The Founder–Investor Relationship: A Marriage Where One Person Wires the Money
On trust, term sheets, awkward board meetings, and why the relationship after the cheque matters more than the cheque itself. Imagine you're a founder. You've spent eight months building a product, survived three existential crises, convinced two friends to work for salaries that would make their parents nervous, and finally got an investor to say yes. The cheque arrives. You celebrate. You sleep well for the first time in months. You briefly consider buying a standing desk because, apparently, you're a serious CEO now. Then Monday arrives. Your investor messages: “Hey, quick question. Can you share the latest numbers?” It's been four days since the last update. You stare at the message. The numbers aren't terrible. They're not great either. Your customer acquisition cost has crept up, revenue is flat, and that enterprise customer who promised to sign last month has entered a mysterious state of corporate meditation. You have two options. Tell the truth and risk...
