20 minutes into the first face-to-face meeting.
The average VC basically makes the initial decision to tentatively invest very quickly — pending due diligence, confirming her theories are correct, and making sure what she thinks is the case actually is.
Now, sometimes that 20 Minute Moment is delayed. It might be you meet a founder, you believe in her, but it’s too early for you. But then you meet 90 days later, she has another 10 customers, she’s made progress … and that 20 Minute Moment Happens.
Once you’ve made a few good investments, you know you are looking for the subtle difference between Great and Very Good.
When you see it — you jump.
Right of your chair, almost.
And the Very Goods … they are interesting. Tempting. But in the end, for most VCs … they fail the 20 Minute Test. And all those discussions lead nowhere.