As recently reported in Venture Capital Dispatch, HubSpot Chief Executive and founder Brian Halligan recently lectured a group on the futility of writing a business plan if the ambition is to use it for fundraising purposes. Much of the content of his remarks is consistent with many of the points in my recent post on the subject, The Most Valuable Thing About Writing A Business Plan, so no sense rehashing them here. That said, it’s valuable to get the perspective of a former VC and current operating executive on what helped (and what didn’t) during the fundraising process.
I don’t think I was quite as sweeping in my rebuke of business plans as a tool, but it’s hard to argue with success and Mr. Halligan can boast $30mm in raised venture funds over several rounds without the framework of a formal business plan to support his efforts. The 2min video is worth a peek.