Great points. VCs (and larger angels) will tell you all day long that there's no such thing as pitching too early (cf. http://www.thisisgoingtobebig.com/blog/2009/10/19/never-too-...). It's simply not true. As Rand mentions the power dynamics in those talks are entirely one-sided (not your side).

This isn't black and white and investors are great at playing the game. Often they'll send an associate your way in the early stages (or send you back down to an associate after a MD intro). If this happens, insist on talking to the MD. If they agree, they're interested and possibly trying to mask that interest. If they don't, they're not interested and just trying to "hang around the rim".

Unless you love pitching, don't spend time with investors that don't have partners chasing YOU.

This is so relevant to me in my business where we have been shifting into business development mode.

I've had a bunch of meetings that have come about from cold calling potential clients. Almost every one has not ended in new work. All of our new work comes from referrals where clients have heard about us through their friends or seeing something we've built in the marketplace and wanting to find out how we can help them.

Our focus now has shifted from getting meetings to producing great work for our existing clients, work that they can be show their friends and which gets recognition. Sounds like a slight shift in thinking but it's already having great results in the quality of our output.

Getting an unsolicited intro to a VC from a 3rd party can also be viewed similarity as the VC reaching out directly. For example, if you are introduced to a VC by a large customer or partner of yours who sees the promise of your business, there's a chance the conversations they're having are close to the ones the author is suggesting happen before a VC sends an e-mail to you to get coffee. (But not always!)