Novell exec Matt Asay has some advice for venture capitalists desperately searching for the next great deal by doing just about anything to build relationships with the 20-something engineering set lighting Silicon Valley on fire with their Web 2.0 startups:

1. Give it up. If you have kids of your own, you already know you're not cool. I have four kids who still think I'm funny but think me less and less cool with each passing day.
2. Speaking of your own kids, watch them. Spend more time at home rather than at "beer-soaked parties." Your kids will be a better barometer of "cool" than a 20-something ex-Googler. Anyone that can read those Google billboards is "uncool" in the rest of the country. :-)
3. Try visiting family out of state. There are lots of uncool people off the coasts - these people are a market, too. In fact, they're actually a bigger market.

I think he should have stopped after the first one. It can all be boiled down to 'give it up'.

Then again, if by chance the 40 and 50-something VCs struggling to win the best deals from the hottest Stanford students are able to fit in and have a good time at the various social events they find themselves at, I say go for it. Truth be told, that will help you win deals. A student entrepreneur may well be more impressed with a VC that can do a keg stand for 40 seconds (see video below) than one that can whip out a $1 miillion check 40 seconds into a pitch.

Although before attending any college parties, I advise a few practice rounds of Quarters followed up by a keg stand in the comfort of your own living room. Watch the video below for a refresher course.

Tags: vc, venture capital