63. The Fast No, Part 1 (Mike Collett)

The Full Ratchet Podcast on iTunesNick Moran Angel List

Mike Collett of Promus Ventures joins Nick to cover The Fast No, Part 1. We will address questions including:

  • Mike Collett The Fast NoCan you start off by walking through your background and how you became involved in venture capital?
  • This has come up in previous episodes but can you start off by refreshing us on what an investor means by the fast no?
  • Can you take us through a common scenario where an investor drags out the process?
  • Clearly this can result in a waste of everyone’s time… can you talk a bit about why the fast no is so important for all the stakeholders involved?
  • We just had Semil Shah on the show talking about the path to series a and the topic of rolling raises and stacked notes came up… what’s your take on this?
  • What, in your estimation, is a reasonable amount of time to get an answer to a startup and does this change based on the stage of investment?
  • From an investor’s standpoint, how can one speed up their eval process and get definitive answers to startups in a more timely manner?

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