Don't bother submitting business proposals over the transom to the VCs in Pratt's Guide to Venture Capital Sources . You will be wasting your time. You must find a contact, a midwife, who knows the investor to introduce the opportunity. Unsolicited business plans are returned just as quickly as first-time novels. Keep it short.
Venture funds receive hundreds of business plans every week.
The longer the plan, the more likely it will be put aside for later reading that often never occurs. A three-page executive summary is the outer limit that they will read. VC money is nervous money. VCs look for a low burn rate, a solid revenue model, grizzled management, and partnerships with genuine strategic value. This anxiety has ushered in lower valuations.