Roger Ehrenberg

founding partner @gamechangersvc @iaventures. investor @AlpineF1Team @marlins @detroitwnba @motorcitygc. graduated @umich @columbia_biz. family man. wolverine.

[Roger Ehrenberg @infoarbitrage]

There are three things founders should never say or do in a pitch to investors.

The first is asking for a range, like "I'm raising $5 to $10 million." Putting a range in a pitch deck is akin to saying you don't know what your plan is, or that you'll see how it goes and raise the bigger amount if people get excited about your company. That's just a really bad signal.

The second is putting a valuation in the deck, such as raising $5 million at a $25 million post-money valuation. Founders don't make the market, investors make the market. Focus on how much money you need to execute your plan and the milestones you're going to hit between this financing and the next round, and let the market take care of how it's priced.

The third happens in the meeting itself. If you bring multiple founders, all of them should speak. If there's a CEO and two technical co-founders, make airtime for those co-founders, because it creates a really odd dynamic when people are presented as co-founders but say nothing in the pitch.

So be sensitive to that if you're going to bring multiple co-founders to a meeting.

#founders #vc #fundraising

[Roger Ehrenberg @infoarbitrage]

Four reasons we're backing a $100 million fund in sports, media and entertainment.

When I started IA Ventures, there was a sense of disbelief that big data was a thing, that emerging managers were a thing and that New York was a thing. Here, we have to convince investors that investing in and around sports and live experiences is a thing, and we know it's a thing.

Competing in a market where firms are raising billions, even tens of billions, and some are moving downstream can look very threatening to a small firm. We don't see it as a threat, because it just makes us more nimble and adaptive.

Valuations are very high on average, even at the seed stage, but we've been able to find founders starting very early in nonconsensus spaces that a lot of the big brand firms aren't comfortable investing in yet, and that's where we live.

The last reason is high conviction. A $100 million fund lets us be very important to the founders we back early, own material amounts of the business and be incentivized to help them succeed, and that kind of alignment simply isn't possible at firms managing billions.

#vc #sportsbusiness #venturecapital

[Roger Ehrenberg @infoarbitrage]

I am always looking to invest in billion-dollar companies, and I've invested in a bunch where I was dead wrong.

Looking back, there are three common threads.

The first is that I misjudged the founder. They were obviously a very smart person, but they weren't able to execute in ways that could get us on the path to building a billion-dollar company.

The second is founder conflict. Some of these teams had a really good product and a real opportunity to build a billion-dollar outcome, but because of internal battles they never were able to get there.

The third is the really smart product founder who is technical and has very good insight into the customer problem, but is unable to sell the story and keep raising money once the company is in its growth phase.

As a result, they couldn't hire the very best people to get back on that billion-dollar growth curve, and our outcomes were very disappointing.

#vc #founders #startups

[Roger Ehrenberg @infoarbitrage]

💯💯💯 Ethics and character FTW, now and always.

#vc @ThriveCapital

[Ethan Ehrenberg @ethanehrenberg]

I love that @ThriveCapital / @JoshuaKushner included the below as an eligibility requirement.

Exceptional ability isn’t enough. High character and integrity should always be a must. This speaks volumes about the type of firm Josh has built and comes as no surprise given what I know about him.

Get paid to chase your dreams with world-class resources, surrounded by good folks. Not to mention, a credential that is probably more valuable than any college degree. Not a bad value prop.

[Roger Ehrenberg @infoarbitrage]

3 RED FLAGS THAT WOULD MAKE ME WALK AWAY FROM A DEAL.

I've spent over two decades investing in startups, and these are the three that would make me walk away.

The first is a founder who's too slick. I'm not talking about being well spoken. Some founders come off as overly salesy, and to me that often comes across as a lack of trustworthiness.

The second is overpromising. I talk a lot about vision and incredibly high aspirations, but when a founder's vision is out of step with what they're raising money for and the path they're taking to get there, I find that disconnect extremely difficult.

The third is really smart people who want to solve a problem but lack empathy and a deep understanding of it. Starting a company is not an intellectual exercise, it's a very personal and very challenging job, and without real passion for the problem it's very hard to have the staying power to see it through the darkest days.

#vc #founders #startups

[Roger Ehrenberg @infoarbitrage]

When evaluating founders, which qualities matter most?

I put several key founder traits head-to-head in this winner-stays-on challenge. Some choices were easy, while others really made me think.

But as the comparisons got tougher, one thing became clear: how you execute matters, and so does how quickly you move.

What would your final pick be?

[Roger Ehrenberg @infoarbitrage]

After over two decades in startup investing, I can confidently say that venture capital is anything but an easy or cushy job. It's genuinely the hardest work I've ever done.

In my view, it should be the hardest job if you're truly dedicated to doing it right. The investments are deeply personal, carrying stratospheric risk, especially at the early stages.

Our role as partners to founders means engaging daily with their immense challenges. This responsibility is profound and demands constant effort.

The notion that VC offers an easy life simply doesn't align with the reality of building and supporting new companies.

[Roger Ehrenberg @infoarbitrage]

@thacoachmike Congratulations Coach!!!

[Roger Ehrenberg @infoarbitrage]

@ethanehrenberg It’s all about Revv…

[Roger Ehrenberg @infoarbitrage]

I think this was long overdue for the NFL.

With the access, influence, and opportunities the league has, its investment arm had the potential to be much more than a side project. This new partnership creates a more strategic way to put that power to work.

I see this as a win-win: the NFL gets to unlock more value, growth-stage companies gain a powerful partner, and early-stage investors like me have a clearer path to connect promising companies with the right people.

In sports investing, access matters. And this move could make a meaningful difference in how opportunities get developed across the industry.

Thanks to everyone at The 4th Quarter Team for having me on!

[Roger Ehrenberg @infoarbitrage]

Time for another blind ranking!

This time, I’m ranking five key metrics that investors look at when evaluating a startup.

The catch? You have to commit to each ranking before seeing what comes next.

Would you rank them the same way I did?

Watch until the end for the reveal.

[Roger Ehrenberg @infoarbitrage]

How would you rank these five qualities in a successful founder?

I put my rankings to the test, and once you lock in your choices, there’s no going back.

Would you make the same calls, or would your ranking look completely different?

Watch until the end to see how it plays out.

[Roger Ehrenberg @infoarbitrage]

The kid speaks the truth. The future of wearables has got to be better.

We are excited to meet the badass founders building in the space who are looking at nothing less than global domination.

You know where to find us at @gamechangersvc. @ssokol94 @mattgjfield and E are pumped to meet you!

[Ethan Ehrenberg @ethanehrenberg]

Oura, I appreciate the optimism that I’ll “pull through” after three hours of sleep, but I’ve got a bone to pick with you (post-Halloween pun @ the dad-joke crowd).

I left my ring uncharged on purpose this weekend. I knew I’d feel rough enough without a score rubbing it in.

There’s a name for getting too caught up in your sleep stats: orthosomnia. A whole lot of data suggests that if you believe you slept poorly, it can meaningfully impact your performance the next day. I can tell you firsthand: if I check my Oura app and my score is horrific, I feel it dramatically worse.

A few more gripes:

• An 8 pm bedtime reminder on a Friday/Saturday. I'm 26; let me live and maybe lay off a bit on the weekends.

• Having to take it off for golf or lifting. The form factor is a problem (for me).

• My "cardiovascular age" jumping from two years younger to two years older in one week when I was very sick and bedridden.

• Feeling like a million $ until a readiness score of 58 makes me feel like 🗑️

• Watching TV on the couch or reading a book when tired enough can count as a nap.

• I’m sure you’ve got plenty more. Let’s hear them.

Wearables today are more about gamified scores and signaling than substance.

The next wave needs to measure more accurately, understand what I care about most, and help me build positive habits to achieve my long-term health goals without feeling judged or pestered.

If you’re building what comes next, @gamechangersvc wants to meet you (particularly our resident scientist, @ssokol94 ).

[Roger Ehrenberg @infoarbitrage]

🎯 Rare and valuable IP will continue to trade at ever higher premia in an AI-powered world.

And he's not wrong about us being team good luck charms. When we show up we're in the points at @AlpineF1Team!

[Ethan Ehrenberg @ethanehrenberg]

On this episode of Only in F1: Zero points, 19 races, and a $3B asking price. Walter’s liquidity needs are likely to bring yet another scarce asset to market.

With only 11 teams on the grid, competition among buyers could outweigh the pressure on the seller. At $3B, you’re underwriting continued global growth and F1’s ability to turn that audience into increasingly valuable media and sponsorship deals.

Just Because: Rog and I at the inaugural Vegas GP in 2023. @AlpineF1Team went from P16 to P4 that night. Seems like we need to attend more races...

[Roger Ehrenberg @infoarbitrage]

Before you invest your first $100,000 in startups, there are three things you absolutely need to understand. The first, and most crucial, is the founders themselves.

Whether you're a nascent angel or an experienced venture capitalist, truly knowing them and believing in their integrity and vision is job number one. If that foundation isn't there, you shouldn't write a $5 check into that company.

No matter how good the story sounds, the people behind the idea determine its real potential. Trust in the leadership is non-negotiable for any investment.

[Roger Ehrenberg @infoarbitrage]

The price of live entertainment, whether for sports or music, has skyrocketed. But leading-edge technologies are set to democratize this experience, extending it through holography and 3D imagery.

Imagine projecting live events into four-wall venues that are not the actual place where the event is happening. This will create massive opportunities for new decade-billion-dollar companies.

The disruption extends to the agency world, where massive disaggregation is happening. In an AI-powered world, the next generation of agencies will be almost entirely AI-driven, offering best-of-breed services.

This shift means artists, entertainers, and businesses can access specialized support without the traditional integrated agency model, creating efficiency and new value.

[Roger Ehrenberg @infoarbitrage]

You should have an extremely high bar when evaluating potential investor partners. This relationship is essentially for life.

Avoid those who are overly transactional, focusing only on terms and not your needs or vision. You deserve more than just a deal.

Also, be wary of directive investors who believe they know best and offer orders instead of constructive partnership. Seek true collaborators.

Steer clear of any investor with a win-lose mindset. Their approach poisons the environment, hindering growth rather than helping you build a great business.