The short answer is no, according to a recent article from The New York Times.
The newspaper cites a recent study from University of Maryland’s business school that found that venture capitalists pay little attention to company’s business plans when prospecting a business.
What they do rely on is their own expertise and instincts, as well as credible referrals; meaning, to put it bluntly, business plans don’t matter. Neither do academic backgrounds, work experience, top-notch talent, etc.
That isn’t to say the business plans are not beneficial—to you, as the business owner. Many entrepreneurs say it guides them in setting goals, uncovering opportunities, defining the competition and forecasting financials.
Source:
The New York Times: Investors Pay Business Plans Little Heed, Study Says
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