BT dot.com/Virtual Ideas

Scroll down to know how the veecees you are furiously courting will assess you.

Anyone who thinks raising money in the New Economy is easy has certainly not dealt with the species of Hippogriff-Scrooge hybrid that goes under the generic term veecee (Venture Capitalist for the uninitiated). Why? Let us just say that there are easier things to do than getting a veecee to part with his-or, her, as the case may be-money: like looking for an X Files episode where agent Scully does not exclaim: ''Oh, my God!'' But what do veecees look for?

Background. Expect it to be worse than a courtroom grilling; or a cross-examination by an anxious to-be in-law. Your background-academic, professional, and family-counts. What does a back-of-the-napkin calculation indicate? Veecees like MBAs. They like MBAs working for successful transnationals more. And they like MBAs working for successful transnationals with a low-profile but lucrative family-business tucked away best. Who doesn't?

Idea. If you expect a veecee to gather you in his arms and exclaim that yours was the idea he was looking for, perish the thought. Ideas, in isolation, do not interest veecees. To even speak to one, you have to have what bean-counters call a going-concern-never mind if it is a 3-man + 1-woman show run out of your aunt's garage-and, at least, money enough to hang on for 6 more months.

Business plan. Simple, have one. And don't pepper it with words like eyeballs and hits. Instead, season it lightly with terms like revenue-streams and expected earnings. Throw in a DCF (Discounted Cash Flow), and you are home.

Control. If your company is a 3-friends, all-equal-partners venture, forget approaching a veecee. Veecees like ventures that have a clear leader. Want to know why? Try speaking to a team of 3 veecees instead of one.

Failure. We know you can't let your venture to run to seed just to satisfy this condition, but veecees like entrepreneurs with at least 1 failure beneath their belts. Call it the Robert Bruce complex if you will.

and you?
...here's how you should choose a veecee.

There are 19 veecee firms operating in the country. Add the private equity firms willing to invest in Net start-ups, and you could well end up with around 2 dozen. This may be difficult to digest given that veecee money is hard to come by, but please do not grab the first funding option that comes your way. Here's what you need to look for in your veecee:

Winner. Even if it stems from irrational reasons, pick a veecee who has at least a few winners to his credit. Being next in line after www.drownedmouse.com and www.dampsquib.com isn't going to help your cause-internally and externally.

Portfolio. Choose a veecee who has funded a clutch of funds. The logic: if he-or, she-has 20 companies on his-or, her-roster, it is unlikely that they will want to have a say in the colour of your office walls.

Patience. Look for signs of chewed nails. Or, watch the way your veecee-to-be drives out of a crowded parking lot. The more even-tempered and patient he is, the better your chances of reaching critical mass before attempting an Initial Public Offering.

Net net. You may not get a veecee who fits all these considerations, but there is no harm looking.