There is an apocryphal saying in venture investing, that investors are looking to invest in “lines not dots”.
The common misinterpretation of this concept is that you should therefore reach out constantly to investors with updates.
And while lines are better than dots, it’s the shape of the line that matters most.
The most wonderful thing about watching founders grow, is how staggeringly quickly some of them come up the curve.
A few short months will pass, and the founder will reappear, almost unrecognisable from the last time you saw her.
Soaring ambition, crisper storytelling, lucid, wide-eyed descriptions of the challenges she’s facing.
Indexing on the first dot is often a mistake, and an easy one to make.
But it’s the upward velocity of the subsequent dots that is the most inspiring and unexpected thing about being an early stage investor.