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“On	the	psychiatrist’s	couch:	
Founders	vs.	Funders”
2nd
August	2017
Harry	Briggs,	BGF	Ventures
@H4ryB /	@BGFVentures
Anni...
a	caveat…
So	what’s	going	through	the	head	of
Founders Funders
Vs.
LET’S	START	
WITH	THE	
FOUNDERS…
Streetbees	asked	500	entrepreneurs	from	across	the	UK...
And	here’s	what	
they	said...
41%	feel	stressed	“pretty	much	
every	day”
CASHFLOW 43%RAISING FUNDING 55%
MANAGING TEAM 33%HIRING 33%
SPIRALLING COSTS 19%CO-FOUNDER
RELATIONSHIP 17%
49%:	personal	finances	suffer
53%	“never”	switch	off…
39%:	relationships	/	family	suffer
20%:	sex	life	suffers
39%	suffer	mental	health	issues
- 49% in	a	US	entrepreneur	study
Entrepreneurs	vs.	control	group...
2x Depression
6x ADHD
3x Substance	abuse
11x Bipolar
Everyone	else	is	“killing	it”
Friends	don’t	really	understand
You	have	to	go	“all	in”...
The	winner	often	takes	it	all...
You	risk	looking	“stupid”
And	having	little	to	show	for	all	
that	work
You’re	expected	to	be	perfect...
And	you’ve	got	to	look	
“strong”	for	these	people…
...who’ve	got	it	easy,	right?	
Or...
Investing	is	very	subjective…
With	loads	of	biases	to	overcome…
Source:	McKinsey	/	Tversky	&	Kahneman
Near-inifinite	opportunities...
Limited	time	/	
Decision	fatigue...
Crises	in	the	portfolio...
Trying	to	raise	their	next	fund?
Constant	fear	of	missing	one	of	these...
→	“FOMO”
Better
DealFlow &
Win-Rate
Better
Investment Team
Better
chance of
success for
companies
More
investments in
“Star”
compan...
Why	so	insecure..?
Each	investment	they	risk	
looking	“stupid”
For	years	they	don’t	know	if	
they’re	any	good
How	much	of	it	is	luck?
Money	is	a	commodity...
The	best	companies	choose	their	investor
Investors	have	to	stay	ahead...
Build	their	“brand”...
Work	hard	for	their	founders...
They’re	“all	in”...
Because	after	5	years	in	VC…
And	whatever	happens,	
they	have	to	look	“strong”	
for	these	people…
So,	founders	&	funders…
So	founders	&	funders…Perhaps	you	have	more	in	
common	than	you	think…
INSECURITYRaising next fund
WINNER TAKES ALLFOMO
Ri...
So	let’s	be	more	honest	
about	the	challenges...
CASHFLOW 43%RAISING FUNDING 55%
MANAGING TEAM 33%HIRING 33%
SPIRALLING COSTS 19%CO-FOUNDER
RELATIONSHIP 17%
“Be	more	Oprah...
Ultimately	relationships	
matter	more	than	numbers...
And	when	all	is	said	and	
done,	99%	of	founders	
would	do	it	all	again...
Thank
you
@H4ryB
@BGFVentures
Harry Briggs - On the Psychiatrist’s Couch: Founders vs. Funders
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Harry Briggs - On the Psychiatrist’s Couch: Founders vs. Funders

A data-driven exploration of the thoughts, motivations and fears on both sides of the table.

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Harry Briggs - On the Psychiatrist’s Couch: Founders vs. Funders

  1. 1. “On the psychiatrist’s couch: Founders vs. Funders” 2nd August 2017 Harry Briggs, BGF Ventures @H4ryB / @BGFVentures Annie Hall / Alamy
  2. 2. a caveat…
  3. 3. So what’s going through the head of Founders Funders Vs.
  4. 4. LET’S START WITH THE FOUNDERS…
  5. 5. Streetbees asked 500 entrepreneurs from across the UK...
  6. 6. And here’s what they said...
  7. 7. 41% feel stressed “pretty much every day”
  8. 8. CASHFLOW 43%RAISING FUNDING 55% MANAGING TEAM 33%HIRING 33% SPIRALLING COSTS 19%CO-FOUNDER RELATIONSHIP 17%
  9. 9. 49%: personal finances suffer
  10. 10. 53% “never” switch off…
  11. 11. 39%: relationships / family suffer
  12. 12. 20%: sex life suffers
  13. 13. 39% suffer mental health issues - 49% in a US entrepreneur study
  14. 14. Entrepreneurs vs. control group... 2x Depression 6x ADHD 3x Substance abuse 11x Bipolar
  15. 15. Everyone else is “killing it”
  16. 16. Friends don’t really understand
  17. 17. You have to go “all in”...
  18. 18. The winner often takes it all...
  19. 19. You risk looking “stupid”
  20. 20. And having little to show for all that work
  21. 21. You’re expected to be perfect...
  22. 22. And you’ve got to look “strong” for these people…
  23. 23. ...who’ve got it easy, right? Or...
  24. 24. Investing is very subjective…
  25. 25. With loads of biases to overcome… Source: McKinsey / Tversky & Kahneman
  26. 26. Near-inifinite opportunities...
  27. 27. Limited time / Decision fatigue...
  28. 28. Crises in the portfolio...
  29. 29. Trying to raise their next fund?
  30. 30. Constant fear of missing one of these...
  31. 31. → “FOMO”
  32. 32. Better DealFlow & Win-Rate Better Investment Team Better chance of success for companies More investments in “Star” companies Top Tier Returns Success begets success...
  33. 33. Why so insecure..?
  34. 34. Each investment they risk looking “stupid”
  35. 35. For years they don’t know if they’re any good
  36. 36. How much of it is luck?
  37. 37. Money is a commodity...
  38. 38. The best companies choose their investor
  39. 39. Investors have to stay ahead...
  40. 40. Build their “brand”...
  41. 41. Work hard for their founders...
  42. 42. They’re “all in”...
  43. 43. Because after 5 years in VC…
  44. 44. And whatever happens, they have to look “strong” for these people…
  45. 45. So, founders & funders…
  46. 46. So founders & funders…Perhaps you have more in common than you think… INSECURITYRaising next fund WINNER TAKES ALLFOMO Risk TakingFear of Looking Stupid Pretending everything’s awesome A.D.H.D.
  47. 47. So let’s be more honest about the challenges...
  48. 48. CASHFLOW 43%RAISING FUNDING 55% MANAGING TEAM 33%HIRING 33% SPIRALLING COSTS 19%CO-FOUNDER RELATIONSHIP 17% “Be more Oprah” for the founders in your life...
  49. 49. Ultimately relationships matter more than numbers...
  50. 50. And when all is said and done, 99% of founders would do it all again...
  51. 51. Thank you @H4ryB @BGFVentures

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