Kevin Rose: The Tech Wunderkind
Kevin Rose was once the hottest tech founder in Silicon Valley. Reportedly, gaining millions of dollars on the acquisition of his company along with high-profile investments. The investments he made were in companies that are now household names, such as Twitter, Foursquare, and Facebook. Later Rose was hired by Google to be a partner in their Google Ventures subsidiary where he is given $300 million dollars a year to invest in the next big thing.
Kevin Rose would call himself a intuitive angel investor and goes with his gut when he sees a company that has the potential to be the next Facebook. In the following video (Click here to view video), Kevin mentioned that he wasn't a big fan of the 20-30 page business plan. Especially if they have financial projections that go out beyond six months, because as he mentioned there is no real way to really do that.
He mentioned that he was satisfied with a 2-3 page plan, that is backed with alot of passion and will to be disruptive in whatever space that is being pursued. Also he stated that along with their plan the company should at minimum have a working prototype of the actual product itself.
Bruce Schechter: The Old School Investor
Bruce Schechter garnered his success at Intel Corporation in various executive capacities. He later began investing in other tech companies with success and now is on the rotating board of investing firm Band of Angels, which is Silicon Valley's oldest seeding organization, according to their website.
In the following video, (Click here to view video) Bruce Schechter explains what is important to him when a potential company pitches him an idea. He focuses not much on the product or service, but point blank how will they make money. He expects to see a business plan that details financial projections and how you will grow the business from customer one to customer one million. He also goes as far as saying that if you do not have a business plan do not bother to pitch to him until you have one.
So what are your thoughts, do you need a business plan to obtain an investment?
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