1. The amount of time that needs to be devoted to the process by the company seeking VC funding is usually under-estimated particularly by senior management.

2. The fund raising process involves an intense review of the company seeking funds. If before the process begins there are non-existent or weak accounting, law, reporting, governance and other internal systems then the company will be involved in two activities or projects running in parallel. First, to implement revised internal systems and methodologies. Second, to maintain progress and achieve milestones mandated by the VC review and funding.

3. This affects value. As has been well documented, technological founders of companies have a tendency to see their achievement as technical. They then put weight on THEIR notions on value and THEIR expectations for what positions acquirers or VC funds should take. It is better for such founders to take steps for their opinion to be tested or teased out.

4. More broadly, everyone needs to know what is do-able and required before the fund raising process starts. Here it is critical to be realistic about the company's finance position. Is it for example in the seed stage, early stage, expansion stage, replacement capital stage, or buyout stage?

5. The process of seeking investment is a business process in the main, though technological considerations can be important.

6. Most VCs give considerable weight to the people involved when they make their valuations of companies. So in preparation it is wise to take a good look at the list of board members, shareholders, key executives, employees and professional advisers. Hence companies seeking VC funds are well advised to work with a legally informed strategy from the outset.

7. The company seeking funds, and the people depending on it and supporting it, need to find the right fit with the VC fund. It's not a search for Other People's Money (OPM), the title of the 1991 Danny DeVito film.