? Options: Paid pilot, Pilot with discount, Feedback / discovery, Partnership exploration
• Provide a short list of 3-5 target companies or ideal customer examples to prioritize.

Make Warm Introductions to 5 Series A Investors

• What is your target raise size for Series A and expected timing? Options: $5M - $10M (12-18 months), $10M - $20M (12-24 months), Undecided / depends on traction
• What investor profiles do you prefer for Series A intros (geography, stage focus, sector expertise)? Options: US top-tier growth funds, Sector-specialist VCs, Global investors, Strategic/corporate VCs
• Are you seeking lead commitments prior to introductions or exploratory interest only? Options: Seeking lead commitments, Exploratory intros only, Open to either
• Which materials will you have ready for Series A intros (select all that apply)? Options: Pitch deck, 3-year model, Customer references, Traction metrics/data room
• Do you want the fund to provide warm intros to specific partner contacts or general partner pools? Options: Specific partners (named), General partner-level intros, Associate-level screening intros
• List any target Series A firms or partners you want prioritized for introductions.

Produce Investor‑Ready Pitch Deck

• Do you have an existing pitch deck to refine or do you need a deck created from scratch? Options: Existing deck (needs refinement), Existing deck (minor edits), Create from scratch
• Which slides should be included or emphasized (select all that apply)? Options: Problem, Solution, Market size, Business model, Go-to-market, Traction, Team, Financials, Ask
• What is your target deck length and audience (e.g., 10-slide intro for partners, 20-slide due-diligence version)? Options: 10-12 slides (intro), 15-20 slides (investor-ready), Short teaser (1-2 slides) + long deck
• Do you want design and copy polish (visual refresh, messaging edits)? Options: Yes, full design and messaging, Yes, messaging only, No, content-ready
• Are there specific metrics, customer stories, or data points you want highlighted?
• Do you require multiple deck variants for different audiences (investor, customer, partner)? Options: Yes - investor/customer/partner variants, No - single deck

Conduct Mock Investor Pitch Rehearsal with Recording

• Who should participate in the mock pitch session? Options: Founder only, Founders + CEO/cofounder, Founders + lead hires (e.g., CTO), Full founding team
• How long should the rehearsal session be (including Q&A and feedback)? Options: 30 minutes, 60 minutes, 90 minutes
• What feedback focus do you want (select all that apply)? Options: Story and flow, Slide design, Difficult Q&A practice, Deal economics and ask clarity
• Do you want the session recorded and annotated with written feedback? Options: Yes, recording + annotated notes, Recording only, No recording
• Would you like follow-up coaching sessions or a staged rehearsal plan leading to investor meetings? Options: Yes, staged rehearsals, One-off session, Depends on outcome
• List any specific investor types or challenging questions you want simulated in the Q&A.

• Term Sheet
• Security Purchase / Subscription Agreement
• Convertible Instrument / SAFEs (if applicable)
• Board & Governance Agreement
• Diligence Checklist & Data Room Signoff
• Statement of Work (SOW)
• Use of Proceeds & Milestones Schedule
• Closing Timeline & Conditions
• Founder & Investor Mutual Obligations
• Cap Table & Ownership Schedule
• Legal Representations & Compliance Certificates
• Escrow, Wire Instructions & Payment Authorization
• Side Letter / Special Terms
• Closing Deliverables Checklist

• Milestone Checkpoint (Biweekly)
• Series A Readiness Review (Monthly)
• Portfolio Partner Coordination (Monthly)
• Issues & Continuous Improvement Retrospective (Monthly)
• Onboarding & Ops / Cap Table Check (Quarterly or As-Needed)

• Quick Status Round
• Publish a 1-2 page hiring brief template for partners to use when sourcing candidates.
• Rebalance partner assignments for any companies with acute runway or blockers.
• Review Open Issues Board
• Triage and reduce the issue backlog by closing or assigning all items.
• Adopt at least one process improvement with a clear owner and acceptance criteria.
• Update the shared channel and runbooks so changes are discoverable and actionable.
• Establish simple metrics to measure whether the improvement solved the problem.
• Create or update runbook entries for agreed process changes and publish in the shared channel.
• Assign owners and SLAs for unresolved issues and record them in the tracker.
• Communicate changes and expected behavior to founders and partners via the shared channel.
• Set a validation check date to measure improvement impact against agreed metrics.
• Cap Table Snapshot & Changes
• Ensure the cap table and equity plan are accurate and documented.
• Confirm financial model alignment and runway assumptions with planned milestones.
• Close remaining operational onboarding tasks or assign clear owners and timelines.
• Identify any compliance/legal risks and assign mitigation steps.
• Submit and record any outstanding cap table changes and circulate an updated snapshot.
• Issue required option grant paperwork and record approvals.
• Update the shared financial model with agreed assumptions and distribute to partners.
• Resolve outstanding compliance items or escalate to legal for immediate action.
• Establish an accurate, shared status for each agreed milestone.
• Surface and prioritize blockers with explicit consequences.
• Assign clear owners and due dates for all next-step actions.
• Capture any immediate partner or resource needs for escalation.
• Update the milestone tracker with current status, evidence, and owners.
• Escalate top blocker(s) to partner owner with required ask and timeline.
• Create short task tickets for all two-week commitments and assign owners.
• Prepare evidence or demo artifacts for any milestone nearing completion.
• Current State Snapshot
• Produce a clear, measurable Series A readiness checklist and target timeline.
• Translate readiness gaps into prioritized, timebound milestones with owners.
• Decide whether to initiate investor outreach or defer until criteria are met.
• Identify immediate partner interventions (hiring, intros, GTM) required to accelerate readiness.
• Create the Series A checklist with measurable KPIs and owners for each item.
• Develop a concise investor one-pager tied to the readiness signals for outreach.
• Assign partner-led tasks (e.g., hire lead, customer intro list) with deadlines.
• Schedule a follow-up readiness checkpoint aligned to the next fundraising decision milestone.
• Deliver a prioritized list of intro/hire plays for the next 30 days.
• Capture and share repeatable partner playbooks to speed execution.
• Partner Activity Report
• Ensure partner effort is focused on the highest-impact portfolio needs.
• Prevent overlap and burnout by clarifying partner bandwidth and reassigning where needed.
• Update the partner commitment board with confirmed owner assignments and timelines.
• Execute priority intros and record outcomes in the shared channel.
• Root Cause Focus (Top 2 Issues)
• High-Impact Request Triage
• Readiness Gap Analysis & Consequences
• Equity Plan & Option Grants
• Top Blockers & Consequences
• Financial Model & Runway Review
• Bandwidth & Prioritization
• Improvement Proposal & Decision
• Validation of Completion Criteria
• Define Future State Criteria
• Operational Compliance Checklist
• Resource/Partner Requests
• Runbook / Communication Plan
• Proof & Validation Plan
• Partner-Led Playbook Sharing