Fifteen Great Years of Angel Investing<br />… and some not as great!<br />What to look for..  What to look out for!<br />A...
Let’s talk about Me.. Only for context please!<br />Finance and Male Model Era: <br />1965 Babson BSBA ’69 > National Shaw...
Criteria #1: Is it Massively Directionally Correct?<br />What’s the Next Big Thing?.. <br />..it’s probably already here a...
Criteria #2: If there’s demand, is there scarcity?… if there’s no scarcity there will be no value!<br />The link between f...
Criteria #3 – The Team and Structure … Great People who complement each other!<br />CEO.. The Chief Executive … Gerstner!<...
So What?  Lessons at 60,000 feet!<br />What Worked Better<br />What Worked Worser<br />Team<br />complementary skills<br /...
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John Landry - June 2010

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John Landry - June 2010

  1. 1. Fifteen Great Years of Angel Investing<br />… and some not as great!<br />What to look for.. What to look out for!<br />Angel Bootcamp – June 2010<br />John Landry Lead Dog Ventures LLC<br />john@johnlandry.com<br />
  2. 2. Let’s talk about Me.. Only for context please!<br />Finance and Male Model Era: <br />1965 Babson BSBA ’69 > National Shawmut Bank 1974<br />Technology Era: Chairman and/or Chief Technology Officer Rut<br />1974 McCormack and Dodge > Dun & Bradstreet 1985<br />1985 Distribution Management Systems > Cullinet 1987<br />1987 Cullinet > Computer Associates 1989<br />1989 Agility Systems > Dun & Bradstreet 1990<br />1990 Lotus Development > IBM (Lou’s Boy) 2000 <br />1995 Lead Dog Ventures > ????<br />1997 Narrative Communications > Excite / AtHome 1999<br />1999 AnyDay.com > Palm 2001… Lead Dog Ventures formed!<br />2001 Adjoin Solutions > Computer Associates 2003<br />2001 AdessoSystems > Don’t Ask<br />2005 Infostoria > Fatwire 2007<br />9X Acquired, 36 Boards of Directors, 33 Current LDV Investments<br />Recent Wins: DoubleTake, LogMeIn, Interwise, Maven<br />Recent Investments: BlueLeaf, Daily Grommet, Koko, oneForty, Sonian<br />
  3. 3. Criteria #1: Is it Massively Directionally Correct?<br />What’s the Next Big Thing?.. <br />..it’s probably already here and it’s what you’re most skeptical about!<br />Biggest Opportunity: Software Platform Shifts<br />Disruptive Change vs Sustaining Change<br />Batch to On-Line Transaction Processing<br />PC / Client-Server / Graphical User Interface<br />Web 1.0 > Web 2.0<br />NOW! CLOMOSO!.. Cloud / Mobile / Social <br />The Perils and Profits of the Stack <br />The Lesson: It’s not just an extension of the past.. <br />It’s completely different!<br />And most likely the leaders of the past won’t be the leaders of the future<br />… and that spells opportunity!<br />Lead Dog Examples: Sonian, Apperian, Daily Grommet.. And Animoto?<br />…but it’s getting harder! Landry’s Theory of Scarcity<br />
  4. 4. Criteria #2: If there’s demand, is there scarcity?… if there’s no scarcity there will be no value!<br />The link between future value and scarcity is indisputable..The product, service, IP and the team’s talent must by in demand and scarce<br />
  5. 5. Criteria #3 – The Team and Structure … Great People who complement each other!<br />CEO.. The Chief Executive … Gerstner!<br />VP uh.. The Distribution Model<br />Business is defined by Distribution.. Who’s got the scarce idea?<br />Obsessive about monetization.. Yes! Monetization!<br />CTO.. The Vision Guy / Gal… <br />Understand business goals, product management, marketing<br />No nonsense tech credentials<br />Outside Speaker<br />Judge Judy Manager<br />VP Technology.. <br />Genius with all the warts… <br />Back of the envelope design to working machine code.. Today!<br />Non-stop dedication and imagination<br />VP Engineering/Development.. <br />Trains leave on time.. Project, management and hiring skills key<br />Respects the genius… and vice versa.<br />FO.. The Finance Dude<br />Business Head, Budgets, Board Reporting<br />
  6. 6. So What? Lessons at 60,000 feet!<br />What Worked Better<br />What Worked Worser<br />Team<br />complementary skills<br />start together<br />development <> innovation<br />visionary driven<br />original BOD / investors<br />Time<br />1-4 years<br />momentum & morale<br />feature bias<br />fresh stuff <br />Outcomes<br />Sell (50% of 30MM in 3 years)<br />Team<br />overlapping skills<br />brought together later<br />development = innovation<br />manager driven<br />new BOD / investors<br />Time<br />over 4 years (except M&D)<br />no-mentum and no-rale<br />schedule bias<br />bit rot?<br />Outcomes<br />Hold (10% of $300M in 7 years)<br />Cramer: Sell! Sell! Sell!<br />

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