Almost all investors will promise you “Value” beyond money. what you should really look for?
Intro’s are nice to have but the real value you are looking for is:
- HR — A good investor will help you when you want to recruit the best people and that’s starting from talking with them when there is a need for a small push till finding you targeting the right people for you. Both advisers and employees.
- Smart people who can make sure you are not doing a fatal mistake — I remember one BOD meeting when i suggested something that at the point of time seems right to me. I was very wrong and the decision could actually kill the company. I was lucky to have smart board members proving me wrong.
- Mentoring — Weekly/monthly meetings with your board members are important, especially during the first year, making sure you learn faster and lowering the gap with your board members before the next board meeting. But mostly, if you choose the right investors they just help making you a better CEO.
- Someone to call to when you are lonely — Might sound funny but there are times when you are completely lost and there is no one to talk with that can help you figure out things. Make sure you have at least one board member that you feel free to call him anytime and talk about your concerns.
Your investors are your partners, choose right. i did.