Lead investor conversion is the process of moving an interested investor into a committed lead role with a signed term sheet. It requires building enough conviction that the investor is willing to (a) commit significant capital ($2-50M+ depending on round), (b) lead the round at a specific valuation, (c) take board representation, and (d) recruit other investors to complete the round. Lead conversion is the most-critical step in priced-round fundraising because everything else (syndicate formation, follow-on investors, deal completion) flows from securing a lead. Without a lead, the round doesn't happen.
The lead conversion process:
Phase 1: building partner-level interest (weeks 1-4 of round):