Seeing this post I was reminded that venture capitalists are really only good at one thing: asking questions.
The first few conversations with the founder/team are critical. It’s not just about the pitch—most founders are excellent storytellers. What’s more important is the discussion.
The VC’s primary tool is curiosity, and the founder’s response leads the way. Can they read the room and anticipate the questions that are coming up? Do their answers provide detailed insight on the business/market/team/product/solution?
My favorite thing is being surprised—when I go into a meeting skeptical, and the team ends up expanding my view. It’s a thrill that keeps me coming back. And to me it represents the essence of the job.
Things are no different as a board member, by the way. I often say that my number one job (other than getting out of the way as much as possible) is to audit the founder/CEO’s thinking. This is usually best done by avoiding diatribes, sharing relevant anecdotes, and, mainly, asking a lot of questions.