Executive summary of a business plan

[bobbyparker]

I am in contact with a venture capitalist group. They seem quite interest, but require an executive summary of the business before singing a NDA. But to really sell this too them, and prove that I have a viable business and to prove my figures I will need to tell them the USP - which kind of makes the NDA pointless.

They're called octopus ventures and I know they're not dodgy and would just steal the idea or mess me around. I am really keen to get them on board, I have researched the team and they have some great experience in the industry which my product is in.

Bit stumped what to do now, and what to include in my executive summary? I have been reading one of Duncan Banatynes books and it says...yes you have to protect your idea, but don't suffer from paranoia. As most people are too lazy too even think about copying it.

Is it worth the risk, and just trusting them? as this could be life changing and make my business happen.

 

Professional VCs (and Octopus are professional) aren't in the business of stealing ideas, they are in the business of investing.

They invest in the business and in its management.

If you have their ear I suggest that you hold on to it!

Lots of info online regarding business plans and executive summaries.

Best of luck.

 

[bobbyparker]

Professional VCs (and Octopus are professional) aren't in the business of stealing ideas, they are in the business of investing.

They invest in the business and in its management.

If you have their ear I suggest that you hold on to it!

Lots of info online regarding business plans and executive summaries.

Best of luck.

You put it in better words than I. I agree, I have just sent them an E-Mail to let them know that I'm sure it's not in their nature and that I will send an executive summary to them by the end of the day.

I do have one in my business plan, but I wrote it a few weeks ago. I really want to write it again because I'm not really good with words and feel I can improve it.

Some mention to include figures, some say don't? I don't have any figures, really. I have a fag pack calculation but that's about it. Maybe if I just put how much it costs on average to produce one product, and the price it can sell for.

 

[mhall]

The Executive summary of your Business Plan is there to excite and entice. Prove you have the passion and the desire to do it, Prove that the market is there and you are gagging to get your hands on it. You will need to tell them a little but not too much. They won't steal your idea but you need them to realise that even if they thought about it, it is you who will be driving the business forward and they will need and want you on board. What's the potential? What's the return?. Whatever you do, don't be too corporate- you want them to invest in you as much as the idea but they really want to see good figures.

An excited summary with good potential figures is delicious to a VC. - just don't say anything you can't prove.

Don't TELL me, SHOW me !

Show me how much money I can make, show me how many customers you will get, show me why I should invest in you. Talk is cheap- PROVE IT !

 

[GraemeL]

The Executive summary of your Business Plan is there to excite and entice. Prove you have the passion and the desire to do it, Prove that the market is there and you are gagging to get your hands on it.

All spot on. This is really a sales pitch you are giving. But do remember who your target audience is for the pitch.

 

[bobbyparker]

Right,

All sent.

Eek! So nervous, but also excited...is it rude to ask for feedback if not successful? I didn't add this as I didn't want to come across as that I'm planning not to be successful.

 

[toastking]

Good luck with this and let us all know how you get on.

 

[bobbyparker]

I got an E-Mail back which said they will review it and send me feedback. Hopefully what ever outcome it's some useful feedback and not a generic response/feedback.

How long shall I wait until I contact them if I don't hear back from them? Obviously if they want to invest they'll contact me. But if the latter, then I would really like some feedback.

 

[bobbyparker]

Just got a retweet from one of the team at Octopus to E-Mail him.

Asked him if it's possible to catch him on Skype...not sure if that was a bit 'unprofessional'? hummmmm

 

[jhardy2008]

Yes. Executive summary of your Business Plan is very important.

 

[juji]

your executive summary should simply sum up the rest of your business plan. I usually write the executive summary after I've written the plan.

You are right about your ideas being safe.. Its less about ideas and more about execution + management team

 

[bobbyparker]

Unfortunately wasn't successful, I did get a positive feedback though and encouraged me to let them know how I'm getting on and once the business is actually trading. And said it was one of the better ideas they have received.

Hmmmm...the development and planning of the business is going well, but soon enough it's going to be time to inject some money in to it and make it happen. I have had an offer from a friend who has a wealthy family but there's something I'm not keen on about him, not the kind of person I want to work with.

If anybody who has any interest in this, please don't hesitate to contact me. Can discuss in more detail. It's very exciting for me, as I've been nurturing this idea and it's been growing for a good few months now.