Founders, make sure you take founder reference calls before accepting investment, particularly from your lead.

Ideally, they should be from founders they have been invested in for a while so they have more data points. They should also include a founder whose startup didn't make it.

You will have your investors with you for a long time. Your lead will be on your board for a long time and will have decision rights. It's important to get this right.

Most people are good actors. but there are some horror stories out there.

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