@paulsingh #VAangelsEPIC
PAUL SINGH
@paulsingh・paul@dashboard.io・dashboard.io
THE EVOLUTION OF THE PRIVATE MARKET
THE RISE...
@paulsingh #VAangelsEPIC
@paulsingh・paul@dashboard.io・dashboard.io
500 STARTUPS
@paulsingh #VAangelsEPIC
@paulsingh #startupchile
A (R)EVOLUTION IN THINKING
@paulsingh #VAangelsEPIC
EARLY STAGE
STARTUPS
HAVE CHANGED
@paulsingh #VAangelsEPIC
STARTUP COSTS
LOWER THAN EVERBUT SCALING STILL COSTS MONEY
CLOUD, OPEN SOURCE AND ONLINE DISTRIBU...
@paulsingh #VAangelsEPIC
WEB GETS BIGGER.
WORLD GETS SMALLER.
@paulsingh #VAangelsEPIC
TRACTION IS THE NEW
INTELLECTUAL PROPERTYPLATFORMS (SEARCH, SOCIAL & MOBILE) PRIMARILY DRIVING TH...
@paulsingh #VAangelsEPIC
CAPITAL
INCREASINGLY
COMMODITIZEDRISE OF THE ANGELS, YO!
@paulsingh #VAangelsEPIC
NEW REALITY:
MONEY FOLLOWS
FOUNDERS
RISE OF THE ENTREPRENEURS, YO!
@paulsingh #VAangelsEPIC
SIGNALS ARE
EVERYWHERE
BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
@paulsingh #VAangelsEPIC
SIGNALS ARE
EVERYWHERE
BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
@paulsingh #VAangelsEPIC
TRANSPARENCY IS
SIGNALS ARE
EVERYWHEREBIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
@paulsingh #VAangelsEPIC
WALL STREET
BEAT US TO IT
@paulsingh #VAangelsEPIC
@paulsingh #VAangelsEPIC
UBS PROPRIETARY
SATELLITE PARKING LOT
FILL RATE ANALYSIS
POINTS TO AN
INTERESTING CADENCE
INTRA-Q...
@paulsingh #VAangelsEPIC
@paulsingh #VAangelsEPIC
TWICE A WEEK A SMALL
HELICOPTER CIRCLES
OVER CUSHING’S TANK
FARMS ON AN OIL
INDUSTRY SPYING
MISSI...
@paulsingh #VAangelsEPIC
WALL STREET
ISN’T ALONETHESE TECHNIQUES ALREADY USED TO UNDERWRITE IN-VITRO
FERTILIZATION LENDING...
@paulsingh #VAangelsEPIC
WE CAN DO IT, TOOSURPRISE!
IT TURNS OUT,
@paulsingh #VAangelsEPIC
+ “GUT” + TRUSTED MENTORS + MUCH, MUCH MORE DATA.
@paulsingh #VAangelsEPIC
WE CAN DO IT, TOO.
@paulsingh #VAangelsEPIC
WE CAN DO IT, TOO.
@paulsingh #VAangelsEPIC
WE’RE DOING IT, TOO.
@paulsingh #VAangelsEPIC
@paulsingh #VAangelsEPIC
VENTURE CAPITAL IS
OPEN TO ATTACK BY
DISRUPTIVE NEW
BUSINESS MODELS AND
TECHNOLOGY.
“
-- NAVAL RA...
@paulsingh #VAangelsEPIC
data.dashboard.io
@paulsingh #VAangelsEPIC
data.dashboard.io
@paulsingh #VAangelsEPIC
EARLY STAGE VC
IS CHANGING
HAS CHANGED
@paulsingh #VAangelsEPIC
STATE OF THE ART IN EARLY
STAGE INVESTING IS NOT
VERY SOPHISTICATED
@paulsingh #VAangelsEPIC
UNBUNDLING OF
ADVICE, CONTROL
AND MONEY
@paulsingh #VAangelsEPIC
USED TO BE ABOUT
CAPITAL, DEALFLOW
AND JUDGEMENTTODAY, IT’S ABOUT ACCESS.
@paulsingh #VAangelsEPIC
@paulsingh #VAangelsEPIC
data.dashboard.io
@paulsingh #VAangelsEPIC
(500) CHECKLIST
Product solves a problem for a specific target customer
Capital-efficient businesse...
@paulsingh #VAangelsEPIC
(NEW) FINANCINGS
Standardized terms
No fixed amounts, no closings, no leads
Continuous, not discre...
@paulsingh #VAangelsEPIC
BY ITS NATURE, THE
INTERNET UNDERMINES
ANYONE WHOSE STATUS
DEPENDS ON
PRIVILEGED ACCESS TO
INFORM...
@paulsingh #VAangelsEPIC
THE PRIVATE MARKET IS
BECOMING MORE
ACCESSIBLE.
@paulsingh #VAangelsEPIC
THE PRIVATE MARKET IS
BECOMING MORE
TRANSPARENT.
@paulsingh #VAangelsEPIC
Demo DayVideos ⟹ livestream.com/500startups
Sample Pitch Decks ⟹ slideshare.net/500startups
Ventu...
@paulsingh #VAangelsEPIC
data.dashboard.io
@paulsingh #VAangelsEPIC
THE PRIVATE MARKET IS
BECOMING MORE EFFICIENT.
@paulsingh #VAangelsEPIC
THE PRIVATE MARKET IS
BECOMING MORE EFFICIENT.
AND, SOON, MORE LIQUID.
@paulsingh #VAangelsEPIC
YOUR KEY TAKEAWAYS
Focus on Traction.
Learn to Communicate and Inspire.
@paulsingh #VAangelsEPIC
ALSO...Distribution > Product
Tactics > Strategy
Notability > Credibility
Get on AngelList
Raise ...
@paulsingh #VAangelsEPIC
@paulsingh・paul@dashboard.io・dashboard.io
THE EVOLUTION OF THE
PRIVATE MARKET
THE RISE OF THE ANG...
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Evolution of the Private Market

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Slides for my keynote at the VA Angels summit in Calgary, AB. Signup for my weekly updates at bit.ly/dashboard-research

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Evolution of the Private Market

  1. 1. @paulsingh #VAangelsEPIC PAUL SINGH @paulsingh・paul@dashboard.io・dashboard.io THE EVOLUTION OF THE PRIVATE MARKET THE RISE OF THE ANGELS (AND THE ENTREPRENEURS)
  2. 2. @paulsingh #VAangelsEPIC @paulsingh・paul@dashboard.io・dashboard.io 500 STARTUPS
  3. 3. @paulsingh #VAangelsEPIC
  4. 4. @paulsingh #startupchile A (R)EVOLUTION IN THINKING
  5. 5. @paulsingh #VAangelsEPIC EARLY STAGE STARTUPS HAVE CHANGED
  6. 6. @paulsingh #VAangelsEPIC STARTUP COSTS LOWER THAN EVERBUT SCALING STILL COSTS MONEY CLOUD, OPEN SOURCE AND ONLINE DISTRIBUTION DRIVING
  7. 7. @paulsingh #VAangelsEPIC WEB GETS BIGGER. WORLD GETS SMALLER.
  8. 8. @paulsingh #VAangelsEPIC TRACTION IS THE NEW INTELLECTUAL PROPERTYPLATFORMS (SEARCH, SOCIAL & MOBILE) PRIMARILY DRIVING THE CHANGE. NO LONGER “GOOD ENOUGH” TO DEPEND ON TECH DIFFERENTIATION.
  9. 9. @paulsingh #VAangelsEPIC CAPITAL INCREASINGLY COMMODITIZEDRISE OF THE ANGELS, YO!
  10. 10. @paulsingh #VAangelsEPIC NEW REALITY: MONEY FOLLOWS FOUNDERS RISE OF THE ENTREPRENEURS, YO!
  11. 11. @paulsingh #VAangelsEPIC SIGNALS ARE EVERYWHERE BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
  12. 12. @paulsingh #VAangelsEPIC SIGNALS ARE EVERYWHERE BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
  13. 13. @paulsingh #VAangelsEPIC TRANSPARENCY IS SIGNALS ARE EVERYWHEREBIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
  14. 14. @paulsingh #VAangelsEPIC WALL STREET BEAT US TO IT
  15. 15. @paulsingh #VAangelsEPIC
  16. 16. @paulsingh #VAangelsEPIC UBS PROPRIETARY SATELLITE PARKING LOT FILL RATE ANALYSIS POINTS TO AN INTERESTING CADENCE INTRA-QUARTER AND POTENTIAL UPSIDE TO OUR VIEW. “
  17. 17. @paulsingh #VAangelsEPIC
  18. 18. @paulsingh #VAangelsEPIC TWICE A WEEK A SMALL HELICOPTER CIRCLES OVER CUSHING’S TANK FARMS ON AN OIL INDUSTRY SPYING MISSION. “
  19. 19. @paulsingh #VAangelsEPIC WALL STREET ISN’T ALONETHESE TECHNIQUES ALREADY USED TO UNDERWRITE IN-VITRO FERTILIZATION LENDING, PAYDAY LOANS, SUBPRIME AUTO LENDING, HOME/PERSONAL/AUTO INSURANCE AND MORE.
  20. 20. @paulsingh #VAangelsEPIC WE CAN DO IT, TOOSURPRISE! IT TURNS OUT,
  21. 21. @paulsingh #VAangelsEPIC + “GUT” + TRUSTED MENTORS + MUCH, MUCH MORE DATA.
  22. 22. @paulsingh #VAangelsEPIC WE CAN DO IT, TOO.
  23. 23. @paulsingh #VAangelsEPIC WE CAN DO IT, TOO.
  24. 24. @paulsingh #VAangelsEPIC WE’RE DOING IT, TOO.
  25. 25. @paulsingh #VAangelsEPIC
  26. 26. @paulsingh #VAangelsEPIC VENTURE CAPITAL IS OPEN TO ATTACK BY DISRUPTIVE NEW BUSINESS MODELS AND TECHNOLOGY. “ -- NAVAL RAVIKANT (@naval)
  27. 27. @paulsingh #VAangelsEPIC data.dashboard.io
  28. 28. @paulsingh #VAangelsEPIC data.dashboard.io
  29. 29. @paulsingh #VAangelsEPIC EARLY STAGE VC IS CHANGING HAS CHANGED
  30. 30. @paulsingh #VAangelsEPIC STATE OF THE ART IN EARLY STAGE INVESTING IS NOT VERY SOPHISTICATED
  31. 31. @paulsingh #VAangelsEPIC UNBUNDLING OF ADVICE, CONTROL AND MONEY
  32. 32. @paulsingh #VAangelsEPIC USED TO BE ABOUT CAPITAL, DEALFLOW AND JUDGEMENTTODAY, IT’S ABOUT ACCESS.
  33. 33. @paulsingh #VAangelsEPIC
  34. 34. @paulsingh #VAangelsEPIC data.dashboard.io
  35. 35. @paulsingh #VAangelsEPIC (500) CHECKLIST Product solves a problem for a specific target customer Capital-efficient businesses - operational @ <$1M funding Primarily internet-based distribution - search, social, mobile, local Simple revenue models - transactions, subscriptions or affiliate Functional prototype before investment (or previous success) Small but measurable usage - some customers, early revenue Small but cross-functional team - engineer, design/UX, marketing
  36. 36. @paulsingh #VAangelsEPIC (NEW) FINANCINGS Standardized terms No fixed amounts, no closings, no leads Continuous, not discrete rounds Prices beginning to float No Board seats at the earliest stage Herd mentality and oversubscriptions
  37. 37. @paulsingh #VAangelsEPIC BY ITS NATURE, THE INTERNET UNDERMINES ANYONE WHOSE STATUS DEPENDS ON PRIVILEGED ACCESS TO INFORMATION. “ -- MICHAEL LEWIS
  38. 38. @paulsingh #VAangelsEPIC THE PRIVATE MARKET IS BECOMING MORE ACCESSIBLE.
  39. 39. @paulsingh #VAangelsEPIC THE PRIVATE MARKET IS BECOMING MORE TRANSPARENT.
  40. 40. @paulsingh #VAangelsEPIC Demo DayVideos ⟹ livestream.com/500startups Sample Pitch Decks ⟹ slideshare.net/500startups Venture Capital 101 ⟹ venturehacks.com/archives Investor Thoughts: Brad Feld ⟹ feld.com Fred Wilson ⟹ avc.com Chris Dixon ⟹ cdixon.org Mark Suster ⟹ bothsidesofthetable.com angel.co/valuations and angel.co/salaries
  41. 41. @paulsingh #VAangelsEPIC data.dashboard.io
  42. 42. @paulsingh #VAangelsEPIC THE PRIVATE MARKET IS BECOMING MORE EFFICIENT.
  43. 43. @paulsingh #VAangelsEPIC THE PRIVATE MARKET IS BECOMING MORE EFFICIENT. AND, SOON, MORE LIQUID.
  44. 44. @paulsingh #VAangelsEPIC YOUR KEY TAKEAWAYS Focus on Traction. Learn to Communicate and Inspire.
  45. 45. @paulsingh #VAangelsEPIC ALSO...Distribution > Product Tactics > Strategy Notability > Credibility Get on AngelList Raise 12-18+ months of funding Learn the basics of VC economics Don’t confuse due diligence with progress & probability... Shameless plug: data.dashboard.io
  46. 46. @paulsingh #VAangelsEPIC @paulsingh・paul@dashboard.io・dashboard.io THE EVOLUTION OF THE PRIVATE MARKET THE RISE OF THE ANGELS (AND THE ENTREPRENEURS)
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