Going to Raise VC? Here’s a Primer on Process, People & Powerpoint Deck #startups #vc

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Here is another post from my VC RSS feed. A primer in raising money!

A post from Both Sides of the Table by Mark Suster has the whole story. Here is a part:

If you want a very quick primer on all the stuff nobody ever tells you about raising venture capital check out this video where Mark Jeffrey & I break it down on This Week in VC.  A summary of what we discussed is below:
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Not 100% in order of the video, but close.  All of this is covered in more detail on the TWiVC video above (and much of it is covered in text on this blog on the “Raising VC” tab)
1. Will a VC sign an NDA (non-disclosure agreement)? No. If they did they would be in constant violation because VCs often see 3-4+ companies in every market that they operation.  NDAs would make it impossible to do business.   Asking for one to be signed shows naïveté.
2. What is the VC process?
  • Meet with one person from the firm – partner or associate.  If you can meet a partner up front it’s always best but sometimes it’s not possible.  The first meeting will often by with an analyst, associate or principal.  Often principals are allowed to do their own deals whereas associates are not.  Associates are good an important people – I discuss this in the video.  Still, “call high” if you can.
  • Potentially several other qualifying meetings before you get to meet the other partners if the person you have met is not yet convince / wants to do more work.
  • If you make it past this stage you will go to a “full partners meeting” which is exactly what it sounds like.  In the video I describe how to best play this meeting and why, without a champion going into the meeting, you’re unlikely to get an investment.
  • After the partners’ meeting you should usually get a pretty good steer on where you’re at in the process.  If you don’t, make sure you follow up and ask for feedback
  • If they say yes you get a term sheet and once this is signed it is usually 3-6 weeks until your legal docs get signed and you’re funded.

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