The next time you get called by a junior analyst at a time when you're not raising and haven't gotten any tech press, it's likely because someone else is raising -- ringing up competitors is a pretty standard part of due diligence.

You can sometimes figure out who's out raising just by asking your own investors -- they tend to know what's going on at other firms.

Not everyone is sweetness and light in this situation. Really, blocking a competitor from raising is the only reason why you should take the call.