TIP:  Start fund-raising in earnest with at least a conservative 8 months of runway if at all possible.  Having more cash in the bank as the process unfolds puts you in a better negotiating position and it takes twice as long as you expect.   Use this time wisely to talk to as many VCs as you can in parallel. 

Too often I see CEOs talk to a handful of VCs and feel really good about the process, and months of time get frittered away on seemingly endless due diligence and delays for a deal that never materializes.   The outcome is a desperate situation where CEOs feel forced to accept terms from anyone willing to invest or close up shop.  As Episode 2 shows, even a term sheet isn't a done deal so keep pushing to meet more VCs until the money is in the bank to give yourself choices and fall-back options.  Worst thing that can happen is having several VCs vie for your company and you get to be the one saying "no" to someone!

Fund-raising does take an incredible amount of time and there's a lot of rejection, so it's understandable why so many put it off assuming they can get a deal put together in 4 months.   There are companies that offer to open doors for a CEO so they don't have to put the effort in themselves, but I'm very wary of these companies as VCs expect to talk to the CEO, not some 3rd party.  If you choose to go in this direction, make sure the payment is 100% variable based on the terms of the deal they generate, and still allows you the ability to shop the company on your own - and do so!  Don't leave the fate of your company in the hands of a 3rd party.