On Taking Feedback from Investors
Trading defensiveness for curiosity
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If “feedback is a gift”, I’ll take mine in the form of a Miller Lite and zero price increase on my upcoming Salesforce renewal.
I’ve always found that saying cringeworthy, but the sentiment rings true when you talk to investors. If someone has seen more companies than you, across different market cycles, and they’re willing to share what they’ve learned, that’s basically a cheat code.
The key is knowing how to take it in without getting defensive (which I, admittedly, kinda suck at).
Back in high school, I wasn’t reading The Scarlet Letter. Not when it was week twelve of the NFL season… the Pats were ripping, Tom F’in Brady was about to claim another MVP, and LaDainian Tomlinson was putting up two touchies a game to put my fantasy team into the playoffs. But I digress.
The point is, that’s what Cliffs Notes were for.
Talking to an investor is like getting the Cliffs Notes version of your industry. It’s like doing the reading without actually doing the reading. They see more deals, more patterns, and more failures than you do. Your job as CEO or CFO is translating the macro to the micro for your company - what the outside world values into an operating plan that will win buy-in internally.
I spoke to Ambereen Toubassy, CFO of Airtable, about taking feedback from investors. I feel she’s well positioned to comment since she’s been on both sides of the table, having previously worked as a long short investor:
“I do know that investors have a much bigger aperture than I do in my operational role. Like, I spend so much time thinking about Airtable and our customers and our product and our people, and by definition, I have less time to think about the rest of the world, whether it be macro, whether it be all the other sectors of software, whether it be geographic differences between our business, other businesses.
Of course, sometimes investor feedback makes you tense up. But as Ambereen reminded me…
Remember, you’re not being chased by a tiger.
Turn up the curiosity.
And so I think of it like as a learning, I was going to say ‘treat,’ but maybe treat’s a little too cute. But I think of it, anytime I walk into a meeting with an investor, I'm like, ‘Okay, this is great. I get to learn from the fact that they have this broader aperture, and they're doing work on a lot of companies, a lot of segments, a lot of sectors, and I can take advantage of that.’”
Turning Up Curiosity, and Down Defensiveness
The trick is catching that gut reaction in real-time. Your body tenses. Your ego flares. You feel the urge to defend. Instead, flip the switch:
Notice the reaction: “Okay, I’m feeling defensive.”
Turn up curiosity: “Why do they see it this way?”
Take the feedback without reacting: Use it later to sharpen your strategy.
It’s not about winning the debate (which I’ve often mischaracterized it as). It’s about collecting the best insights from people with a broader view.
In fact, I’ve recently made it a game to turn the tables and ask why five times. Remember - it’s not a one way conversation. You can ask questions too. And it helps you understand and stress test their point of view.
The Difference Between “Good” and “Bad” Investor Feedback
Not all investor feedback is useful. Some investors are deeply engaged, thoughtful, and well-researched. Others just throw out generic advice based on whatever worked for the last company they funded.
(Or they vaguely ask “what’s your AI strategy”)
The best CFOs know how to filter what’s actually valuable.
For example, I once had an investor tell me we should copy another SaaS company’s pricing model because it worked for them. But we sold to a completely different segment, with different buying behavior and adoption curves. Just because something worked in one “sector of SaaS” doesn’t mean it fits yours.
I also had an investor once say we should go into lending, not realizing we were completely disintermediated from the end customer in the transaction - they had no idea we were working for the merchant behind the scenes - and therefore weren’t well positioned to win their business.
A better approach is to look for pattern recognition. If three different investors express concerns about your long-term margin structure, there’s probably something there. But if one investor with no background in your sector tells you to “move upmarket” without any real rationale, you can probably ignore it.
A simple litmus test:
Is this feedback based on actual experience with similar companies?
Does this investor have a track record of success with companies I’ve heard of? Or is the advice coming from something they heard second or third hand?
Have I heard the same thing from multiple investors?
If the answer is no to any of the above, take it with a grain of salt.
How CFOs Can Use Investor Feedback Internally
Hearing investor feedback is one thing—knowing what to do with it is another.
One of the hardest parts of the CFO job is bringing outside insights back into the company in a way that doesn’t make you sound like you’re just regurgitating investor talking points. That can make others in your company defensive (or their eyes glaze over).
It’s not enough to say, “Investors are worried about our CAC payback.” The real unlock is translating that into:
“If we want to raise at a better multiple next year, we need to show progress on efficiency. Here’s where we can move the needle when it comes to our sales and marketing spend.”
Or instead of saying, “Investors think our margins should be higher,” you reframe it as:
“If we can improve our gross margin by just 2%, it unlocks $10M in incremental cash flow next year—giving us more flexibility on headcount planning.”
Investors don’t operate your business—you do. Your job is to bridge the gap between external market expectations and internal execution reality.
“Use Me As Shield!”
As CFOs, we’re the company’s shock absorbers. The human shield. The designated receiver of unsolicited feedback.
But the best ones don’t just take the hits. They turn the best insights into action.
So next time you’re in an investor meeting, ask yourself: Am I reacting, or am I downloading?
Because the real cheat code isn’t just getting the feedback—it’s knowing how to use it.
Looking for Leverage
Last week we went deep into the art and science of Jumping S Curves.
How do you know when it’s time to incubate your next product?
When’s the best time to sell to a new customer?
What are the signs that your market is becoming saturated?
If you work for a Private Equity backed company, get your free playbooks.
Run the Numbers
Apple | Spotify | YouTube
Ambereen Toubassy, the CFO of Airtable, has experience as an advisor, an investor, and an operator. In this episode, we talk about:
Navigating investor feedback and how to take criticism without getting defensive.
How to build the right advisory network, red flags to watch for, and the importance of scaffolding your weaknesses with external expertise.
The value of specificity in the role of a finance leader.
Her time at Quibi, explaining what she learned from this moonshot idea that didn’t work out as hoped, and her approach to balancing fiduciary duties with the human side of leadership.
Quote I’ve Been Pondering
“The danger is greatest when the finish line is in sight.
At this point, Resistance knows we’re about to beat it.
It hits the panic button.
It marshals one last assault and slams us with everything it’s got.
The professional must be alert for this counterattack.
Be wary at the end. Don’t open that bag of wind”
-The War of Art, by Steven Pressfield
I am always a CJ fan, but this article really hits home, on how to manage investors (not only for public companies, but also applies to VC-backed companies) and the "best practice" on passing the message.
The term "turn up curiosity and turn down defense" actually applied to everywhere