Your First Call Sets the Tone

The founder discovery call is your first real interaction with a potential investment. You're evaluating them, but they're also evaluating you. The best associates extract deep insight while making founders want to work with their firm. Here's how to do both.

Before the Call: 15 Minutes of Prep

Never go in cold. Spend 15 minutes on:

• Read the deck thoroughly — Note your top 3 questions and any gaps
• Research the founders — LinkedIn, previous companies, Twitter/X, any interviews or podcasts
• Check the market — Quick search for competitors and recent industry news
• Review your firm's history — Have you seen similar companies before? Did partners have views?

Run a quick Predict Ventures report on the company if available—it gives you instant benchmarks to reference during the call and shows founders you've done quantitative homework.

The Call Structure (30 Minutes)

Opening (2 minutes)

Be warm but efficient. Introduce yourself, explain your role at the fund, and set expectations: "I'd love to learn more about what you're building. I have about 30 minutes—shall we dive in?"

Founder's Pitch (8 minutes)

Let them tell their story. Don't interrupt unless they're going way off track. Listen for passion, clarity of thought, and how well they understand their own business.

Your Questions (15 minutes)

This is where the real work happens. Ask open-ended questions that reveal depth:

• "Walk me through your last 10 customers. How did you acquire them?" — Reveals go-to-market reality vs. the deck narrative
• "What's the hardest problem you've solved in the last 6 months?" — Shows technical depth and prioritisation
• "If you had unlimited budget, where would you invest first?" — Reveals what's actually constraining growth
• "Who's the competitor you respect most, and why?" — Tests intellectual honesty and market awareness
• "What would make you abandon this approach and pivot?" — Reveals flexibility and conviction balance

Wrap-Up (5 minutes)

Explain your process and timeline honestly. If you're interested, say so. If you need to discuss with partners first, say that. Never ghost a founder.

What to Listen For

Beyond the answers themselves, pay attention to:

• Specificity — Great founders speak in precise numbers and concrete examples
• Self-awareness — Do they acknowledge weaknesses or only talk about strengths?
• Customer empathy — Can they articulate their customer's pain in vivid detail?
• Speed of learning — How quickly have they iterated based on feedback?
• Intellectual honesty — Do they answer the question you asked, or pivot to what they want to talk about?

After the Call: Document Immediately

Write up your notes within an hour while everything is fresh. Include:

• Key facts and metrics shared
• Your gut reaction (positive/negative signals)
• Open questions that need further diligence
• Recommendation: advance to deep dive, pass, or revisit later

Building the Relationship

Even if you pass, send a thoughtful follow-up. Share a relevant article, make an introduction, or give specific feedback on why you're passing. The VC world is small. The founder you pass on today might build a unicorn next time—or become the reference that helps you win a future deal.

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