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Seeking Funding? Ditch Biz Plan, Buy a Lottery Ticket

Vivek Wadhwa, Visiting Scholar, School of Information, UC Berkeley; Director of Research, Center for Entrepreneurship and Research Commercialization, Duke University; Senior Research Associate, Harvard Law School

DURHAM, N.C. - Hardly a day goes by when I don’t have a rookie entrepreneur ask for advice on raising money from VCs.

They usually have a fancy-looking business plan with detailed spreadsheets showing how their company will be worth billions by capturing just 1 percent of a market. All they need is some financing, and they’ll take the world by storm.

My advice is always the same: ditch the business plan, and buy a lottery ticket. Your odds are better, and you’ll suffer less stress.

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