This document summarizes a discussion between Jason Lemkin and Aileen Lee about issues facing SaaS founders and VCs. Some of the key topics discussed include: - The impact of declining cloud prices on VC investment and unicorn creation - Whether the "super good old days" of easy funding are gone - How seed funding pacing has changed for VCs and their worries about follow-on funding - Expectations for revenue growth and time to reach $100M ARR - What constitutes a "top tier" valuation multiple now and challenges raising later stage funding at lower multiples - Options for founders whose valuation has become too high, such as burning cash or pursuing an acquisition - Common mistakes founders make

1. Jason Lemkin
Founder
SaaStr + SaaStr Fund
@jasonlk
VC CONFIDENTIAL
What’s New, What’s Changed, What’s a Secret
Aileen Lee
Founding GP
Cowboy Ventures
@aileenlee
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2. VCs at SaaStr Annual
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3. Woah
Disruption alive and well
3 years to GA, then 6 years to
$20B
2x last round price …
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4. Markets
How has plunge in Cloud prices
affected VC?
How affect unicorn creation?
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5. Are Super Good Old Days Gone Forever?
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6. Seed: Really So
Different?
What seeing now
How pacing changed for VCs
Worries about follow-on?
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7. What’s The
Real Bar
Today?
How fast to $100m ARR?
How changed, if at all?
How much harder is next round?
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8. Multiples
What’s a “top tier” multiple
now?
Is anyone worth 10x outside of
Snowflake, Datadog?
How raise a Series C+ on low
multiples?
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9. Multiples
What’s a “top tier” multiple now?
Is anyone worth 10x outside of
Snowflake, Datadog?
How raise a Series C+ on low
multiples?
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10. What If Your
Valuation is
Too High?
Burn
M&A (im)possible?
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11. Questions from The Attendees
1. I raised at $1B and my growth has slowed. What do you do?
2. Should founders worry about being replaced as CEO?
3. What are the biggest mistakes founders really make with their VCs and boards?
4. What really sets the best founders apart from the rest?
5. How do I know who will do pro rata?
6. What do you do if a VC on your board is toxic?
7. My VC seems to have retired or checked out. What do I do?
8. My VC wants to put someone new on the board. What do I do?
9. How much time should I really spend with my VCs? I have real work to do
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12. Q+A