Prepare yourself and your company by developing a strong business
model and a solid business plan.
Position your search for capital by researching what kind of capital
is appropriate for your company, what venture capital firms have
the investment parameters that match your company, by stage, amount
of capital, industry, and geographic location.
And finally persevere, don't give up.
Preparation:
**********************
Develop a clear, concise, realistic business plan that gets the
reader excited about the opportunity your company presents. The
plan must not only cover what you are going to do but how you are
going to do it.
Hone your market research and analysis skills. Systematically gather
information on your competitors, so that you can make a credible
case for why your product/service offering will be better.
Let other experienced business people read and critique your plan,
testing it for clarity and reasonableness. Never send a first draft
to the venture capitalists. Proofread it a number of times.
Put together a strong, experienced management team, with people
who have been successful in the past.
Positioning:
*******************
Research the investment criteria of the venture capitalists to ensure
that what you offer is what they are looking for.
Use every method you can think of to reach potential investors.
See if you can find someone that knows the VC and can make a personal
referral.
But don't rely simply on referrals, contact the venture capitalists
directly yourself. Our survey showed that direct contact by the
entrepreneur was mentioned by 30% of venture capitalists as the
way they most commonly found the deals they invested in.
Perseverance:
*******************************
Keep trying, don't give up.
Continually widen your network of contacts to give you more avenues
of approach to investors.
(And don't forget to put your name and phone number in the business
plan, so the investor can call you!)
-----------------------------------------------------------
Dee Power is co-author with Brian E. Hill of "Inside Secrets To
Venture Capital" published by John Wiley & Sonsable in bookstores nationwide
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Startups: Unlocking Venture Capital 
