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If we’re early early stage with no product/POC should we hold off relationship building with VC’s?

We’re considering going to an open hours session with a partner at a well known firm, we submitted a slide deck to get a slot, just not sure what the level of expectation is.

    • Why bother answering if you can’t fr@*%in be constructive?

      Relationships, chemistry, trust -it all matters…

      Reply

  • If you were pre-revenue but had a product to show that would be one thing. At least you can have a conversation about what your product does. But, what’s the point in meeting VCs if you don’t even have a product? They’ll just look at you as a waste of their time.

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  • Hold off, you’ll get there but you only have 1 chance. Also this is dependent on your market, your pedigree and if you’ve had any exits.

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    • OP here, thank you for providing rational, we got caught up in the emotion of the opportunity and couldn’t think straight, you’ve brought some sanity to our thinking 🙂

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  • I don’t know that the other advice here is completely true. I think it’s a case by case basis. There are some general VCs that look at the whole start-up space and invest when companies are ready for big money. If you don’t have a product, which also assumes you don’t have customers, these guys are a bad idea and won’t give you the time of day. But there are also some that are a mix between the VC sized funding and angel sized funding that would be good to start talking to, specifically those that focus on your domain. I know you said VCs and I’m kind of talking more about angel investing, but it’s more of what you should be reaching for. Building a relationship with these guys doesn’t mean just trying to get money. A lot of these guys love hearing about new products and giving input in the earlier stages. When you get this early stage money, having expert advice and connections in the field can be more important than the money because it enables the one thing that most start-ups fail to realize they need, luck. Getting a few lucky meetings or introductions can be the differentiating factor in so many start-ups. Not sure I answered the question, but I think it’s sound advice anyway. Good luck.

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  • Read Mark Suster’s post: Invest in Lines, Not Dots. http://www.bothsidesofthetable.com/2010/11/15/invest-in-lines-not-dots/

    Think about the value you could bring to the VC. For example, insights about an industry and its current players. Tell them something that they don’t know.

    Then follow-through with periodic contact, including updates on your own progress.

    If you do it right, they’ll become a supporter and possibly introduce you to more than just money.

    ~ SDW

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