An inside look at a $1M seed round. Props to Daniel Odio of Appmakr for working with me on this.
Check out the full map at http://brendanbaker.co/anatomy.pdf and join the Quora fun at http://b.qr.ae/m3xRAI.
At the Notation annual LP meeting this past fall, we gave a short talk on how we think about pre-seed investing & risk, and why we think there's a particularly interesting risk versus reward tradeoff at this stage.
At the Notation annual LP meeting this past fall, we gave a short talk on how we think about pre-seed investing & risk, and why we think there's a particularly interesting risk versus reward tradeoff at this stage.
Play Ventures - Demystifying FundraisingPlay Ventures
What is a VC? What do they do? What do they look for? Get a crash course on VCs and learn how you can maximise your chances of getting funded, before you even have your first pitch meeting.
A pitch deck template with sample copy to help technology startups sell their business concept to angel investors and VCs. Inspired by pitch deck words of wisdom from Dave McClure (500 Startups), AirBnb, Guy Kawasaki and Venture Hacks (the folks behind AngelList).
YOU MIGHT ALSO LIKE THESE PITCH DECK EXAMPLES & TEMPLATES:
> Airbnb pitch deck @ https://pitchdeckcoach.com/airbnb-pitch-deck
> Sequoia Capital pitch deck template @ https://pitchdeckcoach.com/sequoia-capital-pitch-deck
> FREE pitch deck template download @ https://pitchdeckcoach.com/free-pitch-deck-template
> Pitch deck guide with hints, tips, and a worked example @ https://pitchdeckcoach.com/pitch-deck-template
NEED HELP WITH YOUR PITCH DECK?
See how I can help then book a free call @ https://pitchdeckcoach.com/
MORE PITCH DECK RESOURCES @ https://pitchdeckcoach.com/pitch-deck-template#resources
VC Fundraising Deck Template: Carta x Kauffman FellowsNihar Neelakanti
Carta and Kauffman Fellows present a venture capital fundraising deck template highlighting the various components a GP should include as part of their fundraising story to attract limited partners.
How to make an investor pitch deck that really worksDeck Rooster
In sales, a well established principle is, before one starts pitching to a customer, one should listen to what the customer has to say. That is because if you listen carefully he will lay out his needs in front of you, letting you present your solution in a way that fits into his needs perfectly.
The principle should be equally useful while pitching to an investor while raising funds. I can’t see a reason why it won’t be. But no one seems to be suggesting “you should listen more and talk less during an investor pitch”. Probably it is assumed that we already know what investors look for in a business. Is it a rockstar team; or may be a huge market size or is it traction or a break-through technology? Or may be different investors look for different combination of those things.
Actually all of those are means towards an end. They help investors figure out something more specific and quantitative that all investors look for in a startup before investing. But what is it?
A 10x return on their investment. That is it.
That number may vary from an early stage investor to a growth stage one, but you get the point, right? Not everyone says it out loud, because it makes them look money hungry, but that is what an investor business is all about.
But, now with that knowledge, how do you tweak your pitch and your pitch deck to make an investor feel that you are offering him an investment opportunity that could deliver a 10x return? And more importantly, can your business even deliver 10x return?
The above presentation by Deck Rooster answers those questions and offers a structure (not a template) for an investor pitch deck for startups. Check it out.
Primer on raising seed capital for first time and experienced startup founders and employees. In this slideshare, I provide insight into the following questions:
-What is seed capital?
-Why should I raise?
-What is the current state of the seed market.
-Who invets in startups?
-How do I prepare?
-What is the close process?
-What are some useful resources?
Customizable pitch deck templates which include two different versions, both built by leading seed investors at NextView Ventures. Entrepreneurs can use them to save time while building a pitch deck to raise seed capital.
Continuing our tradition and in the spirit of transparency we are sharing the deck we used to raise our oversubscribed Fund VI. We hope it continues to help emerging fund managers and shows founders who have to constantly fundraise that we go through it too!
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://sdca.mp/SeedcampVI
All data taken at Q2'22, investment disclaimers and regulatory notices have been removed from the public version of this deck.
We’re thrilled to announce that we’ve raised Kleiner Perkins’ 18th venture fund -- $600 million to focus on early stage investing. This marks 47 years for our firm, and with a fresh team and strategy, we’re incredibly excited for the next 47 years.
The Ultimate Startup Pitch Deck Template and Example Startup PitchSilvia Mah PhD, MBA
This 12-Slide Startup Pitch Deck enables founders to quickly & effectively convey the unique value proposition of their company to prepare & feel confident for investor presentations.
Slide 1: The OPENING | Cover/Title | Company Vision | Value Proposition
Slide 2: The PROBLEM | The Gap | The Opportunity (possible: current solutions)
Slide 3: Your SOLUTION | Product | Your Offering
Slide 4: MARKET Validation | Market Size
Slide 5: Business MODEL | Revenue Model w/key revenue streams
Slide 6: COMPETITION | Your Differentiators | Market fit (table or matrix)
Slide 7: Go-to-market STRATEGY | Beachhead Market + Next Markets
Slide 8: TEAM | Leadership, team & advisors
Slide 9: TRACTION | Project Status (possible: awards)
Slide 10: Future Projections | FINANCIALS
Slide 11: Investment Ask | CAPITAL Raise | Use of Funds Plan (possible: exit strategy)
Slide 12: CLOSING slide | Contact Details | Questions? (remember to end memorably)
(Floater) Executive Summary | Investment Summary | Your Underlying Magic: Floating from after opening, before closing or 1st/2nd appendix slide
How to define and position your VC brand to attract funding and dealflow.
* note: more recent updated version below:
https://www.slideshare.net/dmc500hats/branding-strategies-for-better-dealflow-and-fundraising-aka-the-helpful-vc
Long Journey Ventures Fund 1 - VC Pitch Deck ExamplePitch Decks
Founded by former AngelList partner Lee Jacobs, Long Journey Ventures operates a unique model based around a federation of angel investors and operators.
Every member of the Long Journey team has started a company and invested personal money into startups for close to a decade. The firm has invested in seed rounds across industries: ranging from healthcare to project management software.
Long Journey has backed notable startups like Affirm, Notion, Loom, Uber, and SpaceX.
Play Ventures - Demystifying FundraisingPlay Ventures
What is a VC? What do they do? What do they look for? Get a crash course on VCs and learn how you can maximise your chances of getting funded, before you even have your first pitch meeting.
A pitch deck template with sample copy to help technology startups sell their business concept to angel investors and VCs. Inspired by pitch deck words of wisdom from Dave McClure (500 Startups), AirBnb, Guy Kawasaki and Venture Hacks (the folks behind AngelList).
YOU MIGHT ALSO LIKE THESE PITCH DECK EXAMPLES & TEMPLATES:
> Airbnb pitch deck @ https://pitchdeckcoach.com/airbnb-pitch-deck
> Sequoia Capital pitch deck template @ https://pitchdeckcoach.com/sequoia-capital-pitch-deck
> FREE pitch deck template download @ https://pitchdeckcoach.com/free-pitch-deck-template
> Pitch deck guide with hints, tips, and a worked example @ https://pitchdeckcoach.com/pitch-deck-template
NEED HELP WITH YOUR PITCH DECK?
See how I can help then book a free call @ https://pitchdeckcoach.com/
MORE PITCH DECK RESOURCES @ https://pitchdeckcoach.com/pitch-deck-template#resources
VC Fundraising Deck Template: Carta x Kauffman FellowsNihar Neelakanti
Carta and Kauffman Fellows present a venture capital fundraising deck template highlighting the various components a GP should include as part of their fundraising story to attract limited partners.
How to make an investor pitch deck that really worksDeck Rooster
In sales, a well established principle is, before one starts pitching to a customer, one should listen to what the customer has to say. That is because if you listen carefully he will lay out his needs in front of you, letting you present your solution in a way that fits into his needs perfectly.
The principle should be equally useful while pitching to an investor while raising funds. I can’t see a reason why it won’t be. But no one seems to be suggesting “you should listen more and talk less during an investor pitch”. Probably it is assumed that we already know what investors look for in a business. Is it a rockstar team; or may be a huge market size or is it traction or a break-through technology? Or may be different investors look for different combination of those things.
Actually all of those are means towards an end. They help investors figure out something more specific and quantitative that all investors look for in a startup before investing. But what is it?
A 10x return on their investment. That is it.
That number may vary from an early stage investor to a growth stage one, but you get the point, right? Not everyone says it out loud, because it makes them look money hungry, but that is what an investor business is all about.
But, now with that knowledge, how do you tweak your pitch and your pitch deck to make an investor feel that you are offering him an investment opportunity that could deliver a 10x return? And more importantly, can your business even deliver 10x return?
The above presentation by Deck Rooster answers those questions and offers a structure (not a template) for an investor pitch deck for startups. Check it out.
Primer on raising seed capital for first time and experienced startup founders and employees. In this slideshare, I provide insight into the following questions:
-What is seed capital?
-Why should I raise?
-What is the current state of the seed market.
-Who invets in startups?
-How do I prepare?
-What is the close process?
-What are some useful resources?
Customizable pitch deck templates which include two different versions, both built by leading seed investors at NextView Ventures. Entrepreneurs can use them to save time while building a pitch deck to raise seed capital.
Continuing our tradition and in the spirit of transparency we are sharing the deck we used to raise our oversubscribed Fund VI. We hope it continues to help emerging fund managers and shows founders who have to constantly fundraise that we go through it too!
Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://sdca.mp/SeedcampVI
All data taken at Q2'22, investment disclaimers and regulatory notices have been removed from the public version of this deck.
We’re thrilled to announce that we’ve raised Kleiner Perkins’ 18th venture fund -- $600 million to focus on early stage investing. This marks 47 years for our firm, and with a fresh team and strategy, we’re incredibly excited for the next 47 years.
The Ultimate Startup Pitch Deck Template and Example Startup PitchSilvia Mah PhD, MBA
This 12-Slide Startup Pitch Deck enables founders to quickly & effectively convey the unique value proposition of their company to prepare & feel confident for investor presentations.
Slide 1: The OPENING | Cover/Title | Company Vision | Value Proposition
Slide 2: The PROBLEM | The Gap | The Opportunity (possible: current solutions)
Slide 3: Your SOLUTION | Product | Your Offering
Slide 4: MARKET Validation | Market Size
Slide 5: Business MODEL | Revenue Model w/key revenue streams
Slide 6: COMPETITION | Your Differentiators | Market fit (table or matrix)
Slide 7: Go-to-market STRATEGY | Beachhead Market + Next Markets
Slide 8: TEAM | Leadership, team & advisors
Slide 9: TRACTION | Project Status (possible: awards)
Slide 10: Future Projections | FINANCIALS
Slide 11: Investment Ask | CAPITAL Raise | Use of Funds Plan (possible: exit strategy)
Slide 12: CLOSING slide | Contact Details | Questions? (remember to end memorably)
(Floater) Executive Summary | Investment Summary | Your Underlying Magic: Floating from after opening, before closing or 1st/2nd appendix slide
How to define and position your VC brand to attract funding and dealflow.
* note: more recent updated version below:
https://www.slideshare.net/dmc500hats/branding-strategies-for-better-dealflow-and-fundraising-aka-the-helpful-vc
Long Journey Ventures Fund 1 - VC Pitch Deck ExamplePitch Decks
Founded by former AngelList partner Lee Jacobs, Long Journey Ventures operates a unique model based around a federation of angel investors and operators.
Every member of the Long Journey team has started a company and invested personal money into startups for close to a decade. The firm has invested in seed rounds across industries: ranging from healthcare to project management software.
Long Journey has backed notable startups like Affirm, Notion, Loom, Uber, and SpaceX.
مفهوم طبقه در دانش جامعهشناسی مفهومی بسیار قدیمی و ریشهدار است. «طبقه» به معنای پایگاه اقتصادی و اجتماعی افرادی است که در یک جغرافیای محدود با یکدیگر زندگی میکنند و «طبقه» افراد عموماً نشاندهنده وضعیت کلی زندگی آنهاست. در هر دورهای طبقه توسط جامعهشناسان مختلف تحلیل و تبیین شده و معناها و شاخصهای مختلفی به آن افزوده شده است. طبقه عمدتاً به پایگاه اقتصادی و شیوههای تولید اقتصادی در هرجامعه بازمیگردد.
کاستلز به عصری که ما در آن زندگی میکنیم عصر اطلاعات و به جامعه، لقب جامعه اطلاعاتی داده است. در این عصر شیوه تولید اقتصادی تغییر کرده و مشخصههایی یافته که پیش از این تجربه نشده بوده است. تکنولوژی بدون شک یکی از پیشرانهای مهم این تغییر است. فلوریدا این اقتصاد را اقتصادی دانشبنیان و مبتنی بر خلاقیت میداند. اقتصادی که میل به خلاقیت دارد و به این نیاز خود با به وجود آمدن طبقهای به نام طبقه خلاق پاسخ میدهد. طبقه خلاق از نظر او کسانی هستند که فعالیت اقتصادی آنها خلق تکنولوژی جدید، ایده جدید و یا محتوای جدید است. این طبقه با سه محور اساسی نداشتن محل کار مرکزی (هستهای)؛ سبک زندگی تجربی، کامیونیتی خلاقیتمحور و زمانبندی عجیب شناخته و تعریف میشود.
این طبقه از دید فلوریدا آینده گریزناپذیر جهان هستند. با اینکه امروز کمشمارتر از طبقات دیگر هستند و با اینکه هنوز در تولید ثروت سهم بزرگی ندارند ولی شکلدهنده اقتصاد و البته جامعه در آینده هستند. ارزشها و هنجارها و سبکزندگی خود را دارند و بنابراین باعث میشوند که ما نه تنها با اقتصادی متفاوت بلکه با جامعهای بسیار متفاوت روبرو باشیم که بر سر بهشت یا جهنم بودنش بحثهای بسیاری هست.
ایده دانش آزاد به عنوان جریانی مرتبط با خلق تکنولوژی جدید، محتوای جدید و ایده جدید که مختص عصر اطلاعات است میتواند یکی از محورهای شکلگیری بخشی از طبقه خلاق باشد. در واقع سؤال این است که آیا دانش آزاد آینده تولید دانش در دنیاست؟ اگر بتوانیم بگوییم که دانش آزاد توسط طبقه خلاق تولید میشود و این طبقه آینده تأثیرگذار دنیاست شاید بتوانیم ادعا کنیم که دانش آزاد آینده تولید دانش در دنیاست و به این ترتیب هنجارها و ارزشهای خود را برای جامعه نیز به همراه خواهد داشت. سؤال دوم این است که وضعیت این روند در ایران چطور است؟ آیا نشانههای بروز و ظهور این طبقه در ایران نیز وجود دارد؟
With increased connectivity, networks at both a global and local level are growing rapidly whilst new communities can develop and flourish through digital channels. These allow for resources to be shared, swapped, borrowed and traded; bearing a new economy that favours access over ownership.
This is a dramatically different user experience context that demands a transformation of our approach to service design. In this session we will share findings from our global research that explored the experiences and opportunities involved in moving from an ownership economy to one built on access and sharing. In this presentation we present guidelines for creating value exchange networks and share some tools we’ve developed for creating networked services and business models in the sharing economy.
See also video of the presentation being delivered: http://youtu.be/b22vSxLXMsY
Startup marketing requires wearing a lot of hats. This startup marketing strategy case study explores building and launching a corporate brand from the ground up for a digital media startup serving financial services.
Social CRM - Concept, Benefits and Approach to adoptFabio Cipriani
A call for reviewing current CRM Strategy, Processes and Mindset throughout companies
- Concept
- Comparison with traditional CRM
- Benefits
- Approach for adoption
- How to put it to work
This is an internal “brown bag” presentation I did at PlayHaven, introducing the fundamentals of Lean Startup methodology. Unfortunately, the Cookie Monster GIF doesn’t animate in the Slideshare presentation but you enjoy it 24/7 by clicking this link: http://gifsoup.com/view/1836944/cookie-monster.html :)
Also note that you may notice a few jumps in the included audio recording - I had to remove some sensitive material.
Ryan
@rrhoover
http://ryanhoover.me
Eric Ries' presentation on lean startups. From Steve Blank's Customer Development course at Berkeley. Learn more and hear the audio at http://bit.ly/3qsvJ.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
1. Anatomy of Seed
An inside look into a $1M seed round.
Brendan
Baker
@brendanbaker
2. Ringleader
Collaborator
Support
Daily Schooling
AngelList
8000
startups
reviewed
with
Daniel
Odio
AngelList,
hundreds
of
Co-‐founder
of
Appmakr.
conversaCons
with
founders
www.danielodio.com
Official Support
about
their
fundraising,
daily
schooling
from
Nivi
and
Naval,
engineering
and
business
at
Cambridge
and
Oxford.
Appmakr
lets
anyone
launch
e:
brendan@ox1.co
their
own
iPhone
app
with
no
t:
@brendanbaker
Marc
Ventresca,
Oxford
Economic
w:
www.brendanbaker.co
coding.
Over
5,000
apps
have
sociologist,
expert
in
new
market
q:
www.quora.com/Brendan-‐Baker
been
built,
with
55M
total
user
formaCon:
hLp://bit.ly/htkT3l
sessions.
Anatomy
of
Seed
Brendan
Baker
3. We wanted to see what a
fundraising process looks like for
a startup and get an inside look at
how the industry is changing.
Anatomy
of
Seed
Brendan
Baker
4. So
we
analyzed
500+
emails
from
Appmakr’s
first
raise
to
map
the
path
they
took
through
investor
networks
to
raise
$1M.
The result? !
Thoughts for startups and investors.
Anatomy
of
Seed
Brendan
Baker
5. We tracked all kinds of stuff:
The
key
actors:
RejecCon
Funding
Seed
Funds
Angels
VCs
Intros
InsCtuConal
Actor
6. This
is
what
it
a
seed
round
looks
like.
See for yourself: http://brendanbaker.co/anatomy.pdf!
Anatomy
of
Seed
Brendan
Baker
8. How do they all stack up?
Anatomy
of
Seed
Brendan
Baker
9. Angels
v Seed Funds
v VCs
Anatomy
of
Seed
Brendan
Baker
10. Seed funds give big.
Appmakr raised an average of $6.9K per potential investor, but not all were equal*:
15
Dollars per contact (‘000 USD)
12.3K
10
5
6.4K
5.5K
0
Seed
Funds
Angels
VCs
*
Ridiculously
small
sample
size.
Will
this
hold
with
more
cases?
Anatomy
of
Seed
Brendan
Baker
11. But seed funds also took forever to decide.
VCs and angels were quicker to respond.
VCs
20.4 days
Angels
22.4 days
Seed Funds
29.8 days
0
10
20
30
Response Time (days)
Anatomy
of
Seed
Brendan
Baker
12. Old Style
v New Style
v Time Wasters
Anatomy
of
Seed
Brendan
Baker
13. There were three clear paths in the data:
Old
Style
New
Style
Time
Wasters
Anatomy
of
Seed
Brendan
Baker
14. Old Style
The process was driven by an
influential first actor, whose weight
carried to help Appmakr get
downstream intros and investments.
( It propagated through interpersonal networks, and was
driven by dynamics within these networks.
)
Anatomy
of
Seed
Brendan
Baker
15. How the Old Stylers invested
1
Started with a supernode, in 3
There were more
commitments from
this case a well-connected downstream intros.
angel.
2
Several commitments
emerged from the first
intros.
Anatomy
of
Seed
Brendan
Baker
16. New Style
The process was facilitated by a
credible market intermediary.
Investors made decisions efficiently,
without making new intros.
( It played out more like an efficient market, where investors
evaluated the good (i.e. startup) and bought or not.
)
Anatomy
of
Seed
Brendan
Baker
17. How the New Stylers invested
3
There were few
downstream intros and
no downstream
1
Started with an ecosystem
intermediary. In this case it’s
2
Investors efficiently
declined or committed.
commitments.
AngelList.
Anatomy
of
Seed
Brendan
Baker
18. Time Wasters
These intros just wasted Daniel’s
time and energy. None of them
amounted to anything.
( The trick is to identify the time wasters early.
More on that later.
)
Anatomy
of
Seed
Brendan
Baker
19. How the Time Wasters invested (or didn’t)
3
There’s one late
commitment, but Daniel
1
There are many new
introductions, but at
already knew him.
most 3 at a time.
2
None of them led
anywhere
Anatomy
of
Seed
Brendan
Baker
20. Q
What if you can’t tell the Time Wasters
from the Old Style?
Should you use tools to try the new style?
Anatomy
of
Seed
Brendan
Baker
21. i.e. New Style v [Old Style + Time Wasters]
13.8K
10
Dollars per contact (‘000 USD)
10.4K
5
3.4K
0
New
Style
Old
Style
(incl
Time
Wasters)
A
Try the New Style (i.e. use tools). Appmakr found AngelList to be
3X more efficient than non-AngelList.
Anatomy
of
Seed
Brendan
Baker
22. Thoughts for Startups and Investors
( From the analysis and Daniel’s experience.
)
Anatomy
of
Seed
Brendan
Baker
23. Startups
1
Fundraising takes longer than you think.
Be ready for the grind.
Anatomy
of
Seed
Brendan
Baker
24. Startups
2
There are periods of low investor activity.
Avoid late summer and winter holidays.
Anatomy
of
Seed
Brendan
Baker
25. Startups
3
A large amount of your funds may come from
a few people. These are your super nodes.
Find them and support them.
Anatomy
of
Seed
Brendan
Baker
26. Startups
(however,)
4
A large number of intros will lead nowhere
and will waste your time.
Don’t invest much in these interactions.
( Daniel’s Rule of 10: ‘If I don’t get >10 intros from someone, I’m
not going to invest a lot of time.’ Use at your own peril!
)
Anatomy
of
Seed
Brendan
Baker
27. Startups
(Let’s take a quick pause…)
How do you tell a super node from a time waster? Or a
productive investor from an unproductive one?
1
They’re willing and able to make a bunch of intros.
2
Their eyes light up and they excitedly push a
crumpled check into your hands
3
You have a pre-existing relationship with them
4
You see phonein$3K and email less than $2K.)
averaged
$11.5K,
them person. (In-person meetings
Anatomy
of
Seed
Brendan
Baker
28. Startups
It’s probably not about identifying them
immediately, so much as amplifying support for
your super nodes and reducing the time and
energy drain from your time wasters.
(OK, back to the list…)
Anatomy
of
Seed
Brendan
Baker
29. Startups
5
With investors, there are leaders and followers.
You’ll have higher conversion after getting a
committed investor or two.
Anatomy
of
Seed
Brendan
Baker
30. Startups
6
There are tools that can help.
Use them when it makes sense.
( )
AngelList, Techcrunch Disrupt, Venture Hacks, Founders’ Institute, Y Combinator,
Launch.is, University competitions, Angel Groups General Assembly, AngelPad,
Bootup, i/o Ventures, Hackers and Founders, NYCSeed, Founder’s Den, Seedcamp,
General Assembly, Founder’s Roundtable, VC open house days, 160 Vark, Sunfire,
Meetup groups, AVC.com, TheFunded.com, 500 Startups, Bothsidesofthetable.com,
LinkedIn groups, chrisdixon.org, Techstars, steveblank.com and many more.
Anatomy
of
Seed
Brendan
Baker
31. Startups
7
Information is becoming more public
Startups can now build more with less
Get used to being open about your
traction and raise details.
Anatomy
of
Seed
Brendan
Baker
32. Investors
1
The market for early stage capital is
becoming more efficient. How does that
affect your own approach?
Anatomy
of
Seed
Brendan
Baker
33. Investors
2
Proprietary dealflow quantity and quality
will decline as a driver of returns.
Anatomy
of
Seed
Brendan
Baker
34. Investors
3
Market intermediaries (i.e. new startup tools)
are gaining importance. More will come.
How can you exploit these?
(e.g. Start Fund)
Anatomy
of
Seed
Brendan
Baker
35. Investors
4
Advisory will become more important
than connective.
( Old school: “we can make introductions for you.”
New school: “we can help you understand how to
scale to 3M users on X platform.”
)
Anatomy
of
Seed
Brendan
Baker
36. Investors
5
Reputation is gold.
It will continue to gain importance in the near
term as information becomes more public.
Anatomy
of
Seed
Brendan
Baker
37. Thanks
Startups: for building kickass companies.
Investors: for helping them get there.
Daniel Odio: for access to his email and story.
Marc Ventresca: for guidance and a deep understanding of market
formation.
@mingyeow, @naval, @michaelaiello, @cjwake for feedback on ideas
and first drafts.
*
Anatomy
of
Seed
Brendan
Baker
39. *
1
This is only one data point.
The next 10 startups we map will confirm or
refute the first findings.
Anatomy
of
Seed
Brendan
Baker
40. *
2
Is post-hoc email tracking accurate enough?
I think so. Even if the meeting is by phone or in
person, there is rarely a meeting that isn’t set
up or followed up by email these days.
Anatomy
of
Seed
Brendan
Baker
41. *
3
Definitions are imperfect.
So is the mapping. Judgments had to be made
about what is VC v seed fund, what were
really intros, engagement start and end, etc.
Anatomy
of
Seed
Brendan
Baker
42. *
4
What about existing networks?
It would be fascinating to overlay this onto a
map of existing relationships (ex: ‘investor X
made 5 of 30 potential intros’). If anyone
wants to do this, get in touch.
Anatomy
of
Seed
Brendan
Baker