I am running a silicon valley start up. I raised $300k from friends / family and am now very close to raising a substantial series A from venture capitalists. We have pitched to numerous VCs and are in due diligence with 3 of them now. No one - co-founders, employees, lawyers, advisors, investors have ever asked for a business plan.
We have a powerpoint that we update as we refine our strategy, and an excel financial plan, but are pleased that we have not had to keep a 40 page word document up to date through this process.
At business school, we had competitions to write business plans, and start-up books are full of "how to write the plan" - but this does not look necessary now.....DO NOT WASTE YOUR TIME!
Thoughts?
