The Best Way to Ask for Investor Intros

When you’re asking for introductions to investors, there are several key things to keep in mind. First, it’s very difficult to introduce a founder to an investor if the person making the introduction is not personally connected to the founder. It can be time-consuming and potentially jeopardize the introducer’s personal relationship with the investor.

Second, think about how realistic the ask is. Most early-stage startups would love to get face time with Partners at top venture capital firms, but unless you’ve reached a certain benchmark of growth, it’s unlikely that they’ll be interested in meeting with you yet. Your time is better spent finding potential investors who are great matches for your size, stage, and industry. You need to do your research before making the ask to understand whether it’s a realistic ask and whether it’s potentially a good introduction for you.

Bad requests versus good requests

Set yourself up for success and a plethora of fruitful connections by understanding the difference between a bad introduction request and a good introduction request.

Here are a few examples of bad introduction requests:

1. I’m in the Bay Area this week. Do you know any investors I can meet while I’m here?
2. Do you know anyone that might want to invest in my company?
3. Can you introduce me to a partner at Sequoia?

These introduction requests require the person making the introduction to do all of the work and show that the founder is not prepared to fundraise. They are also missing the key reason for why the founder wants the introduction, and show that the founder has done very little research before making the ask.

Here are a few examples of good introduction requests:

1. We looked at Founder Collective’s portfolio and because of their investment in CodeAcademy and Airtable, we think they may be interested in our business. Can you make the introduction?
2. I am building a healthcare company for women. Do you think you can introduce me to BBG Ventures? They focus on startups created by women and for women.
3. I will be in New York next month and have identified a few investors that I see you are connected to on LinkedIn. Attached is my investor pipeline with each of the investors along with their relevant investments and reasons why I’d like to meet them. Please let me know if you are comfortable making the introductions and I’ll send you a forwardable email.

These asks are clear, actionable, and show that the founder did the necessary work in advance. This takes the pressure off of the person making the introduction and allows them to say yes or no to the request.

If the introducer says YES

Once the introducer makes the connection, kindly thank them and move them to bcc on the email thread. Then, respond to the investor using the following format:

Introduction:

Introduce yourself and co-founder(s) and include brief background(s), if relevant.

Business:

One paragraph about the startup you are building.

Traction:

Two to three sentences about your traction. (Include quantitative metrics, notable customers, progress / growth)

Closing request:

Include the reason why you want to meet (you are looking for feedback, they have a relevant background, you are in a similar industry to a few of their portfolio companies) and a specific call to action (can we meet for a 30 minute coffee, can we have a 15 minute call, can you give me feedback via email).

Example:

Thanks for the introduction, Jillian (moving you to bcc).

Hi [Investor],

I am the co-founder and CEO of MadeUply. MadeUply [hyperlink name to website] (WeWork Labs, Toronto) is building an electronic medical system for hospitals to manage their patients progress once they are discharged. Here is our one-pager: [insert link]. Prior to co-founding MadeUply, I worked on the innovation team at Northwell Health for 10 years.

We are currently working with 50+ hospitals on the East Coast including Memorial Sloan Kettering and Mount Sinai. The hospitals using our platform have seen significant increase in patients following discharge instructions. We have been growing 20 percent MoM and are now expanding to the West Coast.

Based on your current investment in [insert similar company in portfolio] and other healthcare companies selling into hospitals, I’d love to get your feedback on my business. Do you have time for a 15 minute call in the next few weeks?

Thank you,

Jane, co-founder of MadeUply

By doing your research before asking for an introduction and identifying potential investors that make sense for your business, you not only increase the likelihood that the introducer will be able to make the intro, but that the potential investor will be interested in moving the conversation further.

.

.

.

Twitter: @jilliankcanning

Originally published on WeWork Labs Insider :)