Elad Gil is a well known entrepreneur and angel investor. In 2004, he joined the ranks of Google as a product manager, where he played a pivotal role in shaping the mobile team. He helped pioneer Google Mobile Maps and contributed to three noteworthy acquisitions. But his thirst for innovation led him to embark on his own entrepreneurial adventure.
In 2007, Elad co-founded Mixer Labs, a company focused on revolutionizing location-based services and mobile apps. Twitter recognized the potential of his venture and acquired Mixer Labs for approximately $5 million.
Later, Elad co-founded Color Genomics, a company revolutionizing DNA screening for cancer risk at an affordable price. Color Genomics has been a game-changer in healthcare.
Today, he serves as the chairman of Electric Capital, a crypto fund that's generating considerable buzz, and also chairs Spring Discovery, a company at the forefront of drug discovery.
In addition to his ventures, he wrote a book for entrepreneurs, "High Growth Handbook: Scaling Startups From 10 to 10,000 People."
Elad Gil has invested in over 224 companies and has had more than 42 exits.
When it comes to fundraising, founders often invest a significant amount of time and effort in attracting the right mix of angels and investors. However, many entrepreneurs fail to take full advantage of the value-added benefits that these investors can bring.
Drawing from his experience at Mixer Labs (which was acquired by Twitter), he shares valuable insights on how founders can make the most of their investment team.
Just as you have dedicated engineering or UX teams, think of your investors as your investment team. Elad encourages founders to find ways to actively involve investors in the company's growth. Each investor can bring different expertise and connections to the table, so it's essential to figure out which investors can help with specific aspects of your business.
Rather than spending excessive time meeting individually with each angel investor for one-way updates, consider sending occasional email updates. These updates should highlight key milestones and ask for specific help from investors.
If you don't have a formal board of directors, you can create a lightweight version by involving a couple of your favorite angels. Schedule regular meetings with them to discuss key business matters that require their input. Share relevant slides and prepare for these meetings by identifying the top issues you want to address. Whether it's product development, hiring, distribution, or sales, utilize the expertise of your key investors to tackle these challenges effectively.
Consider organizing a gathering where all your investors can come together to discuss key issues facing the business. This forum allows for group brainstorming and encourages investors to bounce ideas off each other. It also provides an opportunity for your investors to network with one another, creating a supportive and collaborative environment.
Amidst the daily demands of running a startup, founders often forget to tap into their network for help. Set calendar reminders to reach out to key investors periodically on specific topics where you believe their insights or connections could be valuable. This simple reminder ensures that you don't miss out on leveraging your network when you need it most.