It never hurts to get a lesson on how to pitch an investor from someone who knows what they're talking about. That's why we like this Valleywag-edited version of a letter that techie entrepreneur Jason Calcanis sent out to the wannabe participants of the upcoming TechCrunch50 event today. For those of you not familiar with it, TechCrunch50 is a conference where entrepreneurs who are hand-picked by Calcanis and the TechCrunch crew pitch their start-up to top investors. Given that Calcanis slapped together this [originally 2,500 word] email after watching hundreds of ten minutes pitches from entrepreneurs who want in, it's worth a glance. Here's our edited version of Valleywag's take:

-Show your product within the first 60 seconds. In other words, get right to the point. If you don't have a product to show, you aren't ready to pitch.

-Take less than five minutes to demo. Skip the tiny features - no one cares except you.

-Leave them wanting more. Give such an exciting pitch that a potential investor will want to learn more.

-Talk about what you've done, not the future of your non-existent start-up. Give an investor faith in your current, core product. Ten years down the road doesn't matter.

-Make it clear that you're up on the competition—past and present.

-Give short answers. If you've ever gotten stuck talking to a long-winded friend/co-worker/stranger, you know why people who ramble suck.

-If you're meeting's via phone, don't call from your cell. It's unprofessional. Use a landline.

-If you don't know the answer to a question you're asked, it's okay to say so.

-Always confirm the time of your meeting/call, and always be 15 minutes early. Period.