Oli Harris

Yup a simple templated email which covers the basics is normally enough. What those basics are is up to you but typically some basic metrics and any key deals or challenges that present themselves for the future. You never know the recipient may be able to help!

I think the key to perspective is to really understand that in 99% of cases, it isn't personal. It may be personal to you but if it's feedback from an investor, and they don't like the investment, that's all it is.

This is truly a relationship business. From the cold outreach to the warm intro, to meeting at an event or at a pitch day, they all lead to the next meeting. If you're raising, try and keep it clear, and if you're investing, try not to waste people's time unless there is a way you can help. (This doesn't always mean you have to be ready to invest, but at least WANT to help). It can be (sometimes annoyingly) a long game, raising funds when you are running out of time is not the way you want it to go down. Try and meet some relevant players in your sector, goto events, build you contacts and try and feed them relevant info. Plus, don't be afraid to ask questions!

If the fund returns profits to LPs then generally there will be a lot more harmony to go around. VC's 'strategic' approach should be firmly understood by all investors, and as part of the LPAC they will be outlined in some fashion. As long as the management team of the VC sticks to the basis of the pitch to LPs in the first place there should be no lack of harmony. Stray from the original reasoning in favour of a new strategy without consultation however, would rightly lead to an unharmonious situation for all.

Explain to them they are probably in the wrong conversation... if an angel is expecting quick returns then investing in startups is probably not for them!

I think if you are leaning into a new market, events can be a great place to start looking for all kinds of useful connections. See who is speaking at the events, arrange meetings with them, ask who the key players are in the angel and professional investing scene. Start keeping a record of who invested in what, even at a high level, and you will see the patterns emerging. Use a tool like Shipshape.VC to find out which investors invested in which companies and so on... then you can build a targeted list rather than spray and pray.