As part of our continuing From the Trenches Q&A series, we share answers to some of the questions we’ve heard most often out in the start-up trenches. No question is too big or too small. Have a question for our team? Send it to us!
Q: WHAT QUESTIONS SHOULD I ASK OF POTENTIAL INVESTORS?
A: While you will face plenty of questions, you will also have the opportunity to ask some of your own. Start with these:
- What size of investments do you typically make?
- Do you require a board seat as a part of your investment?
- What kind of value can you bring to the table outside of your investment dollars?
- Who could I contact as a reference (to vet the investor)?
- What does your diligence process look like?
Q: WHAT TYPES OF ADVISORS SHOULD I TRY TO BUILD OUT AS I PREPARE TO START MY BUSINESS?
A: You want to surround yourself with people that you trust and that will challenge you to think about your business in new ways. Find advisors who will push you to think bigger, be better, and add value to your organization. Consider bringing in advisors who have expertise that fill a gap in your management team (such as financial, sales, etc). Also, consider bringing in a strategic advisor who has industry expertise and connections that will help move your business forward.
-Jill Raderstorf, Partner at the Ohio Innovation Fund