Fable: The Start-Up Which Raised Its VC Money In Two Days
There was once a chip company which raised all of its venture money in 48 hours. Not a single investor asked to see the business plan.
Not that seeing it would have helped them understand the company’s plans because the business plan made no mention of what product the company would pursue other than it would make chips ‘not of the types of ICs now on the market’.
The VC said it was “probably the only company I ever invested in that I was absolutely 100 per cent sure would be a success.”
Moral: A good name is worth more than diamonds.