So you've raised some money from friends or angels. What now? Well, you go about spending it and building value on your path to the major business milestones that will allow you to raise your next money at a much higher valuation. But along the way, your investors will want to hear how things are going. Collectively, we've invested in over 20 start-ups in the past 8 years. One thing we've noticed is the worst outcomes have been in start-ups where the CEO disappears once he/she has the money. Getting information is like pulling teeth. This shouldn't be the case! Your investors want to stay in touch and be informed about how things are going, good and bad. Some of the best CEO's we've worked with send out a single paragraph every Friday night to the investors to clue them in on how things are going. While we don't necessarily suggest a weekly update is needed, you should certainly strive to send out an update at least monthly. Remember, many of your investors can give you help beyond just their checkbooks. In order for them to be of use, they need to have a good understanding of how things are going and how they can help. After-all, it was their money, and now it's partly their company too! They are highly motivated to help you be successful!