I’ve been listening to an interesting podcast this morning with two major investors in early stage start-ups: Jason Calacanis and Paul Judge of Panoramic VC. They discussed meeting founders purely through Zoom, rather than in person, and how that’s changed the way they invest.
Both said they found it far more efficient to meet people remotely. Each remote meeting might take only half an hour, while an in person meeting might take several hours of commute time, chit-chat, etc.
The bottom line is they can meet way more founders and expand their “deal funnel,” or the number of companies they can pick from to invest in. Neither plans to return to in person meetings when this ends, given the huge efficiency jump they’ve experienced.
As a much smaller investor, I can relate. I’m meeting with an advisor in a couple of weeks, and it’s going to be remote. Even if COVID didn’t exist, I’d keep it remote, since he’s near Philadelphia and I’m in the NYC area. An in person meeting is a day trip, whereas a phone meeting is an hour tops. In terms of productivity per hour, the choice is clear.
Expect to see a continuation of virtual meetings after COVID. Many are finding the efficiency gains over in-person can’t be beat. People may still wish to get together from time to time and socialize, but I think much more business will be conducted remotely in the future, and we’ll be better off for it.
For more on start-ups and business, check out these posts:
- Behind Clubhouse’s Meteoric Rise: User Obsession and Timing
- This One Trend is Driving Every Financial Market
- Why You Should Tell Your Boss You’re Not Coming in on Friday
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Photo: “Jason Calacanis” by Joi is licensed under CC BY 2.0
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