Most first-time founders automatically think that VCs are where it’s at. The crucial thing about venture, though, is the investment criteria.
VCs are only interested in the tiniest minority of ideas. In some ways, it doesn’t actually matter how likely you are to succeed. If your startup doesn’t tick the “power law” box (the law states that the vast majority of returns come from a tiny minority of deals), there’s almost no chance a VC will invest in you, even if your business is a sure thing.
Most founders waste far too much time chasing VCs, when they’d be far better speaking with angel investors and family offices. Granted, they’re harder to find, but they’re also more likely to invest. For VCs, there’s no such thing as medium success. For them, an investment is either a game changer or it’s a statistic.
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