'fundraising' Tag
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The fallacy of relative valuations
September 4, 2022There’s a pattern that tends to play out in startup fundraising, and it usually occurs in early-stage startup ecosystems, where people are still learning, or immediately following a major macroeconomic correction. Both conditions are present in Japan today, so I’m not surprised to see some familiar themes return concerning startup valuations. The story typically plays […]
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Sometimes permission is preferable
November 19, 2019It recently came to my attention that a team was presenting me along with my photo in their fundraising deck, unbeknownst to me. This wasn’t the first time something like this has happened, and it probably will not be the last. Since this is clearly not a one-off event, it struck me as relevant to […]
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One of the most basic errors in pitching a VC rears its head again
February 27, 2017A lot has been written on why entrepreneurs who are pitching for VC funding should aim for endorsed introductions rather than sending unsolicited emails as strangers. I’ve even crafted some guidelines for entrepreneurs in How To Pitch Me (connect via one of my portfolio companies, engage with me on my blog, approach me at a […]
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Should I hire a fundraising agent for my startup?
September 23, 2014Within the span of a week this August came two excellent opinion pieces from VCs about whether entrepreneurs should mandate an intermediary to help them raise their early stage financing. The first is from Hunter Walk of Homebrew (Don’t Send a Banker to Do a Founder’s Job). Then John Henderson of White Star Capital wrote […]
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Asking one VC for a referral to another
April 29, 2014For entrepreneurs attempting to raise funds for their venture, an over-the-transom solicitation directly or via a fundraising intermediary is rarely as effective as an endorsed introduction from a portfolio company or from another VC. . If a member of one of my portfolio companies recommends I meet someone, I will most likely accept a meeting […]
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Percent vs. value
February 12, 2013At a conference the other day a fundraising advisor I know approached me about a prospective investment opportunity. The opportunity, a project in the mobile analytics space, fit well within our invest domain of interest. I was intrigued and listened attentively as the intermediary explained the product, the market need, the company’s progress to date, […]
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Too big to care
June 22, 2010There is a subtle but insidious trend burgeoning within France’s private equity industry. This trend is a shift in fund objectives from a “capital gains generation” model towards a “fee generation” model. In other words, the financial benefits accruing to private equity GP’s are increasingly coming more from management fees than from carried interest. As […]
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Voice mail
January 24, 2010I’m notoriously inept at managing my voice mail. The reasons are multiple: Habitual: I forget to check it. Practical: When I do think about my voice mail, I’m usually in a metro, train, plane, or on my bike, which makes checking and responding to it difficult. Philosophical: I’m often traveling outside of France and refuse […]
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NDAs
January 17, 2010Several times per week I’m requested to sign an NDA. Last I recall this practice was declining in the U.S. VC landscape, but it’s unfortunately alive and well in Europe. I say unfortunately, because excluding a few valid exceptions, an NDA strikes me as a productivity-killer that hurts both me and the entrepreneur. The process […]