The process differs among companies, yet there are common stages that every founding team experiences. Although we aim to align with the founder's pace, a crucial principle remains: the shorter the decision-making time, the stronger our conviction about a company must be. Our engagement can vary, ranging from several months of relationship development to completing a deal within a week of introduction. In essence, here's what to anticipate:
Ahead of our first encounter, we review any materials provided by the founder, assess the alignment of the business with our investment prerequisites, and verify its lack of direct competition with our current investments. Your initial meeting, whether in person or via phone, with a member of our investment team usually spans between 45 minutes to an hour. We encourage founders to take the lead in the discussion, delving into the intricacies of their team and business.
he majority of our approvals happen post the initial meeting. Once you've crossed that threshold, you'll engage more extensively with your designated First Round contact as both parties delve deeper into mutual understanding. Importantly, all decisions are made collaboratively within our partnership. Occasionally, we may connect promising founders with another First Round partner for further discussion, usually the one possessing the most relevant expertise in the company's domain.
Assuming our discussions prove fruitful for both parties, we usually proceed by conducting reference checks and due diligence calls. Subsequently, we extend an invitation for you to join us at our bi-weekly investment meeting, where you will have approximately an hour to share your narrative with the entire partnership and respond to any inquiries.
Following your presentation, our partnership will thoroughly deliberate on your company with the aim of providing you with a definitive response, typically within 24 hours of the meeting. Historically, we have extended funding to approximately fifty percent of the companies presented at our partner meetings.