One of the components of getting the attention of an investor is having a knockout executive summary. 

“OK, Scott, how do you write an executive summary?”

Thanks for asking.  Here’s what I see to be the key elements of writing a killer executive summary:

1. It’s all about the customer pain: why does your business exist?  It exists to change the lives of your customers.  And for a customer to want to have his life changed, he’s got to have some problems that need solved.  Make this the PRIMARY focus of your document!  If there’s no pain to be solved, you’ve got nothing.  Sorry kid.
2. What’s your solution? How is it different and better than what’s out there?  Be able to state this in one or two sentences.  And don’t forget the overarching product vision — where do you want this go?  How big do you want it?
3. The current state: where are you now?  What have you done to make traction towards the product vision?  Do you have customers, and if so, how are they using it?  If you have customers, make sure to highlight this as much as you can.  You have a “proven concept” if people open up their wallets!
4. The market opportunity: don’t be stupid here.  Just because you sell software, for example, doesn’t mean that your potential market is every piece of software ever sold to anybody.  Drill it down, but from the bottom up.  Cut the pie in different ways.  Figure out what piece of the segment of the niche you’re targeting.  It’s better to understate than overstate your market.
5. Your competitive advantage: what gives you special insight into your market, and what can you build that’s defensible and strategically different? 
6. The model: you want to start a business, and businesses need to turn profits.  What’s your method?  I recommend keeping this as simple as possible.  Don’t be afraid to replicate, but put some creative thought into this.  If you do replicate, have a good reason for doing so — don’t use it as a cop-out.
7. The team: who’s working on this, what’s their background, and what are their qualifications? Provide a tiny bit of history here about the company and product.
8. The promise: how much money do you want, and how are you going to provide a reasonable ROI to your investors?  Why should they believe you?

Have you written or need help writing an executive summary?  What’s your experience been?

…but I’m still trying to find a use for it.

For some reason it’s cool to see all the tracks I’ve listened to and comparing my listening habits to others. 

I also like the site’s personality.  Whoever their copywriter is, they did a good job.

Does anyone know if they’re profitable?

I wanted to spruce things up a little bit around here — it’s nothing fancy, just a little different.  Critiques welcome.

There’s been a lot of ink spilled about getting funding from venture capitalists — the general message being that it’s extremely difficult even to get the attention of VCs, and if you do…well, prepare to be roasted alive.

My experience has been different.  Here are some practical tips on how to get the attention of VCs:

1. Get referred: People, especially busy people, are more apt to listen when something comes from a friend or colleague.  When trying to get the attention of VCs, you’ll be much more successful if you are referred by someone who has personal ties to the individual or firm.  This happens if you can do one of two things: one, successfully convince the intermediary that your business or product is worthy of referring (and that you’re not a total loser); or two, get a referral from someone you’ve worked with extensively to launch your business or product.  With the latter, the intermediary knows you well and knows your concept well and can pre-sell you to the VC.
2. Write a concise three page executive summary: Don’t write a full-blown business plan.  It’s a waste of time at this early stage (because the assumptions on which your business will rest will change) and nobody will read it.  Write a three page executive summary instead, and include facts that highlight the customer pain you’re solving.  Including some market data doesn’t hurt, either, and if your product is already out in the wild, make sure that you make a strong effort to highlight that (it’s called having a “proven concept”).
3. Have a burning desire to learn: Face it — even if you think you know your market, you don’t yet.  Chances are that you haven’t had the time or experience to really get to know your customers.  And if you don’t have a product yet in the wild, then you have nothing with which to work regarding your market.  This reality means that you have a lot to learn.  Be open to it.  Relish the chance to learn more so you can really knock ‘em outta the park.
4. Listen: You’re an entrepreneur.  That means you have a lot to say.  I’ve found that the best approach when speaking with investors, though, is a tempered one.  Be confident and be bold, but listen a lot.  In my situation, these investors had a great deal more experience than I did in a number of areas.  You can learn a lot, even if you’re told your business or product sucks.
5. Be flexible and be patient: Someone told me something that has stuck with me: VCs “are never in a hurry to give out money.”  If you successfully get the attention of a VC, it’ll most likely take from weeks to months before you see material results.  My remedy: have a plan of what you want to accomplish in that “in-between” period and focus on execution.  It’ll take your mind off of the wait.

If you have the right formula, getting the attention of VCs or investors in general really isn’t that hard.  Do your homework, be confident in your product and the rest will fall into place.