Venture Capital Funding for Geeks
VC Funding for geeks
Idea isn't as important as the group of people that you choose to work with.
Incorporate before going to the VC
hint at VC competition
VCs don't start new companies. Get customers first.
Angels , bank loans, govt grants.
Consulting to pay the bills.
Flickr grant funded.
Solution looking for a problem?
The best way to get vc funding is not to need it.
Don't stop calling them.
Popular Power. GlenGaryGlenRoss
Chicken/Egg VC TermSheet. Take good enough.
Don't change the idea based on the input.
Funding is a FullTime Job
10:1 pitch to term sheet.
3 term sheets per 1 financing
From pitch to term sheet two months, ten or more meetings
Term Sheet to money
Total time 6-12 months.
VCS are blogging- read them!
VC is a business too book: "No Exit: When Venture Capital isn't right" good blog too.
Funders != founders
investors != inventors
August and december - dead months
VC is a concensus business. September is a good month.
Powerpoint presentation, 10-15 slides no more!
Executive Summary, 2-3 pages
introduction to a vc.
Don't submit a biz plan only works with Angels.
ventureblog.com - presenting your company
The technologist's trap
Do one slide about the product, the rest should be about the business. The business is as important as the idea.
Get slides online:
The Ten Day MBA.
Biz plans for dummies.
Prior Art! Mail the idea to a lawyer.
Provisional Patent. 1 year Statute.
From the VC in the audience: Know your VCs. Personalities in the firm, etc.
Buy the book, MBA in 10 days.