Venture investors and people who invest in venture firms and startups often quote Wayne Gretzky: “I skate to where the puck is going to be, not where it has been.” This is a useful analogy for the goal of a startup as well as an investor, but it’s imperfect. It suggests waiting in the “right […]
Making the Most of Startup Advisors
As an investor in startups, I get a lot of questions about advisors. Should we bring on this advisor or that one? How do we compensate advisors? What should I expect an advisor to do? I’ll try to answer these and other questions in this post; I’ll direct my comments to the leaders of startups […]
An Open Letter to Other VCs
To Whom It May Concern, As may already have happened, my firm, CoVenture, will occasionally send you investment opportunities. When these companies are from our portfolio, we obviously know them well and are sending them to you because we feel they are, in some sense, ready for additional capital and the next phase of development. […]
What Is Pre-Seed?
I was talking with a group of accomplished technologists this week – academics, former entrepreneurs – discussing the fundraising strategy for a company that has raised some angel funding. At one point, there was discussion of a “Series A” financing in the near-term future of the company. The company was not ready for a Series […]
Principles of Good Projections
This post was written for founders of relatively new businesses… it started as an e-mail to one such founder about how to build an early financial model and, in particular, how to project revenue. I suggest you not try too hard (if at all) to make revenue projections until you start selling, or at […]
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