Geoff found this reference to a recent study. We’ll have to take a look at the study to see the exact details. I’m thinking that how they measure effort is a determinant of their results.  http://blogs.wsj.com/independentstreet/2009/04/08/business-plans-dont-matter-to-venture-capitalists/

I’ll add this to the syllabus for next year though. It’s good to think about. Thanks Geoff.