What Great Portfolio Work Actually Looks Like
By Don Hoang
We all say we support founders. It’s the default slide in every pitch deck, the chorus in every LP update. But what does that actually mean?
After years on both sides of the table—building at Uber and Revolut, investing from seed to growth, and sitting in the war rooms that shaped outcomes—I’ve come to believe that great portfolio work isn’t about being helpful. It’s about being essential. Not in the loud, front-row kind of way. But in the quiet, compounding way that founders can feel even when you’re not in the room.
Here’s what I’ve learned about what great portfolio support actually looks like.
1. Don’t Show Up with a Playbook. Build One Together.
Founders don’t want to be told what to do. They’re not looking for generic GTM templates or “growth hacks” from 2017. They want someone who understands the shape of their problem, who’s seen the movie before—but is still willing to sit in the theater with them.
The best investors show up with pattern recognition, yes—but also with a beginner’s mind. They co-design the solution. They ask better questions. They help founders see around corners, not dictate the turn.
At Uber, we didn’t scale what worked—we scaled what we were learning in real time. Speed of feedback mattered more than perfection. We needed backers who could keep up with our learning pace. The best ones didn’t preach; they probed.
2. Be the Founder’s Distribution Advantage
One of the most powerful things an investor can do is move a revenue line. And yet, too many VCs stop at intros. “Happy to connect you to X” becomes a punchline if it leads nowhere.
Great investors don’t just open doors. They help shape the narrative. They do the research on the buyer. They frame the introduction with clarity and urgency. And sometimes, they close the deal.
I’ve seen this work in both directions. As an operator, the investors I trusted most didn’t just connect me—they sat next to me, on calls, in meetings, helping sharpen the pitch and build momentum. As an investor, I’ve done the same: helping a founder rewrite their enterprise deck the night before a make-or-break demo, then showing up to drive it home.
Done right, portfolio support isn’t about number of connections. It’s about quality of conversion.
3. Protect the CEO’s Flow State
There’s a version of investor support that sounds great on paper but drains the life out of a founder’s calendar. Update calls that go nowhere. Slack messages disguised as “quick asks.” Feedback given for the sake of being heard.
Great investors do the opposite. They protect the founder’s time and mental energy. They know when to engage and when to stay out of the way. They create signal, not noise.
This might mean helping them hire a head of product faster. Or stepping in to handle a frustrating BD conversation. Or saying no to a distracting opportunity so the CEO doesn’t have to.
Your job is to help the founder spend more time doing the things only they can do. That’s the highest leverage use of everyone’s time.
4. Be Early on What Comes Next
If you’re reacting to a board deck, you’re already behind. Founders want partners who are a few steps ahead—not with answers, but with context.
What’s happening in AI that might change the way pricing works in their sector? What GTM playbooks are being rewritten in fintech? Where are talent flows shifting across Europe and the US? These aren’t just intellectual curiosities. They’re strategic advantages—if you deliver them early.
I try to send founders a single note each month: a distilled insight, a piece of analysis, a forward-looking question. It’s not a flood of links. It’s a signal that I’m thinking with them, not just watching them.
That kind of foresight builds trust. And trust compounds.
5. Scale Yourself Before You Break
Most GPs can go deep with 3–5 portfolio companies. Beyond that, you either become superficial—or you build leverage.
Leverage doesn’t mean hiring a team to manage relationships. It means creating a system where your network, your knowledge, and your resources work without needing your constant presence.
This could look like:
A shared GTM advisor across early-stage SaaS companies
A portfolio-only talent network with curated intros
Playbooks that are updated in real time, not forgotten in Notion
Founder-led circles to cross-pollinate ideas
When founders feel supported by the whole platform—not just you—it’s a different kind of relationship. One that’s resilient, not just responsive.
6. Help the Founder Think in Years, Not Quarters
Founders are under pressure to perform—especially now. Growth, margins, efficiency. The numbers matter. But the story matters more.
Great investors help founders zoom out. They tie operational progress to long-term narrative arcs. They help reframe a missed quarter as a setup for the next inflection point. They remind founders that building an enduring company means holding your nerve when the world is noisy.
Sometimes the most important support isn’t tactical. It’s emotional. It’s showing up in the hard moments and saying: here’s how this fits into the bigger story.
7. Let the Founder Drive—but Keep a Map in Your Pocket
You’re not the driver. You’re not the mechanic either. You’re more like the navigator in the front seat—scanning the horizon, calling out the turns, helping reroute when things go sideways.
Founders don’t need you to take the wheel. They need to know that if they hit a foggy patch, you’ve still got a map—and a bit of extra fuel.
Closing Thoughts
There’s no perfect formula for great portfolio work. But the best investors I’ve seen share three traits: they listen deeply, they act with intention, and they don’t make it about themselves.
Being useful isn’t the same as being busy. And being supportive doesn’t always mean saying yes.
The founders who succeed most often don’t just have capital. They have partners who show up—not for credit, not for optics, but for impact.
That’s the work. That’s the privilege. That’s what great portfolio work actually looks like.
