I`ve presented biz plan to some 30 VC firms in Palo Alto. None of them asked for money. Some of them hired experts to evaluate the technical merits of our technologies. I even feel I wasted all those 30 presentations to "dummies" because with those 30 days of work and travelling expenses we could have made serious progress toward commercialization.
I have a simple rule: Never deal with any one including VC who asks for any upfront money. Watch the SuN show on invention. It says pretty much the same thing regarding invention promotion firms: to agree to a percentage of royalty but never pay an upfront fee to those snake oil salesmen.
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