Making the Most of Startup Advisors

22nd May, 2016 No Comments Fundraising , Startups , Venture Capital

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

8th April, 2016 No Comments Blog

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?

28th February, 2016 No Comments Startups , Venture Capital

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

31st January, 2016 No Comments Startups , Venture Capital

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 […]

Valuing Startup Common Stock

23rd December, 2015 No Comments Recruiting , Venture Capital

Over the years, I have had many occasions to talk about company valuations with founders.  Whether negotiating the terms of an investment or discussing option grants at board meetings, the topic is central to the relationship between a company and its closest stakeholders – its shareholders.  But while much has been written about company valuations and the […]