Most founders rush to pitch their dream investors first. At Bridge, we've seen a better way - structuring your fundraising in waves. Here's the framework that consistently delivers results:

The Research Phase - Your Foundation for Success

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Before sending a single intro request, successful founders:

• Build and categorize your investor list by waves
• Research each investor's thesis and portfolio in depth
• Identify specific fit and who might be able to introduce you
• Craft compelling intro requests that show you've done your homework

The biggest mistake we see? Founders mass-copying investor lists and sending generic intro requests. This approach burns valuable relationships and significantly reduces your chances of success. Instead, your intro requests should demonstrate you've done your homework: "I think [Investor] would be perfect for [Company] because [specific, researched reason]."

Wave 1: Securing Early Commitments

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Start with investors where you can secure easier intros - emerging funds, sector-focused VCs, and angels in your network. Your goal here isn't just learning; it's securing early commitments. During this wave you:

• Test and refine your pitch
• Learn which aspects of your investor-fit thesis resonate
• Gather honest feedback on your story and metrics
• Most importantly: Secure early commitments (no matter how small)

Pro tip: Early commitments aren't just capital - they're your key to more high-quality introductions. An intro from a committed investor saying "I've invested in this round and think you'd be a great fit" is fundraising gold. Commits lead to more commits.

A Critical Checkpoint:

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If you're not securing commitments in Wave 1, it's often a signal to pause and reassess before moving to Wave 2. Common reasons include:

• Product-market fit needs strengthening
• Metrics aren't compelling enough yet
• Narrative needs refinement
• Timing might not be optimal

Better to address these fundamentals than proceed to your target investors without momentum.

Wave 2: Amplification

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This is where early commitments become your secret weapon. You'll approach these conversations with:

• Warm intros from your committed investors
• Social proof from existing commitments and existing investors
• A refined narrative backed by investor feedback
• The confidence of having others already bought in

The power of investor-led intros cannot be overstated. When an existing investor makes an introduction saying "I've committed to this round," it transforms the dynamic of every subsequent conversation. At Bridge, we see conversion rates from intro to meeting more than double when the intro comes from a committed investor.

Wave 3: Momentum & Closing

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This is where your outreach becomes stronger and urgent:

• Reference existing commitments
• Frame your round as competitive but still accessible
• Create time pressure
• Convert momentum into term sheets

Why This Research-First, Wave-Based Strategy Works:

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Fundraising is a momentum game that compounds on two levels:

For founders: Each pitch makes you incrementally better. A 1% improvement compounds significantly over 20-30 conversations.

For investors: Your momentum creates gravity. Early commitments lead to better intros, which lead to more commitments. This often creates a tipping point where what feels like a series of rejections suddenly transforms into multiple term sheets.

At Bridge, we consistently see that founders who invest in research and follow this wave approach significantly outperform those who don't. The key? Stop copying investor lists. Start with research, structure your waves, and let momentum work for you.