In my opinion the end of the meeting is a great opportunity for an entrepreneur to learn a bit about a potential future partner. While you should be sensitive to the time constraints of the VC (as they should be to yours), feel free to spend some time asking the VC about his fund. I would recommend asking some of the following questions if you don’t already know the answer.

• What is your decision making process?
• Roughly when should I expect to hear from you?
• Where are you in your current fund (e.g., how many more investments do you plan to make?)
• How much do you typically invest in a first investment?
• How much do you reserve for follow-on investments?
• Do you lead, follow, or both?

Also, feel free to ask for more detail about aspects of the fund’s investment criteria, thesis or value proposition.

Although a discussion about the VC is a relatively common part of a first meeting with a VC, you may find VCs to be somewhat anxious to keep the conversation about them short. There are a lot of possible reasons for this; however, the most likely reasons are that they either are running out of time or have decided that they are not interested in investing and therefore want to use their time more productively. Either way, it’s always good to leave the meeting on a friendly note, so I recommend following a VC’s lead in these cases and wrapping up.