Guidelines for Intro Requests
Users running VC-backed companies have to request introductions on a daily basis. It pays off to view intro requests as a skill to learn and master, and as an endeavour that requires a detail-oriented and data-driven approach. The below write-up covers a set of golden rules for how introductions work in the technology sector.
Double Opt-In Imperative
In a previous post, Fred Wilson has written extensively about double opt-in introductions that have become a norm in the technology industry. In brief, when you request an introduction from someone, the recipient is expected to forward that to the investor to check if they are interested. An introduction is made only if the investor shows interest.
The above flow creates an important dynanmic whereby users need to maximize “forwarding conversion” and “opt-in conversion”. This is best achieved by putting in significant effort to request well-researched and high-quality introductions.
Content Guidelines
When requesting introductions, the content of the note needs to explain two things: (a) Why you want to be introduced, (b) An overview of your Company and what makes it compelling.
Additionally, the note needs to be concise (less than 100 words), and forward-able (I.e. without another email chain tied to it). Roy Bahat of Bloomberg Beta has previously written about what to include in introduction requests. Brad Feld from the Foundry Group has published a similar post on how to request introductions.
Context Window
In authoring compelling introduction requests, users need to provide a “context window” for why they want to be introduced. One way is to simply to state the need to engage with investors for your round. Another methodology is to provide a thoughtful context window that shows prior research.
A thoughtful context window explains why the introduction makes sense and maximizes forwarding and opt-in conversion rates to 80%+. The below table outlines various ways to do this:
| Similar Investments | Users can reference a given investor’s prior investments that are particularly similar to their business. See details here on how to identify similar investments efficiently |
| Sector Focus | Users can indicate the percentage of the investor’s total investments in their parent sector (I.e. Consumer, or B2B Software). See details here on how to capture that data efficiently |
| Stage Focus | Users can reference the percentage of the investor’s total investments in the user’s specific stage (I.e. preseed, seed, Series A, etc.). |
Generally, response and success rates tend to be much higher for introduction requests that demonstrate a high level of research on a particular investor.
The below section provides various templates to illustrate well-researched, targeted and personalized introduction requests.
Template 1
Scenario: Via Metal, the user looked up the portfolio founders for her target investor. Via the LinkedIn and Gmail integration, the user was able to identify a few portfolio founders that she knew from her prior work experience.
Hi John,
It’s been a few years; I hope you’re well. I noticed you started Company X and raised a seed round from ABC Ventures. I recently launched Bonotos, offering accounting software for month-end closing, and we’ve achieved within 10 months.
ABC Ventures seems like a great fit for us. They focus on seed investments (30%+ of total portfolio) and , and recently invested in Optima which operates in our space and offers accounting software for a different but adjacent problem.
Would you be open to potentially introducing us to ABC Ventures?
Template 2
Scenario: Via Metal’s intro pathways functionality, the user identified a portfolio company (Company X) of one of his existing investors that has raised capital from Investor X. The user decides to write to their existing investor to request an introduction with Company X to learn about the process with Investor X and to land a potential introduction.
Thanks for offering to make potential introductions for our upcoming raise. As per our preliminary research, we have identified Investor X as a particularly strong fit. They have made and have been particularly active in our sector.
I noticed that one of your portfolio companies, Company X, has previously raised from Investor X. If possible, we would love an opportunity to chat with the founders at Company X to learn about the process, and to potentially get an introduction with Investor X.
Would you be open to checking if the founders at Company X would be able to connect with us over a quick 15-min call?