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BRAD FELD the co-founder of Feld Technologies, NetGenesis and Harmonix) reviews the traditional 1970s model business plan that he developed for those businesses and discovered that the business he eventually created had little to do with the plan. As a venture capital investor today, he does not read them and bases his investment decision on what the entrepreneur is able to show rather than tell. While the traditional business plan may have been the best approach at the time, it has become an historical artifact.
Brad encourages today's entrepreneurs to use Steve Blank’s Lean LaunchPad approach to get out of the building and actually incorporate customer development early into the definition of their business.
"As an entrepreneur, I encourage you to reject the notion of a classical business plan from the 1970s. You should still be thinking deeply about the business you are creating and communicate clearly what you are doing to investors. Just use contemporary approaches that are much more deeply incorporated into the actual creation of your product and business"
