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You just signed a term sheet for your first round of venture capital.  Congratulations!  Now what?

While every fund has their own process and each deal works a bit differently, what you can expect between signing a term sheet and closing the round (to which I refer in aggregate as "diligence") basically falls into four buckets:

1. Confirmatory due diligence.  What this means is the investor is switching gears from "why should I do this deal?" mode to "whyshouldn't I do this deal?" mode.  There is a pretty standard set of items the investor will request.  Click here for the generic diligence request list that Softbank uses.  Depending upon the stage of the company, there are usually a 100+ documents that need to be collected and delivered.  I'm a big fan of using Microsoft Sharepoint to manage document delivery.  In fact, I recommend using it to deliver documents from the beginning of the fund raising process.  For example, when a VC asks for your "financial model" you should point them to Sharepoint instead of emailing the file.  One benefit is you can check who's accessed the file and you can turn off access if they pass.  For $40 per month you can buy a hosted version of Sharepoint.  I've used this company before with good results.

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一直想成为中国第二个IDG的联创策源，在近一二年对互联网遍地撒种之后，到了互联网的冬天颗粒无收，在制造了泡沫之后，自己成为了泡沫。

据几个网站的负责人透露，策源年前已经要求其投资的企业裁员，勒紧裤带准备过冬。业界估计策源的基金实际到位在4000万美金左右（宣称一亿美金），从前年开始现在已经投入了二十五家左右（包括未宣布的投资事件），仅投资讯雷就去了1000万美金，按其它二十四家的投入平均100万美元左右（少到25万美金，多到200万美金），就要2400万美元左右，因此实际资金已经近乎枯竭。

这些被投的创业企业想再从策源那里取得二期或第二轮投资已经非常困难，除非策源在近期能在海外融到更多的资金。然而，由于策源的投资方向和策略已经遭到业界的质疑，从去年年底开始在美国的融资行动至今为止一无所获。业界人士预言，策源想再融到资金应该很难，就像这些创业企业从策源那里得到融资一样。

如果仔细分析策源的投资策略、投资方向和被投的企业就知道，造成今天的困难局面不足为奇。由于策源模仿IDG的投资策略，希望在短期内在互联网投资上名利双收，以及其它方面如管理的问题，使得策源犯了几个无法挽回的错误。

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