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Research notes and communications: Characteristics distinguishing funded from unfunded business plans evaluated by venture capitalists

Ian C. MacMillan^1,2; P.N.Subba Narasimha³

¹ University of the Arts · ² University of Pennsylvania · ³ New York University

Abstract Business plans that were funded by venture capitalists were compared to unfunded plans. Comparisons on the basis of plan structure, plan organization, and financial projections indicate that plans which deviate too far from the norm of the variables studied tend to go unfunded. Implications for plan preparation are discussed.

DOI

10.1002/smj.4250080607

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