The document outlines a series of questions a venture capital firm asks when meeting with potential investments. It asks if the company made the VC money, if they are working in the same space as another company, if they are famous or referred by someone known, and finally if they have product-market fit. The ultimate goal is to determine if the company should continue customer development efforts or get out of the building.

1. YES Did you NO
make VC’s
money?

2. Did you NO
make VC’s
money?
Are you
famous?

3. Did you NO
make VC’s
money?
YES Are you
famous?
VC Meeting with
partner

4. Did you NO
make VC’s
money?
Are you
famous?
VC Meeting with
partner
NO
YES Referred by
someone they
VC Meeting with know?
associate

5. Did you NO
make VC’s
money?
Are you
famous?
VC Meeting with
partner
NO
Referred by
someone
VC Meeting with they know?
associate
NO
YES
Have product /
market fit?

6. Did you NO
make VC’s
money?
Are you
famous?
VC Meeting with
partner
NO
Referred by
someone
VC Meeting with they know?
associate
NO
Have product /
market fit?
Get Out of the Building!
Customer Development NO

7. YES Did you NO
make VC’s
money?
YES Are you
famous?
VC Meeting with
partner
NO
YES Referred by
someone
VC Meeting with they know?
associate
NO
YES Have
product/m
arket fit?
Get Out of the Building!
Customer Development NO

8. YES Did you NO
make VC’s
money?
newco. in YES
the same Are you
space? famous?
VC Meeting with
partner
NO
YES Referred by
someone
VC Meeting with they know?
associate
NO
YES Have
product/m
arket fit?
Get Out of the Building!
Customer Development NO

9. YES Did you NO
make VC’s
money?
newco. in YES YES
the same Are you
space? famous?
VC Meeting with
partner
NO
YES Referred by
someone
VC Meeting with they know?
associate
NO
YES Have
product/m
arket fit?
Get Out of the Building!
Customer Development NO

10. YES Did you NO
make VC’s
money?
newco. in YES YES
the same Are you
space? famous?
VC Meeting with
NO partner
NO
Did you make YES Referred by
them a lot of someone
money? VC Meeting with they know?
associate
NO
YES Have
product/m
arket fit?
Get Out of the Building!
Customer Development NO

11. YES Did you NO
make VC’s
money?
newco. in YES
the same Are you
space? famous?
VC Meeting with
NO partner
NO
Did you make YES YES Referred by
them a lot of someone
money? VC Meeting with they know?
associate
NO
YES Have
product/m
arket fit?
Get Out of the Building!
Customer Development NO

12. YES Did you NO
make VC’s
money?
newco. in YES
the same Are you
space? famous?
VC Meeting with
NO partner
NO
Did you
YES Referred by
make them
someone
a lot of VC Meeting with they know?
money? associate
NO NO
YES Have
Have product /
market fit? product/m
arket fit?
Get Out of the Building!
Customer Development NO

13. YES Did you NO
make VC’s
money?
newco. in YES
the same Are you
space? famous?
VC Meeting with
NO partner
NO
Did you
YES Referred by
make them
someone
a lot of VC Meeting with they know?
money? associate
NO NO
YES YES Have
Have product /
market fit? product/m
arket fit?
Get Out of the Building!
Customer Development NO

14. YES Did you NO
make VC’s
money?
newco. in YES YES
the same Are you
space? famous?
VC Meeting with
NO partner
NO
Did you
YES YES Referred by
make them
someone
a lot of VC Meeting with they know?
money? associate
NO NO
YES YES Have
Have product /
market fit? product/m
arket fit?
Get Out of the Building!
NO
Customer Development NO

15. YES Did you NO
make VC’s
money?
newco. in YES YES Are you
the same
famous?
space?
VC Meeting with
NO partner
NO
Did you make YES YES Referred by
them a lot of someone they
money? VC Meeting with know?
associate
NO NO
YES YES
Have product / Have product /
market fit? market fit?
Get Out of the Building!
NO
Customer Development NO