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How early should I start speaking with VCs?

Is it ok to reach out when you have an idea on a napkin or should I wait until I have an MVP and significant traction?

8 Replies

Jeffrey Pearl
1
0
Jeffrey Pearl Entrepreneur
Entrepreneur, CEO and Sales Leader
I have found having traction and revenue is very important
Shams Juma
0
0
Shams Juma Entrepreneur
Founder
Don't think in isolation! Start reaching out to VCs and talk to them. Get it straight from the source.
Martin Omansky
5
0
Martin Omansky Entrepreneur
Independent Venture Capital & Private Equity Professional
If you are a Nobel Prize winner with an idea on a napkin, you will get a serious hearing from investors. If not, don't approach investors without a story, a product/market combination, a team, a document, a financial projection, and evidence of the uniqueness and protectabity of your venture. Sent from my iPhone
Rob Gropper
2
0
Rob Gropper Entrepreneur
Director at PetHero, SPC - Member at Eastside Incubator - Principal at Tuxedo Technologies Group
It's not binary. with nothing more than an idea on a napkin you will be wasting everyone's time by trying to schedule meetings, which you won't likely get, but do take the time to go to meetups and events attended by VCs and at least introduce yourself and work on building relationships. Then when you do have some traction you are not starting completely from zero. Also, build relationships with founders of funded companies who can help with warm introductions when the time is right.
Gulf Cloud
0
1
Gulf Cloud Entrepreneur
First Cloud Service Provider Company in the Arabian Gulf
The longer you wait the better of you are
John Bentley, II
0
0
John Bentley, II Entrepreneur • Advisor
Entrepreneur - Technologist - Software Architect. The Code Wookie is focused on helping people get the most out of tech.
I was fortunate enough to be at a meetup with several VCs in our area. The VCs encouraged us to reach out them early about an idea, not for funding, but for advice and direction. The VCs often have knowledge about others that have a similar idea and may be good partners to work with on the same venture or on complimentary ones.
Rod Abbamonte
0
1
Rod Abbamonte Advisor
Co Founder at STARTREK / @startupHunter / @startupWay / @CoFounderFound / @GOcapital / @startupClub / @lastminute
Keep contact and talk with them ever.
Alan W. Urech
0
1
Alan W. Urech Entrepreneur
Managing Partner, Stoney River Capital Partners, LLC.
I agree with everyone else. An idea is just an idea. Investors do not invest in ideas but businesses. Turn it into a business which includes having a strong management team, demonstrating a strong and growing market opportunity, a focused but flexible business strategy, showing value to the customer by answering 3 questions (What is the problem, What is different and better about what you are doing and third, Why this difference matters to the customer), and fifth a growing financial picture.
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