Advice to founders to avoid time-wasting VCs: ask in the first call if a fund is actively investing.
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Alex Ryden:
I think what I learned fundraising during the downturn times is, yes, it's always good to have volume and talk to folks, but I wasted a lot of time. There were people that I could have asked them 2nd question on the call, when was your last investment? Or are you currently investing? And I would have been able to manage my schedule and my time in a much better way. I think the one feedback I'd have for funds, is don't waste founders time. It's the most precious thing we have. I literally have my livelihood depending on the business, plus 15 other people, plus my family, plus my wife's pregnant, and you are thinking it's okay to have me on for five or six calls to vet the business out with no intent of ever investing. Don't waste my time. It's just amazing how I think it's dysfunctional little because funds were sort of caught at that time with well, we still have a responsibility to meet with people and show that we're doing something with LPs money. But they're still going to have a job in the next six months where we could run out of cash. And I need to know if I only have 12 hours in a day to spend, where do I spend that time in the most impactful way? And it was very difficult to see that within the fundraising process. I do it completely different again. I think that's my biggest feedback and caution to funds because I remember the ones that wasted my time and I'll remember where I want to prioritize. We're doing really well. Now we're going to hit profitability here shortly and we're growing super fast. So we may raise again and I'll prioritize who I reach out to according to how that went during the downturn.