Smart venture capitalists, top investors and incubators are shifting their views on written business plans. They pay more attention to where a business has been than to its projections for the future. They rather see founders building their concepts than spending time writing down ideas.
Business plans are snapshots in time. Written plans are statics, and startups are dynamic, facing a path to success full of surprise punches.
An respected author says in an article titled "Three reasons to skip the business plan" that "financial data exists in most plans only to demonstrate that the author has some basic business knowledge." "More important than the numbers themselves are the assumptions and methodology used to get to them."
Key thing is to do a demo. Most people are visual learners.
"True entrepreneurial skill comes not from knowing whether the punch is coming, but from having a Plan B when it does come. (...) Investors and customers want to know you are thinking about the future, but they really want to know you can handle anything the future may hold."