The VC process from an entrepreneur's perspective has many steps, which I will cover in the ensuing posts.

The first step is submitting your executive summary. There are lots of ways to submit your executive summary: cold channels (e.g., cold email or cold LinkedIn introduction), through introducing yourself to a VC at a networking event or through a 3rd party introduction (e.g., a lawyer or mutual contact). While the VC is likely to read your executive summary and respond in any scenario, the plan can be at a disadvantage if it comes from a less familiar source.

When a VC receives an executive summary from a trusted source (e.g., someone who has sent good deals to them before), they expect the idea to have gone through another filter before it was sent to them; they expect the idea to be better on average. As a result, submissions from familiar sources may receive more attention and are more likely to receive the benefit of the doubt.

With this in mind, savvy entrepreneurs generally try to have their business plans submitted through a mutual contact. Knowing that savvy entrepreneurs understand this bias makes VCs even more predisposed to favor submissions from familiar sources, since the entrepreneurs who are also good at networking (which is a determinant of success for companies that require partners or business customers) will find a way to network their way to a VC. Finding a way to submit through a mutual contact has become the VC's first way of assessing management.

Submitting your plan is the first step in the fundraising process and therefore it is also your first impression. It's important to understand that VCs appreciate an entrepreneur's ability to create a warm introduction - you should try to do this if you can. However, if you really don't have a viable way for making that happen, don't hesitate to get your business plan in through a cold channel. A first impression does not trump a good idea.