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Getting funded - BoilerMake 2014

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Presentation to BoilerMake 2014. How to get funded in Silicon Valley

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Getting funded - BoilerMake 2014

  1. 1. Getting Funded in Silicon Valley Jonas Lamis @jonaslamis Jonas.lamis@sens.ai
  2. 2. Disclosure • This is mainly focused on Enterprise and Consumer software startups • I’ve been a part of 5 founding teams that have raised capital. (1998 – Present) – One was acquired for $$ – One flamed out spectacularly – 2 are growing – My new company is just getting started • Luck is an overwhelming factor in startup success
  3. 3. Times have changed • 1997 – 2004: $5M to launch at startup to get to Product Market Fit. • 2005 – 2014: Dramatically decreasing towards $0 • Competition for the entrepreneur is wildly different. (Damn you hackathons)
  4. 4. Glad I'm an operator and not an investor • $500k can get a small team to profitability / a significant exit • Acqui-hires benefit failing founding teams but not investors • Angels have invaded early stage VC • Incubators cultivate too many lemmings and drive up valuations • Companies / foreign funds / LPs have invaded late stage VC • Picking a winner is a total crap shoot – 1 Unicorn returns the fund – “Its all about the team” – Spray and Pray
  5. 5. $500B in deployable capital on this map Its mostly about who knows you and your capabilities
  6. 6. There has never been a better time to start something in the history of the world than right now. - Just about everybody in SV
  7. 7. 5 Step Plan DO THIS NOW! • #0 – Get familiar with the thought leaders and start trolling them on twitter and in comments • #0b – Start contributing to Github / blogging regularly about something cutting edge UPON GRADUATION • #1 – Find your way to Silicon Valley after graduation. Do not consider jobs elsewhere. • #2 – Get an job at any tech company that has less than 50 people and has raised VC. Best way to trigger #5 • #3 – Find a way to live cheaply (Avoid expensive habits) • #4 – Iterate on ideas fearlessly. Traction is the only thing that matters. (Users or $$) Spend all your time on pushing your ideas forward. • #5 –Get one (1) serious angel to believe in your vision
  8. 8. Its A Numbers Game Has an idea - Infinite Gets to a MVP - on Seed $$ - 10,000 Raises a Series A – 1,000 Raises beyond a Series A - 200 Successful Exit - 50 Unicorn Status – 1 to 5
  9. 9. Lets look at some resources
  10. 10. @pmarca
  11. 11. Discussion Forums
  12. 12. Helpful business models Mattermark Keep and eye on Danielle Morrill
  13. 13. Helpful business models Crunchbase
  14. 14. The Rally Story
  15. 15. Angel List
  16. 16. Incubators (Kickstarter Yo?)
  17. 17. No, Snoop Dogg is not going to investor in your startup.

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