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Do’s and Don’ts of Approaching a VC

Don’t ask for money in your first meeting with a VC.

Do some research as to which VC’s are funding companies in your space.

Don’t submit your business plan via the website or mail and then sit back and wait.

Do use your network to find a VC that will be right for you.

Don’t get your heart set on a particular partner within a VC firm.

Do some research as to how involved a VC is with portfolio companies in relation to their fellow VC’s.

Don’t go into the first meeting thinking you’ll get through your entire pitch deck.

Do prepare slides that speak to market size, competition, your team, and financial forecast.

Don’t answer the market size question by indicating that you only need 1% of the <insert giant number> of potential users that exist in the entire world to have a billion dollar company.

Do complete some market research to determine a more likely market size.

Don’t go into a meeting without having basic financial forecasts.

Do include some real customer experiences to help validate your financial forecasts.

Don’t try to hide where your team’s expertise is lacking.

Do realistically assess what skills you will need to add to the management team to be successful.

Don’t expect you’ll walk out with funding after one meeting.

Do understand it’s about getting another meeting.