VCTips Workshop 2009-11-16
Session slides from the VCTips workshop at Web 2.0 Expo New York 2009. Session abstract: Whether you’re just starting a business, looking for capital, or working to outlast the market drought, this workshop is for you. Learn what goes on inside the minds of investors, how to present and defend your business, and how to land your first customers. Workshop topics will include the venture fund landscape, financing strategies, and revenue models. Specific discussions will include: * VC101: Inside the Black Box (SLIDES) * Pitch Lab I: Investor Panel Q&A Free-for-all (NO SLIDES) * Pitch Lab II: Closing Your First Customers (SLIDES) * Market Q&A: Getting a Term Sheet in Today's Market (NO SLIDES) * Food for Thought: 10 questions every VC will ask you, and what they really mean. (SLIDES)
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VCTips Workshop 2009-11-16
- 1. VC 101 : Inside the Black Box Christine Herron First Round Capital November 2009
- 2. (AKA : Christine’s Quick & Dirty Guide to Venture Capital)
- 8. Money Going In: Capital Contributions 1% of total 99% of total GP GP GP GP GP GP GP GP LP LP LP LP LP LP LP
- 9. Money Coming Out: Profit Sharing 20% of total 80% of total GP GP GP GP GP GP GP GP LP LP LP LP LP LP LP
- 11. Staying in Business = Raising More Funds Year 1 Year 3-4 Each Fund Life = 10 Years 3-4 Yrs = Seed NewCos 6-7 Yrs = Harvest & Do Followons Must raise new funds to keep investing in NewCos; once new fund is raised, NewCo funding will come from it Fund III ($150M) Fund II ($125M) Fund I ($100M) After 6-7 years in business, VC will have 3+ concurrent, active funds at any one time; only one, however, will be funding NewCos Year 6-7
- 14. For seed-stage conversations Christine Herron Kent Goldman Phin Barnes Howard Morgan Rob Hayes Chris Fralic Josh Kopelman http://firstround.com twitter: @firstround [email_address]
- 15. VCTips: An Inside Look at the VC Landscape and Fundraising Strategy Oren Netzer Founder and CEO DoubleVerify Inc.
- 22. Thank You Oren Netzer [email_address]
- 23. VC Meeting 1.0
- 24. *Spoiler Alert
- 25. Its Not About the Money
- 27. Many Paths (some more effective than others)
- 28. Prototypical VCs
- 30. Real People
- 32. Make a Personal Connection
- 49. Blow Us Away
- 51. Qualify Whether We’re in a Position to Invest
- 52. Thanks [email_address] www.bryce.vc @bryce
Editor's Notes
- You have one objective: get a 2nd meeting. we’ll touch on three ways to do that. The perfect set up for a pitch meeting is about as elusive as unicorns, bigfoot or nessy
- 86 new investments made in the last 12 months VC reference or Personal Connection Surprising Number of Plans@
- key to getting a second meeting. not enough to get us to invest, we need to like your business
- The majority of our returns are driven by a minority of our investments
- some VCs are only interested in the new hotness all are interested in big market opportunities
- watch tone here like to see new hires from big cos who understand how to operate at scale
- I don’t see it or you haven’t convinced me. talk to me after you have customers.
- do you have a reasonable path to turning the feature into a company?
- same work for a $1M as a $10M check
- Now figure out if we are in a position to make a new investment