DFJ East Coast Venture Challenge – Columbia University
I was invited to attend the DFJ East Coast Venture Challenge today at Columbia University.
The DFJ event has been top notch. They have courted such sponsors as Administaff, Wilson Sonsini Goodrich & Rosati, Sunshine Suites, Silicon Valley Bank, and Merrill Corporation and together, they have provided ample food, a beautiful room/stage, and great enthusiasm to the early-stage business world.
One thing I’m shocked about is that many of the companies presenting have little to no traction. The Ivy League presenters at this competition are competing for $250k in seed funding (with the option for more) and many other perks including office space at Sunshine Suites. I’ve sat through about 6 presentations so far and they are all ideas with a business plan and a few contacts already made. Lots of people in the digital media space always talk about how cheap it is to start a company for $50k, why couldn’t any of these folks done so? They are certainly smart enough…
Do not get me wrong… the presentations were mostly great, the brain power was high, and some of the ideas are solid, but I would have imagined more teams to show prototypes, betas, demos, etc.
Tip: If you’re going to be pitching VCs, be sure to show your product/service in motion… certainly sets you a part.