[FreakLegion]

I have five institutional investors and none of them have ever asked for updates. There isn't much point before Series B, since good early-stage investors are actively involved with the company anyway.

Back in our Seed days we sent out monthly updates to everyone, angels included, but now we don't. That's what board meetings are for.

[jedberg]

Exactly. You sent regular updates and then had board meetings with regular updates.

They probably never asked because you were already providing it.

[FreakLegion]

Only two of those institutional investors have board seats. The other three don't get formal updates and don't have information rights.

My point was that they didn't ask because they were good investors and actively involved with the business, so they already knew what was going on.

[jedberg]

Right, and my point was that you had someone to be accountable to on a regular basis, so it helped keep you motivated and on track to produce results to report.

[FreakLegion]

No, it didn't. It was a waste of time for the handful of months we sent them.