As Angels and VCs are tightening their fists, entrepreneurs are less likely to get next stage funding. Having a great team, pitch and front man are simply not enough.

One dark rainy night on a muddy hillside in Germany, I learned what it meant to be a great organization.

As an angel investor and leader of an angel group, I receive funding inquiries every day. Most come in the form of an executive summary, which typically provides one of the initial interactions an entrepreneur will have with an investor.

While there is no formalized list of “Thou Shall Not” items for start-ups seeking funding similar to the Ten Commandments, if there were, Thou Shall Not encumber your balance sheet with debt, would certainly make the list.

The Billion Dollar Startup Club has 101 companies as of July 2015, with the number one private company valued at $46 billion. It’s no secret, technology has revolutionized entrepreneurship. The explosive growth of tech-based companies is at its highest since 1995, surpassing the dot-com boom of year 2000.

Entrepreneurs have numerous options for obtaining funding to explore and validate their startup concept.

“We filter out half of these qualified interviewees in the first minute.”

The words were NOT an accurate reflection of the company I worked for.

If this research were to uncover the ‘secret sauce’, entrepreneurs could prepare accordingly and drastically increase their probability of successfully acquiring the funding.

Receiving investment from angels can be a daunting, time consuming process, one that is inherently inefficient. Experienced entrepreneurs take steps to minimize these funding inefficiencies.