It’d be great if you had buddies in the Sand Hill Road picking up the phone every time you call them, but most entrepreneurs are outsiders, and they have no choice but to cold-email their pitches. Michael Seibel posted a handy video on how to pitch in such situations.
The problem with VC firms and incubators, though, once you apply, it’s mostly a black-box. The good ones are kind enough to respond, but most won’t even do that.
It would be great if a new VC firm emerged with transparent information showing you the status of your application in real-time, with clear information on their processes, like how frequently they evaluate new pitches, how they decide, etc. This would be the VC firm of the millennial generation, who hates checking in, prefers convenience above all else.
Below, you can see how Domino’s lets you track your pizza order. Wouldn’t it be cool to see the same picture with your VC/incubator application 🙂
Bloomberg Beta gained a lot of respect from hackers when they moved their website and application process to Github. Similarly, a16z became an instant hit with the value-added services they surround their portfolio companies with. Y Combinator’s seasonal approach and their focus on young applicants (rather than experienced folks) were among other innovations in the VC world.
In other words, innovation works in the venture capital space too. I hope it won’t take too long for a new VC firm with super-transparent processes and a web-app UI to emerge.
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