Today I received a phone call from my friend Jay who is raising a second and final round of financing for his life science company. I met Jay about a year ago when he was competing in a business plan competition, and I was awestruck by his optimistic candor and clear vision. I invited Jay to come speak with Nittany Lion Venture Capital, for whom I was working at the time, and again, he impressed me by his honesty and forthrightness. We didn’t make the investment, but Jay maintained his professional composure throughout the process, and we parted as friends.
Today, Jay asked me if I could connect him with any other investors, and I was happy to share my rolodex with him, because he had built a relationship of trust with me.
Now I know that there are a million reasons not to invest in any given company, but the critical deal breaker in my experience is the character of management. Jay knows what he knows, and he tells you what he doesn’t. This is a dream for any investor who intends to actively engage with management.
I am emphatically optimistic about Jay and his company simply because Jay can be trusted. Among all the entrepreneurs whose character is bankrupt, Jay is a shining example of how to deal with investors.
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