Sunday, April 15, 2007

VC funding

Question at MIT startup discussion:

"To raise VC funding, do I need to have a complete management team assembled?"

- "Not necessarily. Many VCs do not mind considering startups that have an incomplete management team. Some will actually see gaps in the management team as a positive as that is an area that they can help with and bring value to the startup."

Hallelujah ! A sensible answer. If i were buying a home entertainment system, i wouldn't expect to buy all products together from the same brand. What I would do would choose the best individual item that accomplished what i REALLY wanted and then build around it.

There is nothing more frustrating for an entrepreneur than the "rules" - unfortunately in the UK (and particularly Scotland) the rules are extremely rigid, so it's nice to see some real world, sensible answers.

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