I figured this video would appropriate for the first blog post- a short overview of the early stage of the VC process. Many of our clients who are first time entrepreneurs are totally clueless as to how to start the VC process, and end up making some fundamental mistakes. This includes:
- Blind/cold sending of materials to every VC firm under the sun,
- Asking VC’s to sign NDA’s,
- Not preparing the appropriate materials, or
- Not preparing materials properly
- And many others!
He makes certain things sound very easy, like having a reference connect you to a partner at a VC firm. Not every entrepreneur has these kinds of connections, and this shouldn’t limit the success of the idea. This is also something we offer as a part of our consulting services- we open doors for people who have great ideas, and are lacking a network of proper individuals. I would argue that this is a bigger problem in Israel than Silicon Valley. Granted both are communities where most of the players know each other, Israel is a smaller community and has the aura of a closed club, making it very difficult for new or first time entrepreneurs to break in. (A post about this topic, Israel vs. Silicon Valley is coming soon).
Enjoy the video- provides some good tips when you get to that point. But remember, there is a lot of work to do to even get to the point where you are properly approaching a VC firm. And props to iinovatecast.com , they have some great podcasts on their site- check it out.
-I
