Even if you don’t need to raise money, or if you know you probably aren’t fundable, you should probably get in the habit of hanging out with and pitching VCs regularly. Why?
Because VCs have more meta-data about who is doing what than any one else in the business world. They are on the front line of all the emerging technologies, the best new ideas, and they know hundreds and hundreds of entrepreneurs and funded companies.
I blogged last month about the phenomenal meeting that David Bradford and I had with Tim Draper of Draper, Fisher, Jurvetson, where he gave us a HUGE idea for FundingUniverse.com. That has started the ball rolling and our team is mobilizing around his idea.
Yesterday one of our teams had a meeting with a very successful VC who shared some excellent wisdom with us. Here are some tidbits:
Our venture friend also told us about a great new technology that might fit into what we are doing.
So bottom line was we got feedback on our business, our team, potential partners, and some pointed questions that will force us to better define our customers, systematically talk with more of them, and think about our exit and who will want to buy us as we meet our customers needs.
So when is the last time you pitched a VC? What is stopping you from trying that right now? Make some phone calls. Use LinkedIn. Get introduced. Try your pitch and see what you can learn.