The Quiet Work Between Rounds
Financings are the visible moments of venture investing. The work that fills the months between them is quieter: introductions to candidates and customers, patient hours on governance, and the slow preparation for the next raise.
The quality of that work is what a company actually buys when it chooses an investor. Capital clears in a day; the rest takes years.
A useful habit is to write down, at the close of each round, what must be true at the next one. The list turns the interval from waiting into work.