The first few days in San Francisco and Berkeley are almost over and a lot has been going on so far. After having a jet lag day with football and a Finnish sauna in the shady parts of Oakland, we got our first chance to meet up with a local (Finnish) entrepreneur. We had the privilege of talking with Ari Tulla from Betterdoctor. We met him at Foundersden, which is a co-working space / startup hub in the heart of San Francisco.
Betterdoctor is a company that is solving the problem of finding a doctor near to you that fits your insurance plan. the problem is that no service combines the data for, doctor specialty, accepted insurance plan, quality verification and availability.
We talked about several topics but an interesting discussion was about VC-money around here. Basically what makes a deal is a good idea, a great founding team (with advisors, lawyers and partners) and basically having built your company in a reasonable way from the beginning. Technology isn’t the key and nor is your idea. Up to 70 % of good teams end up doing something different from what was planned on day 1. Also what Ari thought as crucial is your first VC. If he/she is good, other VC’s will follow.
Guy Kawasaki has similar insight. Below is his VC wish list but do check out his blog for more details.
- Build a real business
- Get an intro
- Follow the 10/20/30 rule
- Show traction
- Clean up your act
- Disclose everything you can’t clean up
- Acknowledge / create competition
- Tell new “lies” (Be original)
- Don’t fall for old tricks
- Under promise and over deliver