Before approaching a venture-capital firm, you should have a clear understanding of what you want to achieve. You are obviously looking for money to help expand your business, but what other resources does your business need to take the next step? Do you need practical guidance from seasoned executives who have a deep understanding of your company’s industry? Do you need help networking so that you can enter into business development or partnership arrangements with other companies? Do you need help recruiting people to complete your management team?
In addition to providing capital, venture-capital firms can provide you with access to a host of additional resources to help make your company successful. Because firms are made up of investment professionals who often have specific industry or operational expertise, it is important to know what sort of resources you are looking for and then do some homework to make sure you’re approaching venture firms that are the best match for your company.
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