Who You Are Determines How Much VC Money You Will Get

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2013/01/18 by lingdecklee

Many of us would walk into a VC pitch thinking the VCs want to hear how great my idea is or how superb my business model is. I believe these count towards something, but ultimately, it is the kind of person we are that determines whether we get zero or millions.

This is also why it is important to pick on something that you are good at for your startup, especially something you are passionate about. I have no idea how cloud computing actually works and no passion in instant messaging (even though I use both religiously), so forcing myself to do a startup in either will be just silly.

This is then also why it may be a good idea for the entrepreneurial students to go work for somebody else or experience different cultures for a while after graduation. If I am a VC, I really prefer to invest money on, say, an online legal service startup run by a 10-year-experience lawyer who has no technical background than the same startup run by a MIT computer science PhD fresh graduate who knows nothing about the legal business.

Let me repeat: VCs invest in entrepreneurs, not the ideas. Here is an article that takes on the same topic:

How To Be A Million-Dollar Entrepreneur – And Why It Matters

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