Reference calls

If you’re a young, ambitious venture investor, I have some advice that I wish I was given 10 years ago — Reference calls are the greatest networking opportunity that no one is using.

It’s one of the best ways to get to know someone:
1. You meet a new person who could be important to the success of a portfolio company
2. You have a mutual connection with this person (the referrer)
3. You get the opportunity to brag about your portfolio founder
4. You can ask questions about that person and their business, too

The pretense of a “reference call” allows you to skip all the pleasantries of meeting someone new for the first time and just get down to business.

But, the reference call itself also serves an important purpose. It’s an opportunity for the potential investor to learn more about the founder, the company, the deal, and their future co-investors.

These conversations are also a great opportunity for you to get to know the other person. In fact, I’m still connected with many of the people that I’ve met through these conversations. I’ve ended up co-investing with many of them on other deals, and some have even become LPs in my fund!

So how do you get on more of these reference calls? It’s easy.

Just reach out to your portfolio founders and let them know that you’d love to be a reference. You’d be surprised by how many people don’t even think to ask this.

Who’s the most interesting person you’ve met through a colleague/mutual friend?