I had today an interesting valuation meeting. Mainly it was about the terms of the equity investment but for me it shed more light to the VC than anything else.
It's not very convincing to claim first that the business plan is not focused enough and then after a while start to talk about the terms of the investment. It was good enough for the investment?? In this case the analogy would be that a VC would ask from Edison about the light bulb market by stating that sorry your focus is too broad. You cannot offer your invention to all of lighting market. Where are you going to focus - on houses, stables, offices or factories? You have to find a niche... Yeah, right. Still the same bulbs for all the places.