If you are looking for funding from a VC firm and feel like the whole process is confusing and mysterious, you should be reading this blog:

www.askthevc.com

A recent post about the desired ownership percentage of VC firms making first round investments is helpful on several levels:

1. One, it lets the first-time entrepreneur know that there are some common standards on how VC firms behave and what they are looking for, which in itself can be a relief!
2. You get a general idea of the ballpark equity a VC firm looks to take in a first round investment.
3. You get an understanding of how the size of the VC firm’s fund makes a big difference in regards to what kind/size of investments are even realistic to look at.
4. Most importantly, you get the understanding that everything is negotiable and that a VC firm will do everything to make you play by their rules unless you are able to create a sense of scarcity in their minds around your opportunity!

If you are looking for funding soon you would be well served to read all of their posts on the subject. They also have a lot of links to other VC bloggers - very helpful.