VCIC Day #2: Deal Review (before partner meetings)
Good morning from Chapel Hill!
Last night, one of the local UNC / VCIC supporters (who runs his own fund) catered an elegant dinner on his 100-acre ranch. Each of the 40 attendees (judges, faculty, VCIC student volunteers) received their own 12 oz steak, and about 1,000 oz in southern hospitality!
The partners (i.e., competition’s judges) are reviewing all 5 deals now determining industry competitiveness, valuation, entrepreneur skill, etc.. They will split into 2 groups and then begin the partner meetings in about an hour. During those meetings each team needs to select one of the five entrepreneurs to back and justify their Term Sheet. But… they must also justify why they’re not backing the other 4.
Early afternoon they judges will select 6 of the 13 to proceed to the Negotiation rounds with the entrepreneur they’ve chosen to back. Ultimately, 1st and 2nd place will be awarded.