We get lots of email from people asking for advice. We’re going to start answering the most interesting questions here, so everyone can participate in the discussion. Got a question? Send it to ask@venturehacks.com. We read every question. Names will be changed to protect the innocent. In the meantime, catch up on past editions of Ask Venture Hacks, where we tackled VCs vs. angels, build vs. s... lire la suite
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We get lots of email from people asking for advice. We’re going to start answering the most interesting questions here, so everyone can participate in the discussion. Got a question? Send it to ask@venturehacks. com. We read every question. Names will be changed to protect the innocent.
We’ve started a Venture Hacks page on Twitter: twitter. com/venturehacks (RSS). We’ll be posting interesting quotes, links, and other things we like. We’ve started with a few quotes: Common stock is decorative. – Anonymous Investor → Valuation is temporary, control is forever.
We took the approach of wanting to get to know the different partners and the different possibilities and to see where there was the best fit. Partnerships take a lot of work—you want to go out on a few dates before you get married. Yes, we dated a few people but didn’t get married… and so there were a few unhappy girlfriends out there.
Once the term sheet is signed, the power shifts away from the startup to the purchaser. The typical term sheet will give the purchaser the discretion to step away from the deal if due diligence is unsatisfactory, or if the necessary internal approvals are not obtained. Suzanne Dingwall Williams, on M&A
Summarize the company’s business on the back of a business card. Sequoia Capital Summary: An introduction captures an investor’s attention, but a great elevator pitch gets a meeting. The major components of the pitch are traction, product, and team. If you’re building an interesting company, people will offer to introduce you to investors—it makes them looks good.
Brian Norgard (Newroo founder and Venture Hacks investor) recently interviewed my brother, Farbood Nivi, about his experience raising money for Grockit from Benchmark et al: Brian: Tell me about the funding process. Farbood: I think raising money is great fun. The bottom line is that the money has to be spent.
Q: Everybody is telling us to raise smart money. What’s the difference between smart money and dumb money? The best assumption to make is that your VC’s primary value add is the cash they are investing. Then you’ll always be surprised on the upside. Marc Andreessen
Summary: Don’t send long business plans to investors. Don’t ask for NDAs. Don’t share information that must remain confidential. Understand that investors care about traction over everything else. In Parts 1 and 2 of ‘What should I send investors? , we covered the elevator pitch and deck.
PowerPoint plans greatly increase your chance of getting a term sheet, or at least the dignity of a quick no. David Cowan, Bessemer Venture Partners Summary: An introduction and elevator pitch are critical to getting a meeting. You can also provide a “ten-slide” deck that tells a compelling story about your team, product, traction, and plans.
C’mon—you have $500M and I am raising $1. M and you want me to take the first $25K to pay your legal expenses for doing the deal? That’s like your dad giving you your allowance and then asking you to buy him a hot dog. When we were raising money for Flixster I thought that must be a trick—like if I agreed to that term they would pull the term sheet at the last second and say I failed the secret fiscal responsibility test.
I know plenty of VCs that behave the way I do and plenty that don’t. Brad Feld, on keeping decks to himself Summary: A deck can help you get a meeting but it can also get in the hands of the competition. Whether you send a deck depends on who wants the meeting most.
Rich Skrenta, a founder of Topix and the Open Directory Project, recently wrote about Spice Girls VC: So one day a few years ago I’m sitting in a VC’s office having a chat. I had a few ideas rattling around in my head but the VC had his eyes on a then-current space which was hot.
Summary: When lawyers defer their legal fees, they expect equity for the risk of not getting paid. If their risk is low or they’re not deferring fees, you can say no. In any case, offer them the right to invest $25K-$50K in your financing instead of giving them free equity. A reader asks:
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LAlba Berlin, club de basket de la capitale allemande, vient dannoncer la poursuite de son partenariat avec le géant Adidas. Ce dernier équipera léquipe fanion mais également les équipes de jeunes pendant les 4 prochaines saisons.
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Nintendo annonce avec un peu de retard la disponibilité de la Chaîne Concours de Miis sur les Wii Européennes. Comme son nom le laisse deviner, cette chaîne permet de faire participer les célèbres avatars virtuels à des concours de popularité, mais aussi d'apprécier les créations d'autres possesseurs de.