Ouriel had a post last week noting the curious custom of some local entrepreneurs to send business plans adorned with the Hebrew letters bet samech daled as a religious/superstitious good luck charm. (This led to an interesting religious discussion; the comments are worth checking out).
At any rate, it got me to thinking about other cultural quirks around here. Which led me to the idea of presenting some tips for local entrepreneurs about how better to present themselves when sending material to VCs. The tips are certainly relevant for us at Giza, but I'm pretty sure you'll find them relevant to the rest of the local venture community as well.
These tips are not meant to be a critique (although if you feel I am being too snotty feel free to comment below). Rather, they are meant to help facilitate the dialogue between entrepreneur and investor.
And so, the first of what I suspect will become an ongoing project:
Tips When Sending Material to Local VCs
- Send material in English - Many people who join the Israeli high-tech world are surprised to discover that almost all written communication is done in English rather than Hebrew. The reason for this we are part of a larger, English-speaking global ecosystem.
Which is why we prefer material in English. It makes you look a lot more professional to us. On a practical level, it helps if we are thinking of syndicating the investment with a foreign VC. And on a slightly more abstract level it shows us that you are thinking beyond the narrow confines of Israel. If you have dreams of succeeding overseas, then you should really take the time to write up your material in English. (I'll save the list of tips when writing material in English for another time). - Management Bios - VCs have a cliche that we invest in a team as much as we invest in a technology or product. Therefore it is absolutely critical that you send us material about your management team.
Also, when providing management bios, be detailed. Many times we'll get a description to the effect of, "The CEO has worked in a number of successful startups over the last ten years." We would like to know which startups and what position he/she held there. - Competitive Landscape/Analysis - This is another key item we look for in your material. The competitive landscape and analysis is important to us beyond finding out who your competitors are. It also demonstrates thought process and how you see your company positioned. At the very least it shows whether or not you have done your homework.
As I mentioned, more to come...
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