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Explore more posts
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Jason Scharf
How does Austin look when comparing share of VC dollars across stages? The short answer: Pretty consistent with our overall position. The long answer: A surprise or two. No shock that the Bay Area dominates from Seed to Series C, capturing between 30% and 45% of market share. Austin ranks between 5th and 7th place, holding a 3% to 4% share across each stage, matching our overall position of 5th or 6th depending on the dataset. Notably, Austin's highest rank is at the Series C stage, which I wasn’t expecting. My guess is this is less about a surge in Austin’s late-stage investments and more about Seattle’s drop-off at this stage. Here’s how venture dollars in Austin are distributed by stage: Seed: 12% Series A: 32% Series B: 33% Series C: 23% For comparison, the Bay Area's distribution is: Seed: 12% Series A: 26% Series B: 32% Series C: 30% Given the size of the rounds, it's logical that later stages command a larger share of total capital. To ascend to the next tier, Austin needs more companies to have both the demand for late stage funding and be able to secure it. 🙏 A big thanks to Peter Walker and Carta for continually providing such insightful data. What’s Next?
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Daniel Fetner
Here’s a question investors are often asked: When evaluating early stage companies, how much time do you spend on due diligence around future exits? It’s not surprising we hear this question a lot. Also not surprising: it’s got a wide range of answers depending on the firm. Some don’t spend much time here at all. Others make it a point to put meaningful time in as part of their process. Our current thinking: take the time to do the work on public market comps. At Alpaca VC, we spend significant time understanding how public market investors will realistically value a business based on margin profile, product, business model & TAM. In short, we want to know: how will this company be valued at scale when we get taken out? Yes, we can acknowledge that the journey toward exit is a windy road and that there may be pivots along the way, but there are still public market companies that have a business model similar to the early stage company you're evaluating. And you can always look at gross profit multiples if you think the margin profile will change over time. So we still do the work on the comps. Quantitative metrics we look at when making the comparison to public market comps include EBITDA multiple, revenue multiple, Gross Profit multiple or all of the above. As part of this process, it’s also important to factor in the public market company’s year-over-year revenue growth as this will also significantly impact the multiple it trades at. Simple example: if you have two public market companies with similar business models and similar margin profiles, but one's growing 100% year over year, and one's growing 50% year over year, then obviously the DCF (discounted cash flow) analysis is going to spit out a very different valuation for the one that's growing faster. Why this matters: When you take all of that information into account as you evaluate an early stage business, you can begin to create a realistic picture of how this company will be valued in the public markets at exit - or how an acquirer will value the company for an acquisition. Strategic acquirers may, of course, pay a premium, but we won’t underwrite for that. This allows us, for example, to form conviction around valuation based on revenue and gross profit predictions. If we think they can do $100M of revenue five years from now, we use this diligence process to form a thesis about whether the characteristics above (product, margin, business model, etc.) will cause the company to be valued at $200M vs. $500M vs. $1B at exit. Curious how other early stage investors think about underwriting an exit and how much time they’re spending on public market comps even though these companies are in their infancy.
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Kareem Dabbagh
Cost-effective geothermal energy has the ability to fully transition and decarbonize our grids and industrial systems - in the near term! We believe the team and technology at XGS Energy will realize this vision and we couldn't be happier to be working with them on a geothermal-powered reality.
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Jo Tango
Venture capital and private equity can appear opaque. In our fall course (https://lnkd.in/e6wzFs6J), Archie L. Jones, Jr., CPA, NACD.DC and I again will attempt to de-mystify them. To that end, Christina Wallace and I have written a new Technical Note: "Venture Capital and Private Equity Funds: A Primer" (https://lnkd.in/edTPwGbe). It covers the "when, who, and how" details of how funds work: - "When": fund length, extensions, and when investors can no longer initiate new investments. - "Who": who is in the General Partner entity, the importance of the firm's Management Company (the owners of the firm), how fees and carried interest flows work, and the Limited Partners' Advisory Committee. - "How": key person clauses, invested capital vs, committed capital, what happens when an investor defaults on its commitment, how multiples are calculated (MOIC vs. TVPI), the difference between realized and unrealized gains/losses, how fund distributions work, and the difference between distributed and residual value. We look forward to seeing Harvard Business School's Class of 2025 in September! #hbsvcpe #harvardbusinessschool
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Jonny Boyarsky
There's a massive disconnect between VCs and Founders and it boils down to a differing perspective on two critical things: Timeline and Success Outcomes Timeline: VCs: Venture Capitalists typically think in timelines of 5-10 years. Their job is to understand various markets, where they're headed and then make decisions on what will be the key infrastructure in those spaces. They understand that there are going to be big shifts in their portfolio over the life of a fund and don't really get too bogged down on week to week things (unless they have to put a term sheet in!) Founders: Founders are flying by the seat of their pants, trying to make big things happen every day. They'll make projections for a few years but often think tactically about what's in front of them. They are often so busy putting out fires and operating on day-to-day basis that they don't have time to think about the next 2 years. Success Outcomes: VCs: Many VCs expect 75%+ of their portfolio to end up being worthless in the long run. The reason it's sometimes hard for them to care as much is because the success of their fund is not predicated on any one startup success (unless it 100x in which case it can return the fund in its entirety). I've heard of scenarios where VCs have acquired other fund's stakes in startups only to ignore founders because they didn't think those companies would be successful. Founders: This is their baby! They don't view failure as an option and want desperately to succeed. If it fails they likely will have spent years of their lives and hundreds of thousands on their dream to end up having to shut it down. VCs don't feel this pain nearly as viscerally as founders. When it comes to making an investment decision, this disconnect can drive a wedge between founders and investors because neither truly sees the other's perspective. VCs can be wildly successful being right 30% of the time. Founders get maybe a few chances to make it happen. #founders #startups #vcs
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Andrew Drinkwater, MBA
The next instalment in the Cultivating Advising Success series by Melinda Roy is now live on the Plaid Analytics blog. In this post, we look at the different types of advisors and advisee types. Just as different plants require different approaches in the garden, different students need different types of advising approaches and interventions. Matching your approach and advisor roles to student needs is core to a successful advising program. From confident-independent students who rarely visit advisors, to insecure-dependent students who rely on advisors for decision-making, we explore the types of students who visit (or don't) advisors, and discuss their needs, attitudes, and expectations for advising services. Read the full post here: https://lnkd.in/gVf8FznC As advising success is key to the success of many SEM plans, it is a crucial to design a tailored approach that not only upholds institution mission and values but one that is responsive to changing student needs. Leveraging institutional data to understand your student body, and building a diverse advising team with the skills and lived experiences that reflect the student body is core to having a trusted advising program. Whether they are generalists, faculty advisors, career counselors, or peer liaisons, advisors are essential in helping students achieve personal and academic success. When advisors are empowered and informed, students will be too. If you're restructuring your advising approach, be sure to invest in your advising team to create an environment where every advisor and advisee can thrive. 🌿
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Josep Oriol
Mark Carney OpEd: We must stop prevaricating and expand carbon markets. I would add one critical point: Enough with the self-flagellation. Plenty of reason to be optimistic, and there is a lot of work to do! ✅️We have the ICVCM. We have strong science-backed standards. ❌️We allow tabloid journalists (often financed by oil nations) to spread misinformation. They tout "academic articles" attacking carbon, but do not retract even after articles are proven flawed by science. ❌️We have big NGO executives with 7 figure packages pontificating about more 'equitable distribution'. We have corporate executives with 8 figure salaries finding excuses in those articles to delay fair pricing (imagine the benefits for communities at $50/ton?). ❌️We have Verra (and others) pandering to eco-radicals whose only objective is to derail carbon. You will never appease a fanatic - they do not want 'better carbon markets', they do not believe in markets - they believe in taxes and prohibitions. ❌️We have nationalistic USA and EU politicians opposing nature based credits (e.g. REDD) in compliance markets. Why? Because money would flow from rich countries to poor countries via private sector, without voter protectionism. Without ability to use them in foreign policy. ❌️We have newcomers, particularly some 'rating agencies' using the old Silicon Valley trick of telling VCs: "This market is broken, but we are going to fix it". Obvious trick. Nothing is broken, Sherlock - except, perhaps, your morals. ✅️Nature Based Solutions like REDD are MILES AHEAD of any industry in nature when it comes to impact. Find a business operating in remote, rural areas that is better. Logging? Agriculture? Tourism? We invest in some of these sectors, and I can tell you that the best actors in those are miles behind a half-decent REDD developer. 🤷♀️There are bad events, as in ANY market. The Financial Times will show 500 audit scandals a year across all industries. And in carbon there will be errors, and bad actors. This does not make the carbon markets any worse than healthcare or education, where these things happen too. 📊Keep high standards. Ensure auditors work. But stop double-guessing the industry's own process. If Barclays has a case of bad accounting,or misconduct in UK, the central bank will not close all their branches - even if they are guilty. They will be fined, they will be forced to improve processes. But they will not be brought to bankrupcy. Why are we more unforgiving with an industry that is inherently more beneficial for the planet than transport, fashion, chemicals, etc? Have we gone mad? ⚡️In all this debate, I can understand (although I despise) the self-serving interests of polluters. But not the number of ideology-fuelled 'naive people' who are being played to keep the status quo. 🔥 The market will be massive, but we have no time to waste.Time to wake up. Time to get going.
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Nicole DeTommaso
𝐍𝐨𝐭 𝐚𝐥𝐥 𝐕𝐂 𝐟𝐢𝐫𝐦𝐬 𝐚𝐫𝐞 𝐜𝐫𝐞𝐚𝐭𝐞𝐝 𝐞𝐪𝐮𝐚𝐥... 𝐓𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝟔 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐭𝐲𝐩𝐞𝐬 𝐨𝐟 𝐟𝐢𝐫𝐦𝐬 𝐲𝐨𝐮 𝐬𝐡𝐨𝐮𝐥𝐝 𝐤𝐧𝐨𝐰. When looking to break into VC or move to a new role within VC, it’s incredibly important to understand the nuances of different types of VC firms. The type of firm dictates your role and affects what your day-to-day looks like. It’s also incredibly important for founders to understand the different types of firms as it will affect how, when and why they support you. 𝐓𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝟔 𝐦𝐚𝐢𝐧 𝐭𝐲𝐩𝐞𝐬 𝐨𝐟 𝐕𝐂 𝐟𝐢𝐫𝐦𝐬: 1️⃣ Micro VC 2️⃣ Institutional VC 3️⃣ Corporate VC 4️⃣ Government VC 5️⃣ Family Office 6️⃣ Angel Syndicate The quick TLDR is that all these VC firms are very different. 𝐓𝐡𝐞 𝐕𝐂 𝐟𝐢𝐫𝐦𝐬 𝐯𝐚𝐫𝐲 𝐛𝐲 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 𝐛𝐚𝐬𝐞, 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐬𝐭𝐚𝐠𝐞, 𝐜𝐡𝐞𝐜𝐤 𝐬𝐢𝐳𝐞𝐬, 𝐨𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐭𝐚𝐫𝐠𝐞𝐭𝐬, 𝐝𝐢𝐥𝐢𝐠𝐞𝐧𝐜𝐞 𝐭𝐢𝐦𝐞𝐥𝐢𝐧𝐞, 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐨𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞𝐬, 𝐜𝐨𝐧𝐭𝐫𝐨𝐥 𝐥𝐞𝐯𝐞𝐥𝐬, 𝐫𝐢𝐬𝐤 𝐚𝐩𝐩𝐞𝐭𝐢𝐭𝐞 + 𝐦𝐨𝐫𝐞. For VCs, this is helpful for many reasons. It can help you choose the right role for you. It can help you build out syndicates for your portfolio companies. It can help you with intentional networking. Overall, it will make you a more strategic investor. For founders, this is critical information to know as you think about who will sit on your cap table. Choosing the right partners that fit your business goals and values will be a key part of your success. #venturecapital #startup #founder #recruiting #fundraising
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14 Comments -
Damir Ibrahimagic Kopinic
🌟Innovative VC Firm Overcomes Exits Drought with Secondary Sales🌟 ⛵Navigating a challenging landscape where exits are scarce, Santa Barbara Venture Partners (SBVP) has pioneered a novel approach to sustain its growth and attract investors for its second fund: secondary sales. Instead of waiting for traditional exits like IPOs or acquisitions, SBVP opted to sell shares of its portfolio companies, demonstrating its ability to generate returns for investors and stand out in a competitive market. 🎤According to Dan Engel, founder and managing partner of SBVP, these secondary transactions have been a game-changer, sparking investor interest and bolstering the firm's credibility. By leveraging its recent successes, including a lucrative stake in sports-betting company DraftKings Inc.' acquisition of digital lottery app Jackpocket, SBVP seized the opportunity to return profits to its limited partners (LPs) and pave the way for its second fund. 💡Engel highlighted the challenges faced by young VC firms in raising subsequent funds, particularly amid a downturn in exit activity and heightened investor scrutiny. With traditional exit routes becoming increasingly elusive, the pressure is on for firms to demonstrate tangible returns and establish a track record of success. ✨"For us, secondary sales have been a game-changer. They've helped us return profits to our LPs and attract investors for our second fund," said Dan Engel. 💰For SBVP, the decision to pursue secondary sales was driven by the need to provide liquidity to LPs and validate its investment thesis in the eyes of prospective investors. By strategically offloading portions of its holdings in high-performing portfolio companies like Bark Technologies and Rad AI, SBVP not only generated substantial returns but also bolstered investor confidence in its ability to deliver results. ⚠Despite the complexities and potential stigma associated with early share sales, Engel emphasized the importance of prioritizing investor returns and seizing opportunities to unlock value for stakeholders. With a focus on profitability and transparency, SBVP remains committed to its mission of delivering sustainable growth and maximizing returns for its LPs. 🔍 "Returning profits to our investors is our top priority. By strategically selling shares, we're proving our commitment to delivering results and driving value for our stakeholders," added Engel. As SBVP continues to explore secondary transactions and expand its investor base, the firm stands as a testament to innovation and resilience in the face of market challenges. 🚀 ✅ Looking to raise capital for your #fund and increase the international pool of your LP #investors? 🤝 Need warm #LP introductions? 📝 Selling #secondaries to increase liquidity? 🧐 Looking for co-investments? ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VCInnovation #SecondarySalesSuccess #InvestorReturns #ValueCreation
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Evan Loomis
I just read a terrifying statistic in the Wall Street Journal: 92% of rare earth magnets are made in China. When I dug in more, the problem of rare earth supply chains goes even deeper. China produces 60% of the world’s rare earth minerals and processes ~90%. Rare earths —a group of 17 metals— are a key ingredient in pretty much everything that is high tech, including: smartphones, computers, advanced medical equipment, and clean energy. For the military they’re critical for missiles, lasers, tanks, and military communications. It’s not difficult to see why this level of reliance on another country for materials this important presents a significant amount of risk…especially a country that is increasingly hostile to America. It’s a problem, a big one, and we aren’t doing enough to overcome it. I’m looking to dig in more on this, and I’ve got a favor to ask… Please message me directly or in the comment section below if you know anyone working on meaningful solutions to the rare earths problem.
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Jason Scharf
🧬 This week's Austin Bio + Health Roundup highlights significant data trends, my stance on covering funding announcements, new partnerships, and action across the Texas Bio Triangle. 🧬 💰 Funding: The Way I Plan to Cover Funding Announcements You may have seen reports of a local Bio & Health startup’s funding round through an SEC report filing. While some outlets have covered this, my position is not to. I prefer to support our builders directly rather than trolling the filings for scoops. There is plenty of real investigative journalism that our city would be well served by if that is where they focused. Remember I am not a journalist and I am not the media. When the company is ready to announce their round officially, I’ll gladly shout it to the rooftops. 📊 Data Peter Walker at Carta reports that in 2017, Biopharma and Medical Devices captured just under 10% of all VC dollars. By 2023, this figure rose to 17.7%, and in Q1 2024, it reached 24%. The overarching tailwinds favor our sector and region with trends towards Bio & Health and the physical & digital intersection. Energy and hardware, two other sector blossoming in Central Texas, also saw similar share gains. 🤝 M&A and Partnerships Sensi.AI, a 24/7 senior care intelligence agent, is partnering with Caring Senior Service to deploy SensiAI’s platform in Caring’s 50 locations across the US. This partnership allows seniors a better opportunity to age gracefully in their homes. 🚩 Texas Bio Triangle BioMedSA is hosting an event called Women in Bioscience, Thursday June 20th. It’s designed to connect and empower women in the bioscience industry across Central Texas, and features Randi Brosterman Hutchens discussing "Building your Personal Board." Find the link to the event in the comments. Houston-based Lokum, a staffing solution to connect clinicians and clinical staff to health care facilities, has raised a $700K pre-seed round. Congrats Ayoade (Joy) Ademuyewo on the raise. What’s Next? #AustinNext #LifeSciences #Healthcare #Biotechnology
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Chay Pearce-Cochrane
The Importance of Cap Table Structuring: Key Takeaways from a Sie Ventures Event Founders and investors sometimes overlook the importance of cap table structuring in the early stages of their ventures. Recently, Finn Maclean from Carta and Fran Spooner from Marriott Harrison shared useful data, red flags, and insights on this crucial topic at an event organized by Triin Linamagi and the Sie Ventures team, and hosted by Isobel Michie, CFA from Cazenove Capital. Here are the key insights from the event: - Equity Distribution: Typical equity ranges given to investors vary by funding round, with Seed stage investments often allocating 15-25%, with reductions in later funding rounds. - Co-founder Equity Splits: Thinking through the right Co-founder equity split is important and can vary based on factors such as the number of founders, their joining timeline, and salary allocation. - Option Pool Size: Setting aside an appropriately sized option pool is essential for maintaining the flexibility to attract and retain key talent throughout the growth of the company. - Market impacts on Equity for Early Employees: The market changes, over the last 18 months there has been a >30% drop in fully diluted equity for companies $1 - 10B. Understanding these dynamics is important to maintaining a healthy cap table that supports future fundraising and long-term growth. A big thank you to the team for organizing this insightful event!
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Asher Siddiqui
Super helpful article and accompanying doc with a #Startup #Equity Calculator to determine the equity for early hires, thanks to Pear VC head of talent Matt Birnbaum! Thanks for sharing Pejman Nozad! 🙏🏼 You can read more here How to structure startup equity for early hires: https://lnkd.in/ggmpT5-Y Google Doc: https://lnkd.in/gjsvths6
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Dan Cremons
In PE, all it takes is one instance of: → Missing big cultural issues → Misevaluating management → Overlooking big talent gaps → Misreading management's flight risk ...to realize the staggering cost of NOT doing adequate organizational due diligence pre-closing. Enjoyed talking with Jordan Selleck on The Investors and Operators Podcast. Check out the work he's doing with 51 Labs / 51 Vets! #PrivateEquity #PE #ValueCreation
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Santhosh Devati
Have a story to tell... Use Narratize AI Co-Authoring platform to tell your stories in an impactful manner. Katie Trauth Taylor, PhD and the entire team is committed to helping you in becoming amazing storytellers. Check out their impressive work at https://lnkd.in/gnNYHSSX Start telling your stories with Narratize AI as your co-author. #generativeai #storytelling #innovation #aicoauthoring #innovators #researchers #impactstories #startups #problemsolvers #AI #AIStartup
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Alex Pattis
Want to be a Venture Capital Scout? Scout for Syndicate leads. I’m biased, but I think SPV/Syndicate leads are some of the best connections for VC scouts. As a syndicate lead, I’ve leaned into working with VC scouts the past 3-4 years. It's been a great way to gain unique access to deal flow and many of my most exciting portfolio companies have come from various “scouts”. Given the deal by deal investing strategy and ability to share carry with those who support sourcing & diligence, it’s become increasingly common for syndicate leads to actively partner with scouts and share carry or upside in the SPV. What’s in it for the scout? Deal x deal carry. While there are multiple traditional VC scout models that exist, the syndicate scout model is pretty straightforward. If you source a deal and support diligence, the syndicate lead is going to share some of the carry with the scout, and likely a more meaningful amount than a traditional venture fund. This is of course an SPV, so you are getting carry for the specific deal you sourced and not fund-level carry. A little more background on why the SPV model aligns with VC scout deal sourcing… Syndicate leads are structured (and many times set up) to invest in more companies than a traditional venture fund. In order to consistently bring LPs high quality deals, it makes sense to partner with folks in your network who have strong deal flow. Most times the carry split from syndicates will be more generous than that of a traditional venture fund. Syndicates do not necessarily have a certain number of portfolio companies they can invest in, meaning as long as they are getting access to quality deals that LPs want to participate in, then they will: 1) Be more likely to say yes and run the SPV into that investment and 2) Be more willing to provide a higher carry split, especially if you as a scout show you can repeat this with more future access In summary, if you are going to scout for venture funds, you might as well explore doing so with syndicates and capitalize on deal by deal carry/upside. Disclaimer: If you are scouting deals because you want to get into VC, working with traditional VCs is likely better from a networking standpoint, but if you are scouting to capitalize on carried interest/upside, I think the SPV lead route can be more attractive, and more frequently. -- Interested to see if you are a fit for our new Deal Sheet accredited investor product? Explore Deal Sheet to access 100-200+ of the best SPV startup (pre-seed to pre-IPO) investment opportunities per year. Deals are curated by Zachary Ginsburg & Alex Pattis (deployed > $200M across 750+ SPVs) across 50+ syndicate leads.
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George Damian, CFA
Calling all #Founders: Venture Capital Association of Alberta (VCAA)’s Deal Flow Calls represent a great opportunity for #PreSeed to #SeriesA companies to gain exposure to some of the countries most active Venture Capital #investors. If your company is raising equity capital, I strongly encourage you to check out the link below!
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Aziz Gilani
Exciting news for startups! California accounts for about 50% of all venture investments. The not-so-secret reason is that non-competes are illegal in California, so engineers at FAANGs can build competitors without fear. Today, the US Federal Trade Commission declared non-compete agreements illegal nationwide. This means that engineers at big tech companies can now leave and build their own companies without fear of violating a non-competes (legacy agreements for executives are still enforceable - talk to your lawyer), this is a step in the right direction for fostering innovation and competition across the country. A variety of big-business groups have vowed to sue to bring non-competes back, but at least for now, they're gone! #startups #innovation #competition #noncompete Official Announcement: https://lnkd.in/gRXUpgDy Impending lawsuit: https://lnkd.in/gqSiVuTd
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Chris Gonzales
What makes a good Venture Capital Associate? Notes from my catching up with my mentor Derren Burrell of Veteran Ventures Capital today 1) Be willingly to "eat the frog" which means doing all of those adhoc but necessary task to keep a evergreen fund operator (the task Partners dread doing as well) such as: - Financial reporting - Trial balances and fund management - Investor relations and LP reporting - Compliance based task 2) Networking "The Best deal flow comes from other VC firms" 3) Investor relations and attractive new partners to the firm 4) Platform operations and improving portfolio companies. Rinse and repeat #veteran #vc #venturecapital #startups #fundoperations
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F. Robert Smith
Commercial Real Estate | Kansas & Oklahoma Attorney Supporting Clients for 14+ years.
Wichita, KS
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