Thursday, February 07, 2008

Meeting a VC in DC - Eric Litman

I have been following Eric Litman for sometime on Twitter. He is the Managing Director of Washington VC. I was excited when my friend Rana Shobaney joined Washington VC. She is a great asset. Washington VC, a private equity fund that incubates early stage companies through the exchange of complementary technologies and marketing services

Washington VC has a great portfolio of companies . See the list at the Washington VC website. I was so thrilled to hear that they are working with non-profits like grassroots.org and Make Change! Trust .

Usually I would have been awed to be in the presence of a VC ( Guy Kawasaki always comes to mind) After meeting Eric I now realized that VCs don't bite ( My attempt at humor)We met at the dinner in honor of Jeff Pulver at the Chef Geoff's in Downtown DC.

In the brief chat I had with him I learnt that he had also worked for Apple. He answered all my questions patiently and asked me genuine questions about myself. I told him of my recent change in roles at Network Solutions.

During our discussions here are some points I retained

  • The DC VC population is expanding.

  • Not all Startups need VC funding

  • When companies decide to go the VC route there is a lot of commitment involved. From being their own masters now company owners have the responsibility to meet the goals. His advice was to make sure the entrepreuner was ready for this.
  • Not all VC funding is in some entrepreuners just needing funding like $30-40k

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