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Focused Fundraising

Not getting much attention from VC firms? Be choosy about who you're trying to attract.

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This story appears in the February 2006 issue of Entrepreneur. Subscribe »

In the high-stakes world of national security technology, government contracts rarely go to underfunded startups. So when Phil Libin launched Cambridge, Massachusetts-based CoreStreet in 2001, he knew he needed enough funding to last long term. But his broad search for venture capital went nowhere.

Libin, 34, changed his fundraising strategy to include only VC firms with both deep pockets and extensive security-industry experience. Those criteria shrank the pool of VC firms he approached, allowing him to spend more time with each one.

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