6 steps to score some venture capital

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Some of the most successful companies were launched in the teeth of a downturn, and web-based businesses continue to race ahead of their bricks-and-mortar counterparts. Its never a bad time to launch. Here are some tips for securing the seed money:

A bank is a place that will lend you money if you can prove that you don’t need it.: Bob Hope

1. Have an idea

We’d say it has to be good, but many web start-ups demonstrate otherwise.

2. Stick with what you know

If you’ve spent the past few years building MySpace plug-ins, don’t propose a chain of bowling alleys.

3. Focus on the summary

It’s the first thing in any business plan that venture capitalists read – and the last, if it’s poorly written or long-winded.

4. Know your market

Home in on firms that have recently funded start-ups similar to yours, and immerse yourself in your target funder’s “ecosystem”.

5. Keep it brief

Once invited to present your plan, use no more than 30 PowerPoint slides and keep your presentation under 45 minutes.

6. Be clear about cash

Venture capitalists will view a wishy-washy estimate as evidence that you haven’t thought through your business plan.

What do you think? Have I missed any points? Please leave your comments below:

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Mar201014

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