Your chances of getting a multi-million $ check from a big VC are kind of the same as winning the lottery – tho you would fare better with the lottery than giving away the store to an outside investor.
If you’re ready for round 2, and have exhausted the F,F, & F group, there’s still money around for ventures that make sense.
Before you go looking tho, KNOW YOUR COMPETION AND THE MARKETPLACE.
I’ve seen so many plans where the enterpreneur was so inwardly focused on their own project, they didn’t realize they were a couple years behind the curve – there are competitors out there, farther along, with more bells and whistles.
In the first dot com boom, I saw lots of plans where the team had built “half a company.” Great product, or service, but no plan or idea how to monetize it. That’s a relatively important part of the equation.
So where to look? Strategic partners. Find your potential biggest customers (if you’re in the B2B arena) and offer them a small piece in return for an investment. Better yet, let them basically pre-pay for product or services you will deliver in the future, and not have to give up any equity.
Another source is suppliers/vendors. People you will be buying from on a regular basis. They are advancing funds to you (in either debt or equity) in return for your commitment of future business.
Finally, remember this about your business plan. It’s not a roadmap of how to operate, but rather a marketing document used to raise money. And don’t hire a outside firm to write the plan, unless it’s a completely collaborative effort. If you can’t explain it, you can’t sell it.