Step 1: Business Plan Submission
The first step in approaching us is to submit a business plan. At minimum, your plan should include:

1. a description of the opportunity and market size;
2. resumes of your management team;
3. a review of the competitive landscape and solutions;
4. detailed financial projections; and
5. a capitalization table.

Download the Business Plan form

You should also include an executive summary of your business proposal along with the business plan. Once we have received your plan, we will discuss your opportunity internally and decide whether or not to proceed. This part of the process can take up to three weeks, depending on the number of business plans under review at any given time.

Keep in mind that we receive an average of 200 business plans each month. Of those, less than five percent will be invited to meet with our partners. Just two percent will reach the due diligence phase, and less than one percent will be offered a term sheet. Some 0.3 percent of those submitting a business plan will ultimately obtain funding.

Step 2: Introductory Conversation/Meeting
If your company has the potential to fit with our investment preferences, you will be contacted in order to discuss your business in more depth. If, after this phone conversation, a mutual fit is still seen, you’ll be asked to visit with us on a one- to two hour meeting to discuss the opportunity in more detail. After this meeting, we will determine whether or not to move forward to the due diligence stage of the process.

Step 3: Due Diligence
The due diligence phase will vary depending upon the nature of your business proposal. The process may last from three weeks to three months, and you should expect multiple phone calls, emails, management interviews, customer references, product and business strategy evaluations and other such exchanges of information during this time period.

Step 4: Term Sheet and Funding
If the due diligence phase is satisfactory, we will offer you a term sheet. This is a non-binding document that spells out the basic terms and conditions of the investment agreement. The term sheet is generally negotiable and must be agreed upon by all parties, after which you should expect a wait of roughly three to four weeks for completion of legal documents and legal due diligence before funds are made available.