Brian Nichols is the co-founder of Angel Squad, a community where you’ll learn how to angel invest and get a chance to invest as little as $1k into Hustle Fund's top performing early-stage startups

Eric reached out to an investor 12 times with no response. Nothing. Total silence.

On the 13th attempt, that investor finally replied. He committed half a million dollars to Hustle Fund.

This isn't a story about being annoying. It's about understanding something most founders miss: a rejection is never truly a rejection until you get a hard no.

Why Investors Say No (And Why It Doesn't Matter)

One thing that frustrates the Hustle Fund team about venture capital is vague passes. Most investors aren't incentivized to give a clear reason for saying no. They'd rather preserve optionality to come back later if your business takes off.

It feels disrespectful. But it's bound to happen.

Investors aren't saying no to you personally. They're making a bet on what they think has the highest ROI potential right now. That calculation changes constantly.

The valuation might feel too high today. The market might seem too competitive this quarter. Your traction might not be far enough along this month. But six months from now, everything shifts.

Some investors who passed on Hustle Fund's first fund said yes to the second fund. Founders we rejected early on came back with different ventures or better traction, and we said yes the second time around. A no is not forever. It's not personal either.

The Follow-Up Strategy That Actually Works

If someone ghosts you after a pitch, don't assume they're not interested.

Hustle Fund GP, Elizabeth Yin used to think investors would get annoyed if she followed up too much. Now that she's on the other side of the table, she doesn't even notice if someone has pinged her three times. Her inbox is chaos.

If you get no response, follow up within the week. Three to four days later is ideal. Still nothing? Follow up again three to four days after that.

The key is don't be an asshole about it. Emails like "Listen, you haven't responded yet" don't work. Direct asks work best for American investors because everyone's busy and doesn't want to spend time interpreting what you actually want.

Getting Real Feedback When They Pass

When an investor gives you a vague pass, you have two options.

First, ask them directly: "Is there one thing that caused you concern about our company?"

Notice the specificity. If you ask for generic feedback, you'll get analysis paralysis and no real answer. But when you ask for just one thing you could improve, it's easier for them to respond.

If they give you feedback, don't use it to convince them they were wrong. That jeopardizes the relationship. Instead, thank them for their honesty, let them know you're addressing it, and ask if you can add them to your investor update newsletter.

Second option: pitch to other founders you absolutely trust. Give them permission to drop honest and brutal feedback. Ask targeted questions like "What is one thing I should change about my pitch?"

You can even gather a small mastermind group where everyone pitches and gets feedback for 10 to 15 minutes. Multiple perspectives help you see blind spots.

The Investor Newsletter That Converts Rejections

Whether they committed capital or turned you down, invite every investor you connect with to your monthly newsletter.

This newsletter does two things: it keeps existing investors engaged, and it's an insanely effective fundraising tool. People who said no to you stay looped into your progress and may convert into investors down the line.

Elizabeth includes a bit of humanity at the top of her newsletters. Maybe a team update or something happening in her life. It shows everyone you're human beings, not just a pitch deck.

The executive summary comes next. Major news, both positive and negative. Top line numbers. Growth metrics. Key hires. Not every investor reads the entire newsletter, so this gives them the quick version of what matters most.

At Hustle Fund, investors who passed initially have invested in later rounds because of the newsletters. If someone rejects you, invite them to the newsletter anyway. Over time, you might land them as an investor.

Consistency matters. Once a month is ideal. When investors get used to hearing from you at a regular cadence, it builds trust. They see you as reliable, and they're more likely to recommend you to other investors and strategic partners.

Playing the Long Game

There's a story Elizabeth tells about a VC who asked to meet her years ago when she was a founder. He switched their meeting several times. Finally, she told his admin the meeting didn't seem high priority and they should just cancel.

His admin tried to save it by saying he had a plumbing emergency. Simultaneously, the VC emailed saying he was stuck in a long meeting with a portfolio company. Pretty shortsighted.

Elizabeth has countless examples of VCs who ghosted her or treated her with disrespect when she was a founder. They all played the short game. None of them saw that the next wave of emerging fund managers would be the same people who pitched them.

The flip side is also true. There are some VCs Elizabeth really respects. Many of them passed on her company. But they treated her with respect, as a human being. Those are the people she recommends. VCs say no all the time. How you say no is everything.

In the startup journey, lots of people tell you no. Investors. Potential hires. Business partners. It's rarely personal. You get multiple shots at changing some of those nos to yeses if you play the long-term game.

The CRM That Keeps You Organized

Hustle Fund GP, Eric Bahn spoke to thousands of investors while fundraising. Remembering all of them was impossible without a system.

His secret was a strong CRM. It doesn't need to be fancy. A Google Sheet works perfectly. You just need to track basic contact info, what type of investor they are, who referred them, what stage they're at in considering your company, notes from every interaction, and when to follow up next.

The CRM tells you where everyone is in the process. It reminds you when to reach out again. It keeps your whole team on the same page.

For people who have rejected or ghosted you, keep reaching out. Set a reminder in your CRM for two months out. Then reach out with a progress update. Show them what's changed since you last spoke.

What Actually Changes Minds

Ultimately, what converts a no to a yes is momentum. Real traction. Undeniable growth.

Keep building. Keep shipping. Keep talking to customers. When you come back to that investor in six months with revenue growth they can't ignore, the conversation changes completely.

And when you do close that investor who initially passed, remember how it felt when they said no. Remember how it felt when they finally said yes. Then pay it forward to the next founder who's dealing with rejection.

Angel Squad exists for exactly this reason. Building relationships with investors before you need money makes fundraising dramatically easier when you actually need capital. The community you build today is the network that writes checks tomorrow.