Quick note before we get into the rest of this…

I’m hosting a free, live session called Raising Capital: Strategy + Office Hours tomorrow.

Why? Because most fundraising problems aren’t about effort. They’re about not being clear about what to do when (and why!).

In this workshop I’ll walk through how I think about fundraising strategy, then open it up for live Q&A.

No pitching. No prep. Just questions.

If that sounds useful, you can grab a spot here → https://luma.com/040926?utm_source=beehiiv-0403

RVSP Here

"Fake it till you make it" has always made me feel weird.

I coach founders on fundraising, and so much of what I teach sounds like performance. How to send the right signals to investors. How to manipulate investor psychology so they feel compelled to chase you. How to look like an awesome deal.

It can feel superficial. Like you're cosplaying as a great founder instead of being one.

But I've been thinking about this differently lately. You know the old saying, "If it walks like a duck and quacks like a duck, it's a duck"? Turns out there's a reason the duck walks and quacks that way. It's not just for show.

I suck at surfing, I'm okay at singing, and I'm a pretty decent golfer. And across all three, I've learned the same lesson: the style you're mimicking was driven by substance in the first place. When you act like a duck, you become a duck.

Let me explain.

Looking Like a Kook in Brazil

I grew up skateboarding and snowboarding. I'm pretty good at both. So when I started surfing as an adult, I figured it would translate.

It hasn't.

When I see photos of myself surfing, I look absolutely ridiculous. I'm hunched over, legs awkward, face twisted like I'm about to drive off a cliff. On a tiny wave. I look 1000% like a kook.

I look like I suck because I suck.

This past week I had the chance to go to Ubatuba, Brazil to surf and got coached by Dani, a pretty amazing instructor. Early on she coached me much like I coach founders.

She told me I looked uncomfortable out there.

So we started focusing on looking cooler. More comfortable. More relaxed. More like the pros.

"Relax! Stand up straight!" She kept shrugging her shoulders, trying to get me to let my arms dangle with good posture instead of death-gripping the board like it owed me money.

It felt kinda superficial to focus on how I looked. Felt fake to mimic surfers who were light years ahead of me. But I was all into it, especially if it would produce pics that looked less goofy.

Then a funny thing happened.

I focused on looking a certain way, and weirdly it led to me feeling more stable. It allowed me to turn on waves better. And shockingly, I started crossstepping (longboarders know).

I was shocked that it worked. Then so happy. Then a lot of things connected in my head.

Ohhhhhhh. I can see why I can do this now. It's not just posture to look cool.

The pros don't stand that way to look effortless. They stand that way because it works.

The Pained Smile That Hits High Notes

Last year I started investing in some things just for enjoyment, including voice lessons with my instructor Jodie. No real reason. Just wanted to sing with a coach for the first time since being in a children's choir 30+ years ago.

We've been working through "The King of Wishful Thinking" by Go West and "Daisies" by Justin Bieber. Songs with notes at the end of my range.

At one point, Jodie starts getting me to do things you normally see pop stars do. Sing with a pained smile (corners of mouth upturned). Do a little dramatic dip in your knees before you hit that high note.

It felt silly. Like theater kid energy cranked to 11.

Until those moves helped me open up my vocal chords and relax my throat to actually hit the notes.

Turns out the reason Kpop Demon Hunters will dramatically dip before ripping that high A isn't because they're being extra. It's because it actually has a functional impact on performance.

They don't do it to look cool.

They do it to perform.

You just think it looks cool.

Pose for the Camera (I Actually Learned This Years Ago)

I started taking golf lessons right after I watched Tiger Woods win his last US Amateur. Played on my high school team and got pretty decent at it.

My golf coaches would tell me to pose for a camera at the end of a swing. Some even encouraged the Tiger Woods club twirl.

Was it so that I could look like Tiger while playing? Kinda!

But it turns out, in order to finish your swing so that you can pose for a great photo, a ton of functional things have to happen. You have to have great balance. Swing with tempo. Finish with good rotation.

The twirl is just icing on the cake. ;)

The pose wasn't about style. It was a forcing function for all the mechanics that make a good swing actually work.

I learned this lesson with golf years ago. But somehow I needed surfing and singing to beat it into my head all over again.

When you look like a great golfer at the end of your swing, you probably just executed a great swing. The duck walked and quacked, so it is a duck.

The Function Behind the Style

This whole realization made me think differently about the advice I give founders.

The encouragement to be brief in your emails to VCs. To have a financial model outlined for your business no matter what stage you're at. To be able to succinctly describe your business on the fly. To tell compelling stories about the market you're going after. To sound passionate about the industry you're in.

This is so you sound a certain way. You sound like a great founder.

But what you're doing to sound like a great founder is actually doing things that are driven by function in amazing founders when they do it naturally.

The brevity in emails? It's not a trick. It's because investors are secondary to the actual work, and great founders have other important things to do.

The financial model? Great businesses are run by the numbers, so seeing you have a model means you're likely trying to run your business by the numbers.

Succinctly describing the business? It's not rehearsed polish. It's because they have zero doubts about why the company exists, so they don't waste words.

They're great at telling stories because they have to inspire and convince the best talent to join them and customers to trust them.

They sound passionate because there's nothing else they'd want to be spending their time doing.

When I coach a founder to "act" that way, it can feel performative. But the performance has a purpose beyond looking good.

If you walk like a great founder and talk like a great founder, you're probably doing the things that make you a great founder.

"You Have to Believe You're the Best"

I worked with a founder recently whose background at Twitch and Instagram put her in rarified air. She had an incredible understanding of tastemakers, trends, and the technical underpinnings of going viral.

But when it came time to pitch, she downplayed all of it.

I kept pushing her: You have to believe you're the best. You have to own that expertise.

It felt awkward for her. It felt like it wasn't real.

But here's the thing. She was objectively one of the best people in the world to be working on this problem. The "performance" I was asking for wasn't fake. It was just uncomfortable because she wasn't used to saying it out loud.

Once she started acting like the expert she actually was, everything clicked. Her pitches got sharper. Investors leaned in. And more importantly, she started making decisions faster because she trusted her own judgment.

The performance became the reality. Or maybe it always was the reality, and she just needed permission to show it.

So What's the Lesson?

If something in fundraising (or life) feels performative to you, don't write it off as fake.

Instead, take that piece of advice and try to break it down. Figure out what you need to do to fully embrace it as a natural action.

Ask yourself: Why do the best people do this? What function does it serve beyond appearances?

When you find the answer, you'll probably discover you're a better founder for it.

Sometimes the idea of faking it until you make it has made me feel weird. But now I look to understand WHY the things that feel superficial to me have function. And then it becomes a shortcut to learning new skills and improving my approach to things.

Stand up straight on the surfboard not because it looks cool, but because it gives you balance.

Smile through the high note not because it's dramatic, but because it opens your throat.

Pose at the end of your golf swing not to look like Tiger, but because it forces good balance, tempo, and rotation.

Be brief in emails not because it's a power move, but because you have more important work to do.

Act like a duck. Become a duck.

Be chased,
Jason

The bar for "impressive demo" just got a lot lower and that's either an opportunity or a threat depending on how fast you move.

Twitter tweet

If your raise felt easy, you didn't push far enough.

Twitter tweet

Me and my 47 unfinished books.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundraising

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

 

Quick note before we get into the rest of this…

I’m hosting a free, live session called Raising Capital: Strategy + Office Hours tomorrow.

Why? Because most fundraising problems aren’t about effort. They’re about not being clear about what to do when (and why!).

In this workshop I’ll walk through how I think about fundraising strategy, then open it up for live Q&A.

No pitching. No prep. Just questions.

If that sounds useful, you can grab a spot here → https://luma.com/032526?utm_source=beehiiv-0324

RVSP Here

Why Investors Want Details They Don't Understand

I'm working with a founder right now on an enterprise software company addressing AI risk. Smart team, solid product, real traction.

We recently shared their core fundraising deck with a handful of investors. Just the main narrative slides, no appendix.

Within a day, I got feedback from one of the VCs: "Great story, but it's a little high level. I'd like to see more detail. Can you send the appendix slides on the technical differentiation?"

The founder immediately panicked. "Oh crap, there's something wrong with the deck."

I told him to relax. This is actually good news.

The Story Did Its Job

Here's what a lot of founders don't understand: the goal of your initial story isn't to answer every question. It's to make the investor want to learn more.

Learning more could mean:

• Going into the appendix

• Having another meeting

• Asking diligence partners to help them go deeper

When an investor says "this is too high level, I want to see more," that's a hook. They're interested. They want to dive deeper.

If the story was actually bad, they wouldn't ask for more. They'd just say "not for us" and move on.

So when this VC came back asking for the appendix, my response to the founder was: "Perfect. They're hooked."

But here's where it gets interesting…

The Paradox

I told the founder we'd send the appendix, but I also told him something he found surprising:

"This investor very much wants to see the deep dives... but also doesn't have the technical depth to accurately assess the viability, defensibility, or scalability of what you're building."

And I'm very aware of this element of VC diligence. But I'm always so surprised when I see it play out.

Even when investors go a level deeper into technical content, they're still using pattern matching and broad strokes evaluation. They're looking for signals that feel right, not actually validating the underlying technology.

This is true whether you're talking to a generalist investor or even an industry-specific one who probably has more context than most. The reality is they're probably not as specialized as is needed to fully diligence the underlying product, technology, or market dynamics.

But they still want to see it. And they should.

Because even if they can't evaluate it at a technical level, they're looking for other signals. Team pedigree. Revenue growth. Logos. The shape of the story. Whether it passes the sniff test.

Why Investors Won't Admit This

You might be wondering: if investors don't fully understand the tech, why don't they just say so?

Two reasons.

First, it doesn't feel good to feel stupid. Investors don't love that feeling any more than anyone else does.

Second, and more importantly, part of a great company choosing an investor to join the cap table is wanting someone who actually understands the business and can provide value. If an investor is trying to evaluate a company and admits they're completely clueless on the core technology, that's not a great look. So they'll at least nod along.

When the initial story and numbers show that it's a great company, investors will often fake understanding of the technical ideas just to stay in the conversation.

This isn't dishonesty… it's just how the game works.

The Three Layers of Content

Because of this dynamic, founders need to understand that content has levels. And you need to manage those levels strategically.

Here's how I coach founders to think about it:

Layer 1: Dumb Storytelling (The Core Deck)

This is for everyone to consume quickly and get excited to learn more.

Simple. Clean. Fast.

No technical jargon. No deep dives. Just the broad strokes of the opportunity, the problem, and why your team is the one to solve it.

This is what gets the meeting. This is what gets the "I want to learn more."

Layer 2: Simple Depth

The mistake founders make is thinking that when an investor asks for more, they should go fully technical right away.

Don't.

Layer 2 is what I call "simple depth." It's enough detail for someone with pattern recognition ability to go slightly deeper without getting lost.

Here's an example to illustrate the difference between simple depth and technical depth:

Simple depth: "Aging dogs' lifespan can be extended by up to 50% with the right treatment."

Technical depth: "The DNA construct of an aging dog is being mutated on a daily basis from input elements in their surrounding environment, including food, air quality, supplements, and psychological interaction."

See the difference?

Simple depth gives investors something meaty to sink their teeth into. It feels substantive. But it's still accessible.

This is the layer that lets investors use pattern matching. They can compare it to other companies they've seen. They can evaluate whether the approach feels differentiated without needing a PhD.

Layer 3: Actual Technical Diligence

This is the real deep dive. The stuff that requires actual expertise to evaluate properly.

Sometimes Layer 2 and Layer 3 can be the same. But not always.

Layer 3 is what you send when an investor brings in their technical diligence partner. Or when they have someone on the team with actual domain expertise who can smell bullshit.

This is where you get into the weeds. This is where you show your work.

But you don't lead with this. You earn your way to this layer by nailing Layers 1 and 2 first.

When to Use Each Layer

Here's the playbook:

Layer 1 (core deck) is for the initial pitch. Everyone gets this. Use it to hook them.

Layer 2 (simple depth) is for when they ask for more. This is your appendix. This is what you send when they say "I want to see the technical differentiation slides."

Layer 3 (actual technical depth) is for when they show real interest and bring in experts. Don't send this preemptively. Wait for them to earn it.

And here's a thing I always repeat to founders: use this as a gating factor.

When an investor says "send me the full deck, send me your data room," you have agency. You can push back. You can say, "Of course. Just want to confirm this is a space you're excited to spend time in before I send over all the details."

If they're serious, they'll confirm. If they're just fishing for information or doing competitive intelligence, that question will make them uncomfortable.

The Mark Suster Principle

There's a great essay by Mark Suster called "Data Rooms Are Where Fundraisers Go to Die" that I reference in a lot of my workshops.

The headline sounds absolute: "Never have a data room."

But if you actually read it, he's not saying don't have one. He's talking about when you should share it.

This is a good reminder that fundraising advice requires nuanced understanding. The headlines are often clickbaity and don't show the full picture.

The principle applies here: don't just hand over everything because an investor asked. Make them show real interest first. Qualify them.

Data rooms, appendices, technical deep dives... all of this should be shared strategically, not reflexively.

What Happened Next

Back to the founder I'm working with.

When the investor said "I want to see more," the founder wanted to immediately send the full appendix.

I told him to hold off. Instead, we sent a note saying we appreciated the interest and would be happy to share the appendix, but wanted to confirm they were excited to dig deeper into this space first.

The response came back within an hour:

"Send the appendix!!!"

Three exclamation points.

That's when we knew they were serious. So we sent it.

And here's what I know: they probably won't fully understand all the technical depth in those slides. But they'll pattern match. They'll look for signals. They'll evaluate whether it feels defensible, whether the team seems credible, whether the approach makes sense at a high level.

And that's enough.

Because at the end of the day, investors aren't buying perfect understanding. They're buying conviction. And conviction comes from a story that hooks them, depth that reassures them, and signals that tell them this could be the one.

Takeaways for Founders

If you're raising capital, remember:

1. "Too high level" is often good news. If they want more, it means you hooked them.

2. Don't panic and dump everything. Use the three-layer framework. Give them what they need at each stage, not everything at once.

3. Investors will fake understanding. That's not a knock on them. It's just reality. Design your content for pattern matching, not deep expertise.

4. Qualify investors before sending depth. Make them show real interest. Don't just hand over your data room because they asked.

5. Simple depth beats technical depth in round one. Save the PhD-level content for when they've earned it.

The game isn't about making investors fully understand your technology. It's about giving them enough to believe in you, your team, and the opportunity.

Layer your content. Control the flow. And make them chase you for more.

Be chased,
Jason

Claude doing 90% of the work while I stand there looking busy.

Twitter tweet

Pain is a signal, not a strategy.

This is the most peaceful a human has ever looked.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundraising

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

 

Quick note before we get into the rest of this…

I’m hosting a free, live session called Raising Capital: Strategy + Office Hours tomorrow.

Why? Because most fundraising problems aren’t about effort. They’re about not being clear about what to do when (and why!).

In this workshop I’ll walk through how I think about fundraising strategy, then open it up for live Q&A.

No pitching. No prep. Just questions.

If that sounds useful, you can grab a spot here → https://luma.com/raisingcapital031126

RVSP Here

Find what makes you Ramble (It's a Good Thing)

I run mastermind sessions for founders working on their fundraising narratives. It's one of the services I sell, and it's where some of the best work happens.

A few weeks ago I was on a call with two founders. One of them had a background that was absolutely stacked. PhD from a top university, stint as a VC at a top firm, time at startups. Smart guy overall.

But when he walked me through his pitch, I was confused. And honestly, a bit concerned.

The use case of his technology he shared didn't add up. It didn't sound compelling. It definitely didn't sound like a good enough reason for someone with his background to be spending his time on it.

So I bluntly told him I didn't understand.

I kept asking clarifying questions, trying to grasp why he was going after this specific market. What was I missing? Why this angle?

And that's when something shifted.

The Moment He Lit Up

As this founder started wandering around verbally, trying to explain himself. Then all of a sudden, he hit a different part of the business.

Words started pouring out of him.

His tone went up. His pacing accelerated. He got more animated, leaning in. He was excited.

The thing he started talking about was a different application of his technology. One that didn't sound as consumer sexy as what he'd been pitching. One that, to some people, was controversial. Maybe even a "bad idea."

But here's a thing I always repeat to founders… VCs don't know markets like founders do. If you're super excited about something in the face of people calling it a bad idea, that can sometimes be one of the best signals.

In this session, he only went for a couple minutes but hit cadence that was rambly. Not a confused rambly or an uncertain rambly…  it was a super excited rambly like he had too much to say and wanted to make sure we heard it all.  

When he finally stopped, I said, "That. That's what we should focus on."

I explained why his energy made me believe. Why it suddenly made sense to me.

He was sort of surprised. And then a bit embarrassed that he hadn't included this before and had listened to other investors who tried to discourage that path.

From there he went back to the refactor his pitch around the thing that lit him up and truly excited him. I only gave him a few days to refactor his story (the short deadlines is sort of the point of these masterminds) so I was a bit nervous as to what he’d come to our next session with.

I shouldn’t have been nervous. When you are truly into the story you tell, it comes out awesome. His next version was great. It made way more sense. He sounded so much more in control.

What I Was Looking For

Here's what happened: the founder had been pitching an application of his technology that other people had planted in his head. It sounded good on paper. It checked boxes. But it wasn't the thing he actually believed in.

That's why his pitch felt flat.

The moment he started talking about the thing he genuinely cared about, everything changed. Not just for me as a listener, but for him as a founder. The energy transferred. The details became more convincing.

I'm constantly looking for these moments when I work with founders on their narratives. It's a massive unlock.

I call it the ramble test.

Look for the thing about the opportunity you're working on that REALLY fires you up. That makes you go off script and ramble excitedly. That pumps up your heart rate like you just won a competition.

Now check your deck and narrative. Does it include that element somewhere?

It must.

How to Find Your Ramble

Sometimes this comes up naturally when I'm just having a loose discussion with a founder about what they're working on and why. I'm trying to find when they get excited.

But sometimes I have to go in the other direction.

I'll ask them about their favorite things in the world. Hobbies. Things they love. Often it's their kids (or dog!!).

Then I ask them to describe what's great about those things. This is usually the easiest way to uncover someone's excited voice. “She’s just the best! I love how she ….”  It’s the way they talk when they genuinely care.

Then I tell them: That's how you need to sound when you talk about your company.

If it feels awkward to inject that energy when talking about their business, that's usually a red flag. They should either look for a different angle about the company, or maybe a different company altogether.

But if they can turn that excitement on? It's great.

The Red Flag

I know that's a tough thing to hear. But I've learned it's better to find that out early than sink years working on something you're not excited about.

I don’t say this sitting in some ivory tower with no context. I know the pain of forcing yourself to work on the wrong thing. I did it to myself.

WIth my last startup, I went out to raise for a business without that fire or excitement.  The problem is, I'm a great fundraiser, so I was able to overcome not having genuine passion and fake it successfully. I pulled it off. I raised the money. I ran the company.

But it wasn't fun.

And here's the kicker: even though I was good at faking it, I wasn’t good enough to win. Because when the hard stuff came (and it always comes), I didn't have that deep well of excitement to pull from. I had a pitch. But I didn't have the fire…and it takes all of that to win.

So yeah, if you can't find the thing that makes you ramble about your business, that's worth paying attention to.

Transferring the Energy

When you do find your ramble, everything gets easier.

The pitch becomes more convincing because you're not performing anymore. You're sharing something you genuinely believe.

Investors feel it. They lean in. They ask better questions. They remember you.

And more importantly, you feel it. You stop second-guessing yourself. You make decisions faster. You recruit better people because they can tell you actually care.

The ramble isn't a bug. It's a feature.

So go find yours.

Your Ramble Test Checklist

Here's how to run this for yourself:

1. Record yourself talking about your company to a friend (or just voice memo it)

2. Listen for the moments where your voice changes. Where you speed up. Where you get animated.

3. Ask yourself: What was I talking about when that happened?

4. Check your deck: Is that thing prominent? Or buried? Or missing entirely?

5. If it's missing: You know what to do.

And if you can't find a moment where you light up when talking about your company…

That's not a pitch problem. That's a company problem.

Or maybe it's just the wrong angle, and you need to dig deeper to find what you actually care about.

Either way, better to know now. 

Hope that makes sense… till next time.

Be chased,
Jason

P.S. If you want help running the ramble test on your own pitch, that's exactly what my mastermind sessions are for. Hit reply and let me know.

P.P.S. or ask me live during one of my office hours sessions. The next one is tomorrow at 12pm PST! RSVP here!

LGTM 👍

Twitter tweet

Left: reality. Right: reality's LinkedIn profile.

Twitter tweet

At this point the table leg is doing it on purpose.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundraising

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

 

Quick note before we get into the rest of this…

I’m hosting a free, live session called Raising Capital: Strategy + Office Hours on Jan 20th.

Why? Because most fundraising problems aren’t about effort. They’re about not being clear about what to do when (and why!).

In this workshop I’ll walk through how I think about fundraising strategy, then open it up for live Q&A.

No pitching. No prep. Just questions.

If that sounds useful, you can grab a spot here → https://luma.com/vg6bi2lo

RVSP Here

If You Want to Raise Capital, Go Live in a Van

🚐🏕️

Over the holidays, I unplugged more fully than I have in a long time.

A close friend owns a Sprinter camper van. I flew up to Northern California, picked it up, and spent five days driving around with no real agenda beyond exploring, walking, writing, and being quiet.

This doesn’t look like California, right?? it is!

No inbox. No meetings…and none of the constant noise from competing responsibilities i usually have in my head.

Just a van, a notebook, and time.

A shockingly undistracted version of me

Somewhere between making coffee on a tiny stove and parking at trailheads I hadn’t planned to visit, a funny thought kept resurfacing:

It sounds extreme at first. Like I’m advocating for austerity, isolation, or some performative founder suffering.

That’s not what I mean.

What living in a van gave me wasn’t deprivation. It was forced focus.

And when i reallllllly think about all the issues founders come to me with when they’re getting ready to fundraise, THAT turns out to be exactly what you can boil most of their issues down to. Let me explain…

Forced Focus Is the Real Constraint

When you live in a van, your life narrows quickly.

When I was packing for the trip, I knew I couldn’t bring everything. I couldn’t keep infinite options open and decide later what matters. I was forced to choose, which made the rest…poof … disappear.

Narrowing removes the illusion that everything deserves attention.

I didn’t wake up each morning wondering where I should work, what I might be in the mood to do, or which project deserved priority. There were only a few viable options, and they were obvious.

I’d make coffee. I’d eat something simple. I’d write.

Fundraising asks for the same narrowing, but most founders never fully step into it. They keep all options alive and then wonder why nothing moves forward cleanly.

As you get ready to fundraise, this is the moment to decide what you’re willing to temporarily stop caring about.

Schedule a real planning conversation with your co-founder or leadership team. Decide what actually matters over the next sixty to ninety days. Name what will slow down, pause, or move to someone else. If fundraising is the main thing, make it the main thing in practice, not just in intention.

Remove Friction Before You Add Effort

What surprised me most about the van wasn’t how little I had, but how easy it felt to do the work I wanted to do.

Not because it was fun. Because there was nothing else competing with it.

There were no more attractive distractions waiting. No ambient sense that I should be doing something else instead. The friction between knowing what mattered and actually doing it was gone.

That matters because fundraising work is RARELY pleasant in the moment. Writing a clear narrative, tightening a deck, deciding who you are not raising from, following up for the third time… none of that feels good while you’re doing it.

Distraction doesn’t just slow this work down. It gives you a way to avoid it while telling yourself you’re still being productive.

If you want to make fundraising easier, don’t start by trying to be more disciplined. Start by making it harder to avoid.

Put a recurring block on your calendar that you do not schedule over, one that kicks off your fundraising work for the day. Decide in advance where that work happens and what tools you use so there’s no daily negotiation. Reduce the number of choices you have to make before you begin.

The goal isn’t motivation. It’s momentum.

Preparation Often Looks Like Asking for Help

This is a big one…

Before I left for the trip, I had to do a lot of unglamorous prep.

I needed someone to check on my place. I had to figure out care for my dog. I had to tell my team I’d be unavailable and make sure nothing important would break while I was gone.

nice to have neighbors that want to help 🙂 

At the time, it felt logistical. In hindsight, it mirrors exactly what founders avoid before fundraising.

You don’t magically find extra hours to raise capital. You create them by redistributing responsibility and setting expectations early.

That means telling your co-founder you’ll need them to own more of the day-to-day for a stretch. Letting your team know response times will change. Telling your partner or family that nights may be longer and availability lower.

As you get ready to fundraise, ask yourself what your version of dog sitting and mail collection is. What small but necessary responsibilities need coverage so your attention can narrow without anxiety.

The clarity that comes from over-communicating upfront is what allows you to disappear into the work without guilt.

The Satisfaction of Finishing Something Hard

By the end of the trip, what stayed with me wasn’t the scenery or the novelty of the van. It was the feeling at the end of each day.

Not exhaustion from context switching. A quieter satisfaction. I had done exactly what I set out to do.

It reminded me of a dinner I had recently with my friend Eytan (a serial entrepreneur and investor). Out of everything we could go deep around, we ended up geeking out about fasting (aka 72+ hours with no food…just water).

What stood out wasn’t the health benefits or optimization talk. It was how similar our reaction was to finishing one because even though there are proven health benefits, it’s the kind of thing most people avoid because they’re inconvenient and uncomfortable.

So much of the enjoyment was getting to the end and knowing you did something hard that most people talk themselves out of.

I see this pattern consistently in great founders. They don’t just chase outcomes. They take pride in finishing difficult things. In seeing something through. In simplifying their lives enough to focus, and then doing the uncomfortable work until it’s done.

Fundraising, done well, is one of those things.

As you prepare, don’t just ask whether you can raise capital. Ask whether you’re willing to structure your life to finish the process cleanly. To simplify. To commit. To tolerate discomfort long enough to reach the other side.

You don’t need to live in a van to raise capital.

But you may need to live like you are for a while.

Fewer choices. Less friction. More commitment to the hard thing in front of you.

Getting to the end of that road is worth it.

A nice reward after a long drive….

Be chased,
Jason

P.S. honestly, literally living in a van might be helpful to raise capital haha

P.P.S. if you don’t do it to raise capital, definitely consider van life for a nice holiday. HIGHLY recommended especially in California. What a beautiful state.

Smart ideas are cheap. The work after the idea is where most people drop off.

Twitter tweet

People who send questions instead of calendar links usually know what they want. Or at least know what they don’t.

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Every iced coffee comes with a migraine tax.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundrais

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Introducing the first AI-native CRM

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Join industry leaders like Granola, Taskrabbit, Flatfile and more.

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first, a quick message…

Q1 Fundraising Season is coming…
How are you prepping a killer narrative?

In 10 days with me, you’ll walk away with a narrative and deck that draws investors in.

Most founders spin their wheels for weeks… only to end up with a weak story and an ineffective deck. That “I’ll do it on my own” mindset? It’s killing your fundraise.

Great fundraising materials come from expert guidance, targeted feedback, and relentless execution/accountability. That’s what my masterminds do. Max 3 founders working with me to sprint towards powerful fundraisingnarratives.

I’m opening applications for our first 2026 cohort which starts in January. Max 3 people so apply today!

One more thing, my guarantee: You only pay after… if we deliver (Or pre-pay to get a lower rate + add-ons).

And btw - past groups have included YC founders, AI PhDs, and other top founders who have all rated the experience 5 stars.

👉 If you’re serious about building investor-ready materials in 10 days, apply here.

Apply Here

Founders don’t get derailed by BAD advice…

(most are too clever for that)

They get derailed by good advice used incorrectly… or at least misunderstood.

I see this all the time in my weekly AF office hours.

A founder shows up and says something like, “So-and-so told me I should do this,” or “I read on Twitter that X, Y, and Z is the best way to approach this.” On the surface, what they’re repeating usually sounds reasonable. Smart, even.

What’s painful is that in most cases the advice isn’t wrong.

What’s missing are the subtleties around when it applies, why it works, and WHAT NEEDS TO BE TRUE (so important) in their situation for it to actually help.

So in this essay, I want to break down three common bits of fundraising advice that founders misunderstand consistently. I’ll do more of these in the future, but let’s start here.

1. “Cold emailing VCs works”

This line gets thrown around a lot.

You’ll hear founders casually mention, “Oh, one of our investors came in from a cold email,” as if that’s replicable for everyone. What’s almost never discussed is what that email actually said or what kind of momentum and credibility that founder had when they sent it.

When cold email works, it usually falls into one of two buckets.

Bucket one: there’s already heavy gravity around you.

The email sounds like:

“I’m a second-time founder who sold my last company for $100M+, now I’m building X…”

or

“We’ve just signed five enterprise customers on six-figure contracts, churn is low, here’s what’s happening and why it’s interesting right now…”

If you have that level of signal, the cold email isn’t doing some magical job. The signal is doing the work. The email is just the delivery vehicle.

In that situation, yes, cold email “works,” but it’s working because you’re already in rare air. Investors are wired to pay attention when they see certain phrases, numbers, or logos. The story travels almost no matter how you send it.

Bucket two: you have a very specific, sharp insight in a niche a VC already cares about.

This is a “threading the needle” version of cold outreach. You’re working on a narrow problem in a narrow space, and your email contains an insight that would catch the attention of someone who has been quietly obsessing over that exact corner of the world.

Here, cold email can work, but this is where it’s so important to realize… it’s a volume play. You’re throwing up a lot of shots in the dark in the hopes of hitting that one person who sees your note and thinks, “Finally, someone is working on this.”

⭐️SUPER IMPORTANT ADVICE FOR THIS TO WORK⭐️ → Ok so i’ve acknowledged that this cold email strategy could work for an average founder. BUT for that to even have a chance, the email has to be short enough and clear enough that if they skim it in two seconds, the insight lands. No long backstory. No walls of text. Just enough to make a curious person stop and think.

So yes, cold email is real. It’s not a myth.

But most founders are not in bucket one, and most are not operating like bucket two either. They’re somewhere in the middle, with some promise, some traction, but nothing so obvious that a stranger will fight to reply after reading a cold note in between partner meetings.

That’s why my advice is usually this:

Cold email should always be part of your fundraise… it just shouldn’t be the majority of your outreach. The energy you pour into scraping every email address you can find and blasting generic messages is almost always better spent lining up warm introductions, tightening your story, and creating more signal that makes any outreach more effective.

2. “Show a big TAM”

This feels like one of the Ten Commandments of fundraising. Something you just assume is necessary because everyone talks about it like it’s etched in some uneditable stone tablet.

Founders have been led to believe that a “real” deck must include a big TAM slide, and often the full TAM/SAM/SOM treatment. For clarity, that’s:

• TAM: Total Addressable Market

• SAM: Serviceable Available Market

• SOM: Serviceable Obtainable Market

Here’s a slightly controversial take… I think this slide should be removed from all early stage venture slides. Crazy, I know but here’s why…

I believe the TAM obsession is basically a leftover from the predecessors to what we know as early stage venture investing today.

If you look at earlier eras of investing in private companies, people were raising money for large, established companies. Businesses with years of financial history, mature sales motions, and clear markets. In those situations, it made a ton of sense to ask, “If this keeps going the way it’s going, how big can this get?” The TAM slide was a way of extending a line that already existed.

Then, slowly, investors started moving towards investing in earlier stage competition.

Less competition, more upside, more chances to get in before everyone else. The market created seed rounds. Then pre-seed rounds (a round that literally didn’t exist ten years ago btw).

But as timing of investors moved earlier, the elements used in fundraising decks didn’t evolve. The TAM slide survived the migration. What started as a tool for already-working businesses got dragged all the way to idea-stage companies with almost no data behind them.

That’s how you end up with a pre-seed deck that says, “$100B is spent on X… if we get just one percent of that, we’re a unicorn.” It’s not that the number is false. It’s that the story from today to that number is completely hand-wavy.

At the earliest stages, investors aren’t actually comforted by a giant number pulled from a consulting report. They want to understand:

• What specific problem are you solving right now?

• For whom?

• Why do they care enough to buy or use it?

• And if this keeps working, can it logically expand into something big?

That last part is where “market size” still matters. There has to be a big opportunity out there somewhere. But the way you express that doesn’t have to be a traditional TAM/SAM/SOM slide. In fact…it shouldn’t be. In most decks I see, that slide is either miscalculated, overly aggressive, or just a distraction from the real story.

A more useful approach looks like:

• Here is the narrow market we’re attacking first, with some believable math on why that’s attractive on its own.

• Here’s how success in that initial wedge opens doors to adjacent use cases, geographies, or buyer personas.

• When you mentally roll those out, you can see how this gets very big without me needing to throw a random “$87B market” number at you.

Investors do want to feel like your vector points toward a large opportunity. They just don’t need you to cosplay as a late-stage company with a private-equity style deck when you’re still in the “we’re talking to early users and shipping product every week” phase.

So yes, communicate that you’re pointed at something big.

No, you don’t have to (and shouldn’t) include a TAM slide to do it.

3. “Share your vision”

“Share your vision” sounds like harmless, feel-good advice.

The problem is in practice, this advice often leads founders straight into bad storytelling.

What many hear is, “You need a big, sweeping narrative about how your company changes everything,” even if they don’t actually feel that way and don’t have any evidence to back it up yet. So they start inventing a future that doesn’t match their true ambition or the current version of reality.

The result is a pitch that sounds overcooked and fragile.

Easy to poke holes in. Easy to dismiss.

I think it helps to ground what “vision” really is.A real vision is not just a big future headline. It’s a mix of:

• a meaningful opportunity that exists out in front of you

• some personal pull toward that problem or space

• the sense that you’ll keep pulling on threads even when it’s hard

• early signals that people want what you’re already doing

Vision is about direction and commitment, not just scale.

There’s a big difference between:

“We’re going to be a $10B company and own this whole market.”

and

“I’m obsessed with this problem. The initial product we’re shipping already has a long list of customer needs we haven’t even touched yet. I can see a path where doing a great job here unlocks more and more surface area to build on.”

The first one is loud.

The second one is believable.

Where founders really get into trouble is when they’re told “VCs need to see a big vision” and, deep down, they don’t actually want to build that kind of company. They want a healthy, meaningful business, not a rocketship. There’s nothing wrong with that… it just doesn’t line up with what most venture investors are optimizing for.

So they bolt on a fake “big vision” to satisfy what they think they’re supposed to say. Investors can feel that mismatch. The story sounds off because it is off.

If your genuine vision is to build something smaller and more contained, that’s useful information. It might be telling you that venture capital isn’t the right fit, and that’s better to recognize early rather than late.

So yes, share your vision. But let it be grounded in who you are, what you’ve learned so far, and what you’re actually committed to doing… not just the biggest number you think sounds impressive.

Let’s recap …

These three ideas…

• cold emailing VCs works

• investors need to see a big TAM

• you have to “share your vision”

…are not bad advice in themselves. They’ve all been true, in context, for certain founders at certain moments.

The problem is when they get repeated as rules to follow without any understanding of why they exist or when they really help.

If you want to get better at fundraising, don’t just collect more advice.

Evolve your understanding via advice you hear.

Ask where a piece of advice came from. Ask what stage it applied to, what kind of founder it was meant for, and what needed to be true for it to work. Then look honestly at your own situation and decide if you’re actually in that bucket.

I’ll keep breaking down more of these in future essays. There are a lot. Holler if there are any that you want me to tackle next!

Be chased,
Jason

That’s the whole thing, isn’t it. No one’s coming to save you, but no one’s in your way either. It’s terrifying right up until it starts to work.

Twitter tweet

Still cool, but not “defying physics” cool.

Twitter tweet

This feels way too accurate.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundrais

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Nothing more to read this week!

 

A Black Friday Offer (and a note on gratitude)

I didn’t plan on sending this out until 45 minutes ago…but read through this short (and important) message on gratitude to get an awesome deal to join Adamant Fundraising.

My thoughts on Gratitude…

We all have a lot of opportunities to complain. There are struggles that in the moment feel difficult. They feel painful.

Spending an hour cold calling customers for your startup. Pushing through to finish that 5k race on a cold Thanksgiving morning. Doing another hour of outreach to get intros for your upcoming fundraise. All of that doesn’t feel good in the moment.

But remind yourself of all the people who would kill to be able to experience the discomfort you’re complaining about. You have a startup. Your body is able to run a race. You have family who wants to do silly turkey trots with you (true story from yesterday). And your company is capable of even attempting to raise capital.

Wow.

When I force myself to remember all the people who would switch places with me in a heartbeat, I tackle hard things with a positive energy that can’t be ignored. Whether you’re working on a startup, prepping a fundraise, or just doing something in life you want to be a negative nancy about…. remember this message of gratitude.

I think it’ll help

p.s. here’s evidence of my niece and I finishing the 5k Turkey trot. Dang that last mile hurt …but i’m grateful ❤️ 

My Black Friday Deal and thank you!!!

I hadn’t planned on this…but a friend helped me think about Black Friday as a gift to all the people who had been waiting to buy.

So as a message of Gratitude to all of you for reading along and letting me make a living my supporting founders, i’m giving 40% Adamant Fundraising memberships for new standard members.

Just use the code GRATITUDE (good until midnight on Sunday) you can book on adamantfundraising.com

Happy Thanksgiving. .. and as always.

Be chased,

Jason

(gobble gobble)

Nothing more to read this week!

 

first, a quick message…

Stop Dragging Your Feet Prepping Your Fundraise

In 10 days, you’ll walk away with a narrative and deck that draws investors in.

Most founders spin their wheels for weeks… only to end up with a weak story and an ineffective deck. That “I’ll do it on my own” mindset? It’s killing your fundraise.

Great fundraising materials aren’t born in isolation. They come from expert guidance, targeted feedback, and relentless execution/accountability. That’s what I’ve designed this mastermind to deliver. Connecting with other amazing founders is just the cherry on top 🍒.

We start Sept 29. It’s a small, elite group, and there are only 3 spots left.

One more thing, my guarantee: You only pay after… if we deliver (Or pre-pay to get a lower rate + add-ons)

👉 If you’re serious about building investor-ready materials in 10 days, apply here.

Apply Here

Gawd. It’s wild how clueless some founders are…

…about what it really takes to get a strong intro. Or any intro at all.

some founders…

Maybe I’m just that guy who obsesses over the small details, notices when they’re being done badly, and can’t let it slide. Nevermind…I’m definitely that guy.

Anyway, I’ve said for years that intros are the lifeblood of great fundraises. However, I’m only now realizing the massive gap between hearing that statement and understanding it enough to drive successful fundraises. Many founders don’t understand what actually compels someone to risk their reputation to make an intro on their behalf. I’d also venture to guess that those who say they know…don’t fully know. And I’d like to fix that.

The aforementioned gap in understanding is super important. Because if you don’t REALLY know what it takes, you might walk around thinking you’re a couple emails away from a warm fundraising process and millions in the bank, when the reality is you’ve got nothing. And then you hit a wall. And Wall 🧱 + shrinking runway = 👎

Backstory (when did i start seeing this gap?)

A year and a half ago, I started offering a service to fix one of the biggest problems I saw in fundraising: insufficient effort spent towards getting warm introductions. Said differently, a common misstep founders make is not going deep enough into their networks to find great intros to potential investors.

The line I used when describing the gold they were looking was, “You don’t realize that the person you sat next to in ECON 101 freshman year now lives in San Francisco, married a venture capitalist, and would gladly put you in front of their spouse if you just asked. You just never thought of them as a valuable node in your fundraise.”

But why people don’t do that deep research into the dark corners of their networks makes sense. LinkedIn data is dirty so new AI tools can’t do it all automagically. That shit takes a lot of time. Founders have other things to do. This is all why we built the Launch Process. </end content marketing>

But this isn’t a sales pitch. It’s a story. What I learned impacts this essay.

After running Launch for 18 months, here’s what I learned:

• Some clients crushed it. Deep research plus targeted outreach unlocked countless amazing intros.

• Others using the same process, uncovering similar volumes of potential intros, using same quality copy….crickets. Barely any intros.

The difference in outcomes wasn’t so much the surprise…it was the reaction. The 2nd category of founders were often shocked. They wanted to know what was wrong with our service or couldn’t understand what was happening…

I was prepared to explain to them we could do all the analysis and data mining in the world, but we wouldn’t be able to judge the the quality of their reputation. That’s when I realized, ”wow - they really don’t understand intros…”

The Two Drivers of Intros

So, why do some founders get intros and others don’t? It comes down to two things:

1. Reciprocity

2. Value

Let’s break those down.

1. Reciprocity 

Reciprocity is the simplest to understand. People help people who’ve helped them before. It can be explicit (you made an intro for them, you sent them talent, you solved a problem) or subtle (you’ve been generous, useful, supportive over time). Either way, they feel some pull to repay the favor.

2. Value 

Value can be described most cleanly like this…

People will make an intro if it benefits them.

Now the details of that are a little more complicated because there are different types of value that can be extracted from this process. The main one I want you all to be aware of is that act of connecting an investor with a great opportunity for the investor raises that person’s status. If they introduce a hot investment to an investor and it hits, they look good. They’re seen as someone with deal flow, someone with access. Said another way, if your deal / opportunity / etc obviously looks impressive, the person connecting you will actually get value out of making the intro. You’re doing THEM a favor in this case.

The secondary category of value is only secondary because it applies to fewer founders. I’m talking about your inherent value separate from your company. Do you have a background that screams you’re a winner. Have you won before? If you answer “yes” then making an intro to you would make someone look good. A close cousin to that, are you interesting or important enough for the connector to want YOU to think positively about them? Even further, are you someone that they would find value in holding reciprocity debt with?

So,can you get that intro?

Ask yourself: are you the kind of founder who makes the person introducing you look smart? And if you on your own don’t have that pull, is the story of your company exciting enough to make an introduction to you seem like a gift?

Or on the other hand are you so unproven, and your business so early, that an intro actually puts their reputation at risk?

THIS is what you have to understand before tapping into great warm introductions.

A Story That Brought This Home

Last week I got a random call from a founder I’d worked with before. I’d made a couple intros for him, partly because I respected him, partly because I thought others would genuinely enjoy meeting him.

He told me, “I’m not sure you realize how good of a reputation you have out there. If you wanted to raise money tomorrow, you’d have investors lined up. I’ve never heard such positive remarks about someone in these settings.”

That was really…nice.

Not because I’m out there trying to build clout, but because it confirmed i’ve been doing things all these years the right way. Acting with integrity (even through my mistakes). Helping when it was easy. Helping sometimes when it wasn’t. Doing good work. Being someone people actually like having around.

That stuff compounds. And eventually, when you need it, people show up.

If You’re Early

Now, not everyone has a decade to stack up goodwill before they need to cash it in. If you’re young or new to the ecosystem, you don’t have that bank built up. Which means the burden is heavier on the other side of the equation: you need to represent obvious, undeniable value. Much quicker than building up goodwill is driving your company to make progress and milestones that scream “THIS IS A VALUABLE COMPANY.”

You might not be able to tap into fundraising intros as quickly as someone with a longer career (old) like me, but at least you know what you can affect on your own. BUILD A GREAT COMPANY.

That’s the bar.

Building Reciprocity

Just because it takes time, doesn’t mean you shouldn’t start building a great network that will want to help you in the future. Start small. Again, this stuff compounds! Invest in your network the way you wish others would invest in you. Help when you know you can and it’s ok if it’s easy. It doesn’t have to be big, performative, or a burden to be worthwhile. Try things like:

1. Making thoughtful connections

2. Inviting people to dinners or events

3. Sharing useful articles or insights

4. Sending great candidates their way

5. Offering feedback when you see something worth improving

6. Giving genuine compliments

7. Checking in, ask how they’re doing

8. Celebrating their wins

None of this pays off tomorrow. But it starts to stack and if you needed another reason to do it… it just feels good to be helpful.

The Bottom Line

Whether you’ll actually get that intro comes down to one of two things: either you’ve invested into relationships long enough that reciprocity works in your favor, or you’re such a compelling founder that making the intro brings value to the other person. Ideally, both.

So do good work. Be good to people. Help when it’s easy. Help when it’s not. Then, when you need it, the intros will flow.

Go out there and do what you need to do to get connected to the investors who might lead your next round!

Be chased,

Jason

P.S. a little side bar comment from my story of that founder who shared nice things people about me.

I really underplayed how amazing that felt.

People don’t receive appreciation, compliments, and kind words nearly as often as they should. So when they do hear it…it really touches them. That’s been my experience on the receiving and giving end of appreciation.

My point is if you can think of nice things about other people, share them. It will do wonders (this is especially true if you’re a man and have nice things to say about other men. for some reason that’s taboo in our society 🥸)

It’s good advice. When you have a chip on your shoulder as many founders do..this is hard. More effective to work on the chip rather than skipping to not take things personally 😜 

Twitter tweet

In a similar vein…stop caring so much about what people think. That’s what “cringe” is. And a lot of what you want is on the otherside of fighting through that

Twitter tweet

YES.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundrais

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Nothing more to read this week!

 

Click here to register for the event

How to use your Fundraising Story in GTM

I’ve always believed that good advice has to hit you a few times, from a few angles, before it really sticks. What I haven’t done enough of here is bringing in other voices…people I trust, who’ve seen things I haven’t, and who can help you get smarter about fundraising and everything that comes with building something.

Recently I was chatting with an old friend, someone I’ve trusted for years, and he told me about Dan Levy. Dan’s built some of the most effective GTM and sales narratives out there. His ability to take a founder’s story, often written for investors, and reshape it into something that actually helps you sell caught my attention.

Dan runs Storyline, a consulting firm that helps B2B companies create strategic stories that fuel ongoing revenue and customer success (check it out at danjlevy.com and find him on LinkedIn). I asked him to put his thoughts on the connection between fundraising and GTM down for you here. This is one of the first guest essays for Fundraising Fieldnotes, and I’m glad it’s this one.

Here’s Dan.

From fundraising pitch to sales story: Turning buy-in into buying

Fundraising is about getting people to invest.

Sales is about getting people to buy.

But at the core of both? You’re asking people to buy in.

Whether you’re convincing a VC to bet on your vision or persuading a potential customer to try or buy your product, both narratives rely on the same fundamentals: a sharp point of view, a compelling story, and a clear, confident pitch.

And while the audiences and stakes may differ, successful founders know these narratives are deeply connected. In fact, your fundraising pitch could and should evolve directly into your go-to-market sales pitch. If it doesn’t, you’re probably leaving clarity, consistency, and revenue on the table.

But here's what makes this transition so valuable. The work you put into crafting a compelling sales narrative impacts more than your win rates and velocity. It forms the backbone for how your entire company communicates – internally and externally. Get this right and you're creating the kernel of an overarching, strategic story that will scale with your business.

Let’s break down how – and why – that evolution should happen.

It starts with an insight

In both fundraising and sales, the most powerful way to start a conversation is with a unique insight into the market and problem space.

For investors, this insight signals alpha: an unfair advantage grounded in a market observation that others have missed. It tells them you’ve identified something structurally wrong or underappreciated in the world – and that you’re uniquely qualified to fix it.

In sales, the insight is about framing the customer’s problem in a way that leads directly to your – and only your – solution. Articulated well, it gets the prospect nodding along before they even know what your product does. It shows them that you get it – that you understand the context your customer finds themselves in – and positions you as a trusted expert that’s not just here to sell them but to help them buy.

In both cases, you’re educating your audience, offering them a new way to see the world, and setting the terms of the conversation.

From founder-led to founder-informed

Early on, founders are the best fundraisers and the best salespeople. You know the market. You have the vision. You may have lived the problem yourself. Your personal credibility, passion, and storytelling acumen drive results.

But once you start to scale your go-to-market, charisma doesn’t scale with you. Your narrative needs to evolve from being founder-led to founder-informed. It has to be simple and repeatable – a story any sales rep can deliver with confidence and credibility.

As your company grows, your founding story becomes infrastructure. A successful sales pitch will be shaped not just by your personal insight, but by the perspectives of your sales leader (who sees what resonates and what stalls), your product leader (who knows what's feasible and what's coming), and most importantly, your customers and prospects. They understand your differentiated value – why they chose you or walked away – better than anyone else.

Building a durable go-to-market story is a team sport. The founder sets the tone, but it’s the cross-functional and customer-driven feedback loop that keeps the message sharp, grounded in reality, and scalable.

Same direction, different paths

Ideally, the first few slides of your sales deck and your investor deck should be identical – or at least very close. You start with the market insight, your framing of the problem space, and your unique perspective on what the world should look like instead.

Then, the paths diverge:

• In a fundraising narrative, you’ll go deeper into market size (TAM), business model, and why your team has the right to win.

• In a sales narrative, you’ll zoom in on differentiated product capabilities and customer value, social proof (customer logos and testimonials), and objection handling.

Both pitches are about belief. Fundraising requires belief in the future of your company. Sales requires belief in the present value of your products and services (versus those of the competition), with a little vision sprinkled in to reassure the prospect that you can help them achieve their longer-term goals and ambitions – and that they won’t have to go through another pesky purchasing cycle any time soon.

Don’t sleep on discovery

Discovery is often seen as a sales thing, but it’s just as valuable in a fundraising pitch.

In sales, discovery helps you understand the customer’s priorities, pain points, team structure, and tech stack so you can customize the next call and loop in the right stakeholders.

In fundraising, discovery is about listening and learning. Not every investor thinks the same way. Some optimize for vision, others for traction. Some care about monetization, others about category creation.

If you treat your pitch as a one-way monologue, you miss the chance to adapt it in real time and build real conviction.

In both cases, building in discovery beats – scripted moments to ask questions and get feedback – keeps the pitch conversational and helps you qualify whether this is the right partner to move forward with.

A sales story framework

A great sales narrative has structure. One of the best frameworks – designed for B2B technology companies in particular – comes from April Dunford’s book Sales Pitch.

I like it because it builds on what the best fundraising pitches already do, just adapted to a different context. It's a way to systematically frame your insight, build credibility, and guide your buyer through a journey that feels both authoritative and tailored.

Here’s how it breaks down:

1. Insight

Start by framing the conversation around your unique perspective on the market. This isn’t just a hook, it’s how you establish expertise from the outset and control the narrative that follows.

2. Alternatives

These can be direct competitors or indirect solutions, like manual workarounds or general-purpose tools like Google docs and spreadsheets. You don’t need to name names – in fact, you probably shouldn’t unless the customer does.

Acknowledge the strengths of these alternatives, as well as their limitations. This builds trust and sets the stage for your differentiated value.

3. The Perfect World

Before talking about your product, describe what an ideal solution would look like. This helps the prospect align with your vision and primes them to see your product as the natural answer to their problem.

4. The Introduction

Now that the stage is set, explain who you are, how you’re positioned in the market, and what your product actually does – in the simplest, clearest terms. Depending on the complexity of your solution, a platform visual, marketecture diagram, or product flywheel can help bring it to life.

5. Differentiated Value

Highlight the specific capabilities that set you apart – and, more importantly, how they translate into value for your customer. This could take the form of a live demo or slideware highlighting your “greatest hits,” always tied back to your insight and differentiated capabilities and services.

6. Proof

Back up your story with customer logos, results, and testimonials. Many sales teams lead with this stuff, but that’s a mistake. Social proof doesn’t convince — it  reassures. These proof points will hit so much harder after the customer understands what you do and why it matters

7. Objections

This is your chance to preempt any concerns and de-risk the decision for them. Dunford frames this step as optional, but for most deals, it’s essential. Your prospect will have a mental checklist – security features, integrations, support SLAs, compliance – and they may never voice it directly. These may not be differentiators, but they’re table stakes, and should be addressed.

8. The Ask

It’s surprising how often this part gets overlooked. Every sales conversation should end with a clear next step – a call to action. Often, this is a follow-up meeting or a deeper demo with additional stakeholders. Whatever the ask, don’t leave it implicit.

A well-structured sales pitch forms the foundation of a consistent, repeatable sales process. It ensures that every rep is framing the problem the same way, telling the right story in the right order, and handling objections before they become blockers.

When everyone is singing from the same songbook, you shorten sales cycles, improve win rates, and create a smoother path from first call to closed deal to deployment – and long-term customer success.

The pitch is just the beginning

Once you've nailed your core narrative – your positioning, your point of view, your unique value – you’ve done more than create the basis of a great pitch.

You’ve landed on a singular, strategic story that becomes the soul of your entire business.

That story – rooted in why you exist and what you do and see that others don’t – becomes the foundation for how your company shows up across every touchpoint:

• It informs your website messaging, shaping how visitors understand who you are and how you can help them – right now.

• It drives your PR, content marketing, and social media thought leadership, anchoring your presence in the broader industry conversation.

• It sets the tone for product launches, helping users (and the market) understand how new capabilities connect to the bigger vision.

• It even seeps into internal communications and your employer brand, rallying your team around a shared purpose and attracting A-level talent that believes from the get-go.

When told well, your story isn’t just what you say – it’s how you operate. It aligns product and marketing, sales and support, founders and the field.

It turns long-term vision into daily execution and ongoing growth.

So find your story. And make it stick.

Be chased,
Jason 

Warm intros. Always try for warm intros. Even top VCs would rather hustle to get a warm intro than go in cold…

Twitter tweet

This is just fun to watch if you like music.

Twitter tweet

Stop Struggling to Find Warm Investor Targets — We’ll Do It for You.

Raising from investors effectively requires maximizing warm intros to investors. For those of you who've tried, you know finding enough warm intros to investors to pitch takes an insane amount of time. So let us do it for you.

Sign up for Adamant Launch to have our team run a proven system to line up warm introductions so you can book meetings with real angel investors in weeks, not months.

Here's what we do:

• Run deep research to uncover Warm Investor Connections in your existing network you’d never spot on your own (at LEAST 100 or your money back)

• Skip Cold Emails by having us set up messages to request 100s of warm intros instead of grinding through cold outreach

• Use Proven Templates that helped 200+ founders raise over $422M

Pricing for types of fundraises:

• Angel Fundraises - $2650

• Seed thru Series A - $3950

• Series B+ - $4950

• GPs raising from Family Offices - $4950
  
  Ready to eliminate 50+ hours of work, stack up warm investor intros, and close faster?

Book Your Discovery Call Now »

Note: Our capacity is limited. When spots fill up, we cannot take more clients until we finish with existing projects.

Mission failed successfully.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundrais

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Nothing more to read this week!

 

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The Energy to Do Hard Things (Including Fundraising)

From age five, when I started piano lessons, all the way to about three months ago, when I was running a five-person services company, I’ve pushed really hard.

Me, age 5, at my first piano competition

Pushing hard has led to some great things, but not always. I think it’s worth sharing some lessons from reflecting on this.

Here are some thoughts from a period of downshifting and rest — mostly about what it takes to do hard things and how keeping your energy up matters. Especially for my readers who are thinking about doing something really hard (raising money).

A Quick Recap of the Stuff I’ve Pushed Hard For in My Life: 

• Learning to play instruments

• Practicing sports / Working out

• Getting top grades

• Applying to universities

• Interviewing for fancy jobs

• Studying for the SATs / GMATs

• Launching companies

• Raising capital

• Selling companies

• Starting bootstrap businesses

• Hiring people

• Personal development (working on myself)

• My LinkedIn (in case you’re curious)

Every one of them was hard in its own way.

It wasn’t until recently that I realized I’d been using what Cal Newport calls the “any benefit” mindset. In other words, if something had any measurable value or external validation, I’d justify working hard at it. In case it’s unclear… that’s not a good framework to use.

What the “any benefit” approach doesn’t account for is whether I actually want to do the thing. Whether it’s meaningful to me. And it certainly doesn’t take into account the costs and the downsides of any of my choices…

Hitting Pause, Downshifting

About three months ago, I let a few team members go so I could right-size my business and give myself some breathing room. I reworked my day-to-day to fit what I wanted to do first before thinking about efficiency or growth or impact or any other typical metric that I applied for the past 25 years.

Then I started a few side projects just for fun (check out Capital Interests!) and took a two-week surf trip (a “business trip” for Capital Interests haha).

My Capital Interests trip

Somewhere in that window, I got the best sleep I’ve had in years. I even started lucid dreaming again, something I hadn’t done in forever.

And yeah, if you’re reading this, you probably noticed the newsletter took an unannounced break. That wasn’t planned. I just had other stuff on my mind…Thanks for understanding and being cool with the pause.

Part of this rebalancing has brought me back to the things I actually do want to spend energy on. There are things that I had been doing at Adamant that didn’t make the cut, but the cool thing is writing this newsletter wasn’t one of them. It turns out I really like teaching and sharing things I’ve learned. Thinking through messy problems and helping others solve similar problems is fulfilling. Sending this newsletter out to you all gives me that opportunity so I’m back at it! It’ll probably be on a less consistent schedule, but I think you’ll see more quality and essays with more soul. Overall just stuff that’s more in tune with what feels worth putting out.

Fundraising When You’re Running on Empty

Don’t worry, this is not a pivot to a personal development, mental health newsletter. I’m happy to bring this back to the topic ya’ll are here to read about. So how does this relate to fundraising?

Two things I think founders need to hear before heading into a fundraise. Both relate to what i just wrote about:

1. Fundraising is hard. Like, actually hard. It takes a TON of time, focus, energy, and resilience. Emphasis on “ENERGY”

2. If you start that process with an empty tank, you’re probably not going to do it well.

Now, I’m not saying you need to disappear for a year and sit on a beach with a journal before going to fundraise. Amazing if you could, but likely not doable.

What i’m telling you is if you’re already feeling burned out before going out to raise, find some space for yourself…even a small bit. A long weekend. A short trip. A few days with no calendar. Whatever it takes to feel like you’re not crawling into the fundraise half-alive.

Too many founders string everything together without taking a second to breathe. Starting the company, pushing the launch, landing the customers, putting out the fires…. and then straight into raising capital! It’s not a good thing!

Take a step back. Delaying your kickoff by a few days won’t be the reason your fundraise fails…but NOT taking that time COULD be 😳.

Guide / Quick Gut Check ☑: Do you need to fill up before fundraising?

Check this list. If a few of these are a yes… look for ways to recharge

• Someone offers you five warm intros for your fundraise next week — you feel a pit in your stomach, not excitement

• You’re avoiding your inbox or slack even when it’s not that full

• You’ve got low-key dread around tasks that used to be easy

• Your sleep is off or you wake up tired

• Everyone on your team is kind of annoying right now, even though they haven’t changed

• You keep saying “I just need to get through this week”… every week

So if even a few of these are a yes… don’t swallow the feeling and “power through”. Follow the next guide.

⏸️ How to actually reset (even with just a long weekend)

Instead of leaving you with a vague “go reset with a long weekend”…here’s a simple process to actually take a 3-4 days off:

1. Pick the days and block your calendar — no calls, no “quick syncs,” no check-ins. Actually block the days off with nothing work related.

2. Plan how you’ll get extra work done ahead of the time off — it won’t be successful if you don’t do extra work before your time off. You’ll just stress out about slipping.

3. Tell your team in advance and assign responsibilities — for you to fully unplug, you’ll need help. You need to trust there are people taking care of things and there are processes in place to cover “emergencies”. Without that peace of mind, you’ll just keep checking your messages.

4. Tell your family / friends in advance - this needs to be alone time and you need your friends and family to know you won’t be super responsive.

5. Physically change locations and get access to nature — even a friend’s place or Airbnb can work. As long as it’s not your home (too easy to fall into old habits) and that you can find a way to get outside in nature, it’ll work.

6. Remove social media and messaging apps from your phone — it’s only a few days but this unplug has to be as severe as you can make it. That means no IG/Tiktok, no Twitter, no Linkedin, no email, and no Slack. This can absolutely be done with away messages and if you must, a plan to check messages from your computer at the end of the day. Better if you take a couple days completely away, but I understand if you need an end of day check-in.

7. Plan to eat well but healthy — you want to enjoy your fuel over the weekend and feel good after.

8. Sleep more than you think you need — aim for 9 hours, not 6.5

9. Plan your days around 2 to 3 meditative, not distracting activities away from screens — That means hikes, outdoor activities where you can enjoy nature (surf, bike ride), yoga, cooking, crafting, and light fictional reading. And don’t over plan. Some boredom is ok - that’s when your brain starts resetting!

10. For the physical activities, move your body without optimizing it — walk, surf, stretch… whatever feels easy.

11. If journaling is something you’e done, write down your experience — for those of you who have experience journaling. Journal. If you haven’t, just think about writing down what you did during the day and what you thought about or felt. No work count goals or anything like that. Just a chance to dump out your mind.

This isn’t about feeling productive. It’s about giving your mind a second to stop white-knuckling everything.

Last Thought: You Have to Want to Fundraise

After your recharge, there’s one last thing I want to underline: fundraising is not something you should do unless you really want what comes with running a venture-backed company.

Yes, you can fake it. You can study the psychology of pitching, rehearse the script, and tell a story that works. You might even close the round (especially if you’re a loyal reader 😘😘 ). But if your heart isn’t actually in it, being in charged of a venture-backed company is probably one of the worst outcomes.

Taking money from others means signing up for a long, hard project — — one where you now owe results to more than just yourself.

So before you raise, stop and ask: do I actually want this path? Not just “do I think this would look good” or “would this make my peers, my parents, my etc. proud.” Ask yourself if you really understand the trade-offs / downsides and whether those are things you’re willing to live with.

Too many people raise for the perceived benefit. The status. The validation. The idea that it’s the “next step.” But if it’s not what you want, the cost might be way higher than it looks at the start.

That’s It for Now

More essays coming, but probably less frequent, more personal. I’ll write when I feel like I have something worth saying — or when I come across someone whose thinking I think more people should hear.

Thanks for reading. Go get some rest.

(and of course) Be chased,
Jason 

Very helpful for founders to read. Things take time. Prep takes time. All of this takes work.

Twitter tweet

I make this mistake a lot. Price it to get to market. Assume you have many more customers to sell to later. Optimize the product and experience, then fix the price.

Twitter tweet

Stop Struggling to Find Warm Investor Targets — We’ll Do It for You.

Raising from investors effectively requires maximizing warm intros to investors. For those of you who've tried, you know finding enough warm intros to investors to pitch takes an insane amount of time. So let us do it for you.

Sign up for Adamant Launch to have our team run a proven system to line up warm introductions so you can book meetings with real angel investors in weeks, not months.

Here's what we do:

• Run deep research to uncover Warm Investor Connections in your existing network you’d never spot on your own (at LEAST 100 or your money back)

• Skip Cold Emails by having us set up messages to request 100s of warm intros instead of grinding through cold outreach

• Use Proven Templates that helped 200+ founders raise over $422M

Pricing for types of fundraises:

• Angel Fundraises - $2650

• Seed thru Series A - $3950

• Series B+ - $4950

• GPs raising from Family Offices - $4950
  
  Ready to eliminate 50+ hours of work, stack up warm investor intros, and close faster?

Book Your Discovery Call Now »

Note: Our capacity is limited. When spots fill up, we cannot take more clients until we finish with existing projects.

Two weeks into Q3.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I share my thoughts, struggles, and nuggets around fundrais

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Nothing more to read this week!

 

Click here to grab the report (no registration required)

2 Subtle Green Flags of Winners

If you’ve followed me for a while, you know I’m constantly with founders on all parts of their fundraising journeys. Founders thinking about fundraising, in the middle of fundraising, and after fundraising (both successful ones and failures).

All those reps have given me an eye for things that might indicate founders who will be successful with their company and fundraises. Often small things like how a founder talks, what they emphasize, what they’re honest about, and what they don’t overhype can reveal a ton about what’s ahead.

One of my favorite times to exercise that eye for founders is at my Dawn Patrol events. The events are great because in between emceeing, I get to roam around, ask questions, give feedback, and generally just listen to the cool projects founders are working on. The added bonus is I also get to pick up bits of content to include in my newsletter :)

That’s my MC stance…. (Dawn Patrol in Los Angeles, March 2025)

At the last Dawn Patrol in LA, I had two short conversations where founders said things that made my mind go “DING DING DING! GREEN LIGHT!! ✅✅”

On the surface they’re pretty innocuous, which makes them even more interesting as vehicles to teach. So I’m excited to share them with you here.

Green Flag #1: “The name doesn’t really matter.”

This one was such a throwaway comment, but it really stuck with me.

I was in the middle of a founder’s explanation on how his building-climbing robots were a big business opportunity when I realized he didn’t say what his company was called.

I asked, “Wait, what’s your company’s name?” 

He responded nonchalantly, “I dunno - we haven’t really named it yet. The name doesn’t really matter.”

It threw me off for a second, but honestly… I loved it.

Founders like this show they’re interested in substance rather than optics. They aren’t trying to project startup theater. They’re not spending their energy crafting the perfect name, doing trademark searches, buying a .com for $20K, or obsessing over the color palette on their Notion page.

They’re building. They’re testing. They’re talking to customers. 

When I hear “We haven’t really settled on the final name yet,” or “Honestly, we don’t love the name, but we’re focused on validating the product right now,” I immediately think:

Ok, this person is actually running a real startup. They’re not just playing startup. 

Early-stage b2b startup building is messy. The best names, positioning, and brand identity often emerge later in the process, after you’ve nailed the product, after users show you you’ve built something useful.

The founders who obsess over naming too early are usually trying to project legitimacy before they’ve earned it. They want to feel more “real” because the business isn’t. The most hilarious part of my story was we did come up with a name that was perfect for the business we raised money for…but the business it ended up becoming was barely related. face palm

So when I heard that the founder wave off the name question? It made me smile. That’s a green flag for me, letting me know they were focused on the important stuff, not surface-level polish.

Green Flag #2: “We’re still validating the customer need.”

In another encounter, I struck up a conversation with a founder who immediately impressed me with a strong story. It was the type of story that showed an intriguing, unique insight that would pique an investor’s interest. 

The lead-in story combined with how much interest I was showing would have made it easy for this founder to keep pushing a narrative that represented much more than he had actually accomplished.

When I asked for details on how he would charge for his product, he responded, “Honestly, we’re still validating the customer need.”

I smiled.

This one might surprise you, because it sounds like it should be a weakness. For me, I take this as an amazing positive. 

What’s unique about this comment is that it shows an understanding of relationship building and fundraising. To me, it indicates he understood this is a long game.

Tons of founders, when faced with the opportunity to chat with an investor or someone with influence, feel like they need to close right then and there. There’s an urgency that pushes them to pitch and sell and stretch.

On the other hand, a founder who shows up with self-awareness and humility, alongside a dash of intrigue? That’s an interesting person to meet. They’re comfortable with where they are. Because they know if they can show real progress the next time we chat, I’ll be WAY more interested than if they just barely grew into the inflated story they could have told.

The founder showed me he wasn’t there to win anything on that day. He just needed to make a good impression. 

Mission accomplished. Green Flag secured!

The Takeaway for Founders

If you’re early, don’t be afraid to show that you’re still in motion. Investors know the early days for everyone are all about learning, so don’t fake certainty.

Instead, focus on having a sense of urgency, curiosity, and a deep commitment to figuring things out. When you show up with that kind of posture, things just start working.

Be chased,
Jason 

Some of this is about being scrappy, but I like focusing on the part about going back to doing what it takes to learn what your customers actually need…

Twitter tweet

Hahaha. This makes me laugh. I try to be polite to the robots too 🤖❤️

Twitter tweet

Please. Stop. Rising.

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Want more to read?

Every so often, Beehiiv sends us newsletters they think our readers would like.

Every click supports the work we do, so check them out!

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Overwhelmed by biased news? Cut through the clutter and get straight facts with your daily 1440 digest. From politics to sports, join millions who start their day informed.

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Negotiating in Fundraising

People ask me all the time about strategies I recommend when negotiating a fundraise.

The thing is, negotiating dynamics in fundraising are no different than negotiating a job offer, negotiating a contract, negotiating a real estate deal, or even negotiating your way through landing a new romantic partner.

So if you have instincts on how to negotiate successfully in other areas of your life, they probably will help you in fundraising.

Where I can be uniquely helpful is in sharing more about the psychology of investors and the nuance of fundraising processes that impact how negotiating plays out. So let’s talk about common negotiating dynamics and how you should think about them within the context of fundraising.

Running a Competitive Process

This is one of the biggest unlocks in fundraising, and most founders don’t give it the respect (or effort) it deserves.

Fundraising is a momentum game. And nothing builds momentum like the sense that other investors are circling and you have options. If you’re talking to one investor at a time, you’re negotiating from a place of weakness. That scenario allows them to drag their feet and nitpick terms because they know you’ve got nowhere else to go.

On the flip side, when you compress your outreach and drive calendar density, lots of meetings within the same 1–2 week period, you flip the power dynamic. Investors start asking how much time they have, where you are in the process, and what they need to do to get in.

That’s the psychology you want. Not begging people to write cheques. Making them worry they’ll miss their shot.

Understanding Current Pricing Dynamics before Negotiating

There’s no Bloomberg terminal for early-stage deals, so pricing is hard to understand. It’s all narrative and comps and vibes.

That doesn’t mean you shouldn’t get a sense for pricing before negotiating. Being able to reference the market is a real tactic that is very useful.

Anchoring expectations based on tangible examples has a massive impact. You’re pointing to a reference point and establishing a strong launchpad for engaging in a negotiation.

BATNA / Walkaway Power

Having a strong grasp of your BATNA is an underutilized concept in founder negotiations. Most founders never think about it until it’s too late.

So what is a BATNA?

BATNA = Best Alternative to a Negotiated Agreement. If you didn’t know, I’m an MBA, so sometimes I throw annoying terms like that out (it’s the only thing that helps me justify the $100k investment). But even annoying things can be useful. 

Anyway, BATNA is an MBA’s way of saying, "What happens if this investor passes?" And more importantly, "Do I have something else lined up?" or “Can I keep going without this deal?”

If the answer is no, and you’re banking everything on one firm deciding to invest, they will smell it. Whether they mean to or not, they’ll push harder on terms, take longer to decide, and drop last-minute asks.

If the answer is yes, or you’ve done the work to create alternatives, then you have real walkaway power. You can say, “If this doesn’t work, I’ve got others who are moving quickly.”

Even a little optionality makes a difference. Maybe it’s a second fund in diligence. A couple of high-quality angels circling. Another partner from a name-brand firm who asked for a follow-up. Or... just the confidence that you know you can keep going. Operating with the mindset of having options is powerful. Your psychology shifts. You stop chasing. You start vetting.

Before negotiating, make sure you are comfortable with your BATNA even if it is walking away with NO DEAL.

Bundled Asks vs. Piecemeal Asks

Here's a tactical mistake I see founders make constantly: they negotiate each part of the deal separately.

First valuation. Then board rights. Then pro rata. Then vesting provisions. That’s a recipe for death by a thousand paper cuts.

Instead, bundle your terms. Present the package. “Here’s what we’re thinking: $X valuation, standard YC SAFE, put 50% of our shares behind vesting, no board seat.”

This approach forces the conversation to be holistic. Investors can’t nitpick one thing without having to talk about the entire deal. And it makes you look put-together and confident, like someone running a real process who isn’t afraid of negotiating.

Relying on your reputation

This is the invisible hand in every negotiation.

Investors talk. They are also proactively backchanneling during diligence. So your reputation around town will likely make its way into how an investor handles the final stages of a deal…

You don’t want to be a founder with a bad rep. Even vague negative reputations can sour a deal and negotiations. Fair or not, a rumor of something bad can haunt you, so protect your reputation with your life. 

The flipside of the positive is also true. A vaguely positive reputation like “good dude!” or “they’re great!” can be all an investor needs to hear to sway them to the positive or get them to give on an ask. 

This isn’t a tactic or strategy you can apply when in the thick of deal-making, but being aware of its importance will help you prep for negotiations far into the future.

Final Negotiating Thoughts (do we have a deal?)

Fundraising is emotional. It’s hard not to take things personally when you’re negotiating over your company, something you’ve poured your life into. In my experience, the founders who do the best aren’t the ones who memorize tactics… they’re the ones who understand the psychology of the situation and prepare accordingly.

Good luck! 

Be chased,
Jason 

The gains we get from AI are amazing... and this is months old! shit has gotten way better already!

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This is a fun idea. I also like doing something that makes you a favorite of a restaurant you love…

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Not me 🤣 

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One of the most common questions I get from early-stage founders is:
“WHEN IS IT TIME TO PITCH??”

Usually shouted, or at least emotionally typed.

It almost always comes after I suggest they prep a bit more before going out to raise. The idea of prep drives some people up the wall. I get it. If you’ve been heads down building something and someone tells you, “You’re not quite ready,” it can feel like a slap. Especially if the clock is ticking.

What they want is a bright red indicator light, something that tells them: Now’s the moment. Go raise.

They want a number. A signal. A clear yes.

But it doesn’t really work like that. Not in practice.

Still, I’ve spent a lot of time thinking about the patterns behind good fundraises and trying to give founders a mental model that’s useful. And over time, I landed on a weirdly simple formula that’s helped explain it better than anything else I’ve used before.

Let’s start there.

A mathematical definition of fundraising success

When it comes to “Am I ready?” or “Will I be successful?” there are multiple factors that can impact the answer. They’re dependent on multiple parties and elements.

But I do believe I’ve been able to distill whether or not you have a chance of getting investment into a simple formula:

t(g) - t(ti) > 0

In other words, as long as t(g) is greater than t(ti), you have a shot at convincing an investor.

This means nothing unless I define the variables:

• t(g) = Time Given — how much time an investor allows you to spend with them

• t(ti) = Time To Interest — how much time it takes an investor to think what you’re working on is interesting

For the less math-inclined: you want t(g) to be as large as possible, and t(ti) to be as small as possible. This equation is basically a way of thinking about the core dynamic in a pitch.

When someone says no to a fundraise, it’s often not because your idea is bad—it’s because they didn’t get interested fast enough and the meeting ended. The clock ran out before the hook landed. What you want is more time to explain what you're doing than it takes for them to care.

That’s the gap you’re trying to create: t(g) - t(ti) > 0

If you can keep someone engaged long enough for the light bulb to go off, you’ve got a shot. If not, you’re probably walking out with a polite “pass.”

This is easier to see in action, so I’ll walk you through how this showed up for me personally.

A t(g) - t(ti) story

t(g) - t(ti) is a formula I came up with after an “aha” moment I had with a founder. The story will help you understand the dynamics at play here.

I went to a party hosted by a VC friend of mine. This wasn’t a work event at all, but given the social nature of VC investing, many people at the party were investors and founders. While in line for food, a stranger struck up a conversation with me. He made a joke about the amount of food I had piled on my plate (I can’t resist a good food platter). We got to chatting, and it turned out we had a ton of mutual touch-points, including the party’s host, obviously.

He was an entrepreneur with an impressive background and a lot of charisma. I really enjoyed talking with him. At some point in the conversation, he mentioned he had a new startup. His short description made me cringe.“Oof… not something that’s going to do well,” I thought to myself. No matter. I enjoyed hanging out with him, and at the end of the party, he suggested grabbing coffee before he flew back to NYC. I agreed—was looking forward to hanging more in the future.

Three days later, we met up for a morning coffee and struck up an equally compelling conversation. We bounced from personal development to comics to life in NYC and LA. Good times all around.

Early in the conversation, his startup came up. He had a slightly different description from the one he used at the party, but my reaction was the same: “Not a good idea.” About 45 minutes in, as I mentioned something I’d recently read in a book, he replied, “You know… that’s why my startup has such an interesting opportunity.”

And in that moment, I thought to myself, “Huh… that IS interesting.” So, after a 90-minute hang at a party and 45 minutes into a coffee chat three days later… his pitch finally landed. He did what I would consider a terrible job getting me interested in his company. But the amount of time I was willing to spend with him was even longer.

That’s the dynamic I wanted to capture in a formula.

It wasn’t the strength of the pitch that pulled me in—it was how much I liked talking to the guy. I gave him hours before I actually got interested. But that was enough... because he had that gap.

His time to interest was long… but the time I was willing to give was longer.

That’s the core thing this formula is trying to show. Sometimes your story isn’t that tight yet. Or your idea doesn’t click right away. But if you can get someone to want to be around you, they’ll give you more rope. That rope buys you time.

So then the real question becomes: How do you increase the time someone’s willing to give you, or, decrease how long it takes to get them interested?

Optimizing the inputs to t(g) - t(ti)

So let’s break down that story in terms of the formula.

I eventually became interested in the founder’s pitch, but t(ti) was extremely long—it took nearly 3 hours, spread across 4 days, for me to want to learn more. He described his company in a very esoteric way, used a lot of insider terms, wasn’t crisp in explaining the problem or the unique solution, and overall… was long-winded.

But I was willing to spend a lot of time with him. t(g) was extremely long.
The combination of his credibility, shared interests, mutual connections, likability, and charisma kept me in the conversation.

So when it comes to optimizing t(g) - t(ti), here are the things that impact each in the positive:

t(g) – Time Given
Things that increase how much time someone is willing to give you:

• Reputation

• Credibility / Track Record

• Strength of Introduction

• Relationship

• Charisma / Likability

• Testimonials

t(ti) – Time to Interest
Things that reduce the time it takes for someone to care:

• Crispness of Story

• Quality of Deck

• Compelling Data / Traction / Progress

• Momentum

• FOMO

None of this is revolutionary—but putting it in this frame helps you see where the levers are. If people aren’t leaning in yet, figure out whether you have a t(g) problem or a t(ti) problem.

Are you not getting enough time with people? Or is the time you’re getting not converting into curiosity?

Once you know which side is off… you can actually work on it.

A sign that t(g) - t(ti) > 0

The most compelling way to begin a fundraise is to be pulled in by investors.

This approach lets you stay focused on building your company while investors learn about your progress along the way. Say you meet a few investors outside of an active fundraise, describe what you’re building, and mention the milestones you're working toward. The interested ones will stay close. As they see you hit those milestones, they’ll lean in. They’ll want to have more conversations—often initiating those meetings themselves.

Of course, not everyone has the flexibility to wait for interest to come to them. But it should be clear in this situation that t(g) - t(ti) > 0. Understanding that ideal helps you work toward a personal setup where you're as close to that dynamic as possible—before your own timelines require you to formally kick off the fundraise.

That’s my technical walkthrough of “Am I ready to pitch?”

For the math nerds out there, I hope it helped. Let me know if you have any questions!

Be chased,
Jason 

I can't tell you how many times people take successful examples as black and white blueprints they should follow. For non standard approaches (investment memos is one of them), I like saying "it works for people it works for". You might not be someone who is capable of making it work.

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I strive for calm productivity. it's not easy but reading how some people do it is helpful…

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When mutual delusion is the foundation of a great working relationship… 🤣 

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If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

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DYK we have a private community called Adamant Fundraising?

Two types of pitch advice I often hear are either “tell a great story” or “show your data”. The problem is, those two things get treated like they’re separate. Like, you have to choose which one you lean into.

But that framing is off. Story and data aren’t in opposition; they’re connected. And if you don’t get how they work together, you’re going to miss the point of what fundraising really is.

I’ve been thinking about this a lot lately, especially after a question I got in a recent interview, and I figured I’d lay it out directly. I’m convinced most founders don’t REALLY understand why data is important when raising capital.

You probably are part of that confused group…

Investing is About What Comes Next

I know what you’ll say, “Of course I understand. You need to clearly demonstrate the progress you’ve made, and data does that objectively.” This is the misunderstanding most founders have, and it’s what led to the question I got asked in an interview: “How do you balance storytelling and data in a pitch?”

Founders believe the importance of data when fundraising is describing what the company is today.

But that’s a narrow view, one that misses how investors actually think.

Investing isn’t about what your company is today. Investing is putting money towards a bet on an uncertain future. So when considering how you use data when fundraising, remember that your job is to convince investors of an exciting opportunity that has yet to come true. No matter if you’re raising a pre-seed round with zero data or raising a Series C with years of cohort data, you need an investor to believe in a future scenario.

Data Should Fit the Story, Not the Other Way Around

What does that mean in practice?

My belief is that metrics and data are a part of storytelling, so it's less of a question about balancing and more a question of adding all worthwhile pieces of a story. Essentially, if there are metrics or data that are key to the exciting story that you're trying to tell, then they should all be included.

Founders can hear the advice of including data and assume that they should include whatever data they can find just to satisfy that requirement.

And by the way, if the data that you do have conclusively tells an unexciting story, if the data is contrary to what you want the story to be, if you can’t find any angle that effectively tells an exciting story of the future, well then… the answer might be that you’re not ready to raise or don’t deserve to be funded RIGHT NOW (not forever).

How Limited Data Tells the Right Story

As you try to incorporate data into your own story, consider how data is used to investors' advantages.

When investors develop focus areas for their funds, they are trying to find ways to identify winners earlier than others. They’re looking for signals that generalists may overlook. One way to do that is with nuanced metrics that might reveal a spark that could become a flame.

I saw this in action while supporting a founder through the early parts of a pre-seed raise. He had a product in the market, but the numbers were still small, hundreds of MAUs. The data didn’t mean anything to most investors. It seemed too small. But a couple of funds that focused on marketplaces understood that retention and avg spend metrics, even at that size, were an excellent sign. By no means did it ensure success, but it was enough to represent a future-looking story worth betting on.

Start With the Story You Actually Believe

Do you know what story you’re trying to tell? What future do you believe is coming? This is a story you not only want investors to believe, but it’s a story that you need to believe. Outline that story and work towards the data that makes that story compelling. The two together are what will help you build an exciting company and attract excited investors.

If you’re prepping for a raise, don’t start by asking, “What numbers should I show?” Start with the story you want someone to believe. Then ask, “What signals do I have—or can I get—that make that story feel possible?”

That’s how you use data the right way. Not as proof, but as momentum.

Be chased,
Jason 

VERY hard to do. But yes, try. I try.

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Admitting mistakes is huge. But remember to show improvement from those mistakes…

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The VC when you rage quit your job mid-Zoom call… 🤣 

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

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Confidence vs. Over-Confidence

I got to their projections slide and almost threw up. $12M ARR in 2025. "You actually believe this is possible? That seems crazy," I said.

This was a real situation of a founder projecting their business to go from 0 to $12MM in a year. To be fair, I’m all for ambitious goals. But these projections? Crazy town.

And that got me thinking: people always tell founders to project confidence when pitching investors. But I’ve never seen someone draw the line between confidence and overconfidence. It’s a thin line, and crossing it can cost you.

When a Pitch Goes Too Far

Most of your pitch is about the future. You’re making big, exciting statements about how the industry is shifting. You’re pulling up market size estimates that suggest huge potential. You’re laying out financial projections that imply massive upside. Done right, this builds momentum. The investor is nodding along, buying into the vision, seeing the opportunity.

And then you push too far.

Maybe it’s a revenue projection that triples every year. Maybe it’s a claim that you’ll dominate a market that doesn’t really exist yet. Maybe it’s a hiring plan that assumes you can build a world-class team at record speed. Whatever it is, it breaks the spell.

Now instead of nodding, the investor stops. Instead of thinking, “This is promising,” they’re thinking, “No freaking way is this possible.”

And suddenly, the entire tone of the meeting changes. Instead of engaging with your vision, the investor starts picking apart the details. If they don’t believe one number, what else should they be questioning? What other assumptions aren’t grounded in reality?

This is where a pitch goes from compelling to questionable. A great pitch makes an investor feel like they’re catching a train barreling ahead, something exciting, inevitable, and worth jumping on. But when you are too aggressive, it has the opposite effect. Instead of momentum, they sense fantasy. And once an investor starts questioning the believability of your pitch, it’s hard to pull them back in.

Why Overconfidence Kills Credibility

Some founders assume that bigger numbers = a more impressive pitch. After all, investors want big returns, so shouldn’t they want to see big projections?

Not exactly.

Investors want to be excited about an incredible future…but they also have to have confidence that you can bring them to that promise land. When projections feel unrealistic, it doesn’t make you look ambitious; it makes you look like you don’t understand your own business.

Realize your goal isn’t to throw out the biggest numbers possible; it’s to throw out the biggest numbers an investor will be excited to hear from you.

To be excited in big numbers, an investor has to have trust that you can get there

Confidence Has to Be Earned

The tricky part is that the line between confidence and overconfidence isn’t the same for everyone. Not everyone can get an investor excited with the same massive story. If you’re a second-time founder with a big exit, you can push things further than a first-time founder with no track record. If you’ve already raised from top investors, you have more room to be aggressive than someone pitching for the first time.

Your credibility, the trust you’ve built up, and the momentum you have in your process all determine how far you can stretch things.

Investors want to bet on confident founders, even somewhat crazy ones. But they also need to trust you. If they don’t believe in you, they won’t believe in your numbers, your strategy, or your ability to execute.

The best founders walk that line perfectly, bold enough to inspire, grounded enough to be trusted. And that’s what gets deals done.

Recap on how overconfidence breaks trust:

• It makes investors question your judgement. If your numbers don’t feel rooted in reality, they’ll start wondering what else you haven’t thought through.

• It signals a lack of experience. Investors know that nothing ever goes 100% according to plan. If your pitch assumes flawless execution, it suggests you haven’t been through enough challenges to know better.

• It shifts the conversation from “big opportunity” to “Is this even possible?” Instead of talking about why your business is exciting, now you’re stuck defending numbers that don’t add up.

And once an investor stops believing in your projections, they stop believing in your execution. That’s when a pitch falls apart.

How to Check Yourself

So how do you know if you’re pushing too hard? A few ways to test your own projections:

• Do you actually know what assumptions your numbers rely on? Are any of them, let’s be honest, miracles? The founder of my old firm, Greycroft, used to talk about the “cascade of miracles” that would be required for certain projections to hit. If your entire forecast depends on everything going perfectly, your numbers probably aren’t realistic.
  

• What could go wrong? Things always take longer than expected. Hiring slows you down, sales cycles drag, and customer acquisition costs creep up. If your model assumes a straight shot to success, investors will see right through it.
  

• Have you tested your numbers with people who know your industry? Founders, operators, advisors, anyone who can poke holes in your assumptions before an investor does. If they look at your deck and immediately call BS, you’ve got some adjusting to do.

Be chased,
Jason 

I can't underscore how much the ability to take smart ownership of projects/tasks is to me with my team. Earn a CEOs trust and you'll go far.

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Just good inspiration on what it means to solve real pain points. Not ones you make up in your head and believe people need...

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Currently in Brazil… yeah this checks out 😂🇧🇷. 6 years of high school Spanish …totally wasted

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

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DYK we have a private community called Adamant Fundraising?

Deadlines in Fundraising

2 weeks ago, a founder with a fancy degree and every logo on their resume you can imagine, came to me exasperated…

“We ran a process, and it didn’t work! What went wrong??”

This is a common exasperation that gets thrown my way. I get a few of these a week, it feels like. And with all of them, there’s no clean answer. It’s never just one thing. In this case, I lost count of the problems pretty quickly… They barely spoke to any investors; the story missed the mark, and *checks notes* raised too much money previously…

But there was one thing that stood out that was significant enough to write a full essay on it. While describing her “process”, she double underlined (in a vocal kind of way) one action she took that she was proud of. She said, “We started our process, contacted investors, and let them know we wanted term sheets in 2 weeks.”

It was obvious that she felt like the inclusion of a deadline made her process even more processy. The subtext there was “You know, I’m sure I messed things up, but at least I included the deadline!”

She certainly did include a deadline, but she applied the wrong intensity. Some might be turned off by it this early on, and others just might politely think they can’t move that fast; either way, it definitely didn’t help.

In my opinion, deadlines are important, but they come in different intensity flavors, and you have to apply the right one at the right time.

3 Levels of Deadlines

One of the hardest parts of fundraising is keeping investors moving without seeming desperate. The good news is that there are a few tools that founders can use to keep things on track. Deadlines are one of those tools that I always recommend. But using the appropriate deadline is key.

Here are 3 levels of deadline intensity and when/how to use them.

Level 1 - Soft Deadline (more of a light outline)

Start with soft deadlines early in the process when you’re just beginning conversations. These are descriptions of a timeline that you’re working with without drawing a super-rigid deadline.
"We’re scheduling all first meetings over the next two weeks and aiming to wrap things up in 6-8 weeks. We want to be efficient but also meet the right investors."

This has the positive effect of focusing the investor, showing you’re organized, and hinting at competition, but also puts enough time flexibility to not scare off an investor before they have time to learn enough to get truly excited.

Level 2 - Solid Deadline (still not aggressive)

After the obvious passes get filtered out from your first meetings, you’ll be able to gauge interest levels with your 2nd meetings. From there you can be more specific about a deadline. This will get investors to get serious and prioritize doing the work for your deal.

Realize that even this level of deadline shouldn’t be aggressive. You don’t have any sure things in hand at this point, so pushing people too hard is not advisable. Try something like this:

“We’ve had a great second meeting, so we are pushing to wrap this up without wasting time. I’m looking at getting to terms in about 2.5 weeks [mention a date]. Does that timeline work for you? Let me know what makes sense. I’d love to keep things on track.”

Level 3 - Ultimate Deadline

The ultimate deadline occurs when you truly have a drop-dead date. This means someone else has an exploding offer that you don’t want to let expire or some other deadline on your side that truly can’t be moved.

This is stressful but a good type of stress. This allows you to set an ultimate deadline, one that you truly don’t mind sharing because, you know what? You kind of don’t have another choice. It is what it is and if they want to play ball, they’re going to have to meet this deadline.

When delivering an Ultimate Deadline, I’d still keep things positive and polite.

“Hey there, the situation is moving quickly so we need to hear back from you by ________. If there’s anything I can do from our side to help you get the work done to engage, please let me know. I would love to be able to consider working with you!”

Final notes on deadlines

Deadlines can be scary because, in some ways, they are forcing people to pass. Just remember there are levels you can apply which give you different levels of flexibility. Start light and as things progress, tighten the deadlines and make them more intense.

The good thing is, if an investor is interested, a clear timeline won’t scare them off; they’ll either move forward or let you know they need more time. And if someone pushes back on timing, that’s actually a good sign; it means they care enough to ask for some flexibility. At that point, you can decide whether it’s worth adjusting the schedule for them.

Side note: Founders sometimes worry that setting deadlines will piss off investors. The thing to remember is, when communicated correctly, deadlines help investors prioritize their cluttered and busy schedules. If you’re polite and positive, you’ll have nothing to worry about.

Till next time…

Be chased,

Jason 

These lists are great but i hope it's not too old! The AI landscape moves so fast!!

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I consistently make the mistake of trying to maximize margin on the first try. If you have a big market you'll have many more opportunities to increase price and capture more margin later. Hard to get good signal though if you've over priced in your first attempt.

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One less thing to worry about when you're the boss... 😂 

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising program + community that's helped founders raise over $411M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Want more to read?

Every so often, Beehiiv sends us newsletters they think our readers would like.

Every click supports the work we do, so check them out!

👇

This week - The Rundown AI

Learn AI in 5 minutes a day

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Sign up to start learning.

 

Want to raise some Angel money? 👼

Join me tomorrow at 10AM Pacific for a workshop dedicated to raising capital from angel investors.

Angel investors are an important source of capital that I believe many founders should be starting with, but easier said than done, right?

That’s why I’ve developed a free workshop to make sure people approach this process THE RIGHT WAY.

Learn the philosophies I’ve used to guide founders to close hundreds of angel checks. Get my guidance around processes and technologies that save dozens of hours. Figure out how to get this done!

Ready to dive in? Click here to join!

Save Your Spot

I helped a founder with their pitch, here were 3 keys from my coaching session with them about important “details"…

When I work directly with a founder, I will usually start by covering the greatest hits of my fundraising coaching, but depending on the exact situation, more nuanced guidance often comes out.

My last coaching session was with a founder whose fundraising kickoff was just around the corner. The anxiety about what happens when the rubber meets the road teased out a few key insights that I’m happy to share with you all.

Overall, here was my message:

Founders often overthink their pitch. They overthink the situation. They make things feel scarier than they need to be (I do this too).

If you think that could be you, you’re not alone. A great pitch isn’t about checking every box; it’s about making investors excited enough to take the next meeting -that can be a relatively simple effort if you think about what to include, what to leave out, and how to stay in control of the conversation.

My 3 messages to the founder below…

Message 1: What makes a great pitch deck? Keep it short.

I’ll start with an obvious one. I needed to highlight this one because even though we had spoken about the importance of brevity, the anxiety of upcoming pitches made this founder question their deck.

The tendency is for founders to treat their pitch deck like a full company report. They cram in every detail, thinking that if they explain everything perfectly, investors will be convinced. Even when coached away from this, fear of rejection can get you to fall into old habits.

Just remember…

If your deck is too detailed, investors will glaze over or miss the main point of your story. Keep it tight, clear, and exciting. Another good rule of thumb: if you wouldn’t say something in your verbal pitch, it probably doesn’t need to be in your deck (the appendix is another story).

At the end of the day, a great deck isn’t about overloading investors with information; it’s about making them want to learn more. Outline a compelling story, focus on what truly matters, and keep your deck sharp and to the point. If you can do that, you’ll set yourself up for the only thing that really matters in a pitch: getting to the next step.

Final Deck Thought: Keeping a deck short and to the point doesn’t mean everyone will like it. That’s ok -it’s part of the process. Better than a stuffed deck with a little something for everyone that no one hates but no one loves as well…

Message 2: How do I balance storytelling with data in my pitch? You don’t.

Following VC and fundraising, Twitter really got this founder confused. Some people talk about the importance of metrics in fundraising. Others said it’s all about storytelling. “How do I balance the two?”

Here’s my answer: you don’t.

If a metric helps explain why your company is exciting and why it’s going to be massive, include it. If there’s data you’re considering including because you think investors expect to see numbers, leave it out. Your job isn’t to overwhelm them with data; it’s to tell a compelling, believable story about why your company is worth betting on.

And if certain numbers aren’t great? Don’t include them. There’s no rule that says you have to show every single piece of data. The goal is to highlight what makes your business strong while staying honest about where you are.

Final Storytelling / Metrics Thought (tough love): the situation you’re running into of not being sure what numbers to include and how to tell a good story might have more to do with you simply not having a good story to tell investors at the moment. Be honest with yourself and listen to smart feedback that might hint at this.  I’m not saying your company will never have a good story, but more so it’s a better use of time to work on your company and investor relationships first before pulling together the story you want to tell to raise capital.

Message 3: How do I handle “tough” investor questions in my pitch? There are no tough questions.

Knowing that live pitch meetings with actual investors were coming up was freaking out this founder.

I get it - the spectre of scary investors trying to beat them up during a live pitch can be harrowing if you’ve never done it before. But when this founder and every other founder ask what are some of the hardest questions they need to be ready for, I kinda have an annoying answer…

If you know your company well… if you are excited about what you’re working on and think about the different ways you’re going to win, the products you want to launch, the problems you want to fix… If your favorite thing to talk about is your company (which it should be if you’re raising), then no question should be difficult.

Most of the time, what trips founders up isn’t a hard question; it’s a question they don’t have a specific answer to or one that’s asked in a way they don’t immediately understand.

The key is to remember that investors aren’t trying to trip you up; they just want to understand your business.

A founder I once advised thought he had completely botched a pitch. He ran an e-commerce brand, and during the pitch, the investor asked for his monthly net revenue. Because he didn’t know what that meant, he just said, “I don’t know.” 

“I don’t know” and nothing else wasn’t a good look.

It was such a shame because it’s not that the founder didn’t know detailed information about his sales numbers… it is that he literally didn’t know the term “net revenue.” The investor wanted to hear more about how often customers were returning his products, something the founder absolutely knew. If he had just asked, “Can you tell me what goes into your definition of net revenue?” he could have spoken at length about the topic with confidence.

So next time you get hit with a question you don’t understand, don’t guess… just ask. You probably already know the answer; you just need to figure out what they’re really looking for.

Final “tough questions” thought: One other thing is that sometimes you won’t know the answer, and saying you don’t know is ok. If you truly don’t know the answer but you have other information around the topic to share, saying you can get the answer for them quickly after is ok. As long as you can discuss tangential topics, you won’t be penalized for not knowing specifics.

Alright, hope this helps some of you get past some of that pre-pitch anxiety. Till next time!

Be chased,
Jason 

Even though our risk appetite has been dampened over the last year... we're still the best at this. USA! USA!

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Yes - i was debating whether to use a no code solution or build with AI-code.. the latter is faster AND feels more flexible / durable...

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Every Team Has That Chatty Cathy… 😂 

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• Ask me your fundraising questions so I can help you and cover them in a future issue

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If you caught last week’s Part 1 on FOCUS, you know why it’s important to me and should be to you all as founders prepping to raise capital. 

The quick recap is there’s just too effing much to do to allow yourself to be distracted.

Part 1 had some of my favorite hacks (don’t sleep on the Venmo move), and I’ve got 4 more to share today, so let’s get into it…

1. Use a Remarkable (or Digital Notepad)

Here’s a little productivity secret: I love using a Remarkable tablet (or any digital notepad) when I need to brainstorm, plan, or do creative work. What I love about it is that it’s not connected to anything else. No apps. No distractions. Just pure, undistracted writing. When I need to really dive deep into planning or get my creative juices flowing, sitting down with this device and focusing solely on the task at hand does wonders. It’s been so effective for me that I’ve probably convinced nearly 100 people to get one themselves.

2. Put Away Devices Before Bed and Don’t Touch Them in the Morning

This one took a while for me to adopt, but it’s awesome. 

I used to be glued to my phone until I fell asleep and would grab it first thing in the morning. I didn’t realize how detrimental that habit was. Now, I make it a habit to put away all devices before bed, and I don’t touch them for as long as possible in the morning. 

Sleeping better and taking care of your personal life will give you way more focus to get stuff done.

I highly recommend pairing this tip with a Remarkable so you can capture any thoughts you might have before your brain gets overwhelmed by digital distractions.

3. Hire an Overseas Assistant

This is one of my favorite productivity hacks that a lot of founders don’t realize is an option for them. For about $10 an hour, you can hire a rockstar overseas assistant to streamline your workflow. They can take on tasks like scheduling, research, and data entry, freeing up your time for bigger priorities. This is even more valuable during fundraising mode, when those tasks can quickly suck up so much of your time.

The leverage an assistant can provide is amazing, and I hope all founders find a way to add one to their team. I’ve worked with a recruiter who has found me some of the best assistants, and it’s been a complete game-changer (email me if you want an intro).

If you’re looking to scale your productivity without breaking the bank, this is one of the best moves you can make.

4. Get a Coach

This one might feel a bit weird at first. But having a coach is honestly no different than hiring a personal trainer. Just like a trainer pushes you to work out and a therapist helps you untangle your thoughts, a coach can guide you through the chaos of running a business and fundraising. They offer an outside perspective, and they hold you accountable to things you might otherwise avoid. It might seem like an expense, but in reality, it’s an investment in yourself and your business.

That’s all for now. Keep trying these hacks out; see what works for you. Being productive, especially when you’re managing a fundraise or scaling a business, is about experimenting and finding what gives you the most leverage. Don’t be afraid to mix and match these strategies to suit your own style. 

Good luck, and let me know if you have any different productivity hacks I should try!

Be chased,
Jason 

It's ok if you don't have the bias for action that Elon Musk does... but you should work on improving it. I'm always working on it. This idea helped me a bit…

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As cringe as you want to say it is... LinkedIn is important for awareness and founder marketing. There are some helpful tips here…

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When tech support takes 'a bite out of the problem' a little too literally 😂 

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If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising accelerator program that's helped founders raise over $311M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

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I’ve been extremely ADHD my whole life. 

It’s one of those things that makes life a bit more chaotic. But maybe I can reframe that more positively (something I’m working on doing more). It’d make things more interesting! Who wouldn’t like daily scavenger hunts, looking for their phone at home, or playing the game of “What was I just working on?” a few times a day…

Despite all my scatterbrained and distracted tendencies, I’ve been able to win awards, get a degree from Harvard, raise millions, and launch multiple profitable businesses. 

Even as I type that out… it seems unbelievable. So much of my mind pulls me away from productivity, and yet, I’ve found a way. I certainly haven’t solved this completely, but over the years, I’ve uncovered strategies that have helped me stay focused when my mind would rather do something else.

Isn’t this a fundraising newsletter?

Now some of you might not have this affliction and might be annoyed at this topic. But if you are going to fundraise for a startup the right way, be prepared to feel my pain. 

Fundraising is a beast. It’s time-consuming. It’s exhausting. And even the most locked-in operator can lose focus between emails, calls, and the responsibilities of actually running the startup!.  

There is so little time for founders who are fundraising that any level of distraction, even fun diversions that were not a big deal normally, will make it extremely hard to accomplish all you want to do for your fundraise.

My holiday gift to you all: tips and tricks to stay indestructible the Jayyeh way

As we approach the end of the year, I’d like to share some of my personal hacks with you in a two-part series. You might be in the middle of fundraising, trying to close the next round, or maybe you’re just trying to keep your head above water while your business grows. Whatever the case, these productivity hacks will help you keep your focus sharp.

So read through these and try them out. Keep the ones that work for you. Toss the ones that don’t. And… reply with any other hacks you use because I’m always down to try new ways to stay locked in and get stuff done!

On to the first set…

1. Timeboxed Co-Working

This is one of my favorite hacks. It combines timeboxing (setting a strict limit on work time) with accountability. This might sound a bit over the top, but my team and I will set up “co-working” sessions on Zoom. It’s like a group work session but virtual. You start the Zoom meeting, share with your teammates exactly what you’re going to work on, and then at the end of the session you report back on how much progress you’ve made. The accountability of telling someone you’re working on something helps keep you laser-focused. And trust me, when you’ve committed publicly, you’re way less likely to procrastinate. Try it out... it works like a charm.

If you’re a solo founder or don’t have a team that can do this, try out the service Flow Club. When I was getting my company going solo, it was the only reason I made progress.

2. Calendar Events as Tasks

I’ve been doing this for years, and it’s one of the easiest ways to stay on track. Treat your calendar as your to-do list. Every single task, whether it’s responding to emails, thinking strategically, or even brainstorming ideas, gets scheduled into my calendar. No exceptions. When I started blocking off specific time for actual tasks (and not just meetings), I found myself getting way more done. The key here is focus. You wouldn’t schedule a meeting without putting it on your calendar, right? So why would you do that with important tasks?

3. Venmo a Friend Money as an Accountability Tool

Okay, this one might sound a little strange, but stick with me. When I really need to get something done, I send a friend a large sum of money on Venmo. I tell them, “Only send this back to me if I confirm I finished the task.” And let me tell you—there’s nothing like the power of losing $500 to motivate you to get your work done.

My buddy Artia used to get random Venmo payments from me all the time back in 2021 (the early days of Adamant). He had no idea what I was working on, only that he shouldn’t return the money unless I got my ish done. My tendency to procrastinate is extremely strong, but it’s amazing how much I can overcome when there’s actual money on the line!

4. EXTREME MOVE - Remove Email, Slack, and Social Media Apps from Your Phone

I know, this sounds extreme. Some people would say just removing social media was a lot. But I’m talking about removing anything that sends you notifications multiple times a day or anything that would tempt you to check it multiple times a day, including work communication apps!

I did this back in August during one of my first real vacations in forever. In order to make sure I really unplugged, I removed those apps from my phone. The result was one of the most energizing breaks I’ve had in a while. So when my vacation was ending, I decided not to reinstall those apps, and that has been one of the best decisions I’ve ever made. 

You’d be shocked at how distracting email, Slack, and social media notifications can be. Every time your phone buzzes, it’s like your brain gets scrambled by random people around the world. They don’t ask for permission; they just jump in, pull you out of your focus, disrupt your flow, and leave you frustrated.

Now, I only check email or Slack when I’m at my computer. 

You might be scared of missing something important, but in 4 months nothing has come up that couldn't wait until I was back at my computer. It’s hard to explain how nice it is to have more presence overall until you take this extreme step. Dog walks, trips to the store, and even driving between places become way nicer, especially when you’re trying to be productive or just enjoy a walk without constantly being interrupted.

Of course, it helps that I have an assistant who can check my inbox for anything truly urgent and ping me if necessary. But honestly? It’s been four months, and there haven’t been any emergencies. 

Till next week…

So, that’s Part 1 of this series. In part 2, I’ll share more hacks that help me stay on track while running a business and maintaining my sanity. These tricks might seem small, but they add up. And if you are a founder who’s fundraising, small things can make all the difference.

Be chased,
Jason 

Finding and dominating a niche is a great example of easy (and usually correct) advice to give...harder for founders to follow in practice especially at the earliest stage. Doesn't mean you shouldn't try!

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I always think email marketing best practices extend to sales and fundraising. Read and adjust for your own purposes.

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Manifestation level: expert. 🪞🐕

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising accelerator program that's helped founders raise over $311M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

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• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

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Personal Branding for Founders: Cringe or Critical?

Looking at how I run my business, social media, podcasts, etc., you can probably guess where I come out on this question. Fair, but keep reading; I want to make this make sense for all of you…

I know that people roll their eyes when they hear "personal branding for founders." They think it’s cringe and a waste of time. I understand that it’s easy to dismiss when you’re hustling to get your product right or focusing on scaling your company. But I truly believe that personal branding isn’t fluff. It’s one of the most critical tools a founder controls in a world where so much distribution is heavily controlled by algorithms and platforms. So, trust me when I say that spending time on this is going to pay off in ways that can extend beyond fundraising.

A lot of founders make the mistake of thinking personal branding is just a fundraising gimmick. But that’s wrong. A core principle I work with is that anything done solely for fundraising rarely works well.

Think about it this way: personal branding isn’t about trying to get an investor to write a check. It’s about creating access to customers, partners, and top-tier talent. And companies that are working successfully to get access to the best customers, partners, and talent… are the types of companies that investors LOVE investing in.

Under the hood of a Personal Brand (Understanding and Trust)

So, branding helps… but how?

So much of this is building understanding and trust. Personal branding gives you a content base that helps explain, at a deeper level, what you’re all about to anyone considering working with or for you. 

With a deeper level of understanding, people can begin to trust you. People want to know that you’re someone who’s genuine, who understands your business, and who has a vision they can get behind. If you can communicate that effectively through content and your personal brand, you’ll attract the right people to your company,  whether that’s employees, customers, or potential investors. It's about creating surface area that tells your story and resonates with your audience.

The Power of Control - Pulling back from Zuck and Elon

Personal branding creates distribution that you fully control. Think about it: when you build your own personal brand, you own your message. You decide what gets said, how it gets said, and when it gets said. Those messages can be shared to multiple places, including places that aren’t controlled by Zuck, Elon, etc… That kind of control is huge. And remember, investors hate platform risk of all types i.e. leaving your fate to the whims of algorithms and company politics. They want founders who control their destiny and who aren’t reliant on third parties to get the word out to build an audience, tell their story, and scale their impact.

Actually Building: how do you do that?

So, how do you actually build your personal brand? First, speak about what matters to you and your business. I really don’t think you have to overthink this.  

Starting by shouting into the void (that’s ok)

One of the hardest parts about starting to build your personal brand is the discomfort of shouting into the void. Some people are embarrassed that their social media accounts will have zero followers, their blog posts will get negligible views, and podcast listens might be in the low single digits for a while.

Don’t get distracted by the metrics in the beginning. Forget about views, likes, and followers. Reach isn’t your goal right now. Your goal is creating great, representative content that resonates with the right people. What matters is that the content accurately reflects you and your mission. Your brand is not a top-of-funnel tool in the beginning. It should be a tool to accurately communicate to anyone that stumbles across your content.

From those humble beginnings, your brand will grow. From there, focus on consistency. It will pay off so stick with it.

Where does personal branding happen?

If you’re ready to create content for zero followers to start, how and where should you begin? Remember that it’s not the same for everyone. Not everyone loves writing blog posts or articles; some of you might be better on video or audio, or vice versa!

Whether it’s a podcast, YouTube channel, or LinkedIn posts, find the platform and format that works for you. And get creative with it. Maybe you don’t want to be a writer, but you can easily start recording short videos or sharing your thoughts on social media. The key is to show up consistently, no matter the platform.

Get Support: Don’t Do It Alone

If personal brands are so powerful, why doesn’t everyone do it? Besides an overly developed aversion to cringe, it’s also because it’s a ton of work. Content creation takes time, and if you’re a busy founder, it can be hard to manage it all. So if you want to stay in this and not get discouraged, find some help. Get a virtual assistant or bring someone on your team to assist. A little support can go a long way in making sure you’re creating high-quality content consistently, without burning yourself out.

Building your personal brand isn’t just for now—it’s for the long term. The work you put in today will help you attract customers, hire the best talent, and raise money. It will serve you well throughout your entire entrepreneurial career, not just in this current company. So, start investing in it now. Trust me, it’ll pay off.

Be chased,
Jason 

This might be confusing for founders to fully understand. The only thing that matters to takeaway from this is how the story and vibe are what people are investing in. Not a DEEP analysis of the company...

Twitter tweet

Such good inspiration on how to email overall...

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Still in progress... ⏳

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising accelerator program that's helped founders raise over $311M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

Want more to read?

Every so often, Beehiiv sends us newsletters they think our readers would like.

Every click supports the work we do, so check them out!

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Did you blink and miss this year? I feel like I did. 

Tomorrow we enter the year 2025, which is crazy. Crazy because, besides that year sounding like something out of a sci-fi movie I’d watch as a kid, it seems like just yesterday I was doing planning with my team for 2024. 

Slow down to speed up. Reflect.

That feeling of a year flying by, I know is not unique to me. Ever since I became a founder, I’ve been prone to falling into that trap. Throughout the year, you go from sprint to sprint, goal to goal, and maybe sprinkle a pivot in there as well.  When December comes around you’ve got blinders on, just looking at what needs to happen in January.

It can be so easy to just keep going and say, “Why stop? There’s no time!”

Well, in this essay, my final newsletter issue of 2024, my only push for you is to stop and reflect on all that’s happened in 2024. Take stock of everything you’ve accomplished.  Do this on a personal and professional level.

This is an opportunity to slow down to speed up via a peek back at the year that just passed. Doing so will give you perspective and help you realize that even though you feel like you have not done enough, you have done a ton. It is important to embrace positivity and momentum as you move into the new year.

Be grateful for 2024

Don’t sleep on gratitude either.  

The uncertainty of being a startup founder can be scary, but to be successful in any phase of startups (especially fundraising), you have to be confident. The good thing is, reflecting on everything good that’s happened in 2024 will fill you with gratitude. As a teacher once told me, it’s impossible to be be grateful and fearful at the same time. 🙏

Leading by example - my gratitude for 2024

This past year was not without its challenges for me, both personally and professionally, but there is so much to be proud of and grateful for. So, I’ll wrap this up by leading by example and sharing a few awesome things from my year. 

A new home & community space

At the beginning of the year, I bought a home and started (slowly) turning it into a place to bring people together. I’ve got a great backyard for hosting, which lets me bring friends together for breakfasts on the patio. Soon, I’m excited to introduce morning workouts!

Growing the team

We drafted two new stars to the Adamant team in 2024! It’s been a pleasure to add Mariela and Abby to our already stellar team and expand our ability to support founders around the world.

New Products / Services / Events

2024 was a time to experiment and improve how we serve founders. I’m so proud of our updates to the Adamant Fundraising program and community, and I’ve been extremely happy with the service we’ve provided founders and fund managers via our fundraising ops offerings like Adamant Launch.

Our events around the world were also next level! From hosting Dawn Patrol events in cities all over the world to Founder Jam 2, we were able to meet amazing entrepreneurs face-to-face and continue adding to our global community.

Family reunions 

This year, we had family reunions on both my mom’s and dad’s sides. In November, 25 aunts, uncles, and cousins gathered in Las Vegas. Just last week, I was in Taiwan with my dad’s side of the family, while also visiting friends who are like family.

(me with baby cousins)

It had been forever since I had seen so many of them. A great reminder of the importance of family and how fun it is to travel to Taiwan!

Wrapping up 2024

I hope you take the encouragement of reflecting on your year with gratitude.

As we wrap up 2024, I want to leave you with a few more thoughts:

• Share a meal, a hug, or just some laughter with the people you care about.

• Do something indulgent—a cheat meal, a day off, whatever feels like a treat.  You’ve worked hard this year! Live a little :) 

• Most importantly: reflect on the fact that no matter what the year threw at you, you made it through, and that’s something to be proud of. While there’s still much to do, you yourself are enough. Always happy, never satisfied :)

Here’s to a new year filled with new adventures and new opportunities to grow. Thank you for being part of this journey with me—I don’t take it for granted, and I can’t wait to see what we’ll build together in 2025.

Happy holidays, friends. See you next year.

With gratitude,
Jason

Not necessary for everyone, but if you're going to do anything that adds a ton of lines on your cap table (like a bunch of small grant advisors), you might get benefit out of organizing it in a RUV.

Twitter tweet

Haha - i couldn't quite figure out what this was about, but thought it was funny enough to share.

Twitter tweet

Here's to making 2025 the year expectations are exceeded! 🥂

Small asks!

If you thought this was helpful or enjoyable in any way, I’d love for you to:

• Forward this newsletter to others who would enjoy it (use your referral link and get some cool rewards☝️)

• Follow me on Twitter where I’ve begun building in public (my course, my podcast, etc)!

• Listen with a friend to Funded, my podcast that tells the rollercoaster stories of how founders raised millions (and subscribe🙏)

• Ask me your fundraising questions so I can help you and cover them in a future issue

• Are you planning to fundraise? Join Adamant Fundraising - the fundraising accelerator program that's helped founders raise over $311M 💰

• Let us launch a best-in-class fundraise for you. Pain-free and effortless on your end!

Download The DIY Guide for Building the Ultimate Investor Target List

What's included:

• Step-by-step instructions for building an investor list

• Templates to get you started quickly

• Walkthrough videos of how to use search tools

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