More tips on raising funds from a guest post on TechCrunch by Rodolfo Rosini, Founder/CEO at Storybricks, a new MMORPG out of San Francisco. All great stuff and agree that VCs never say No. Saying No cuts you out if the deal changes. So if a VC is not saying Yes he is saying No, not now, go change the deal – the team, the product, find a customer etc. But as the post says, VCs spend their time looking at deals so always listen carefully.
Quick trip to IdeaSpace in Cambridge, UK. Great to meet people who have raised funds and are building a business. Just hope that they have used a great business plan resource. For the founders and shareholders, it is all about building value between rounds.
Also heard from an entrepreneur who I have backed who is based on the Cambridge Science Park. After a tough start, things are picking up. He is kept on his toes no only by the thrill of building his/our company but with the competition of people around who are building fast.
But back to IdeaSpace and the Hauser Forum. I had to listen to someone talking about wash-out rounds. Lets talk about companies that did well with VCs. One of the big problems in Cambridge, UK, is that the people who get washed out – the ones who fail to build value – talk loud whilst those who have done well keep a low profile. For example there is little “noise” from Xensource founders which was sold after eighteen months for $500million and funded by VCs.
It was good to get out and about in Cambridge and hear all the success stories. But I did meet some people who are still doing the same old thing and staying small and not making any progress. Let them follow their dream but it can be a tough and lonely business being an entrepreneur. It is capitalism on the sharp edge.
Hat tip: Amar
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