You know that business plan you've been working on? It's not going to help you land venture capital. That's the conclusion of a study from the University of Maryland that found that VCs rely on instinct and outside research, rather than the plans presented by entrepreneurs. But the effort that goes into writing a business plan is not wasted, according to one of the study's authors. If the process helps you "develop a 150-word elevator pitch, that would be a positive result," said Brent Goldfarb, an associate professor of management and entrepreneurship at the Robert H. Smith School of Business.
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