Delegation & Workflows
By delegating key parts of the fundraising process, startup founders are able to build leverage and move faster in getting the round done.
Core Workflows
There are three core fundraising workflows that every VC-backed founder works through:
| Identify and Qualify | Define a “qualifying criteria” and then use that to identify and qualify investors on an ongoing basis. |
| Access | Develop a replicable process to use your network to land warm introductions with targeted investors. |
| Pitch & Iterate | Take calls with investors to present your business and capture feedback to iterate on the narrative arc. |
In each of the above, founders typically delegate major chunks of work to teammates. On Metal, 60%+ of all users that have raised capital before have added multiple users to their account to delegate workflows. The below documentation explains parts of the process that can be easily managed by a supporting team.
Workflow 1 – Identify & Qualify
The process of identifying and qualifying investors can be broken down into three sub-parts. Based on Metal’s qualitative research, the below table identifies the most common way in which users manage ownership of responsibilities during a raise:
| Domain | Requirement | DRI |
|---|---|---|
| Defining a Criteria | The criteria needs to be specific, precise and well-researched. Oftentimes, founders co-author and iterate on the criteria in collaboration with their existing investors. | Founder / CEO |
| Investor Identification | Equipped with a clearly defined criteria, the team is able to support the Founder/CEO in identifying investors that meet the requirements. | Team Support |
| Investor Qualification | With clarity on the criteria, the team is able to qualify investors that are the strongest fit based on primary research. | Team Support |
The identification and qualification of investors is one of the most time-intensive pieces of the puzzle. On Metal, as per our internal research and surveys, more than 60% of all users delegate identification and qualification workflows with a well-defined criteria. The below text provides an example of what a well-defined criteria may look like.
Workflow 2 – Access
The process of gaining access varies very significantly across rounds and is sometimes the most time-intensive part of the process. Generally, the process can be divided into the following categories –
| Domain | Requirement | DRI |
|---|---|---|
| Adding Direct Network | Involves building a “core network”, consisting of LinkedIn and Gmail connections, existing investors and any other contacts. With Metal, this can be completed with just a few clicks. | Founder / CEO |
| Adding Extended Network | Involves getting close allies (cofounders, angel investors and/or board members) to contribute their data sources (which can then power intro pathways). | Founder / CEO |
| Identifying Paths to Pursue | Involves viewing a list of potential intro pathways and then choosing which ones to pursue. | Founder / CEO |
| Making Intro Requests | Requires thoughtful and highly customized notes to create buy-in on the part of key connections for specific investor introductions. | Team Support |
| Follow Through Sequence | Requires a consistent and flawless follow up to ensure that each requested is promptly followed up on. | Team Support |
With Metal, the process of building access is simplified – founders can plug in their data and sources into our CRM software, view intro pathways to each investor (based on their data sources), and select specific intro pathways to pursue. In some cases, users may also want to leverage introductions via alternative sources (including portfolio founders and via Metal).
The process of building access is most efficient with the right software tools, enabling users to spend less time in spreadsheets, and more on actually landing meetings.
Workflow 3 – Pitch & Iterate
The final workflow is almost entirely and exclusively managed by the Founder/CEO. Typically, users engage team support in managing the pipeline with precision. For all investor calls, the Founder/CEO is typically the right person to lead, take notes and update the investor CRM.