Free Consulting from VCs?

Josh Kopelman writes about how VCs can provide free consulting to startups. I'm starting that process now and I have to say that when the VC is being candid that he is right.

The things I've been hearing during our sessions have all made me think hard about what we are doing and why we are doing it. It's tremendously useful when the VCs pick apart the business and really challenge the thinking. If a VC is being candid with you in their feedback then it's super useful.

I've heard stories from other entrepreneurs where they have been turned down for an investment by a VC but never got the feedback about why that happened. That's just not useful.

It's fine if the VC feels that there is some flaw in the business, whether that be product, strategy, team etc. and decides not to invest. Please please please be honest with the feedback though. Let us know what it was that you thought wasn't working. A generic blowoff doesn't do the entrepreneur any good. Don't worry about hurting my feelings.

If any of the VCs we're talking to are reading this please - if you're going to say no to us, let us know why. You won't hurt our feelings and we'll respect you more the next day.

Full Disclosure - Josh is an investor in Aggregate Knowledge.