What are the things to take care of post startup funding? The wire finally hit the bank and at last you can say your startup is really funded. What’s next?
For the past few weeks, months, and maybe even years you have been consumed with raising this round of funding for your startup.
Your days, nights, and weekends have been all about putting this money in the bank. Now it is there. What do you do? What are the next steps for you and your team and business?
You’re Funded: It’s Time To Get To Work
If your fundraising process was a lot of work (and it virtually always is), logging into your bank account and finally seeing that money may be a little surreal at first.
If it wasn’t for the energy boost from actually seeing the fruit of all of that work, hype, stress, and sleepless nights, you might just want to slump into your office chair and finally decompress for a few hours.
However, while you might deserve a day off from this sprint, getting the money in the bank is really just when the work begins.
Can you imagine betting your hard-earned nest egg on someone else’s startup, only for them to throw a giant and expensive party as soon as you send the money, and then for them to disappear on vacation for a few weeks?
You should absolutely celebrate. You should definitely take a moment to breathe, destress, regroup yourself, and celebrate your success with your team and all of those who helped make this round possible. They deserve it.
However, do not mistake the fact that everything done up to this point has just been to set up this moment and opportunity. Investors will also be watching closely to see what you are doing.
This is not an allowance to go party with, it is a carefully structured legal agreement, with a lot of responsibility.
It’s time to really get to work. So, where do you start? What are the main things to take care of post-startup funding?
Organize The Paperwork
Most of this should have been tidied away at the closing by the lawyers. Though there can be edits to be made and cleaning up to do after the fact.
Stock transfers, shareholder agreements, updating information with the state department of corporations, and installing new board members can all be a part of this.
If you haven’t, you may also need to begin hosting more regular and professional board member meetings and recording those minutes for your legal records.
Keep in mind that in fundraising storytelling is everything. In this regard for a winning pitch deck to help you here, take a look at the template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.
Remember to unlock the pitch deck template that is being used by founders around the world to raise millions below.
Make A Big Deal About It
Getting funded is a big deal. It can be a pivotal moment for your company, team, your investors, the mission, the world, and of course, you personally as well. Make the most of it.
Use this moment and news to propel your success, visibility, and credibility.
It can make a lot of difference for recruiting and hiring, positioning your company and brand value, winning customers, and business partnerships, suppliers and vendors, and making your investors feel great about their decision. As well as for catching the attention of future investors and acquirers as well.
See How I Can Help You With Your Fundraising Efforts
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