Robert Ochtel’s Blog

An Experienced Approach to Venture Funding

Entrepreneurs, What is Your Start-up Company’s “Value-Added” Proposition?

Simple questions from venture capitalists can be the most difficult to answer for entrepreneurs. Why, because they often require both a strategic vision and specific insights to the long-term nature of all aspects of the market, your competitors, and your customers.  This requirement often eludes entrepreneurs as more often than not they are tactically focused and do not really have a strategic vision for their start-up company and the long term business opportunity their investment represents to their customers and to these same investors.  Therefore, when asked “What is the value-added proposition of your start-up company?” they often stumble and in some instances cannot answer this most simple of probing questions.  Why, because they have not taken the time to really evaluate what they are trying to offer the market and their end customers. That is, “Why are customers going to buy your product?”  As an entrepreneur, there are four tenants that you need to address, which will provide you the necessary insight to address the issue of defining the “value-added” proposition for your start-up company.  This article addresses each of these tenants and their ultimate importance to the potential success of your start-up company’s product offering to the market and its end-customers.

What are the Strategic Opportunistic Needs of the Market?

When developing a product offering you need to start from the markets.  Specifically, you need to address the “strategic opportunistic needs” of the market.  That is, what is the “problem” or “need” you are solving.  If there is no “problem” or “need” to solve, then there is no particular reason for customers to buy your product.  Whether it is lower costs, lower power consumption, higher efficiencies, or better service, etc., there needs to be a strategic opportunistic customer need that you are addressing with your start-up company’s product offering. Therefore, to determine your value-added proposition to the market place and the end customer, you need to definitively identify and solve a market or customer need that is currently not being addressed in the market.  The basis of this strategic opportunistic requirement needs to be based on a real assessment of the customers and the market. Anything less, will not cut it, as customers are very discerning, and if they do not see a definitive need to buy your technology, product or service offer they won’t.  Therefore, take the time to define the needs of the market place. Write these needs down on paper, and verify them by talking to a number of potential customers. You will then be able to appropriately define the “strategic opportunistic needs” of the market and one important tenant of the value-added proposition of your product offering.

 Do You Have a Long-Term Competitive Advantage?

Investors need to know that as a start-up company that you have a long-term competitive advantage in the market. This is usually accomplished through the development and subsequent patenting of certain intellectual property as it relates to your start-up company’s technology, product or service offering. This intellectual property, as defined, needs to differentiate your start-up company’s product offering in the market, and at the same time provides significant value to the long-term competitiveness of your technology, product or service offering.  Remember, investors are looking to create long term value, so that they can ultimately cash-in by either selling your company to a third party or going public (not too often these days).  Therefore, you need to create and protect your value-added proposition with patented intellectual property.  Doing so, will provide your start-up company with a long-term sustainable competitive advantage and allow your investors to earn substantial returns on their investment.

What is the Competitive Positioning of Your Start-up Company?

Do you know the competitive position of your start-up company? More often than not, entrepreneurs do not really understand the value of creating a “unique” competitive position in the market.  By creating this competitive position in the market you are differentiating your start-up company in the market and at the same time creating a value-added proposition to your customer base.  Whether it is a lower cost solution, or a unique service offering, you need position your start-up company and its technology, product or service offering as differentiated from your competitors. Apple does this well with their entire line of product offerings.  By offering unique operating systems and value-added user interfaces, they provide a differentiated end-user experience.  Hence, Apple has developed a “value-added” and unique competitive position in the market.  As such, they are able to charge more for their products, as the customers believe that there is value in the Apple product offerings and the overall end-user experience. Therefore, as a start-up company you need to develop a unique position in the market, such that your customers believe there is significant and unique added value in your product offerings when compared to your competitors.

How Do You Define your Start-up Company’s Product Offering?

How you define your start-up company’s product offering can add significant value to your customers and their needs. As an example, many times there is significant value to your customer base in how you deliver your product to the market.  For example, take Netflix and the movie rental industry. By developing a new delivery channel for a “generic” product offering, the home movie rental market, they have been able to provide substantial “value” to their end-customers, and at the same time differentiate themselves in the market.  Therefore, take the time to properly define your start-up company’s product offering. Make sure you are doing this in the context of developing a differentiated product offering for your target customers and the market.  This will allow you to develop a product offering that is defined by market and the end customer needs.  Solving a customer’s problem by appropriately defining your product offering to the market can be a key to adding significant value to your end customer and at the same time differentiate your product offering in the market.

Creating a “value added” proposition for your target market and its customers requires vision and specific insight to the long-term nature of all aspects of the market, your competitors, and your customers. To do this, as an entrepreneur you need to address four tenants, including: identifying the strategic opportunistic needs of the market, determining your long-term competitive advantages, developing a defendable competitive position, and determining your unique product configuration.  These items together will allow you to develop a “value added” proposition to the markets you are addressing and your end customers.  This will also provide your potential investors with the necessary insight to develop a quick understanding of potential for success of your start-up company and its product offering in the market.

This information was taken from Robert’s new book: “Business Planning, Business Plans and Venture Funding – A Definitive Reference Guide for Start-up Companies”.  Available at www.amazon.com.  For more information on the book go to www.carlsbadpublishing.com.

October 12, 2009 Posted by | Business Planning, Venture Capital, venture finance, Venture Funding | , , , , , , | Leave a comment

Entrepreneurs: Your Executive Summary Sets the Tone For Your Potential Venture Investors

Your start-up company’s executive summary is typically the first document potential venture investors review when considering your start-up company as an investment opportunity. The quality of this document therefore sets the tone for these same venture investors (e.g. individual angels, angel groups and venture capitalists). A quality executive summary may be the difference between securing a meeting in front of potential venture investors or not receiving a call back.  Therefore, by considering the executive summary as their “door opener”, entrepreneurs need to focus on developing an “investor quality” document to put their best foot forward when introducing themselves and their start-up company to potential venture investors. This article outlines some of the things that entrepreneurs need to consider before they provide their start-up company’s executive summary to their potential venture investors.

Does Your Executive Summary Have the Appropriate Content?

The executive summary is a key element of the road show process. This document is used as the “entry” vehicle to secure the attention of venture investors. A well-written executive summary is necessary to securing a follow-up phone call and subsequent meetings with the venture investment community. The executive summary provides a two- to three-page overview of the company’s business plan. This document is to include an overview of the company, its technology, product, or service offering, as well as its management team and the financial requirements and expected return on investment. The executive summary must be a well-written, succinct document that describes all the essential points that are of interest to venture investors. Content to be included in an executive summary includes the following:

  • Company Overview
  • Background and Milestone
  • The Problem/Value Proposition
  • The Technology, Product, or Service Offering
  • Target Customers
  • Market Size
  • Market Strategy, Tactics and Execution
  • Competition Summary
  • Financial Projections
  • Management Overview
  • Funds Requirements and Use of Funds
  • Exit Strategy

 It should be noted that an “investor-quality” executive summary is very difficult to write and takes many hours of work by the whole management team of your start-up company.  But, given the importance of this document to securing your first meeting with potential investors, it is well worth the effort.

 Is Your Executive Summary Succinctly Written?

It needs to be emphasized that a considerable amount of time and effort should be spent by the management team of your start-up company to develop an “investor-quality” executive summary. This often requires that the management team to write, and then rewrite and rework the executive summary document many times, in different formats or layouts to get a succinctly written document having the proper flow, content, and message.

As previously mentioned, this document sets the tone by providing the proper introduction of your start-up company and its technology, product, or service offering that will determine whether you receive a call back and are able to arrange a first meeting with venture investors. So, the importance of this document can not be underestimated.  Your executive summary is the document that will make the difference between receiving and not receiving a call back.

To ease the process of developing an “investor-quality” executive summary, there are several items to adhere to during the development of your start-up company’s executive summary, including:

  • Length: 2-3 pages – The ideal length of an executive summary is two pages. Often, executive summaries are three to five pages in length. It should be noted that venture capitalists have a limited amount of time to review your executive summary and, as such, the shorter the better and the more likely it will be read. 
  • Font: 10 point or larger – Typical font size for an executive summary is 10 to 12 font. Anything smaller is not readable and will generally deter your target audience from reading your executive summary.
  • Sub-heading and bullets – The use sub-headings and bullet points to enhance the story is recommended in the development and presentation of your executive summary. This does two things: 1) It provides the reader with a format that is easy to read; and 2) It allows the venture investor to identify the “key” elements of interest in an executive summary at a simple glance.

Therefore, having a succinctly written, executive summary, based on the tenants outlined above, and at the same time providing the appropriate content and message is a big step toward receiving a call back from potential venture investors.

Does Your Executive Summary Contain Financial Pro Forma Statements?

Many times I receive executive summaries from start-up companies that do not contain any financial pro forma information. This is like buying a car without a steering wheel and an engine.  Without providing the appropriate financial pro forma statements in your start-up company’s executive summary, investors will not know where you are going or how fast you will get there.  Since your potential venture investors are financial managers, they are primarily reviewing your start-up company based on the potential return on investment it can provide them in a reasonable time frame.  They are not really concerned on how “cool” your technology is or by how “neat” of a product offering you are developing for your target customers. Potential investors, first and foremost, review your start-up company based upon its projected financial performance.  Therefore, you must spend a considerable amount of time putting together financial projections that are:

  • Defendable,
  • Have the appropriate back up details, and
  • Reflect industry standard financial statements.

 By not providing financial pro forma projections or by providing financial statements (e.g., income statements, balance sheet cash flow statements) that are inaccurate, un-defendable, or do not reflect typical industry financial standards, your executive summary is by definition an incomplete document.  Therefore, it is very important to include financial projections in your executive summary to ensure that you receive a call back from potential venture investors.

Have Your Executive Summary Reviewed By Third Parties.

All start-up companies should have their executive summaries reviewed by independent third parties that have experience securing funding from the venture funding community.  This review process will ensure you do not miss something and will provide the appropriate type of critique that will add value and quality to your executive summary.  You should have several colleagues review your executive summary. This will allow you to consider multiple input sources and at the same time provide you with many difference perspectives on this summary document.  Remember having originally generated your executive summary, you are too “close” to it and need an unemotional third party to review your document from an objective point of view.  This will enhance the quality of your start-up company’s executive summary and often, at the same time, improve the end product.

 Have You Done Your Due Diligence On Your Investors?

Many entrepreneurs do not spend the any time doing due diligence on their potential venture investors.  This is important, as you want to target only those investors that will have an interest in your start-up company and its technology, product or service offering. Therefore, doing the appropriate level of due diligence will ensure that you are targeting the appropriate investors for your start-up company and its technology product or service.  Several items to consider when doing your due diligence on your potential venture investors include the following:

  • Geographic focus,
  • Stage of development focus,
  •  Capital required,
  • Industry specialization, and
  • Deal leadership.

All of these items will affect whether a given venture investor will consider your start-up company as a potential investment opportunity. So, before you approach any venture investor, you should research their background, their past investments, as well as their strengths and weaknesses. This will more likely insure a positive experience with your target venture investors.

 Developing your executive summary is the important first step in securing a meeting with potential venture investors. The quality of your executive summary sets the tone with your potential venture investors and can be the difference between securing your first investor meeting or not receiving a call back.  It is important as an entrepreneur to understand the importance of your executive summary and create an “investor quality” document with the appropriate flow, content, and message to get your potential venture investor’s attention. By spending the appropriate amount of time an effort creating your start-up company’s executive summary you can ensure that you will get the attention of the venture funding community.

June 15, 2009 Posted by | angel investors, Executive Summary, Venture Capital, venture finance | , , , , , , | 4 Comments

Some “Truths” About Networking for First Time Entrepreneurs

The term networking itself and networking as an activity can be very intimidating to first time entrepreneurs.  Many of these same individuals have never have had to network or believed that they needed to network to enhance their career, and as such, are unfamiliar with networking and its benefits.  In fact, many first time entrepreneurs, not only need to learn what “networking is and is not”, but they need to learn “how to network” to benefit of both themselves and their start-up companies.   This article outlines some basic “truths” regarding networking and how it can benefit entrepreneurs and their start-up companies.

Networking is Really Focused “Socializing” 

Networking is really no different than any other socializing activity.  In fact, if it were referred to as “socializing”, instead of networking, I believe it would be less intimidating to first time entrepreneurs.  The word “networking” seems to have an underlying performance-based stigma associated with it. That is, to be a success at each networking event they attend, one needs to come away with something that they value for themselves or their start-up company.  This, “what can I walk away with mentality”, with virtually no effort on their part, is not really productive for the first time entrepreneur, as promotes undue pressure that requires this same entrepreneur to actively seek a “quality” connection each and every time they attend a networking event.  This is a non-realistic expectation and definitely not a “good” networking mentality.  A better approach is to attend each networking event with a positive attitude and hope to meet one to two individuals you can possibly create a personal connection with.  This is really what should be the expected “positive” result of a successful networking event.  Therefore, if you look at networking as focused “socializing” you will be more relaxed and ultimately more successful at each networking event you attend.

Not all Networking Organizations offer the Same Level of Benefit to the Entrepreneur

First time entrepreneurs need to be very particular regarding which networking events they decide to attend.  The reason for this is that all networking organizations have a particular focus. In addition, each networking organization also has unique presentations and participation formats. Therefore, out of the gate, first time entrepreneurs should first identify the various networking organizations in your area. After this, one should ask their friends if they have attended any of these networking events and get their overall opinion on the networking organization and its utility, effectiveness and friendliness.  Also, as a new participant, one should take time to attend at least one to two events, for each targeted group, before they decide to join any one networking organization. This will give you a true feeling for the networking organization and how it operates.  Finally, one should make an effort to meet the individuals that run each networking organization.  To do this, just introduce yourself and tell them that this is the first time that you are attending.  This is important, as each group has their own “personality” and that personality always comes from the individuals who run the network organization.  As you will learn through this process, one networking organization will most likely “fit” you and your personality better than the others.  This comfort level will allow you to be more effective and enjoy the events you attend. 

In Business, People Like to “Work” with People They “Know”

Have you ever noticed that entrepreneurs that start companies surround themselves with people they know?  In fact, many start-up company’s founders have worked together, in the past, at one or more companies.  This collegial bond and common experience base allows these same individuals to “know” each other, their personalities and most importantly their skill sets. 

To take this “known entity bond” a bit further, there have been whole industries that have developed based on personnel from a single company. In fact, the wireless industry in San Diego, Ca was founded, developed, and expanded by insiders that originally worked together at a single company, Linkabit. Since the early 1980’s there have been hundreds of wireless start-ups, in San Diego, that come from this lineage, most notably including: Qualcomm, Hughes Network Systems, ViaSat and many others.   This provides you with an understanding of the “basic” desire and “need” for people to “work” with individuals they “know”.  As such, this is what networking is all about — it provides a forum for you, as a first time entrepreneur, to present yourself and your start-up companies, so that others can get to “know” you and your start-up company.

Networking is Not a “One Time” Activity

Many first time entrepreneurs mistakenly believe that they can attend a “single” networking event and will walk out with funding and many “great” contacts. This is far from the case.  In fact, only by attending targeted networking events multiple times, do the individuals at these socializing functions get to “know” you and your company, its technologies, products or services, and your needs. Realistically, it usually takes three to six months or more, of continually attendance, for people begin to “know” you, and recognize you as a quality, reputable individual.  Only after this amount of time, individual effort, and interaction will other fellow networkers be willing to open up their networks and contacts with you.  This may seem like a long time for first time entrepreneurs, but look at it this way — you would not introduce someone you don’t know to your best friend unless you “know” them and can be assured it is a “quality” introduction.

 Getting Involved is the Best Way to Start

The best way to become quickly recognized and known among a networking organization you are interested participating in, is to become involved in their “executive committee”.  As most networking groups are volunteer networks, they are always looking for individuals to: organize events, recruit new members, run committees, etc.  This is done by the executive committee members.  This type of volunteer work generally only takes a few hours a month and you then have access to all of the “key” individuals within the organization and their networks, which are generally extensive. 

The Long Term “Benefits” from Networking are Many

The long term benefits of active networking are many for you and your start-up company.  Remember, no entrepreneur can successfully develop and expand their start-up company in a vacuum.  All start-up companies require “key” individuals with broad and deep skill sets, industry connections, and a continually expanding network to ultimately be successful in the market. As a minimum, some of the long term benefits of successful networking to entrepreneurs include:

  • Meeting new acquaintances,
  •  Acquiring new friends,
  •  Being exposed to new ideas,
  •  Expanding your industry contacts,
  •  Securing long-term business contacts,
  • Developing strategic business partners, and
  • Securing an extensive amount of resources at your immediate disposal.

So, as a first time entrepreneur, get out there and network, both you and your start-up company will benefit substantially from your efforts. 

March 30, 2009 Posted by | Business Development, Nwtworking, Venture Capital | , , , , , , , | 3 Comments

Venture Capital – It’s Not “Welfare” for Start-up Companies

Most of the time, when I first meet with entrepreneurs and their start-up companies, they are usually focused on the money they think they “need” to make themselves successful. More often than not they say, “If I just had a $1.0M to get my company off the ground that would solve all my problems.” This “money-focused” mentality often makes these same entrepreneurs take their eye off their real objective — making their company an attractive investment opportunity for potential investors. As I always tell them – “money never solves your problems, either in your personal life or in business, but being prepared, focusing on your company and securing customers will.”

Venture Capitalist focus on the “Best in Class” Investment Opportunities

Venture capitalists and other private equity investors, by the nature of their business, are “risk adverse” and not “risk takers”. This line of thinking seems to escape entrepreneurs and their start-up companies. This is especially true for “first-time” entrepreneurs. These individuals do not take the time to look at their start-up company and its associated “investment risk”, from the venture capitalists point of view.

A venture capitalist has a fixed amount of money in their private equity fund. This fixed sum is used to invest in a limited number of companies over a given period, usually 7 to 10 years. With these limited number of investments, the venture capitalists and their funding sources (e.g. pension funds, private individuals, etc.) know that a number of them will fail, a number of them will break even or do a bit better, and a couple will be highly successful. Therefore, from their point of view, venture capitalists are taking a traditional “portfolio management” approach to minimizing the inherent “risk” of their individual investments. As such, venture capitalists only look for the “best-in-class” investment opportunities to ensure that their “portfolio risk” is minimized and their individual investments succeed over the life time of their investment fund.

Not all Companies are Candidates for Venture Funding

All of the entrepreneurs I meet believe that their companies are fundable by third-party equity investors, be it angel investors, venture capitalists or other private equity sources. The truth is that very few of these same companies will be able to secure monies from these same funding sources. The statistics show that only about 3% of start-up companies, which are reviewed annually by venture capitalists, secure funding from these same funding sources. Therefore, it is not hard to believe that the other 97% are either not fundable or have to secure funding from other sources (boot strap, friends and family, etc.).

As an example, recently, I received a request to help secure funding for a start-up company that was looking to develop a service offering addressing a new, bleeding-edge market that had yet to develop. They were looking for $1.0M in investment capital, but were only projecting $5.0M in revenue in their fifth year of operations. This company is clearly not a candidate for venture capital or any other third party equity funding. On the other hand, suffice it to say, that if a company, at some point, succeeds in generating revenue of $5.0M a year, with high gross margins, this will end up being a fine “life-style” company for its founders. This type of start-up company and investment opportunity is not a bad deal for the founding team over the long term, but is definitely not a candidate for third-party equity investors.

Start-up Companies are in Business to Secure Customers

As a start-up company, entrepreneurs need to remember that they are in business to secure customers and not just to develop a technology, or service offering. By focusing on securing customers early on, these same start-up companies will provide substantial benefits to themselves in both the short and the long runs. In the short run, the start-up company will have demonstrated to potential investors that there is a “market need” for its product and that customers are willing to pay for it. This is very attractive to investors as it reduces their investment risk and demonstrates the potential for market traction. Also, by securing customers early, this will provide this same start-up company with a “lead” customer. This is often key to securing long-term success in the market. A lead customer will help drive a start-up company’s technology, product or service features, functions and capabilities. This is very important to a start-up company’s success in the market, as end customers always know more about the market application requirements than the start-up company developing the technology. Finally, by securing customers early, this will allow a start-up company to generate revenue. This will reduce both the start-up company’s short term and long term capital needs, requiring the founders to give up less equity over the long term.

Planning, Preparation and Securing Customers is the Best Plan for Receiving Funding from Venture Capitalists

Entrepreneurs should not expect that angel investors, venture capitalists or other private equity investors will provide them with money, just because they have an idea. This is an unrealistic expectation. Entrepreneurs need to work hard in planning and preparing themselves and their company to be ready to present their investment opportunity to potential investors. Remember, venture capital is not “welfare” money for start-up companies. Investors are looking to secure a significant return on their investments in a predictable time period. If an entrepreneur and their start-up company do not offer, as a minimum, the following, it will most likely not secure funding.

  •  A “best-in-class” team,
  • A disruptive technology, product or service offering,
  • A sustainable long-term competitive advantage in the market,
  • The ability to secure customers and market traction,
  • A proven business model, and
  • The ability to scale and dominate the target market(s) of interest.

So, as an entrepreneur, focus on your start-up company. Take the time to plan and prepare yourself and your start-up company for the rigors of securing funding in this tough environment. This includes securing customers as early as possible. This will substantially increase your odds of securing funding and make your start-up company a much more attractive investment opportunity for venture capitalists or other private equity investors.

The information outlined in this article comes from my new book entitled “Business Planning, Business Plans and Venture Funding – A Definitive Reference Guide for Start-up companies.” Signed copies of this book are available at http://www.carlsbadpublishing.com. Robert also provides business planning, and venture funding consulting services to start-up, small and mid-sized companies.

March 23, 2009 Posted by | Venture Capital | , , , , , , , | 4 Comments

Venture Capitalists Prefer Large Established Markets!

Many entrepreneurs only focus on bleeding-edge, burgeoning markets when developing their company’s technology, product or service offering. This is done for several reasons, including:
• Burgeoning markets have limited competition,
• Ability to establish an early foot-hold to increase the perceived “value” of their company, and the
• Difficulty in developing a differentiated, long-term competitive advantage in an established market.

I recently published this article on http://www.ezinearticles.com . It outlines why this burgeoning market approach may be too risky for many venture capitalists and then provides five reasons why venture capitalists prefer large established markets over bleeding-edge technology markets.

The access the content this article go to http://www.carlsbadpublishing.com and click on the Articles and Book Press page.

All information outlined in this article comes from my new book entitled “Business Planning, Business Plans and Venture Funding – A Definitive Reference Guide for Start-up companies. This book is available at http://www.carlsbadpublishing.com .

January 29, 2009 Posted by | Venture Capital | , , , , | Leave a comment

Essential Element #1: A Technology Does Not Make a Product.

In my experience in raising private equity for start-up companies, there exist two types of companies: technology-oriented companies and market-oriented companies. Both types of companies believe that they will be successful in the market. But it has been my experience that the market-oriented companies will ultimately provide their company with a highest, long-term return on investment.

Become a Market Oriented Company
The “technology-oriented” company focuses on its technology as the only means that will provide them success in the market. This type of company, often a typical profile of many start-ups, believes that it is their technology that will provide them with success in the market. They are not concerned with the size or growth of the markets, their competitor offerings, their customers’ needs, or what it takes to be a success in the market. All they know is that they believe that they have “unique” technology that will provide them with the ability to be successful in the market. Technology-oriented companies are blinded by their own thinking. They are “internally focused” companies that do not have the ability to bring their heads up from their technology and survey the landscape that they are intending to address. In many instances, it is these same technology-oriented companies that do not even know who their customer base is and cannot describe their needs in a succinct, well thought through manner. The technology-oriented company focuses their success solely on the success or failure of their technology. These same companies many times have great technology in the laboratory, but never succeed in bringing a great product or service to the market.

The “market-oriented” company takes a much broader focus on the attributes that potentially define their success in the market. The market-oriented company, like the technology-focused company, has “unique” technology that may provide them with the underlying ability to be successful in the market. But, unlike the technology-oriented company, the market-oriented company understands a technology that is successful in the laboratory may not be sufficient to be successful in the market. The market-oriented company generally believes that it is their technology that may provide them with success in the market, but they are genuinely concerned about all other aspects that will define the success of their product or service offering, including the size or growth of the markets, their competitor offerings, their customers’ needs, or what it takes to be a success in the market. Market-oriented companies are not blinded by their own thinking. They have the desire to learn all they can about their market and the attributes that define success in their target markets. Market-oriented companies are “externally focused” companies that do bring their heads up from their technology and survey the landscape that they are intending to address. In many cases, it is these same market-oriented companies that intimately know their customer base. This can be through experience, but most likely is due to the amount of research and due diligence they have done regarding their target markets. The market-oriented company can describe their customers’ needs in a succinct, well thought through manner. Finally, market-oriented companies have a much higher probability of being a success in the market. These companies have great technology in the laboratory and generally succeed in ultimately bringing a complete product or service to the market.

So given you have a choice, engage in the business planning process and make your start-up company an externally, market-focused company. This will increase the probability of success for your company securing venture capital funding and ultimately provide for the highest return on investment for your company’s shareholders.

January 27, 2009 Posted by | Venture Capital | , , , , | 1 Comment