Illusion of External Agency
Illusion of external agency is defined by Wikipedia as when people view self-generated preferences as instead being caused by insightful, effective, and benevolent agents.
Founders often believe someone else can make their fundraiser successful.
The responsibility of fundraising for startups lies solely on the founder’s shoulders.
While others may help through introductions and mentorship, the duty to follow through lies with the founder.
To overcome the illusion of external agency, consider the following:
The strategy and content of the fundraiser come from the founder no matter who is driving the campaign.
Part of the fundraising process is to build a relationship with the investor.
The founder must be integral to the fundraising campaign to do so.
The founder is responsible for the outcome of the fundraising as investors look to the fundraising campaign as a proxy for the founder’s skills including communication, execution, and follow-up.
The fundraising campaign is an opportunity to demonstrate those skills.
While others can help, it’s the founders themselves who must own the campaign.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.