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  • Understanding the user funnel/economicsacquisition, activation, retention,…DifferentiationNo fast followers100% better, not 10%MetricsCohorts, Success targets

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  • 1. Three Things VC Look For[in 10 Minutes]Steph PalmeriSoftTech VC @stephpalmeriAging 2.0May 23rd, 2013IDEO SFProprietary & Confidential
  • 2. One of SiliconValley’s most activeConsumer Internetearly stage investors,and one of the first“micro-VC” funds
  • 3. 3Startups FundedFollow-On $(60+ Companies)Exit Considerations(28 Companies)Funds (I, II, & III)STVC III Fund Size$55M140+$1.25B+$1.00B+
  • 4. Our Three Asses Rule
  • 5. “3 Ds”– Development: Build, Scale, Fix– Distribution: Market, Sell, Lead– Design: UI/UXHow Many Founders?– ≥ 1 and ≤ 4– Co-founders join pre-funding,afterwards they are employees– Equity is not always equallydistributed7
  • 6. And that means…– Founder’s deep passion– “Aspirin, not Vitamin”– Initial customerdevelopment/validation– Understanding the userfunnel/economics– Monetization potential– Differentiation– Metrics– Ability to scale8
  • 7. Big Enough Stress Test:– Greater than $1B marketopportunity– Company, not feature– How does your startup get to$100M in revenue?• 10% of $1B market v. 50% of$200M (unrealistic!)– By raising capital, you commit tomatch return expectations9
  • 8. 113 AssesTeam +Product + MarketPortfolio Fit &ConstructionFollow-on Potential SyndicateRisksCompetitionDiversificationPortfolioConflictAccessGeographicExposureHiringIssuesOptionality TimingExistingPipelineTip of theIcebergEverything* ElseTrustedReferrals Users TractionPath toMonetizationReturns* And lots of other sh%t too