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Let’s start with this: ABC’s Shark Tank is a
fantastic show, and there are some moments of real drama that mirror what
actually happens across the world in corporate boardrooms each day. For
example, if you don’t have a realistic valuation or a feasible business plan, then
prepare to get shredded — presuming, of course, that you can get a meeting with
venture capitalists in the first place.
However, there are things about venture capitalists that you won’t learn on Shark Tank — things that will make the difference between bringing your entrepreneurial dream to life, or being forced to find a good bankruptcy attorney to keep your creditors from taking your last dime. (With this in mind, if you do need information about bankruptcy, then read the great blog at charleshuberlaw.com.)
And so, what are the things that you need to
know about venture capitalists, but won’t learn from the University of Shark
Tank? It boils down to five little-known truths:
Not all self-described venture capitalists are venture capitalists. Some are consultants who try and connect entrepreneurs with venture capitalists, and earn a fee or commission for doing so. While there is nothing inherently wrong with this — some consultants can add real value — it’s essential for you to know whether you’re dealing with the actual person who will (hopefully) write you a check, or if you’re dealing with a middleman.
Not all venture capitalists have the same game plan. For example, some smaller investors may balk if you try and raise more money, since it means they’ll lose control to bigger fish (or make that bigger sharks). On the other end of the spectrum, some major players in the VC space may insist that you go all-in, and either become a unicorn or go bust. If you try and diversify along… Read More
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