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Top Ten Lies of VCs

Guy Kawasaki has a great post on the Top Ten (well, Top Nine) lies that VCs tell.  Coincidentally, having raised money a couple of times myself, I'd been thinking about how I would want a VC to treat an entrepreneur - and how I should treat entrepreneurs I interact with.  Here are a few ground rules I came up with:
A meeting delayed is a meeting denied: This has happened to me, and to entrepreneurs I know, far too often - you connect with a VC via an email or phone intro, get an expression of interest, are shunted to an assistant to schedule a meeting - which is set for six weeks out!  I don't care how busy somebody is, if they are serious about a deal, they'll make an effort to see it within a couple of weeks if not *today*.  My take: I'll do my utmost to see you in the week we connect, or, at the latest, by the week after. 
You *can* handle the truth: As Fred Wilson points out, one of the hardest things for a VC is how to say no.  A common tactic is to let the dialog with the company peter out over time rather than saying a firm no and explaining the reasons for it.  I don't want to do this, I've tried not to do this (although I've been guilty a couple of times), and I resolve never to do this again.
At ease, soldier:  Ed Sim lays out a good model for how to approach a first VC meeting, and most VCs have a certain expectation for a pitch.  But a pitch session is not an inquisition; I'm going to make a conscious effort to make you feel at ease when we meet. 
You're smarter than me: At least when it comes to the topic you're pitching me on, my default expectation is that you're smarter than me.  Actually, I hope you're smarter than me overall!  And I'm going to treat you that way ... our meeting is a way for me to learn about your business and about you, not for me to show you how much I know.
I know what i don't know: It's a natural human tendency to seek refuge from the unknown in what we already know - even for VCs who, by the nature of our job, should seek to explore uncharted territory.  But the best companies take investors out of their comfort zone.  I know what I don't know, and I'm not going to fake knowledge I don't have - but I will spend more time looking at ideas that don't seem obvious, that scare me, that force me to put my credibility on the line when presenting them to my partners.

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