Joe Cunningham, MD, Managing Director of Santé Ventures
, gave me a great response; "Because we look at such a high number of potential deals each year, we find that reading a business plan is a very inefficient way to evaluate opportunities, so we just don't do it. We screen deals based upon reading an executive summary, generally 2 pages or less. If interested, we may have the entrepreneur present a PowerPoint. We will ask questions. If we get serious and are really digging in we are going to do our own research and analysis, not rely on what the entrepreneur puts into the business plan. So writing a business plan may be useful to help the entrepreneur put his thoughts in order, but it is not helpful to me in evaluating an opportunity
." My emphasis.