If I was in a position which required me to raise money, I would never raise it from someone who could provide only money.
Money is absolutely useless, without the proper advisors behind you.
Ideally, I would seek out someone who has experience in my field, who knows the ins and outs and the potential roadblocks I would encounter. I would seek out someone who could help me minimize my moving targets, so I could stay focused on the mission at hand. I would seek someone with a reliable network, who could introduce me to other talented individuals who would be open to working together for a common cause. I would seek out someone who had ethics and honesty, to ensure that I would not deviate from my own set of morals, if push came to shove.
An investor should be a mentor that you have on your side, who is able to help you navigate your business, providing the essential resources you need at the proper times, especially when you may hit a pivoting point or if you are stuck at a roadblock, and you need an outside perspective to see how to overcome it.
So, what should an investor offer?
A vested interest in seeing you succeed.
Originally posted on Quora.
Leonard Kim consults startups and writes books like The Etiquette of Social Media: How to Connect and Respond to Others in the World of Social Media