Popped down to taste the new brew just a skip from my place here at the revamped Dun Laoghaire Baths...what a terrific smile and wonderful witty craic from Mark who took my order...and my money...commanding the till...with perfect pitch! @HappyOut@TogetherAcademy
reflecting: it’s so much easier to discuss non-traditional (aka “crazy”) VC investment strategies with 15 yrs of data / 2,000+ co’s in the rear view mirror.
back in 2008-10, i spoke with hundreds of (smart & experienced) VCs & LPs who said i was insane… and when I said the firm name was going to be called “500 Startups” (thx for that domain @hnshah 🙏🏼❤️) they literally laughed in my fucking face.
fundraising was hell for many years because nobody thought it made any goddamn sense (and tbh, i was scared shitless it might not work). even after we were on our 3rd fund and >1,000 investments, ppl still thought we were crazy and it wouldn’t work.
but i was very lucky a few folks gave us a shot in the early days (@foundersfund@Redpoint@accel@bluerunventures@JoshKopelman@pmarca@mkapor@fredwilson@marcusogawa among many others)… the checks were small but they were enough to get started, and we never looked back.
today i have a lot of sympathy for rookie VCs and founders aspiring to try out their “crazy investing ideas” — especially in such a tough market, altho 2009-10 was pretty similar in a lot of ways.
it’s a GIANT pain in the ass starting a company or a VC fund, and it takes a lot of support and believers, AND a lot of hard work & persistence.
and even then, many many times we will fail. and try again. and fail again. and try again. and fail again.
but i want to let people know — keep working on your crazy ideas!
because one time, a few times, sometimes… you will SUCCEED.
and that makes all that failure and doubt and persistence worthwhile.
https://t.co/6ZNnEnENFj
📕What are the best bookkeeping platforms for pre-seed companies? A few founders have recommended Pilot, Bench, and Backoffice. I've also heard of CFO Plans, Forecastr, and others. Which is the best AND affordable at pre-seed (limited budget)?
2023 tech reality check:
1. Nobody owes you $2 million for having an idea.
2. DCFs are easy when interest rates are 0.
3. Value creation does not mean value capture.
4. Stock based compensation is still compensation; dilution isn't free.
5. Margins matter.