Sie sind mit VCs über strategische Entscheidungen uneins. Wie navigierst du, ohne die Beziehung zu gefährden?

If you're going to be speaking to VC's it's important to understand what they are and what they are not. As a simple example UK/European VC's are not US VC's. Look at the partners backgrounds and consider how their particular expertise and experience relates to your business and the kind of problems you are going to face. It's worth considering the limits of the value of a lot of experience of "watching other people doing stuff you have never done yourself". If you want someone to help advise with your corporate M&A or negotiation with a larger VC these are your people. Otherwise, cave lector.

One thing to always keep in mind is that finding the right funding partner is as important as securing your funding. As a founder I have seen this many times, so do your due diligence and if for any reason you can't get comfortable with the VC walk away and keep searching. Accepting funds from a wrong match will undermine all your efforts before you even start.

Conflict often arises when VCs and Founders see risk/reward differently. Engaging trusted advisors and customers to clarify the strategic direction can frequently align the boards quickly.

Understand where in their portfolio your company stands. They expect growth from some companies, profit from others and stability from some others. Try and understand the VS priorities and their mandate to their investors. Impress the long term goals of your startup and try to arrive upon common long term goals. Narrow them down to short term action points and zero down upon where the disagreement is actually occurring. Have your gaze upon the end goals and discuss alternative pathways that was mutually agreeable.

When facing strategic disagreements with venture capitalists (VCs), it's essential to navigate the situation diplomatically to maintain a positive relationship. Start by understanding their perspective and clearly articulating your vision with supporting data. Seek common ground and show willingness to compromise, incorporating feasible elements of their suggestions. If needed, involve a third-party advisor to provide an objective view. Emphasize long-term goals and maintain transparency through regular updates. Schedule follow-up meetings to reassess decisions and ensure continuous collaboration. Throughout the process, maintain professionalism and reflect on lessons learned to improve future interactions.

Clear communication is everything! But it requires trust Often times if there is not alignment, of timeframe and scope, it’s hard to have clear communication. The only way this works is when there have been multiple meetings and trust built over those meetings. Otherwise, there is inherent incentive not to have clear communication. This can often be seen in the boardroom. The incentive in the boardroom is to protect the individual. It’s ironic, and nobody will say it explicitly. But everybody is thinking about their perspective. And how to make themselves look good. Even if it’s not conscious, it’s part of things. Ego actually drives a lot in the boardroom. Once you understand the game you are playing, it’s a lot easier to play it.

The key, I believe, is to open the forum as wide as possible - with a minimum of light structure to avoid going round in circles or getting lost - and to encourage the inflow of ideas from all sides: helping the proverbial “cream” rise to the top. Naturally there could be some friction and sparks flying from such interactions but in the end, both parties stand a better chance to stumble upon better ideas. If it were so easy to build anything, founders would not need VCs, or vice-versa. Hence the necessity to foster clear but also “firm” communications, meaning transparently defining each party’s preferred vision at the margins. If all this does not work, then find some trusted mediators as suggested below… Good luck!

In high-trust relationships, both sides make it a point to think of problems as you & me vs the problem, instead of making it a you vs me conversations. Startup journeys will be full of challenges (sometimes nasty surprises), and holding that entrusting perspective during critical times is key to build a mutually enriching relationship with your investors.

Communicate your strategic rationale transparently and comprehensively. Discuss potential impacts, risks, and benefits openly, encouraging constructive dialogue and mutual understanding. Clear communication builds trust and ensures that all parties are informed and engaged in decision-making processes.

If there's a disagreement about capital allocation or deviating from the approved business plan, it's crucial to present the business case again in detail. Entrepreneurs often inspire adverse reactions by assuming others immediately grasp their perspective, so providing thorough context and time to understand is essential.

First you should know what rights and what role the VC has. Are you a major position in their fund, and do they have board seats and control rights? Or are you small, minority passive investment? The reality is that they may have the final say. Try to understand their priorities, and of you are aligned on timing (long term value versus short-term financing goals) and how their goals play out versus other investors (e.g. preferred vs common). Acknowledge their goals and concerns, but ultimately you want to make sure that they are aligned with everyone else.

It's not a bad thing but a good time to improve. Be open to pivoting if necessary. While it's important to stand firm on well-reasoned decisions, also be willing to adapt if market conditions change or if your chosen strategy isn't yielding the expected results. More importantly, maintain professionalism even if emotions run high, always keep discussions respectful, and avoid dismissive language.

Identify common goals and interests with VCs. Explore areas of compromise and mutual benefit to align strategic decisions with shared objectives. Emphasize the long-term benefits of collaborative decision-making to strengthen relationships and foster a unified approach towards achieving overarching goals.

When disagreeing with VCs, refocus on shared company vision. Highlight common goals and how strategies align with them to create unity and purpose. Agreement isn't needed on every detail, but rather direction and end goals.

Uma coisa é certa, o VC é tão interessado no sucesso da startup quanto os founders. A grande diferença é que para os empreendedores aquela empresa e visão compõe o grande All In da vida dele. Para o VC há uma esperada taxa de mortalidade entre as empresas que investem. Mas justamente do encontro de interesses pode estar uma grande virtude deste relacionamento. A visão apaixonada do founder pode trazer insights emocionais valiosos, da mesma forma o histórico de sucessos e desafios do VC agregam uma visão mais racional. Ambos são fundamentais no conjunto da obra. Este alinhamento é sine qua non para o equilíbrio acontecer. VC e Founders precisam encontrar soluções complexas juntos. Quando somente um ganha, todos perdem.

Engage impartial advisors or industry experts to provide objective insights and mediate discussions. Their neutral perspective can facilitate productive conversations, offer alternative viewpoints, and help navigate disagreements diplomatically, preserving relationships and enhancing decision-making processes.

To better manage the conflicts that may one day arise, sign documents that best protect you. The SHA (Shareholders agreement)is a fundamental document, and you need a specialized lawyer to negotiate it on your behalf with VCs. Be careful about the lawyer you choose. Try to choose a lawyer who does not regularly work with VCs. The real client would be the VC, not you. Some lawyers only work for founders. Try to find them. It's not very difficult. And don't forget that conflicts can be resolved in advance, through good agreements, transparency and dialogue. Otherwise, all you have to do is find the right lawyer. A good lawyer is never too expensive....

Na minha experiência conselheiros são fundamentais. É a grande diferença entre uma startup que tem em seu DNA a busca por crescimento e a que ainda não entendeu que o jogo passa por assimetria de informações e de experiência. Os Conselheiros iluminam o caminho e por vezes salvam vidas! Na startup que sou cofundador, a maior oportunidade de nossas vidas veio através do relacionamento de um dos conselheiros. E no maior momento de crise que vivemos eles foram fundamentais para apontar qual caminho seguir ou ainda mediar os conflitos que surgiram. Para mim, os conselheiros são uma parte do que o founder espera inclusive do VC, só que sem capital e com conselhos mais assertivos pois têm uma rotina muito mais próxima a realidade da startup.

While mutually trusted advisors can sometimes deliver magic during deadlocks, it can also go the other way round if you end up picking the wrong person for this job. You need to find intermediaries who are experienced enough to crack a solution, but also personally trustable enough that they will present facts in transparency to both sides. The wrong advisor can create opacity and destroy trust while doing such conversations, so it's better to be super careful while selecting an intermediary.

Pode até ter founder amador, de primeira viagem ou no início de sua trajetória (o que é absolutamente normal e desejável). Posições seniors em VC não são ocupadas por profissionais sem track record. Podem até não ter sido empreendedores, mas são excepcionais profissionais. Qualquer questão controversa deve ser estressada antes de levar ao VC, não há tempo a perder com reuniões que poderiam ser e-mails. Levar pontos mal pensados atenta contra o relacionamento que está sendo desenvolvido. Se você não tem experiência como founder é normal isto acontecer, mas neste mundo em que está vivendo se amadurece de forma exponencial. Uma excelente opção é pensar nos conselheiros como um step anterior ao VC quando quer discutir algum assunto controverso.

Rigidness is often a red flag. Startups, VCs and nearly every emerging technology/product will encounter obstacles/hurdles that need to be overcome. Adaptability ensures that not only will your idea/product survive, but also thrive.

Flexibility is a key factor for judging not just adaptability and ease of working relationship with someone, but also a marker of intelligence. Founders finding ways to solve issues creatively is a great green flag.

Flexibility is key for businesses at all levels. There's almost always a solution that can fit. VC's can have valuable insights and experience for those that listen.

This would be a great opportunity to go back and re-examine the original stated goals. Have a meeting to try to understand where the vision changed for both parties. Moving forward, agree to reset expectations and have regular (short) check-ins to be sure that all are in agreement on the newly agreed upon end goal.

It is crucial to consider the implications of funding. You effectively enter into a partnership with an investor. If your current venture capitalist does not support your subsequent funding round, it may be perceived as a sign of undisclosed concerns, leading other venture capitalists to become cautious. Therefore, just as in a marriage, it is essential to maintain a harmonious relationship with your venture capitalists. Clearly communicating your vision, plan, and goals at the outset of the investment cycle is paramount. Managing investor expectations and delivering results are of utmost importance. In the event of disagreements, you have to understand the venture capitalist's perspective and seek a mutually beneficial compromise.