For startup founders seeking investment opportunities, a strong network is one of your most valuable assets. Leveraging your connections strategically can significantly boost your chances of meeting investors who align with your vision. One proven strategy is creating an "Ally Map"—a detailed spreadsheet that identifies key individuals in your network who can facilitate warm introductions to potential investors.

This step-by-step guide explains how to build an Ally Map, helping you organize your connections, streamline investor outreach, and increase your startup's chances of securing funding.

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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.

‍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.

‍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.

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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Boost your startup fundraising with an ally map

Fundraising is no small feat—anyone who says otherwise either hasn’t done it or got incredibly lucky. To successfully close a round, you’ll likely need to meet with over 100 investors across a 6-month period. That’s why having a clear, strategic process is essential.

Creating an Ally Map upfront saves time, energy, and sanity. By organizing your network, identifying genuine allies, and aligning them with potential investors, you can streamline outreach and focus on building meaningful connections. Expect most investors to say “no,” but don’t let that discourage you—you’re aiming for a small percentage to say “yes.”

Ally Mapping is more than just a tool; it’s a game-changing approach to fundraising. By leveraging your network strategically and using a pre-CRM template to track your efforts, you’ll position your startup for growth and secure the funding needed to bring your vision to life.

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