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Finding venture capital sources can make a gigantic difference in the early days of a business. You can hunt through a venture capital partner portal and make a list, but eventually, you have to turn that list into a set of partners.
How do you choose VC partners, though? It's tempting to focus on whoever can provide the most support. However, you may want to consider these four qualities first.
Anyone who has used venture capital partner software to search for potential players knows there are lots of individuals and businesses ready to participate. Not all of them will align with your plans, though.
You want to look closely at how their interests and histories align with your goals. A solar energy startup looking for VC support might need more help from a partner who has supply connections, for example. Compare that to an app development team that needs a partner who can help them find talented coders. Always examine the information on the venture capital partner portal to filter for ones that align well with your objectives and needs.
While it's understandable that everyone wants to cash out some of their profits down the road, you want to find partners who aren't looking to part with their stakes within a couple of years. Long-term partners work best when they're looking to add equity so they can get a bigger piece of a company's potential success. You want partners who not only want to stick around but are willing to expand their stakes as your company grows.
Interest in Entrepreneurship
The entrepreneurial spirit is essential to this entire process. Venture capital is different from old-school investing. It's about a belief in providing opportunities to founders. You want to find VC partners who are true believers in entrepreneurship. They need to be ready to bet on people, ideas, and energy rather than just looking at metrics.
The Ability to Think Small
It's easy for partners to get swept up in the Big Thing when a company is in the VC-seeking phase. You'll often need help with the little things, though. If a VC partner can use their network to connect you with a supplier, for example, that can be bigger than dropping the next tranche of cash on your business. A VC partner needs to be willing to think small and help you get through the many phases that company-building entails.
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