StatSheet is my first startup. I’ve been an advisor to several startups, but this is the first one I’m in charge of. So when I left Cisco and raised money, I thought about how I wanted to keep everyone in the loop with the latest news regarding the company.
In the office we have a daily stand-up meeting so everyone can keep up-to-date with projects. It has worked well. The other group of people that need updates are the investors. Think about it, if you invested tens of thousands or hundreds of thousands of dollars in a company, wouldn’t you want a periodic update?
I figured the easiest way to keep investors in the loop was to send out a weekly email (the StatSheet Statsheet). Apparently, not many entrepreneurs do this. With seed stage companies, there should be plenty of material to include in a weekly or bi-weekly email. At that stage things are changing so much (see my baby analogy) there are new developments just about every week. It only takes 30 minutes to write, and everyone on the distribution appears to appreciate it. It’s a great way to show your investors all the great progress you are making. Remember, the minute you close your first round, you immediately start the unspoken interview process for the second round (assuming you need to raise another round).
