Polish your presentation before approaching North America venture capital firms

Preparation is the most important part of securing venture funds. North America has an abundance of venture capital firms, and you may be tempted to apply to many firms at one time. The volume approach rarely works with venture capital firms. Polish your business plan, work on your presentation skills and draft a one- or two-paragraph summary of your company's mission and how the venture capital will be spent. Once you have refined your presentation, selectively approach the VC firms that are the best fit for your company.

I recommend: Palo Alto Software, Inc. provides Business Plan Pro software that you can use to write and refine your business plan. Whether you choose to write the plan yourself, or use a software program, use the resource at Edward G. Jones and Co, LLC to polish your business plan. Check out 1000 Ventures for a detailed look at preparing for a meeting with potential investors. Then, use VC Locator to refine your search for the perfect venture capital firm.

Choose from the many successful venture capital firms and funds in North America

When a venture capital firm invests in a company, it takes over some control of that company. An experienced venture capital firm will help a company grow and become successful. With the abundance of venture capital firms and funds in North America, it makes sense to choose one with a proven track record of growing businesses in your industry.

I recommend: Capital Vector and Go4Funding.com both provide a comprehensive list of venture capital firms in North America.

Understand and negotiate your contract before accepting money from North America capital firms

Contracts are an important part of receiving venture funds. North American laws differ from state to state and country to country, but in general, the contract is provided by the VC firm, and will protect the firm's interests. The contract will typically include board and voting rights to the VC firm, the ability to tie performance to funding and a non-compete clause for high level employees of the company receiving funds.

I recommend: LexisNexis Martindale-Hubbell’s Lawyers.com is the first place to look when searching for a lawyer to help with contract negotiations. See some items you would like changed in the contract? A course in negotiation can help you recognize your company's strengths and make contract changes. The American Management Association frequently offers courses in negotiation.