Advice: what is the right balance between perfect prep and starting?

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October 14, 2021

by a searcher from The University of Michigan - Stephen M. Ross School of Business in Grand Rapids, MI, USA

I’m curious from investors and veteran searchers: when should I feel comfortable getting my investment thesis (PPM) in front of investors for Search fundraising? Did you iterate and refine the PPM significantly once you started getting in front of investors?

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Reply by a searcher
from The University of Queensland in Sunshine Coast QLD, Australia
I have not been able to find many PPM examples, but two that you may find useful include Exhibit 3 of the Stanford search fund primer (https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds) and the Yale case study - Exhibit 1 (https://alumni.som.yale.edu/download-case/18_019_Sumit_Aneja)
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Reply by an investor
from Indiana University at Bloomington in Austin, TX, USA
Just put your PPM together and get it out there. Getting feedback that's good, bad, indifferent, is better than trying to perfect it. I've found that investors have been extremely generous with feedback, insight, and guidance. Granted, I do at times feel a bit dumb. But then if I don't feel dumb or like I missed something, then the problem is that I waited too long to put something out there.
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