An analysis of social networking and media consumption habits of VCs offers a window into the influencers that impact funding. #ZenoVCstudy

1. Study:
VENTURE CAPITAL INFLUENCER INSIGHTS
An annual analysis of social networking and media consumption habits offers a window into the
influencers that impact funding (May 2015)

2. • DON’T OVERLOOK LINKEDIN: Many social media programs start with Facebook and end with Twitter.
LinkedIn is a valuable network for building professional relationships. Entrepreneurs and executives
should have a LinkedIn presence, and companies can use it as a platform to share milestones. It’s helpful
to give employees draft language for the company’s description and mission, and it’s also important to
offer guidelines on what kind of information should be excluded from profiles.
• ENTREPRENEURS MUST PARTICIPATE: A common theme among VCs is that they invest in people, not
ideas. On Twitter, VCs tend to follow CEOs and entrepreneurs, not startups. Some executives are
reluctant to join Twitter because they don’t know what to say, how to build a following, and don’t have
time. Don’t Tweet on their behalf. Instead, put a few systems in place to suggest posts, respond to live
conversations, and quickly follow others to build their own following. Conferences offer great
opportunities for executives to participate in real-time conversations and increase their network.
• BIG BUSINESS AND TECH BRANDS HAVE OUTSIZED INFLUENCE: You likely already have goals of
telling your story to the New York Times, Re/code and The Wall Street Journal. This analysis underscores
the importance of top tech and business media. When we first conducted this study in 2013, we also
surveyed VCs directly about media. We learned that more than three-quarters of VCs contacted a
company after reading about it in the news, and 30 percent invested in a startup they discovered
through a news story. Trade media still count – particularly with customers and partners – but when it
comes to getting funding, the biggest media brands hold the keys. How do you get their attention? We
can share a few ideas.
KEY FINDINGS

3. MIDAS LIST ON SOCIAL PLATFORMS
64%
89%
72%
95%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Twitter LinkedIn
2013 2015
Top VCs are expanding their use of LinkedIn: 95 percent of the 2015 Midas List is on the social
network, up from 89 percent in 2013. Of that group, 73 percent have 500 or more followers, an
increase of 18 percent.
95% of Forbes’ Midas List
top VCs are on LinkedIn

4. LINKEDIN ECOSYSTEM BREAKDOWN
Beyond their individual connections, VCs
are building a following on LinkedIn.
When we first conducted this study in
2013, the LinkedIn Influencer program
only allowed members to follow
designated influencers; there were just
six influencers among the Midas List that
year. LinkedIn has since opened up this
feature to allow members to follow
anyone on LinkedIn. As a result, VCs are
attracting substantial followings.
1,495
MEDIAN
LINKEDIN
FOLLOWING

5. TWITTER ECOSYSTEM BREAKDOWN
Unlike Twitter, LinkedIn differentiates between connections and companies, making it the ideal
place for VCs to track startups or even their own firms (something they don’t do much on
Twitter). In 2015, VCs followed an average of nine companies on LinkedIn, up from six in 2013.
LOW: 23
HIGH: 267,000
AVERAGE: 46,241
MEDIAN: 4,434
4,434
MEDIAN
TWITTER
FOLLOWERS
29%
GROWTH
SINCE
2013

6. -
50
100
150
200
250
300
350
0
10
20
30
40
50
60
70
80
90
100
Q1 2013 Q1 2015
Millions
Twitter Adoption
Midas List Twitter Monthly Active Users
MEDIA HAVE THE EARS OF (SOME) VCS
On Twitter, the top VCs are still surprisingly absent. In 2013 just 64 of the Midas List VCs had a
presence on Twitter (though of that group, three had never Tweeted). In the three years since,
Twitter’s active monthly users grew 48 percent to 302 million, but the number of members of
the Midas List on Twitter only grew 13 percent to 72. This year, of the VCs with a Twitter profile,
seven have not Tweeted in 2015, have just Tweeted once, or have never posted a Tweet.

7. Media Outlet, 6%
Journalist, 11%
VC Partner, 32%
VC Firm, 4%
CEO/Entrepreneur, 25%
Thought Leader, 5%
Tech Exec. (non CEO),
9%
Startup Co., 1%
Law, 0%
Banking, 0%
Politics, 1%
Other, 2%
TWITTER ECOSYSTEM: LARGER, BUT UNCHANGED
Using Zeno’s proprietary tool, we analyzed the influencers who make up this ecosystem. Defined as users who
are followed by 10 or more Midas List VCs, we segmented this group based on their role within the technology
and investment landscape. In three years, when the members of the Midas List changed, the percentage of the
group on Twitter expanded and the number of users they followed more than doubled; Aside from an increase
of four percent of technology executives (non-CEO’s), no other segment changed by more than 1 percent.

8. Media Outlet
13%
Journalist
24%
CEO/Entrepreneur
48%
Thought Leader
9%
Tech Exec. (non-
CEO)
4% Startup Co.
2%
THE TOP 100 INFLUENCERS
If you zero in on the top 100 among this group – those followed by the most Midas List VCs – and remove fellow
VCs, investors and firms, the influence of media becomes increasingly apparent. Together, journalists and media
outlets represent 37 percent of this top group.

9. 5
Sarah Lacy, PandoDaily
No change
30 Midas List followers
4
Tim O’Reilly, AlwaysOn
No change
31 Midas List followers
3
Walt Mossberg, Re/Code
#2 in 2013
40 Midas List followers
1
Kara Swisher, Re/code
No change
49 Midas List followers
2
Dan Primack, Fortune
#3 in 2013
45 Midas List followers
9
Emily Chang, Bloomberg West
#12 in 2013
26 Midas List followers
Leena Rao, Fortune
#15 in 2013
26 Midas List followers
8
Henry Blodget, Business Insider
#7 in 2013
27 Midas List followers
7
Liz Gannes, Re/code
#9 in 2013
28 Midas List followers
6
Adam Lashinsky, Fortune
No change
29 Midas List followers
JOURNALISTS MAINTAIN INFLUENCE
The biggest names in tech journalism are holding their lead with top VCs. On the rise are Emily Chang, host of
Bloomberg West (#9 this year, up from #12 in 2013), and Leena Rao, who recently returned to journalism at
Fortune after a stint at Google Ventures (also at #9 this year, up from #15 in 2013).

10. 4
3
2
1
2015
4
3
2
1
2013
BIG NAMES IN MEDIA DOMINATE
It’s no surprise that top business and tech journalists have strong ties to VCs, but the degree of their influence is
noteworthy. The biggest change in the rankings of media brands was caused by Re/code’s split from The Wall
Street Journal in 2014; aside from that, there was little movement among top outlets.

11. Journalist, 13
VC Partner, 8
CEO/
Entrepreneur, 10
Thought Leader,
1
Tech Exec. (non
CEO), 6
Law, 0
Banking, 0
Politics, 2
Other, 1 Comedy, 1
GENDER DIVERSITY: A PROBLEM BEYOND SAND HILL ROAD
The gender discrimination trial between Ellen Pao and Kleiner Perkins Caufield & Byers earlier this year put a
spotlight on the role of women in the world of venture capital. The 2015 Midas List reinforced the under-
representation in the field when just five women made the list of top 100 VCs. Our analysis of the influencer
ecosystem on Twitter shows that VCs extended network is just slightly more diverse.
Women in VC Ecosystem

12. Believers in the fearless pursuit of the unexpected, the award-winning Zeno
Group operates as one firm across 24 global offices, including Silicon Valley,
New York, Chicago, Santa Monica, Dallas, Toronto, London, Beijing, Delhi,
Jakarta and Singapore. Zeno is the unprecedented 2011, 2012 and 2013
winner of the PR Week U.S. Mid-Size Agency of the Year, Holmes Report US
Creative Agency of the Year and 2013 Holmes Report Consumer Agency of
the Year. The firm’s practice areas include technology, consumer, health, and
corporate, all supported by planning, digital engagement and media.
Clients include Anheuser-Busch, Expedia Media Solutions, Netflix, Four
Seasons Hotels & Resorts, Hortonworks, Kia Motors America, Intel Security,
Micron Technology, Inc., Plex Systems, Seattle’s Best Coffee and TiVo. Zeno
Group is a member of the Daniel J. Edelman Company.
Please visit us at zenogroup.com, like us on Facebook, or follow us
@zenogroup and on LinkedIn.
ABOUT ZENO GROUP

13. Zeno Group examined the social media presence and engagement of the 2015, 2014 and 2013
Forbes Midas List on Twitter and LinkedIn. We created a proprietary tool to collect and analyze
the Twitter users that are followed by the Forbes Midas List VCs. Data was collected from 2013
through 2015; two Midas List members have private Twitter accounts, so were excluded from this
analysis.
What about Facebook? Facebook recently introduced changes to drive greater business and
media adoption of the platform. With Instant Articles, a WhatsApp integration and
improved search functionality, it’s clear that Facebook hopes to become a destination for
business. However, while media consumption by VCs may happen on Facebook, algorithms and
privacy options make it harder to measure the influence that media or other entities may have. It
was not practical to include Facebook in the study due to these constraints.
Kriselle Laran and Katie Wood Znameroski led the research with assistance from Mayra Marcotte.
RESEARCH METHODOLOGY

14. Zeno Group is a global, integrated
communications agency, born from PR,
that pursues the unexpected to turn
heads and win hearts.
www.zenogroup.com
twitter.com/zenogroup
facebook.com/zenogroup
linkedin.com/company/zeno-group
KATIE WOOD ZNAMEROSKI
Zeno Group
Vice President, Technology
650-801-7952
twitter.com/katiewz
linkedin.com/in/katiewood
katie.wood@zenogroup.com
KRISELLE LARAN
Zeno Group
Vice President, Digital
650-315-4314
twitter.com/krisellelaran
linkedin.com/in/krisellelaran
kriselle.laran@zenogroup.com
THANK YOU!