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Seeing things from the VC side, too, can help you understand what it means to investors when you progress from first meetings to second and third meetings with partners at a firm. Sean Jacobsohn, now a partner at Norwest Venture Partners, wrote in 2014 that of 1,200 leads per year, his firm met with 500 founders.* Of those 500, Jacobsohn says that a mid-size firm will progress with 50 companies by performing due diligence. Out of that number, a mid-size firm will make about 10 investments. According to a Stanford study, VC firms on average consider 100 or more startups per single closed deal.* They meet with management of 28 (34 at early stage, 46 in California), conduct due diligence on 4–5, and offer a term sheet to 1 or 2.