Good for first time entrepreneurs and angels

As noted by VentureWire (pay for view):

In a sign that everything old can be new again in the world of Web 2.0, has raised venture capital to back its service offering entrepreneurs and angel investors a way to network locally. It offers a single site where entrepreneurs can post business plans and accredited angels can review them. One offering is a local networking event that the company calls “speed pitching.” Attendees pay between $500 and $1,000 to attend a speed pitching event, where a pre-screened group of entrepreneurs present their business plans in front of a group of angel investors. And FundingUniverse also sells another service where entrepreneurs can make a video of their pitches and post them online for angels to view.

This might be good for first-timers, if you don’t mind compacting your vision into thirty seconds and/or not knowing who is viewing your plan. I’d also like to understand how the “pre-screening” process is makes things better for those involved.

Generally, you see the prettiest business plan winning out. Meanwhile, the person with the most gumption and work ethic usually takes home the end game prize – that type of character hardly ever shows in an entrepreneur’s written plan. On the flip note, how is an investor to really know that the entrepreneur isn’t going to blow their money on launch parties – trust builds through face-to-face interaction, something that just can’t be substituted with an online video. Or any intermediary.

May be good practice for the first timer though.

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