Raise Millions by Hustle Fund VC Page 119 What to ask in your reference calls You’ve now set up several calls. What should you ask these founders about the investors you’re thinking of working with? Scott Cook, the founder of Intuit, recommended two key questions. “On a scale of 1-10, 10 being perfect and 1 being catastrophic, how would you rank this person?” Expect the founder to say 8 or 9. They will likely list a canned response of how helpful or awesome the investor has been so far. Founders want to be cordial and not speak poorly of anyone’s character. This is where our next question is extra critical. “What would this person need to do to become a 10?” Most people aren’t prepared for this introspective question. That's when you’ll hear more honest answers. ● “I wish Quinn was a more strategic thinker.” ● “I wish Mohit was more responsive.” ● “I think Avery goes on vacation too much.” When to conduct investor reference calls Do your investor reference calls AFTER the investor commits and BEFORE you accept. Don’t waste your time doing investor reference calls before they’ve even committed because it might be a wasted hustlefund.vc / @hustlefundvc