In a non-control deal, an investor cannot fire management. Therefore, the primary diligence focus must shift from the business itself to the founder's character and the potential for a strong partnership, as this relationship is the ultimate determinant of success.

To win the best pre-seed deals, investors should engage high-potential talent during their 'founder curious' phase, long before a formal fundraise. The real competition is guiding them toward conviction on their own timeline, not battling other VCs for a term sheet later.

Drawing an analogy to legendary music producer Rick Rubin, an investor's role is to help a founder find the most authentic and compelling version of their own story. The goal is not to invent a narrative, but to draw out the founder's core truth and channel it through their company.

Value-add isn't a pitch deck slide. Truly helpful investors are either former operators who can empathize with the 0-to-1 struggle, or they actively help you get your first customers. They are the first call in a crisis or the ones who will vouch for you on a reference call when you have no other credibility.

Frame your initial angel investments as a sunk cost, like business school tuition. Instead of optimizing for immediate financial returns, focus on building relationships, acquiring skills, and developing a strong reputation. This long-term mindset reduces pressure and leads to better, unforeseen opportunities down the line.

To win highly sought-after deals, growth investors must build relationships years in advance. This involves providing tangible help with hiring, customer introductions, and strategic advice, effectively acting as an investor long before deploying capital.