How can you get regular updates on a startup's progress?

Implement metrics-driven milestone tracking that aligns with your strategic objectives. Define specific key performance indicators (KPIs) and milestones that founders should report on.

To get regular updates on a startup's progress, you can: - Request monthly or quarterly updates, depending on the stage and nature of the startup. - Use startup investor update software or investor reporting tools, such as svetrating.com; - Establish a specific day and set a reminder to dispatch updates on time. - Assign someone responsible for sending updates, such as the founder or a designated team member. - Maintain open communication with investors and ask for their preferences regarding update frequency and format.

In navigating IoT investments, setting transparent and practical communication expectations with founders is pivotal. I've found that establishing a rhythm of monthly or quarterly updates, tailored to the startup's stage, strikes a balance between staying informed and granting founders ample space to progress. Implementing structured templates or dashboards covering key metrics, achievements, challenges, and specific support requests ensures a focused exchange of information, empowering both parties to align on essential updates within the dynamic landscape of IoT ventures.

The first step is to set clear and realistic expectations with the founders about the frequency, format, and content of the updates. You don't want to micromanage or demand too much information, but you also don't want to be left in the dark or miss important milestones. A good rule of thumb is to ask for monthly or quarterly updates, depending on the stage and nature of the startup. You can also agree on a template or a dashboard that covers the key metrics, achievements, challenges, and requests for help that you want to see.

Ideally, facilitate relationships by which founders approach you when they make changes. To do so, be proactive, attentive, and helpful when things are not going according to plan. Weekly or bi-weekly check-ins are also useful and do not have to be scheduled for more than 15 minutes.

We live and breathe Airtable, Notion, and Google Looker Studio for regular portfolio performance as well as general reporting. Surveys + no/low-code automations are your friend!

Implement a smart integration hub that consolidates data from various sources, including the startup's internal systems, analytics platforms, and communication channels.

In propelling IoT services alongside universities and tech accelerators, WhatsApp became a linchpin for real-time communication, bolstered by an AI chatbot. Within dedicated WhatsApp groups, university researchers, accelerator teams, and our venture capital firm engaged in prompt discussions. Concurrently, we funneled all communication streams into a centralized hub, meticulously collecting data for analysis and report generation. This centralized hub, amalgamating conversations, AI chatbot interactions, and pertinent data, served as a crucial information repository for key decision-makers at the venture capital level. Its role in facilitating efficient collaboration and informed decision.

The second step is to use tools and platforms that can help you streamline and automate the update process. For example, you can use email software like Mailchimp or Substack to create and send newsletters, or use online platforms like Visible or Foundersuite to create and share dashboards and reports. These tools can help you save time, reduce errors, and increase transparency. You can also use tools like Slack or WhatsApp to communicate and collaborate with the founders and other investors in real time.

You can even use ERP software such as Deltek, Acumatica, ECI, ERPNext, and .... Share and archive information, documents, and reports by giving different levels of access to entrepreneurs and investors. It is also possible to define and manage tasks, communicate, and voice and video calls.

Leverage data-driven decision support tools and analytics to enhance your feedback and support. Use performance metrics, benchmarking data, and market insights to provide founders with actionable recommendations and strategies for improvement.

In my venture capital experience, providing feedback to founders based on their updates has been pivotal. I've found that offering constructive guidance while acknowledging achievements cultivates a supportive environment. Utilizing updates as an opportunity for open dialogue—asking relevant questions, suggesting improvements, and offering introductions or resources—strengthens rapport with founders. This approach, aimed at building trust and fostering collaboration, aligns with the goal of aiding founders in achieving their objectives within the dynamic realm of venture capital.

The third step is to provide feedback and support to the founders based on the updates. You don't want to be passive or indifferent, but you also don't want to be critical or overbearing. You want to be constructive and helpful, offering praise, advice, introductions, resources, or referrals as needed. You can also use the updates as an opportunity to ask questions, clarify doubts, or suggest improvements. The goal is to build trust and rapport with the founders and help them achieve their goals.

Feedback to entrepreneurs and founders of a business should be aimed at improving the existing conditions and moving towards the desired situation. Relationships based on trust and transparency make it possible to get a proper and deep understanding and analysis of the current situation, and the result is to make the right decision in line with improvement and development.

In my experience, regular weekly cadence in the first 3 months helps keep your finger on the pulse, generates momentum and helps set expectations. Over time, reduce frequency of meetings to monthly management reports allowing management to become independent in decision making and as an investor, adopt an oversight/ strategic input posture. Naturally, be prepared to ramp up involvement as required in times of crises or when clear signs of deviation from investment thesis appear.

Facilitate Ongoing and Regular Meetings. Schedule regular meetings with the startup's leadership team. This could be weekly, bi-weekly, or monthly, depending on the stage of the startup and the nature of your involvement.

The fourth step is to schedule meetings and calls with the founders periodically to supplement the updates. You don't want to rely solely on written or digital updates, but you also don't want to interrupt or distract the founders too often. You want to balance the frequency and duration of the meetings and calls with the urgency and relevance of the topics. A good practice is to have at least one face-to-face meeting or video call per quarter, and one phone call or email exchange per month.

The fifth step is to attend events and demos that showcase the startup's progress and products. You don't want to miss or ignore the opportunities to see the startup in action, but you also don't want to be intrusive or disruptive. You want to be supportive and respectful, showing interest and enthusiasm, but also giving space and feedback. You can attend events and demos such as pitch competitions, product launches, customer interviews, beta tests, or hackathons.

Investor Updates. If you are an investor, insist on receiving regular investor updates. Many startups send out monthly or quarterly updates to keep investors informed about financials, milestones, and challenges.

The sixth step is to follow social media and news that cover the startup's industry and market. You don't want to be uninformed or outdated, but you also don't want to be obsessive or paranoid. You want to be aware and curious, following the trends and developments that affect the startup's opportunities and challenges, but also respecting the startup's privacy and confidentiality. You can follow social media and news such as blogs, podcasts, newsletters, magazines, or newspapers.

If you are an investor, best way to get updates is building personal bonding with founders. If you are close enough, they will share updates with you often. Bad news as well as good news. Actually everyone wants a friend to share bad news. We as investors need to be that friend.

To gather real perspective on business progress: - If a consumer product, then either purchase (and if possible, regularly) to see product evolution, ask friends/family and other consumers and/or research consumer reviews and ratings online - In other cases, have your other portfolio companies etc to do pilots/become consumers to garner feedback re: product, sales, account management and/or service progress Gather feedback from co-investors or potential investors that you know well regarding the company’s positioning, reputation etc. Lastly, keep an eye on the competition & their sales pitches, websites, their coverage in industry reports etc. to get another perspective on how your company is perceived to be doing via-a-vis other players.

Customer Feedback Sessions. Attend or request updates from customer feedback sessions. Understanding customer perspectives and challenges can provide valuable insights into the startup's progress.

Effective communication and transparency are crucial for maintaining investor interest and support in startups. Regular and open updates on progress, challenges, and milestones build trust and confidence, fostering a positive relationship with investors. Strategies for effective communication include establishing clear expectations, leveraging tools and platforms, providing actionable feedback, scheduling regular meetings or calls, and inviting investors to events and demos. Prioritizing these communication practices helps startups manage investor expectations and increase the likelihood of long-term success.