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VC Secret Decoder Ring
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Calibrate
September 21, 2018
Business
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VC Secret Decoder Ring
Marcy Swenson
Calibrate
September 21, 2018
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Transcript
VC DECODER RING VC Secret Decoder Ring
GROWING YOUR HAPPINESS
1. VC secret levers drive many decisions 2. what is
required for next fundraise? 3. how will your company exit? 4. insider info is powerful & dangerous VC DECODER RING
1. VC secret levers drive many decisions GROWING YOUR HAPPINESS
GROWING YOUR HAPPINESS VCs Promise *their* investors 12% yearly invested
over 10+ years VC DECODER RING 1.12^10 = 3.10 12% annual return fund length 3x return
GROWING YOUR HAPPINESS $100M 10 year fund must return $300M
(3x) for the VC to raise another fund from LPs VC DECODER RING
GROWING YOUR HAPPINESS Startup Outcomes dead or zombie: 50% acquisition:
45% IPO: 5% VC DECODER RING
GROWING YOUR HAPPINESS given that 50% fail the other 50%
have to return $300M+ VC DECODER RING
GROWING YOUR HAPPINESS VC DECODER RING >3x 5% 2-3x 10%
1-2x 35% < 1x 50% VC Fund Returns
GROWING YOUR HAPPINESS VC job: raise money invest in companies
push CEOs to grow/exit pay investors back at least 3x {repeat} VC DECODER RING
GROWING YOUR HAPPINESS CEO job: vision & strategy great team
enough cash VC DECODER RING
GROWING YOUR HAPPINESS Investment Stages: angel / F&F Seed A
B C, D, … IPO or Acquisition VC DECODER RING
GROWING YOUR HAPPINESS CEO under crazy pressure to grow VC
DECODER RING
2. What is required for next fundraise? GROWING YOUR HAPPINESS
GROWING YOUR HAPPINESS Why is my CEO asking for more
& faster revenue & more users? VC DECODER RING
GROWING YOUR HAPPINESS Why is my CEO asking me to
ignore tech debt & hack together features? VC DECODER RING
GROWING YOUR HAPPINESS Why is my CEO asking me to
cut costs *while* building more features? VC DECODER RING
GROWING YOUR HAPPINESS Why is my CEO asking me to
“make it social”? VC DECODER RING
GROWING YOUR HAPPINESS Why am I spending cycles on an
integration with this lame partner? VC DECODER RING
GROWING YOUR HAPPINESS How do I explain all this to
MY team? VC DECODER RING
3. How will your company exit? GROWING YOUR HAPPINESS
GROWING YOUR HAPPINESS possible exits… dead or zombie: 50% acquisition:
45% IPO: 5% VC DECODER RING
GROWING YOUR HAPPINESS Does partner XYZ have “strategic value”? VC
DECODER RING
GROWING YOUR HAPPINESS Diligence looks like: • meetings w/key staff
• senior people OOO • requests for tech docs • hiring freeze • no decisions VC DECODER RING
4. Insider info is powerful & dangerous GROWING YOUR HAPPINESS
GROWING YOUR HAPPINESS
GROWING YOUR HAPPINESS