Investor Pitching Tip of the Day from Jason Calacanis

I was watching a special edition of This Week in Startups with Jason Calacanis where he was giving a speech on entrepreneurialism to a bunch of students. Here was the most interesting thing he says:
When I have pitched investors and asked them for money, I never raise money. When I ask them for advice, they always give me money.
Calacanis went on to suggest that the most effective way to get meetings and to raise money is to politely request to meet with an investor for coffee for 15 minutes at any place or time of the investor’s choosing. Then, get the investor to look at your website or product and then ask for advice. Don’t ask for money, ask for advice, and you will end up raising lots of money.
That’s advice that can literally be taken to the bank.