We dont need the Business Plans?

Do you think that the business plans are outdated for tech & internet startups? What is good, an elevator pitch or do you necessarily have to write a business plan? Do the investors really care about a business plan?

Well watch this video by Andrew Weinreich, a serial entrepreneur, social networking pioneer, and active presence in NYC’s Silicon Alley for 2 decades. To date, he’s founded 7 startups and has been awarded 2 software patents. Recently, he has sold 2 businesses, including Xtify to IBM in October 2013, while advising 5 tech startups.

In this video Andrew explains why the business plan is essential for founders as they build their companies and eventually tries to raise funding.

The two important takeaways from the video you are about to watch.

• The most important audiences for your business plan
• What questions the business plan answers

Have you written a business plan for your startup? Do you share your business plan with employees? How has your business plan been received by investors? Tell us about your experience in the comments