The Wall Street Journal runs series, providing valuable information to the entrepreneur (including the physician business owner!), from time to time (most recently on what business entity to form) and this week, they bring us Tips for Finding Angel Investors.
I’m commonly informed by doctors starting up new businesses that they are on the lookout for venture capital and on by the way, can I point them in the direction of some willing venture capitalists who’ll be interested in their idea?
It’s painful to enlighten them with the bad news that most self-respecting VCs wouldn’t consider listening to a half-baked presentation of a business idea from an entrepreneurial physician, let alone investing in an unproven start-up with no real business plan and no revenues.
But, I tell them, if you have a really good idea with a solid business model and plan, a terrific team in place to help you accomplish your goals, and with a realistic financial path projected to profitability, you might be extraordinarily lucky to attract the attention of and assistance from an angel investor or two.
The Wall Street Journal article and its related stories offers some useful pointers to finding these financial backer darlings. And the Journal promises future articles on on venture capital — should you be able to get that far with your brilliant idea! I keep my eye open for them and update this post as I come across them for you.