Know Your BATNA Before a Soft Commit
Use BATNA to decide whether to soft commit, ask for more diligence, or walk away.
The move: compare the deal to your real alternative before you answer. BATNA is negotiation discipline, but angel investors need it even before terms. A soft commit is still a reputational signal. If you give it because the round feels scarce, you may box yourself into a yes before the diligence is ready. Define your BATNA in practical terms: capital, time, reputation, and learning. What happens if you pass? Do you preserve cash for a better fit? Do you keep the founder relationship warm? Do you ask to help without investing? Do you wait for a priced round? The alternative…
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