This Week in Startups Telling founders "no," Board meeting etiquette (VC School), + Michael Luciani | E1516
Jul 24, 2022
Michael Luciani, Managing Partner at Climate Capital, shares insights on investing in climate tech startups, discussing over 200 innovative ventures aimed at sustainability. The conversation explores the evolving landscape of synthetic biology and its potential to reduce carbon emissions. Luciani emphasizes the importance of strategic investor collaboration and the challenges of measuring environmental impact in early-stage companies. The hosts also tackle how investors can say 'no' to founders constructively and the key etiquette for board meetings.
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Giving the 'No'
- Give founders specific reasons for saying no, and suggest milestones for a future meeting.
- This shows you're engaged and helps founders improve, potentially leading to future investment.
Demonstrate Value
- Founders should demonstrate traction and user data before seeking investment.
- Charging for your product, even with major clients, proves market value and helps secure funding.
Thumbtack's Persistence
- Jason Calacanis initially rejected Thumbtack at the seed and A rounds before Sequoia invested in their Series B.
- This highlights how persistence can overcome initial rejection in fundraising.