As an entrepreneur, I am sure this sounds familiar: I have this great idea, but those (*##@#) VCs just don't get it! You are almost correct on both counts.
First, the great idea: the right way to state it would be "I am close to the great idea". Your instincts are good, you are really close, but your foot has not stepped on the Big Idea yet. For example, the startup I alluded to a few posts ago has developed this really incredible nano-sized nonvolatile switch that is completely CMOS compatible. OK, they are close to a great idea, but nobody invests in a technology by itself. What is the breakthrough product that will enable them to dominate a large market?
After some gnashing of neurons, it is so clear that the Big Idea is to develop a new type of FPGA that will be very fast, very low power and very low cost. If this works, they will have their fair chance at World Domination.
Now to the second point: yes those VCs do not get it! And not because they do not like your idea, but usually because they cannot connect the small dot of where you are now to the big dot of a $100M revenue company. VCs do have a lot of imagination, but they need some help here.
So in the case of the above-mentioned startup, I helped them connect with a FPGA architect genius, to really draw the Plan to Greatness. Stay tuned for further developments.
In summary, close is not good enough, your foot has to be cleanly stepping on the trigger for the Great Idea, and please help those VCs connect the dots.
Until then, happy chasing!
Comments