I promise this isn’t another DeepSeek hot take.
Like many early-stage founders, my inbox has been exploding with cold messages from investors. Over 50 and counting from angels, VCs, even some recognisable names. I’ve said "no" to all of them. Why? Because right now, it's about building.
Fundraising can be seductive. The validation, the ego boost, the idea of success. But early on, it can be a killer. It distracts you from what actually matters:
People: Attract & retain the best people you can find. Make tough decisions if someone isn't working out.
Product: Obsess with building something customers love. Sweat the details, iterate constantly, and never stop listening to feedback.
Go-to-market: Build a repeatable engine for acquiring customers and ensuring they have an amazing experience at every touchpoint. Nothing left to chance.
Saying no feels counterintuitive.
Instead of chasing investors and worrying about runway, you have to be focused on building a company so compelling that you have a choice of investors when you are ready to raise. Think of it as the anti-runway: a relentless focus on creating value that pulls investors in, rather than a frantic scramble to extend your lifeline.
This doesn't mean avoiding investors altogether. Early conversations can be valuable for building relationships and getting feedback. However, premature engagement can be detrimental. Talking to investors before you're truly ready can damage your credibility and limit your leverage when you are ready to raise. The goal is to build a business so strong that you can confidently approach investors, run a tight process, secure multiple term sheets, and have choice.
Momentum and lift are the ultimate fundraising tool. When you have a product that users love, a team that's firing on all cylinders, and metrics that support a compelling story (think user growth, engagement, even early revenue), investors will beat down your door to be a part of it.
This approach isn't about ignoring the financial realities of building a business. It's about recognising that true value comes from building a product that customers can't live without, a team that can execute at the highest levels, and a business model that has a clear path to repeatable growth.
So, how do I respond to inbound? Something like this:
"Thanks for reaching out. We're heads down building for our customers and not actively fundraising at the moment. I'll let you know if that changes."For investors who seem like a particularly good fit, I add them to a curated list to receive occasional, high-level updates on our progress. This helps nurture the relationship without getting prematurely caught up in detailed conversation.
The key is to be deliberate and strategic about fundraising. Focus on building something people love first. Don't let the allure of investor interest distract you from what truly matters. You're not raising capital; you're building a company. And I believe a great company will attract the right investors at the right time.