It's another example of how distracting fundraising can be. Instead of working on new features or releases, you're trying to learn the likes and dislikes of a particular investor. If you're seeking funding, it's definitely something you need to do, but it really seems like a big gamble to me. You can spend a lot of time learning about a particular investor and still come up with nothing to show for it. I went down this route when I went to Techstars for a Day. Conversely, if you're working on new features or interacting with your customers, there's pretty much some sort of guaranteed return.

Still, if you've managed to line up a chance to pitch, it's probably not a bad idea to spend a little time doing your homework about who you're pitching to. Just don't go overboard and let it become a distraction (like I did...)

The really distracting part of traditional fundraising is the amount of time it takes investors to make up their minds. Spending a couple hours learning about the people you're going to talk to is rounding error by comparison. It's no more than you'd do for a job interview.

Good point. I suppose I conflated interview and application. An interview does demand a higher level of effort than an application.