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1.3 Honest Feedback, Even if You Don't Want to Hear It
Fund: Mentortech Ventures
Posted by Anonymous on 2008-02-11
For young and first time entrepreneurs, there's a lot to learn about the VC industry and what a VC deal means to your business. Starting with the basics, your pitch, a lifetime of classroom work and book smarts will only teach you so much and get you so far. Pitch Michael and Boris, listen to what they ask you and the feedback they give you. It's some of the best free information you'll ever get, even if it's harsh and they pass on the deal immediately. Go back, rethink your business and pitch as appropriate, and I guarantee you, your next pitch to any VC will be infinitely better. And as you refine your business and pitch, I recommend going back to the MentorTech team and updating them with your progress. They'll appreciate you took some of their advice.
I'm a first time entrepreneur, have pitched a ton of VC's and private investors on both coasts, and been rejected by all but a small handful of them. The vast majority of those rejection emails, "Thanks for your time, let's stay in touch, blah blah blah," absolutely useless. MentorTech, "Have you thought about this" What about this change" You should definitely talk to these guys, let me make an introduction." Ultimately, they helped me fill in the gaps and get funded.
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