This was the best funding-related panel I’ve enjoyed at SXSW ever. The panels strength came from it’s diversity, ranging from a female VC principal, another VC, 2 types of Angel investors and a repeat fund rasier.

• Once you take money stick to your same frugal ways. Don’t spend $50,000 for IDG or Jupiter Reports. Investors may even prefer to see you crunching those numbers yourself.
• VCs almost never fund a person unknown to them after only 6 months. Connections and track record are paramount for speed. Otherwise give it all the time needed to allow for a trusting, respected relationship to grow
• Focus first on who your customers will be, and less on what your technology can do.
• Do your research. The VC CEO, a woman, was once gruffly asked to get drinks by the entrpeneurs she was about to meet with. Their rudeness was bad, but their lack of meeting preperation and research was a deal killer. (And yes, she did get their drinks without a word, and then returned 5 minutes later for their meeting ;)
• Integrity and trust are paramount. Lies and cover-ups of present or past activities are deal-killers. In fact, the VC firm will find the people you worked with that you did not offer as references and talk to them. They’ll squew their feedback 3x in importance over the submitted ones.