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Venture Capital 2.0: The Lean VC

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Dave McClure
Dave McClure
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Venture Capital 2.0 : The Lean VC Dave McClure 500 Startups ( @DaveMcClure ) http://500startups.com SlideShare ZipCast, Feb 2011 Re-Inventing Venture Capital Investing through Innovation, Incubation, & Iteration
Changes. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Dave McClure: Bio ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
500 Startups Seed Fund Mountain View, CA – Founded 2010 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
500 Hats LLC (Personal Investments: 13 deals, 2004-2008, ~$300K) Results: 1 exit @ $170M (9x), +3-6 future wins 2 addtl exits @ $50M, $70M (advisory roles) Bix (acq YHOO) Jambool (acq GOOG)
Founders Fund (Incubator/Seed Program: 43 deals, 2008-2010, ~$3M) Results : 8 raised seed rd $500K+ 3 small exits Results : 6 raised Series A $2M+ 2 raised Series B $5-10M+ 1 early exit @ 4x FanBridge Facebook fbFund 22 incubator deals ($850K) FF Angel LLC 21 seed deals ($2M)
500 Startups LP Fund I (90+ investments @ ~$75K avg) Wildfire Crave Tello AwayFind Indinero MyGengo Revnetics Mogotix EcoMom Zencoder GazeHawk Crocodoc SayHired Recurly AppBistro Foodspotting Gantto Medialets Rapportive TransFS SiteJabber GinzaMetrics Estately FlowTown OneForty Twilio Postling Plancast ElaCarte WePay Zappli Format Baydin GroupSpaces Rapportive Apsalar Bunndle Udemy Brainient ReadyForZero Graphicly StoryJumper OtherInbox Viikii Zozi One True Fan Formative Labs Networked Blogs
Venture Capital 2.0 (smaller, faster, better) Venture Capital 1.0 “ Super” Angel (aka Micro-VC)
Silicon Valley Investor Ecosystem True Ventures First Round Capital Benchmark Accel Angels & Incubators ($0-10M) “ Seed” Funds ($10-50M) VC Funds ($50-250M) VC Funds (>$250M) Y-Combinator TechStars SoftTech (Clavier) FloodGate (Maples) Felicis (Senkut) SV Angel (Conway)
Venture Capital: Still Relevant? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
More & Smaller Acquisitions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],* Mint acquired by Intuit in Sept 2009 for $170M
Platforms 2.0 Search, Social, Mobile
Web 2.0 : Good Times . ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],R.I.P. *BAD* TIMES
Platform Viability Successful Platforms have 3 Things: 1) Features 2) Users 3) Money Users . . Money Features Growth Profit Profitable Growth Nirvana
Distribution Platforms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Web 2.0 Business Model: KISS (“Keep It Simple, Stupid”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Startup Incubators Lots of Hot, Cool, Web 2.0! (+ lots of FAIL .)
Incubator 2.0: Fast, Cheap, FAIL ,[object Object],[object Object],[object Object]
Incubator 2.0: Education, Collaboration, Iteration ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
fbFund REV ,[object Object],[object Object],[object Object],[object Object]
Startup Metrics & The Lean Startup Measure Shit, Iterate .
“ What Metrics Should I Measure ?” Users, Pages, Clicks, Emails, $$$...? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],the good stuff.
Read Geoffrey Miller Sex + Evolution + Consumer Mktg = Awesome Sauce
Other Great Shit. Psychology + Comics
Discover Meaning What Do Users Care About Enough to F**k or Kill ? Kathy Sierra: “ Creating Passionate Users”
The Lean Startup ,[object Object],[object Object],[object Object],[object Object],[object Object]
Discover Customers (Steve Blank, SteveBlank.com)
Iterate : Learn, Measure, Build. (Eric Ries, StartupLessonsLearned.com) LEARN BUILD MEASURE IDEAS CODE DATA
Product/Market Fit Before “Launch” (Sean Ellis, Startup-Marketing.com) [email_address] Blog: startup-marketing.com
Startup Metrics for Pirates ,[object Object],[object Object],[object Object],[object Object],[object Object],(note: If you’re in a hurry, Google “Startup Metrics” & watch 5m video) AARRR !
AARRR! : 5-Step Startup Metrics Model Website.com R evenue $$$ Biz Dev Ads, Lead Gen, Subscriptions, ECommerce A CQUISITION SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains R etention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
Q: What is My Business Model? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Lean Startup Challenges ,[object Object],[object Object],[object Object],[object Object]
Role: Founder/CEO ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Role: Product / Engineering ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Role: Marketing / Sales ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
M AARRR keting Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
One Step at a Time. ,[object Object],[object Object],[object Object],“ You probably can’t save your Ass and your Face at the same time… choose carefully .” – DMC
Investor Metrics: “Super Angel” -> Lean VC Not “Spray & Pray”, but rather “ Quantitative, Incremental, Selective Follow-on ” Investing. (Product, Market, Revenue.)
“ Lean Investor” Model ,[object Object],[object Object],[object Object],[object Object]
Investment #1: Incubate (“Product”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Investment #2: Seed (“Market”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Investment #3: Venture (“Revenue”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Venture Capital 2.0: The Lean VC

  • 1. Venture Capital 2.0 : The Lean VC Dave McClure 500 Startups ( @DaveMcClure ) http://500startups.com SlideShare ZipCast, Feb 2011 Re-Inventing Venture Capital Investing through Innovation, Incubation, & Iteration
  • 2.
  • 3.
  • 4.
  • 5. 500 Hats LLC (Personal Investments: 13 deals, 2004-2008, ~$300K) Results: 1 exit @ $170M (9x), +3-6 future wins 2 addtl exits @ $50M, $70M (advisory roles) Bix (acq YHOO) Jambool (acq GOOG)
  • 6. Founders Fund (Incubator/Seed Program: 43 deals, 2008-2010, ~$3M) Results : 8 raised seed rd $500K+ 3 small exits Results : 6 raised Series A $2M+ 2 raised Series B $5-10M+ 1 early exit @ 4x FanBridge Facebook fbFund 22 incubator deals ($850K) FF Angel LLC 21 seed deals ($2M)
  • 7. 500 Startups LP Fund I (90+ investments @ ~$75K avg) Wildfire Crave Tello AwayFind Indinero MyGengo Revnetics Mogotix EcoMom Zencoder GazeHawk Crocodoc SayHired Recurly AppBistro Foodspotting Gantto Medialets Rapportive TransFS SiteJabber GinzaMetrics Estately FlowTown OneForty Twilio Postling Plancast ElaCarte WePay Zappli Format Baydin GroupSpaces Rapportive Apsalar Bunndle Udemy Brainient ReadyForZero Graphicly StoryJumper OtherInbox Viikii Zozi One True Fan Formative Labs Networked Blogs
  • 8. Venture Capital 2.0 (smaller, faster, better) Venture Capital 1.0 “ Super” Angel (aka Micro-VC)
  • 9. Silicon Valley Investor Ecosystem True Ventures First Round Capital Benchmark Accel Angels & Incubators ($0-10M) “ Seed” Funds ($10-50M) VC Funds ($50-250M) VC Funds (>$250M) Y-Combinator TechStars SoftTech (Clavier) FloodGate (Maples) Felicis (Senkut) SV Angel (Conway)
  • 10.
  • 11.
  • 12. Platforms 2.0 Search, Social, Mobile
  • 13.
  • 14. Platform Viability Successful Platforms have 3 Things: 1) Features 2) Users 3) Money Users . . Money Features Growth Profit Profitable Growth Nirvana
  • 15.
  • 16.
  • 17. Startup Incubators Lots of Hot, Cool, Web 2.0! (+ lots of FAIL .)
  • 18.
  • 19.
  • 20.
  • 21. Startup Metrics & The Lean Startup Measure Shit, Iterate .
  • 22.
  • 23. Read Geoffrey Miller Sex + Evolution + Consumer Mktg = Awesome Sauce
  • 24. Other Great Shit. Psychology + Comics
  • 25. Discover Meaning What Do Users Care About Enough to F**k or Kill ? Kathy Sierra: “ Creating Passionate Users”
  • 26.
  • 27. Discover Customers (Steve Blank, SteveBlank.com)
  • 28. Iterate : Learn, Measure, Build. (Eric Ries, StartupLessonsLearned.com) LEARN BUILD MEASURE IDEAS CODE DATA
  • 29. Product/Market Fit Before “Launch” (Sean Ellis, Startup-Marketing.com) [email_address] Blog: startup-marketing.com
  • 30.
  • 31. AARRR! : 5-Step Startup Metrics Model Website.com R evenue $$$ Biz Dev Ads, Lead Gen, Subscriptions, ECommerce A CQUISITION SEO SEM Apps & Widgets Affiliates Email PR Biz Dev Campaigns, Contests Direct, Tel, TV Social Networks Blogs Domains R etention Emails & Alerts System Events & Time-based Features Blogs, RSS, News Feeds
  • 32.
  • 33.
  • 34.
  • 35.
  • 36.
  • 37.
  • 38.
  • 39. Investor Metrics: “Super Angel” -> Lean VC Not “Spray & Pray”, but rather “ Quantitative, Incremental, Selective Follow-on ” Investing. (Product, Market, Revenue.)
  • 40.
  • 41.
  • 42.
  • 43.
  • 44.

Editor's Notes

  1. I know, too many bullets…
  2. BUILT TO LEARN This is the core feedback loop that powers startups. Their goal is not to optimize the time it takes to do any one of these steps. There are many specific practices that can power lean startups, and we’ll cover a few in this presentation. But more important than any specific practice is this core idea: startups should be built to learn.