Q: What are the common questions that VCs ask them (so that our customers can prepare)?
A: Generally it's understanding how they're using your product, how'd they find out about it, and what kinds of problems are they actually facing (painkiller vs vitamin). Also every VC approaches these conversations differently.
Q: Are there any questions that we'd want to request customers to refuse to answer, e.g. the number of reference calls?
A: I wouldn't say refuse, but if you have any explicit agreement/legal doc between the parties or what they can/cannot say, then I might point that out. Other than that, you can always steer the customer in the direction you want them. ie "A VC's goal in these calls is X, and it would be immensely helpful if you could share Y and Z."
Q: Can I impose a limit in terms of time duration that a VC can spend with customers, e.g. 15 minutes?
A: No time limit is truly strict, and at the end of the day, it is up to the parties involved. But you're always welcome to ask 15 minutes of your customers' time to chat with said investor, and when you intro them, mention that the customer is free to jump on a 15-minute call.
Credit: David Zhou