This post is by Jason Lemkin from SaaStr
Click here to view on the original site: Original Post
I think sharing your expectations, at a minimum, will likely save time. Most VCs have a range they are comfortable investing at, both in an absolute sene (e.g., “$3m is my biggest check” or “$20m pre is the highest we do), and also relative to a set of progress, risks, and metrics. If you tell them a price they either have to beat, or meet … they’ll quick go into Price Mode. They will quickly tell you something they think will win, if they think they can win and can afford it. And if the price is too high, they’ll beg off, but usually politely. Here’s an example of where A16Z and Accel backed off in the Series B for Slack because the price was too high: