Tips for Successful Venture Capital Meetings

We spent a lot of time talking about the overall process of raising venture capital - but I think where a lot of entrepreneurs fall down is in those first few meetings.

1. Go in with your eyes open. This is a rather all-encompassing suggestion and idea, but it's one of those things that's hard for first-time entrepreneurs to do. When I first started raising money I had no clue what the process entailed.

2. The pitch matters. I harp on the pitch a lot. And a great pitch doesn't automatically close a deal. But it's the critical first impression that you make. And you can never change that after. People often say, "raising capital is like dating" and no one doubts the importance of first impressions in dating.

3. Be prepared to jump around. I don't mean physically, I mean within your pitch. I have rarely been in a meeting with venture capitalists where I was able to walk through my entire presentation without them asking questions. And usually they'll start peppering you with questions, which means jumping around and knowing your pitch so well that you're not thrown off.

4. It's who you know. You can reach out to a venture capitalist cold and get a response, but generally it works better through an introduction. And not just any introduction; you want an introduction from someone the VC knows and trusts.

5. Know the VCs you're meeting. Don't meet a venture capitalist without knowing who they are and more about the firm they work for. You want to know the firm's past investment history. You want to know the history of the individuals you're meeting.

6. Don't be a know-it-all. No one likes know-it-alls. No one likes braggarts. Don't try and act smarter than everyone else in the room. You might be, but it doesn't matter.

7. Get as far as you can on as little as possible. This is really advice on how to run your overall business, but it's also something you want to focus on during meetings with venture capitalists.

8. Know who will buy you. Who is going to buy your company? The IPO market is non-existent, so the best chance of success is through an acquisition. And that's how VCs will make their money - so they want to know who will buy you. And for how much? You should have comparable examples in your industry (as well as from other industries.)

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