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What is your opinion on having a business plan in order to raise money? Is it still a hard requirement, or are there new ways?
by iagooar 9y ago
What is your opinion on having a business plan in order to raise money? Is it still a hard requirement, or are there new ways?
- gatsby 9y agoFormal business plans (at least for internet or saas companies) are wildly over-rated and increasingly unnecessary. They may provide more value in other industries (I have no/limited experience outside of internet/software). Prototyping is so easy, quick, and inexpensive. Why spend a week or two on a business plan when you can spend a week putting up a landing page, driving some ads at it, and then definitively get some data points on, "do people want what I'm about to do?"
- dilemma 9y agoThe business plan is what you put together after you have a validated product. It is necessary in all businesses.