Find Believers, Not Investors
This is part of a series of articles aimed at helping up-and-coming founders and entrepreneurs entering the startup game for the first time. The startup world can be intimidating so we’re here to provide free access to resources and education to help make it easier to get started.
Today we’re going to be talking about how to find your first believers (but not necessarily investors) as a startup.
Let me explain.
We all know that fundraising is hard.
If you’re a founder of a startup (or have been one), then you will know that raising money at the earliest stages can be challenging.
Let’s face it — it’s highly unlikely that if you’re a first-time founder, that you will be able to raise from most institutional investors (at least in times of economic uncertainty), which is a fancy way of saying Venture Capital (VC).
You’ll need a decent amount of traction before VCs start taking a closer look at you.
But don’t take this as a punch to the gut. In fact, think of it as a blessing in disguise — you’ll have more time to prove yourself and your company along the way.
Meanwhile, if you have a tiny bit of traction and truly believe that you want (and need) to raise externally, then thankfully there are other some avenues to explore.
Enter Angel Investing
We’re not going to go into the details of what Angel investing is about — you can read more about that here (courtesy of Stripe), but it’s important to remember that Angel investors come in different forms.
There’s the Angel financier who bankrolls your company but doesn’t show signs of deep interest and is mostly driven by financial returns. They’re the ones who spray-and-pray hoping that one of their investments goes big. They analyze the market, evaluate the team, and look for that high-growth potential. They’re focused on metrics, milestones, and exit strategies — always keeping an eye on the bottom line.
But there’s another category — Angel believers.
They’re in it for more than just the money. Believers see the vision, the mission, and the potential impact a startup can make. They’re willing to take risks on unproven ideas because they genuinely believe in the founders and the journey ahead.
While investors might move on if things don’t go as planned, believers stick around. They offer not just capital but mentorship, networks, and unwavering support — even when the road gets tough.
At the early stages, having believers on your side can be a game-changer. They’re the ones who see the potential when others don’t, who keep faith when challenges arise, and who help turn visions into reality.
The Checklist
So how do you increase your chances of finding those initial believers over just pure investors? Here’s a quick checklist to guide you.
Tap into your close network — this includes friends, family, mentors, current/former colleagues, etc.
Ask for warm introductions — it’s very likely that folks you’re introduced to may share similar interests
Build in public — this is still underrated, but the more you show what you’re building (and thinking), you will begin to attract like-minded followers to your cause. Do this across social and events.
Clearly explain your mission — articulate the why of what you’re building to attract those who resonate with your mission
Explain to them (and be upfront) what you’re looking for in your first investors — this might be key introductions, advisory support, operator support, etc.
Demonstrate your commitment — provide key updates, bootstrap using your own money, work longer hours than usual, and share your personal story with them
Highlight the impact — showcase the non-financial impact of what you’re building and why it matters to you
Join online communities — you can find ‘your people’ more easily in these arenas irrespective of geography that share your vision and interests. Some folks might even be interested in helping too!
Seek feedback — be proactive and ask questions and feedback. People want to help where they can because it makes them feel needed.
The Power of Angels
Finally, if you’re wondering how powerful Angels can be, just take a look the graph below from our friends at Carta on how important Angel checks are for a startup.
This shows the importance of not overlooking smaller checks and building strong relationships with angels who can support you.
Ultimately, it’s all about finding the right tribe to join you along for your journey.
Having a group of believers behind you provides a sense of community and moral support, which is much stronger than any pure financial investment can make.
Metagrove Ventures is an early-stage investment venture capital fund, focused on supporting founders and companies who are building the future of industry by creating inflection points in the market.
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