About a month ago I received an email from a friend I met at Audencia School of Management on my study abroad trip to France. She asked me if I had any contacts of venture capitalists who she could approach for funding the business she was helping her friends to start in Algeria. I had to admit that I had neither contacts nor much knowledge about venture capital. Even though there was some sort of an elective offered at GWSB that tackled on the new ventures and their funding, I did not take that course. One thing I picked up from talking to some students and reading business publications was that generally venture capital is extremely difficult to secure and you should have a really brilliant idea to sell in order to get a shot at venture capitalists.
So I promised her to contact some of my classmates from MBA programs at GWSB who I thought could have at least some exposure to or experience with the venture capital due to their jobs or because I knew they were trying to start their own businesses. I received back three responses from about ten emails I sent out. It was interesting to read those emails.
One was very short: “I’m afraid I’m not the right person to ask. I can’t even get VC funding in DC”. Another guy said that he was actually working at VC firm and they were raising capital for several projects in the Middle East. He requested additional information and gave links to his company’s website.
And one of the classmates, Ben Lee, a principal at BRL Consulting Group and a blogger at Sustainable Employees, gave a bit more extended general advice which I am going to include here with his permission. I actually featured a post from Ben recently in my blog too. Even though his suggestions are somewhat general, I found them quite interesting and helpful as the very first introduction to venture capital. So here is Ben’s advice:
Regarding VC contact info, that is a great question. Here would be my plan of action.