Reflections from a conversation with Michael Schuster— long-time VC, angel investor, entrepreneur.
In every angel’s journey, there comes a moment of quiet uncertainty. You’ve written the cheque, joined the cap table, and believed in a founder’s dream — but then what? What does it actually mean to help a founder?
We recently explored this question with Michael Schuster, co-founder of Speedinvest, one of Europe’s most respected early-stage funds. Michael has spent years on both sides of the table — as a founder, an operator, and an investor who’s supported hundreds of startups through triumphs and near-misses. His reflections revealed something we often forget: being a “helpful” angel is less about strategy and more about empathy, timing, and attention.
The art of asking, not telling
If belief is the foundation, then curiosity is the structure that sits on top. Michael shared a lesson that should be written on every angel’s notepad:
“Advice is also vice.”
Founders learn through experience — through mistakes, pivots, and moments of friction. Well-intentioned advice can easily become interference. Instead of offering solutions, Michael argues, the best investors ask great questions. Questions that make founders pause, think, and see their challenge from a new angle.
He used a concept called the Johari Window to illustrate this — a framework about what we know, what others see, and what’s hidden or blind. Good investors, he said, help founders uncover those blind spots, not by imposing views, but by listening deeply enough to mirror back what might be invisible to them.
That kind of support requires attention. And as Michael pointed out, “attention is the core gift.” For founders constantly pitching and persuading, being met with full, focused presence — without distraction — can be transformative.
From vague goodwill to concrete help
Belief and attention create trust. But support becomes tangible only when it’s specific.
Michael encourages founders to end every investor update with a clear ask. Something actionable, not abstract. “We always told founders,” he said, “the last section of your investor update should be a concrete ask.”
For angels, the same principle applies in reverse. Instead of saying “let me know how I can help,” be precise: share where your network is strongest, what kind of introductions you can offer, or which expertise you’re happy to lend.
Because early on, founders really only need two things: money and customers. If you’ve already given them capital, help them find clients — through intros, warm leads, or discovery calls.
A short follow-up email after investing can go a long way:
“Here’s why I invested, what I believe in, and three people I can connect you with.”
Even if the founder doesn’t act immediately, you’ve shown that your commitment extends beyond the wire transfer.
When things get tough
Every angel eventually faces a though moment , such as when a company is running out of cash. Do you reinvest or walk away?
Michael offered a simple but useful framework:
- Is the problem internal (execution, team, focus) or external (market, timing)?
- And can it realistically be changed?
If the challenge is internal and the founders can grow through it, a follow-on might make sense. If it’s external and structural, more capital may just prolong the inevitable. The key, he said, is to turn this decision into a structured conversation rather than an emotional reaction.
Knowing when to step back
Sometimes the hardest — and most helpful — thing an angel can do is not intervene.
Michael described a familiar mistake: angels who try to run the company from the sidelines. “It’s like a football coach who wants to take the penalty shot himself,” he said. “That just doesn’t work.”
Founders need space to make their own calls and live with the consequences. The investor’s role is to help them think, not to play the game for them.
Working together makes founders’ lives easier
Another theme that resonated deeply with us at LUMUS was Michael’s call for collaboration among angels.
“For founders,” he said, “the best setup is when angels align internally and speak with one voice.”
Startups don’t have time to manage ten separate conversations with ten small investors. When angels coordinate — through a syndicate, a lead angel, or a collective like LUMUS — it simplifies communication, reduces friction, and creates predictability. It’s one of the quietest yet most powerful forms of founder support.
Empathy as a superpower
When asked how he’d summarise his philosophy of supporting founders, Michael paused. Then he said:
“I try to understand where the founder is in that moment — what they need right now — and meet them there.”
Sometimes that means being the first believer. Sometimes it means naming a hard truth clearly and kindly. Sometimes it means offering connections, or simply listening.
Genuine support isn’t blind optimism. It’s presence, honesty, and empathy — knowing when to stand behind, and when to stand back.
At LUMUS, we believe angel investing is as much about who you are as what you fund. Michael’s reflections remind us that true partnership with founders begins not with strategy decks or introductions, but with empathy, patience, and presence. The best angels don’t try to steer the ship — they steady it when the waters get rough. They ask thoughtful questions, listen with intent, and believe loudly enough for others to take notice.
Because in the end, angel investing isn’t just about backing companies — it’s about backing people, again and again, until belief becomes reality.
