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November 01, 2007

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Ha! Rick, enjoyed your list. Don't forget: Have you changed the CEO? What's your China strategy? What's your India strategy?

Maybe those are funny - I'll let you know when the zing wears off. I've gotten the first three within the last month; the last stage from an expansion stage. Fortunately in that case we knew it was an expansion stage VC, so the expectations were set.

However, despite having been through the call, response and even presentation phases a few times, I still get the zing when the lead-me-on dies.

I'm finding more and more, the name of the game is to find the right VC partner. It doesn't even have to be the right firm, just the right partner. Then the dialog starts to have meaning and depth. Otherwise, it's just a lot of those phrases.

I've also recently gotten: "This is really cool, do you have a Facebook app?" [no we don't and we're planning to at the moment]

I've heard some of those lines too--I just figured the buyers didn't have the money. Granted it wasn't VC courting me. It was a competitor.

It is human nature (and several VC's might actually fit that category) to not confront someone (at least until you have invested in their company) with abrupt bad news. So some VCs (and angels) fall into the camp of saying that the crap that they have just seen is "interesting." I always advise founders that getting turned down is much more valuable than having someone express interest. When turned down, you stop wasting your time. When "interest" arises, there is always a set of wasted cycles that must ensue. I tell founders that you can't pay your payroll with "interest." Perhaps we should ask our VCs to use IM or text messages to turn us down. According to recent studies, teens are using IM and text to avoid embarrassment. And it might just save everyone a bunch of time and effort.

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