Source: RWW, Sep 2010
“Don’t come to a VC when you need money,” says Suster. After all, you need to get to know the person you’re going to marry before you get engaged. “It’s too hard for them to assess your character in a short period of time (and vice versa) and it’s too hard for them to see how your thinking, product & traction develop over time.”
Another point Suster makes is that you want to build a relationship with a VC that is not “a yes man.” Just as with relationships of the heart, being continually told what you want to hear does not a healthy bond make. VCs should be constructively skeptical and constantly challenging and questioning your every move – pushing your startup to grow.
… make sure the VCs they engage are aware they aren’t looking for funding at the moment, and to keep things casual – no formal pitches.