After submitting your executive summary you may not receive a response for several weeks.  While this can be frustrating, do not let it discourage you.

Venture Capital funds generally are relatively small practices; there are only a few investment professionals.  With so few people on the team everyone is required to play numerous roles, from managing the company to making investments.  As a result VCs are generally very busy.  The old ‘drinking from a fire hose’ image applies here.  To put a finer point on this, VCs juggle:

• Raising money,
• Providing their investors with on-going support (e.g., reporting),
• Managing the office (vendors, support staff, administrative processes),
• Working with lawyers and accountants to make sure everything is done properly,
• Attending frequent board meetings to support their portfolio companies,
• Marketing their fund by attending industry events and conferences,
• Reviewing thousands of business plans,
• Meeting with entrepreneurs, and
• Finding time to have a life.

If anyone should understand the pace of this job, it’s entrepreneurs who also juggle all of the facets of a company.

My reason for spelling this out is not to generate sympathy for VCs, it’s to help entrepreneurs understand why a VCs may seem unresponsive at times.  VCs are generally perpetually behind; they are always piles of tasks that they still have to get to.  Reviewing your executive summary may be in one of those piles.  As a result, if you haven’t heard back from a VC regarding your executive summary, do not get discouraged (even if it has been several weeks). 

If it has been awhile since you submitted your executive summary, it’s appropriate for to politely follow-up with a VC.  In most cases, VCs will know that they owe you a response.  A little nudging may compel them to review your plan and take the next step.