How the Business Plan Died
If you think about it, it’s easy really. Most serious business plans are a thick stack of papers and full of dense, unattractively laid-out information. And yes, some of that is necessary. But investor Kevin Putter explains it best “The most valuable asset is passion, and you can’t get a sense of that in a powerpoint presentation or on the back and white of a printed page.”
Roger Kellogg of Business Microsystems agrees. “We’re seeing a big turn right now. For decades, investors wanted the pages. Their lawyers still do. But now it’s about presentation. It’s becoming much more common for that presentation to be on video.” To be sure, video business plans are not perfect. There is a range of what works very successfully and those which leave a lot to be desired. Finance experts have described poorly-produced videos and compared them to a sloppy business plan. But it seems good production design, with slick graphics and strong editing works.
Kellogg continues “I watched a video business plan recently and it was fun. It felt like a movie. It carried excitement and passion; and yes it found financing. But it wasn’t because it looked like a movie. It raised money because it was a good idea and well-presented and the video aspect brought in a lot of attention.”
Venture Capitalist Bruce Campos isn’t so sure. “Business plans can be dead, but the coffin is not closed yet. What’s sure is, there are more efficient ways to raise capital. Among those ways is a video [electronic business plan]. I’ve seen the videos, and yes, generally they get a far better reaction.”
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