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DiggThe following is from Tech Confidential partner Ask The VC, where Brad Feld and Jason Mendelson of Mobius Venture Capital answer questions related to venture capital investment and startups:
Q: What do you expect to see from an entrepreneur whom you don't know or have a casual introduction to before scheduling time to listen to a pitch? A one-pager? A complete Powerpoint? A classic business plan or a casual one?
A: (Brad) While everyone is a
little different, I'm pretty simple. Optimally, I'd like something to
play around with (e.g. a simple web site or software demo /
prototype.) If the company is pre-web site / demo, then a short
executive summary is always better than a ppt for me - I'd rather read
what the person thinks, than try to interpret it from a ppt. However,
I'm happy to get a ppt of any length since I'll just page through it
quickly. I'm also happy to just get a couple of paragraphs describing
the business and the background of the people involved as I can usually
decide from there whether it's something I would be interested in
spending more time on.
I have no interest in seeing a business plan or a financial model for an early stage company pre first pitch.
As someone who has successfully "cold called" many VC and won meetings, I can attest that the strongest intro is from someone they know or a recognized name or attorney at a large firm.
Many scrapping entrepreneurs may not have the luxury of the "intro" and I have found success in structuring an email as follows.
---- KEEP IT SHORT!!!
----
I found you via [website, article, etc]. My company [describe product or service.
For example, we [describe what your product or service offers] by helping [describe your target segment or customer].
We have completed our [product status] and have customer commitments from [or some proof people will buy; sales traction is best]. We have also established [show you have built the company and not just an idea; you have billing, accounting, website, etc.].
I would like to meet with your firm at your earliest convenience to provide more information about what we are doing and to seek investment. [must ask for action and explain why are you writing] You can learn more about our company by visiting www.[yourwebsite].com and I can be reached via email or [contact details].
Thanks in advance,
[Your name, title in signature block below w/ contact details]
----
----
One point of note, be sure you research the firm, who they've invested in and that you are writing to the correct partner (who has led investments in the same general sector). You can find this by viewing their portfolio companies on their website or joining sites like TheFunded.com to learn more insight.
The above email format has worked successfully with some of the largest VC in the world and I'm sure they would appreciate a concise format that gives them the initial information they look for. Play around with it and good luck!
best.