Business Plans No Longer Required
I am now raising my second round of financing and have never been asked for a business plan - don't waste your time writing one.
I am running a silicon valley start up. I raised $300k from friends / family and am now very close to raising a substantial series A from venture capitalists. We have pitched to numerous VCs and are in due diligence with 3 of them now. No one - co-founders, employees, lawyers, advisors, investors have ever asked for a business plan.
We have a powerpoint that we update as we refine our strategy, and an excel financial plan, but are pleased that we have not had to keep a 40 page word document up to date through this process.
At business school, we had competitions to write business plans, and start-up books are full of "how to write the plan" - but this does not look necessary now.....DO NOT WASTE YOUR TIME!
Thoughts?
Yes, this has been common knowledge for the past 8 years to any SV entrepreneur who didn't go to business school.
Good for you. I don't think, though, that one size fits all in this situation.
Good to know
yup, agreed. you just need to throw in an exec summary