It’s too early to find out whether or not SVB’s downfall heralds a brand new period for enterprise capital, however based mostly on anecdotal proof, off-the-record discussions and chats with co-workers, it looks like we’re again to enterprise as standard the place pre-revenue startup fundraising is worried.

Not a scientific sampling, however a number of traders signaled this week on Twitter that they continue to be fascinated by speaking to founders who’re nonetheless on the thought stage. My sizzling take: With contagion contained, the VC neighborhood feels good about writing smallish checks for pre-revenue startups, however Sequence A and up? Más o menos.

So long as this downturn persists, this investor Q&A will probably be a month-to-month TC+ column. When you’re a lately laid-off employee contemplating putting out by yourself, an H-1B worker who’s had it as much as right here or simply in search of suggestions and recommendation that may provide help to join with early-stage traders, please learn and share.

Thanks very a lot to all the traders who took the time to reply these questions in such element! When you’re an early-stage investor who desires to be included in future columns, e mail guestcolumns@techcrunch.com with “The best way to pitch me” within the topic line.

Right here’s who participated:

• Brian Backeen, common companion, Lightship Capital
• Masha Bucher, founder and common companion, Day One Ventures
• Rebecca Liu-Doyle, managing director, Perception
• Clelia Warburg Peters, managing companion, Period Ventures
• Nick Adams, managing companion and co-founder, Differential Ventures
• Lisa Lambert, founder and president, Nationwide Grid Companions
• Elizabeth Yin, co-founder and common companion, Hustle Fund

Brian Backeen, common companion, Lightship Capital

What sort of funding alternatives are you in search of in March 2023?

Like many traders, we’re bullish on AI. We made two AI-related investments in April and proceed to search for alternatives in that area.

How do you favor to be approached by a founder with their preliminary pitch: a chilly e mail, a heat intro or one other methodology?

Now we have a web-based portal at lightship.capital that founders can use to use for funding. We do this to stop a difficulty with VC traders referred to as “community bias.” Founders ought to apply on our portal and comply with on Twitter.

What’s one conventional fundraising tactic that founders ought to take away from their toolkit — one thing that now not works however remains to be a typical observe?

Asking for heat intros and attempting to “construct a relationship” with traders. Spend your time constructing an incredible enterprise and you’ll acquire funding. I don’t want new associates.

Inform us about the most effective pitch you’ve obtained lately. When throughout their presentation did you notice you had been going to speculate?

I used to be pitched by a agency referred to as MuseTax lately. Glorious founders, material consultants, the actual deal. They made me wish to spend money on the primary 10 minutes. They’re in diligence now.

Are you able to share one piece of recommendation that may assist a first-time founder stand out?

Don’t concentrate on funding; concentrate on design. Don’t let your engineers construct you an unpleasant product with an incredible password reset perform however restricted person worth.

Don’t let the engineers let you know it’s not prepared; it’s. Push it out and be taught.

Design it effectively and customers or traders will comply with. Engineer the primary model effectively and you’ll find yourself with a lot of engineering payments and no progress.

What are you studying/watching/listening to proper now?

I maintain rewatching season 1 of “Billions.” You realize, earlier than it received bizarre 🙂. Nice present.

Masha Bucher, founder and common companion, Day One Ventures

What sort of funding alternatives are you in search of in March 2023?

Throughout a wholesome fundraising setting, the founders that do the most effective usually lean into their storytelling prowess and might persuade traders with their charisma. They’re those who’re naturally good audio system and are articulate with their imaginative and prescient.

There’s a second kind of founder with a special background. They’re usually heads-down, scrappy and resource-oriented. I name them “survivors.” Survivors are sometimes immigrant founders, individuals of shade, ladies or others from underrepresented backgrounds.

I imagine the survivors are the varieties of founders to again throughout a downturn. They’ve been pushed to be scrappy and survive their complete lives; they’re particularly geared up to deal with what the present instances demand of them. They’re good at making one thing out of nothing and are extraordinarily cost-efficient.

I’m in search of paths to monetization, enterprise fashions and avenues to profitability. Buyers are paying rather more consideration to numbers, enterprise fashions and the way effectively founders handle funds. Anticipate many extra questions difficult the enterprise mannequin.

I’m taking a look at how a lot income comes from product high quality versus advertising and marketing. Founders who generate virality based mostly on the product’s high quality present they will earn cash with little advertising and marketing spend.

We love firms with excessive EBITDA. We love firms like Quinn, which grew to hundreds of thousands in income in only a yr from launch with viral, zero-cost advertising and marketing on TikTok.

How do you favor to be approached by a founder with their preliminary pitch: a chilly e mail, a heat intro or one other methodology?

Chilly e mail works nice, but it surely’s stunning how few individuals can do it proper. In a chilly e mail, each single sentence ought to be convincing me to take a gathering. With each phrase and each sentence, you’ll want to create the will for an investor to fulfill you in individual. You must present a transparent purpose why they should meet you now, not subsequent month.