Two weeks ago at a dinner in San Francisco put on by Finance4Founders, Venture Hacks blogger (and serial entrepreneur) Naval Ravikant spoke to entrepreneurs about how they should approach fundings (via VentureBeat).
He gives some great insights into the funding process that all current and prospective entrepreneurs should read, whether they need funding now or not—besides, how often do entrepreneurs not need money? ;-)
My favorites are numbers 3 & 6. Number three is very true; the more you swallow your pride and go out looking for help, the more opportunities for growth (and funding) you will run into. Being stealthy is important, but don’t be so worried about people stealing your big idea that you close yourself off from the people that can truly help you succeed. I also agree with number six—though the title is a little misleading—sometimes entrepreneurs get so wrapped up in trying to explain the minutae of what they are doing and how each concepts leads into the next, that potential investors end up bored and confused. Show that you’ve done your homework and clearly articulate the vision you have for your company; don’t leave any huge gaps in logic, but let your potential investors fill in the small gaps they are interested in during Q&A.