Fundraising pipeline stages that change the next move.

A pipeline is useful when it reduces uncertainty. If two labels lead to the same next action, they probably do not need to be separate stages; if one label hides several materially different situations, it is too broad.

1. Describe relationship state, not founder hopeUse observable events and commitments. A warm feeling after a call is context, not a pipeline stage.
2. Keep the model smallFive to seven stages are usually enough for an early-stage raise. Add detail in notes and next moves instead of multiplying columns.
3. Allow a deliberate passA clear no, not-now, or out-of-scope state preserves learning and prevents inactive relationships from inflating the live pipeline.

The earliest stages should distinguish research from an actual opening. That difference determines whether the next job is qualification, an introduction request, a first message, or a timely response.

1. ResearchingThe investor may fit the stage, geography, check size, and thesis, but no meaningful contact or introduction exists yet.
2. Introduced or contactedA real opening exists. Record who introduced whom, the date, the message, and the concrete follow-up if no answer arrives.
3. First conversationA substantive meeting is scheduled or completed. Capture the actual question, concern, interest, and commitment made by either side.

Once conversations begin, stage changes should follow evidence: another meeting, a partner discussion, requested material, active diligence, or a direct investment decision.

1. In conversationThe relationship has active back-and-forth and a next commitment, but the investor has not entered a formal diligence process.
2. DiligenceThe investor has requested or accessed material and is actively evaluating the company. Track the questions, room access, and next review point.
3. DecisionRecord a committed yes, a pass, a not-now with conditions, or an unresolved decision date. Replace vague optimism with the actual outcome.

Two investors can sit in the same stage and require completely different action. The CRM stays useful when stage, next move, timing, context, and chronological activity reinforce one another.

1. Always attach a next moveName the action, owner, and date—or record a deliberate reason to wait. A stage without a next move quickly becomes a parking lot.
2. Update immediately after the interactionCapture the objection, commitment, introduction path, and follow-up while the conversation is fresh rather than reconstructing it at week’s end.
3. Read engagement as contextUse delivery, replies, verified clicks, repeat visits, and data-room activity to prepare the next conversation, never as automatic proof of motivation.