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TheFunded - Canarie

by on Nov 12, 2008

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TheFunded.com presentation on the state of venture capital delivered to Harvard Business School faculty in October 2008. See:

TheFunded.com presentation on the state of venture capital delivered to Harvard Business School faculty in October 2008. See: here.

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  • valto Valto Loikkanen, CEO at Grow VC International Limited This is great presentation. I agree with the whole issue. At www.growvc.com we will be tackling this issue.... and launch a whole new way to get be funded.

    <br /><object type="application/x-shockwave-flash" data="http://www.youtube.com/v/q1Cy723GqAs&hl=en&fs=1" width="350" height="288"><param name="movie" value="http://www.youtube.com/v/q1Cy723GqAs&hl=en&fs=1"></param><embed src="http://www.youtube.com/v/q1Cy723GqAs&hl=en&fs=1" width="350" height="288" type="application/x-shockwave-flash"></embed></object>
    5 years ago
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  • ElliottDahan Elliott Dahan, Managing Partner at The Growth Group I agree 100% that the VC model is broken.

    But, fixing the VC model won't solve the needs (& opportunities) of the total industry - Venture Risk Investing.

    Venture Risk investing has 3 distinctly different parts through which a company, hopefully, travels:
    1) Seed Investing
    2) Traditional VC investing
    3) Exit investing (M&A and IPO)

    The Seed investor does not demand 'traction' - the VC investor does.

    The Seed investor does not demand a full/almost complete team - a VC investor knows that assembling such a team is what he/she will have to do.

    The VC investor is directed by financial returns - the Exit investor can either be directed by financial returns (IPO) or achieving corporate objectives (M&A).

    I could go on, but you get the idea.

    The VC model is broken and the invisible hand of the market will eliminate some of the ills. Hopefully, good form, grace, a sense of common decency and a strong dose of humility will eliminate the other ills.

    But, let us realize that by fixing the Seed level of the Risk Venture industry, you fix many of the ills of the VC level. By strengthening the Seed level you will bring more valuable companies to the VC level - a more level playing field. By strengthening the Seed level you give a greater opportunity for funding to worthy companies than that which is delivered by the current system of friends&family and angels.

    By working with the Seed Infrastrucuture (incubators, tech transfers and economic development agencies) you are eliminating geographic constraint on the sourcing, screening and oversight of seed companies.

    By working with the Seed infrastructure you eliminate the economic inefficiencies of small bets being placed by very high priced investors.

    Anyway - all I am trying to say is - please think about the Risk Venture Industry as 3 systemically and operationally different parts.

    And, please realize that the first and most important part to fix is the Seed level.

    Thanks,

    Elliott
    5 years ago
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  • strat_80 strat_80 Mostly very good points. Though I don't agree with reducing vc firms. Basically the vc business is a commodity business now. Most of the people in it are average and not anything to write home about. A few good people and also a good share of idiots. Most are lazy, sheep-like MBAs and spreadsheet toting pontificators. The interesting conversations are when lawyer vcs act like they are engineers. I have no idea why lawyers become vcs - etc. the nokia fund blue.... sort of a joke of a fund.

    The presentation is also right in that most LP returns are (i) due to one or two deals that are hits out of the park and (ii) these don't come from your so called people with a track record or so called experienced entrepreuners. In fact I will postulate a thesis that radical ideas do not get funded, simply because of some of the points made in the presentation.
    5 years ago
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  • strat_80 strat_80 Mostly very good points. Though I don't agree with reducing vc firms. Basically the vc business is a commodity business now. Most of the people in it are average and pretty lazy and not anything to write home about. A few good people and also a good share of idiots. Most are sheep-like MBAs simply motivated by money and are spreadsheet toting pontificators. The interesting conversations are when lawyer vcs act like they are engineers. I have no idea why lawyers become vcs - etc. the nokia fund blue.... sort of a joke of a fund.

    The presentation is also right in that most LP returns are (i) due to one or two deals that are hits out of the park and (ii) these don't come from your so called people with a track record or so called experienced entrepreuners. In fact I will postulate a thesis that radical ideas do not get funded, simply because of some of the points made in the presentation.
    5 years ago
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TheFunded - Canarie TheFunded - Canarie Presentation Transcript