Alan Patricof is founder & managing director of Greycroft LLC. He was involved at the initial stages of companies like Apple, AOL, Cadence Systems, Office Depot, & Audible. Mr. Patricof is a board member of TechnoServe, Trickle Up Program, National Foundation for Teaching Entrepreneurship, the Global Advisory Board of Endeavor, & the Initiative for Global Development. He is an advisor to International Finance Corporation. In 2007, President Bush appointed him to the board of the Millennium Challenge Corporation.
You certainly don't sit back and wait for an answer.
Listen to what the market is saying, focus on the comments that are being made as to why they are not raising the money.
We're looking for someone who focuses on the detail of the business and understands the market that they are going into.
People come first, product comes second. I'd rather have a very talented person with no product, than a product and try to find someone to lead it.
The day you close is probably the high point that you're going to have for the next six or twelve months, unless you have some unusual characteristic in your business, because you're going to have the most amount of money on the day you close. The next day, your bank account will be less.
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