Mon, 13 March 2023
Ben Franklin Effect
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
The Ben Franklin effect is defined by Wikipedia as a person who has performed a favor for someone is more likely to do another favor for that person than they would be if they had received a favor from that person.
This effect comes from a statement by Ben Franklin:
“He that has once done you a Kindness will be more ready to do you another, than he whom you yourself have obliged.”
Those who help you do so because they like you and not because you have done a favor for them.
They will want to remain consistent in their beliefs and will continue to help you.
Startups should ping potential investors for advice and support.
Once an investor or mentor provides support for your startup they will most likely continue to do so.
To make use of this effect keep track of those who help you.
Return to them for more support.
Avoid asking too much and instead spread out the requests over time.
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