To add a bit to the above. Having done startups with investors I know that formal business plans are invaluable to them, preferably printed on nice glossy pape

To add a bit to the above. Having done startups with investors I know that formal business plans are invaluable to them, preferably printed on nice glossy paper with lots of whitespace and nice pictures. But when it comes to actually doing what is stated in the businessplan after you have your funding things seem to change so fast that either you have to spend a lot of time updating it, or else just leave it and go and make your product work. I tend to opt for the latter.