I'm with Michael, just being straight up honest is the way I'd have it. I'd want to know the REAL reason as to why I was being rejected. For me, although that would suck- it would still be a great thing to know if a VC is interested in the company if I wasn't CEO. And I don't know about other entrepreneurs, but I'd ask for the chance to prove myself, and if that didn't work out, I would easily step aside because I care more about accomplishing my goal than who's name gets the recognition for it.
Great post!!
Heck yes. I didn't know about this until today, but if I can make it- I'm there!
My co-founder and I have always been confused how to show future growth. How do you make a hockey stick figure without making a hockey stick figure? :) I love your approach, "don't bluff". But I also feel that by saying "This is what I know, but this is what I don't know" will also make us look not ready, or not enough experience, etc. We got a couple early stage VCs we're looking at in the Boston and NYC area, and I'm worried (but supportive) about taking this approach. I believe honesty is the best approach, just proceed with caution I guess?
If this same thing was in Boston, I'd totally drive down for it!
I can't believe Jon and I are going to miss this one! Hopefully somebody can recap next time.
My startup is based upon a "market that is about to emerge", I'll just shoot straight and say that we're not positive on how to do projections for certain things and how big the market really is... at least to put on paper. Would you suggest that just getting the VC to understand the yet to emerge market on their own, and forgo slides that could lose them? Because I believe that I can do that.
That's awesome to see TechStars' track record doing so well. Congrats to both Limbo and BrightKite! Can't wait to see what new features this brings! That's gotta' be a great feeling.
Sounds great Lee! Where do I fill out the 5 question profile?
You said that even your firm used to do these models. John had a good point about how it helps to break down the investment to ask important questions that may come up. So even though you're dealing with seed-stage, pre-profit companies, have you (specifically) done away with these exit forecasting models? Or is there something else that replaces them now?
The suspense!!! Crossin' our fingers.
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