Most founders don't see the signs until it's too late.
Here's what's really happening in your fundraise:
Hot rounds close in days
Cold rounds "need more time"
Hot rounds get better terms daily
Cold rounds get worse terms weekly
Hot rounds run parallel processes
Cold rounds run sequential steps
But here's the truth bomb
Your round temperature isn't about you.
It's about them.
Think about actual VC behavior:
HOT ROUND:
Partner joins last minute
Same day follow-up
Weekend messages
"Can we accelerate IC?"
COLD ROUND:
Associate handles everything
"Will update next week"
"Need more references"
"IC timing unclear"
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Here's my simple checklist to read the temperature:
1. The Response Test ⚡
Hours vs Days
Partner vs Associate
Specific vs Vague
2. The Process Test 🏃
Parallel vs Sequential
You lead vs They lead
Early terms vs Post-diligence
3. The Control Test 🎯
Your timeline vs Their timeline
Standard terms vs Complex terms
Quick legal vs Long review
4. The Urgency Test ⏰
Proactive follow-up vs You chase
IC scheduled vs IC pending
Personal intros vs Data requests
5. The Closing Test 🔥
48-72 hours vs 2-3 weeks
Pre-briefed lawyers vs Sequential review
Better terms vs Worse terms
The brutal truth?
If you're wondering if your round is hot or cold...
It's cold.
Hot rounds feel like:
Catching lightning in a bottle ⚡
Not pushing a rope uphill
Remember:
Speed > Perfection
Partner time > Associate time
Standard terms > Complex terms
Parallel > Sequential
Your timeline > Their timeline
But most importantly:
Don't wait for cold rounds to heat up.
They never do.