When Angels Rule the World

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+ Jonathan Boutelle 3 years ago
Why does Ram Shriram always look so happy?
Oh, wait, nevermind ... ;->

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When Angels Rule the World Paul Kedrosky Ventures West / UC San Diego Feb 22/2007
2 minutes
227,000 49,500
1:1 1 1 More like 1.03:1, but why brag?
Two Secrets
Secret #1: Angels are Favored by Evolution
The Numbers
Post-Money Valuations
E-mail: $60 Direct sales: $22,000 Indirect sales: $5,000 Direct mail: $70 Airplane banners: $55 Online banner ads: $50 Yellow pages: $20 Search: $8.50 The Cost of Customers is Falling
1985: $71,000 1990: $9,000 1995: $880 2000: $14.29 2007: $0.25 Infrastructure Cost is Falling 1980: $183,000 / Gb
$s 
Secret #2: VCs are Wimps
The soft underbelly of institutional venture capital
“ The last time we fought for a deal was 2004 .”
Be early.
Be useful.
Be fast.
Be different.
Don’t be VCs !
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