25. A Note on Location
• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
26. A Note on Location
• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
• Estonia, Chile, India, Croatia, Poland
27. A Note on Location
• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
• Estonia, Chile, India, Croatia, Poland
• Capital is mobile, but capitalists are lazy
28. A Note on Location
• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
• Estonia, Chile, India, Croatia, Poland
• Capital is mobile, but capitalists are lazy
• Funding markets develop backwards
30. Markets and
Approaches
• Services, multiple products
31. Markets and
Approaches
• Services, multiple products
• Small Markets (obviously)
32. Markets and
Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
33. Markets and
Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
• Conquered Markets with Network Effects
34. Markets and
Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
• Conquered Markets with Network Effects
• High atom content
35. Markets and
Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
• Conquered Markets with Network Effects
• High atom content
• Not too large, not too small
37. Team?
• “Functional visionary and project manager”
38. Team?
• “Functional visionary and project manager”
• “I have no ego. Currently my role is visionary / strategist”
39. Team?
• “Functional visionary and project manager”
• “I have no ego. Currently my role is visionary / strategist”
• Outsourced development, business-heavy
40. Team?
• “Functional visionary and project manager”
• “I have no ego. Currently my role is visionary / strategist”
• Outsourced development, business-heavy
• Sole founder
41. Team?
• “Functional visionary and project manager”
• “I have no ego. Currently my role is visionary / strategist”
• Outsourced development, business-heavy
• Sole founder
• Part-timers
42. Team?
• “Functional visionary and project manager”
• “I have no ego. Currently my role is visionary / strategist”
• Outsourced development, business-heavy
• Sole founder
• Part-timers
• “High Tech Sales Exec who loves his family and loves to run”
43. Team?
• “Functional visionary and project manager”
• “I have no ego. Currently my role is visionary / strategist”
• Outsourced development, business-heavy
• Sole founder
• Part-timers
• “High Tech Sales Exec who loves his family and loves to run”
• 12 years experience in...
51. Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
• Quantitative and precise, not qualitative and
vague
52. Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
• Quantitative and precise, not qualitative and
vague
• Branded or measurable output
53. Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
• Quantitative and precise, not qualitative and
vague
• Branded or measurable output
• Recruit only the best. And if you can’t,
you’re not ready
56. Product?
• “We will disclose more under NDA”
• “I am raising money to build the product”
57. Product?
• “We will disclose more under NDA”
• “I am raising money to build the product”
• “Launching next month”
58. Product?
• “We will disclose more under NDA”
• “I am raising money to build the product”
• “Launching next month”
• “Sign up for the beta here...”
59. Product?
• “We will disclose more under NDA”
• “I am raising money to build the product”
• “Launching next month”
• “Sign up for the beta here...”
• “Building second version now”
65. Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
vague
66. Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
vague
• Something hard with specific knowledge
67. Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
vague
• Something hard with specific knowledge
• Expect competition
68. Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
vague
• Something hard with specific knowledge
• Expect competition
• Build only the best. And if you can’t, you’re
not ready
71. Traction
• Markets are efficient - individuals cannot
predict traction
• Amount varies by product
72. Traction
• Markets are efficient - individuals cannot
predict traction
• Amount varies by product
• Incremental not cumulative
73. Traction
• Markets are efficient - individuals cannot
predict traction
• Amount varies by product
• Incremental not cumulative
• Know your microeconomics
74. Traction
• Markets are efficient - individuals cannot
predict traction
• Amount varies by product
• Incremental not cumulative
• Know your microeconomics
• If you can’t generate traction, do you really
want to raise money?
75. Traction
• Markets are efficient - individuals cannot
predict traction
• Amount varies by product
• Incremental not cumulative
• Know your microeconomics
• If you can’t generate traction, do you really
want to raise money?
• How much is enough? 10% per month?
20%?
78. Social Proof
• “Get referred to us by someone we know”
• Entrepreneurs and committed investors
best
79. Social Proof
• “Get referred to us by someone we know”
• Entrepreneurs and committed investors
best
• Herd mentality is rational
80. Social Proof
• “Get referred to us by someone we know”
• Entrepreneurs and committed investors
best
• Herd mentality is rational
• Why? What did they like that you can’t
show in the other metrics?
83. Real Hacks
• Advisory Round (Notable Founder,
Operator)
• Cast a Broad Net, move simultaneously
84. Real Hacks
• Advisory Round (Notable Founder,
Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
convert one
85. Real Hacks
• Advisory Round (Notable Founder,
Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
convert one
• Equity, not notes
86. Real Hacks
• Advisory Round (Notable Founder,
Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
convert one
• Equity, not notes
• Sell an option
87. Real Hacks
• Advisory Round (Notable Founder,
Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
convert one
• Equity, not notes
• Sell an option
• But if you’re having a hard time, re-start,
not push
90. In Summary
• Get to a funding hub
• Recruit an exceptional team.
91. In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
and knowledgeable about
92. In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
and knowledgeable about
• Test it against customers
93. In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
and knowledgeable about
• Test it against customers
• Get social and customer validation
94. In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
and knowledgeable about
• Test it against customers
• Get social and customer validation
• Raise on at least one exceptional
characteristic
95. In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
and knowledgeable about
• Test it against customers
• Get social and customer validation
• Raise on at least one exceptional
characteristic
• PS - Assume fierce competition
Editor's Notes
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Bifurcated fundings - can’t raise money until you’re suddenly oversubscribed.\nIt’s an emotional decision, so you often get funded on the basis of your single best attribute\nNot like college where they weigh everything equally.\nLooking for that one thing that makes you the best in the world\n
It’s like the number of times a song gets played. No average outcome - statistically meaningless. Because of network effects, leverage. Winner take all. Graph is of book popularity, only of top 5K books!\n