From Ben Yoskovitz, Instigator Blog
When you start raising money for your startup, people will tell you, “If you want advice, ask for money. If you want money, ask for advice.” You might dismiss this as generic, cookie-cutter advice, but there’s definitely some truth to it, particularly the second part.
Recently, I was in touch with three entrepreneurs (two via the phone, one via email), and in all three cases they wanted to give me an update and ask me some questions. All three are fundraising. None of them asked for money.
Maybe they don’t want my money. Maybe they don’t know I’m an investor (which seems unlikely). Or maybe they’re leveraging a little psychology to their advantage.
After each of the interactions, I thought about the startups and entrepreneurs for a few days. The updates were all positive (although they openly talked about outstanding issues too, they’re not being dishonest about things), and that positivity grew inside my brain over time. I was left…wanting more…