This is a great topic. For me, personally, my preference is first to always meet in person when possible. But, I’m reading a preliminary interest. It sounds like it is very early on and you have impressed some people with your presence, but not necessarily your startup? If you have no business plan, I can’t see any need to fly and meet with VC’s. If it were me, I would have my business plan locked down. I then email the investors the exec summary and the team. I also say how much you need and that you have the plan. This really communicates, “We are ready, we are looking, we are prepared.” Anything short of this seems like a costly handshake. I realize there are differing philosophies about sharing how much you need. I’m one that wants it in an exec summary and upfront. Because if you need $10M, and that investor is only interested in $1M or 2..
But even at that, I’m assuming the VC’s have an established track record. Is it possible for any companies to invest? Also, I generally only reach out to the CEO’s and Presidents of any approach. That means if it is a Forbes 400 billionaire, I go to them, if it’s the founder of the VC, I go to them. That cuts out a lot of go betweens. And if they show interest, there is a better likelihood getting on a plane is worth the cost.
But again, that’s my M.O. I don’t like to waste time. I would be curious to hear more of what you are working on. I only have a few contacts in the Medical Industry, but they are considerably influential and connected.