How, can I make profit of this kind of meetings ? I understand that networking is important in my position, but I don't know what I can give to this guy nor what he can bring me.
Basically all entrepreneurs of the past were bootstrapping entrepreneurs in the sense that they view outside investment (whether from VC's or angels as "working" capital and not R&D money). In other words, a bootstrapping entrepreneur is someone who is determined to take their venture to a point when ALL they need is money.
So in that sense, you always need to speak (aka pitch) to potential investors (these are your future partners who would provide capital and only capital when you need it and only when you need it). One way to understand this is that as an entrepreneurs, we are not here to build products or features, but we are here to build companies (which is our ultimate product).
You should embrace every opportunity to speak with a VC, to practice, to articulate your dream and to understand who they are and what they do. VC's are simple people with very simple objective (to make money). And sometimes, that simplicity is all entrepreneurs really need.
I have written an article on my experience with VC's and my own perspective on who VC's are and they are not. I hope this helps.
How to Turn Your VC into Your Worst Enemy?
http://www.lovemytool.com/blog/2007/10/vc-worst-enemy.html
Good luck with the meeting and good luck on your learning.
--Denny--
Denny K Miu
My current investors get me out in front of everyone they can, I suspect it's because they think I need practice.
Get their contact, pitch to them, and see what they think. These early discussions are a good sounding board, and will also get someone else thinking about your idea, not matter how briefly.
But focus on the advice. Ask questions like "Do you think we're focusing on the right problem?", "What do you think we should do differently?", "Should we get a business plan together or focus on our demo?", etc.
You want to vet this individual for their brain, their interest, and their wallet. :-)
Sales is mostly about moving a process forward, so your only goal is to get to the next step.
If the VC isn't a full partner, your next step is to get to a meeting with a partner.
If the VC is a full partner, you want to ask, ``what's the process you use to decide on investments''. Usually, there's a dance of customer-validation meetings that precedes a ``partner meeting'', the outcome of which is a term sheet. So you want to chart out the state machine that terminates in a partner meeting, and then transit from state 0 towards that meeting.
I would definitely not push anything in a first meeting, but I would be prepared to respond to any question. You don't mention whether this introduction is over a meal - all the more reason to relax, take it easy, and enjoy.
I would definitely spend some time up front preparing. Mentally have a list of any possible question and your response. Also, learn something about the VC. You already have a mutual contact (your previous CEO), so you should have something interesting to talk about besides your project. Remember, he is interested in YOU as much as your work. Give him a chance to get to know you.
Most of all, do or say something that will make him remember you, so whenever you follow up, he'll immediately know who you are. A light discussion about the local football team or an activity one of his children is involved in may work. A hand written thank you note is always nice (Why doesn't anyone do this much any more?) But beware: you MUST be sincere in whatever you say or do or you'll look like a jerk and do more harm than good.
Most of all, have a good time! And post back to let us know how it went. I, for one, will be looking for your post.