One of the most valuable assets for founders seeking investment opportunities is their network. Leveraging connections can significantly impact a startup's trajectory, especially when meeting potential investors who align with your vision. Creating an "Ally Map" — a strategic spreadsheet identifying individuals in your network capable of facilitating introductions to suitable investors — is a powerful tool. This guide delves into the steps to develop an effective Ally Map to propel your startup forward.

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STEP 1

Define Your Ideal Investor Profile

Begin by outlining the characteristics and criteria that define your ideal investor. Consider factors such as industry focus, investment stage, geographical preferences, and specific expertise relevant to your startup. This clarity will serve as a compass while identifying potential introducers within your network.

Step 2

Create Your Fundraising Pre-CRM Spreadsheet

• Develop a spreadsheet to organize your investor prospects and network connections systematically. 
• Create three tabs: one for Investors, one for You (Founder), and one for Allies. 
• Use a collaborative database like Google Sheets or Airtable, so multiple team members can contribute. 
• Check out this pre-CRM template I’ve used with founders to give you a head start.

Step 3

Identify Investor Targets

• Compile a list of 100 angel investors and pre-seed funds that align with your startup's thesis, stage, and portfolio fit. 
• Then, identify the top three partners at each fund on your list. This initial groundwork lays the foundation for targeted outreach. Within a couple of hours, you can use investor databases to find hundreds of potential investors that fit your startup’s stage and thesis. 
• Populate your Investors’ tab with the targets and make sure you link to their LinkedIn profiles - this is critical for the next step. 

Step 4

Identify 2nd-Degree Connections

• Log into the founder's LinkedIn account and navigate to the profile of each investor target by clicking on their hyperlinked name in the spreadsheet. 
• Identify 2nd-degree connections to these investors and record their names in the columns adjacent to the investor targets. 
• Repeat this process for each founder, maintaining separate tabs for each co-founder.

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Step 5

Identify Genuine Allies among 2nd-Degree Connections

• Recognize that not all 2nd-degree connections are created equal. 
• Review the list of 2nd-degree connections with each founder and identify individuals with whom they actually feel comfortable requesting a warm introduction. 
• Highlight these genuine allies, signifying their potential to facilitate meaningful connections.

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💡 Taking the time to review 100 investors on LinkedIn can seem tedious, and it is. However, this step becomes a significant source of value for founders. It will identify warm introductions to investors that you would otherwise miss. Often founders will receive a check out of someone that surfaces through this process. 

Step 6

Populate the 'Allies' Tab

• Aggregate all highlighted allies from the individual founder tabs into a consolidated 'Allies' tab. Ensure the investor is linked to the ally they are connected to.
• Transfer to a CRM (or keep using Google Sheets).
• Transfer the data from the spreadsheet  'Pipeline' tab into your chosen CRM/project management system. We use Monday.com to create a board for Investors and a separate one for Allies to track our outreach. 
• Ensure alignment and proper column organization to manage your investor prospects effectively.

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Step 7

Initiate Strategic Outreach

Once your Ally Map is in place, strategize your outreach. Begin by nurturing relationships with contacts with solid ties to potential investors. Engage in meaningful conversations, share updates about your startup's progress, and seek advice when appropriate. Genuine connections often lead to valuable introductions.

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Step 8

Request Introductions

When the timing feels right, kindly request introductions to specific investors from your connectors. Explain why you believe the suggested investors align with your startup and how the introduction could be mutually beneficial. Provide them with a concise and compelling pitch or deck about your company to facilitate their introduction.

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A good process will save you hundreds of hours

Fundraising is a beast; anyone who tells you differently has not done it or got incredibly lucky. You will likely need to meet with 100+ investors over a 6 month period to close your round. Take the time to create a process upfront and do the tedious research work. Expect most investors to say “no,” but don’t take it personally. You are striving for the minority of your 100 to say yes. It will save your sanity when you are three months into the process, have 16 investor conversations in various stages, and question your life choices. 

Ally Mapping is a strategic approach to leveraging your network for investor introductions and utilizing a pre-CRM template streamlines this process. By identifying genuine allies within your network and aligning them with potential investors, startups can increase their chances of securing meaningful introductions that propel their growth. 

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