Time, for example, has become more valuable than money for many executives involved with Internet companies, according to participants at last weekend's conference on entrepreneurship at the Graduate School of Business at Stanford University. This VC gets so many business plans he spends only 15 seconds looking at each unless something he reads in that short time catches his eye. The Internet itself, of course, contributes to the problem. One angel investor says he gets 500 e-mails a day.
Smart entrepreneurs recognize the value of time when they bargain with venture capitalists.
Instead, they focused on how much time the VCs would commit to helping them. Recruiting key members of start-up teams has changed, too. The process has become much quicker, which has led entrepreneurs to lean more heavily on professional recruiters. Indeed, one of the most important contributions VCs can make is to help start-ups pick the right retained executive search firm, says Artie Wu, founder and CEO of Vividence, which evaluates the effectiveness of Web businesses. Start-ups can't just hire recruiters, Wu says.