---
title: "The Quiet Work Between Rounds"
url: https://reddsvip.com/2017/05/09/the-quiet-work-between-rounds/
description: "Financings are the visible moments of venture investing. The months between them are where the real work happens."
published: 2017-05-09
updated: 2017-05-09
---

# The Quiet Work Between Rounds

Published 2017-05-09

Filed under: [Portfolio Practice](https://reddsvip.com/category/portfolio-practice/) | Comments off

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.