It’s likely that your early stage investors gave you money when all you could afford was pizza and diet coke. You need to keep these people happy, even if you think you are going to be going to one of the major VCs.
Trust me, it’s a small world.
There is usually a funnel from early stage investors to the big VC’s. Dont be a cretin and think these guy don’t talk. Chances are they have done business before and if you misbehave with one chances are when asked what they think of you they will tell the truth.
I have personally seen further rounds of investment being scuppered by the honest truth from an angel investor because the founder was an arse. It’s a small small world.
Keep your investors up to date with what is going on, chances are you will need more money from them later on. If you took the money, smiled and then never sent any updates you are a fool. These people will not know who you when you come knocking and are likely one of your best links to the next round. I’m not talking about chapter and verse, but a one page PDF with your main metrics on.
Set up mailchimp or even manually email them! Keep the report clean, a graph and some key points. Even mention your problems, it’s likely that these people have faced similar problems but if you don’t ask and all that.
Make their life easy, give them reports when they ask and be nice. Seriously, be nice. We have been trying to figure out what makes a good startup at Potential Investments for years now. Almost all bets are off if you are not nice/likable. Now, I’m not talking giving £5 to a homeless person, or not getting shit done, I’m talking about not being an arshole. Could you go for a drink with your investors?
Maybe you should.