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Confessions of a (Reformed) Silicon Valley VC

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Confessions of a (Reformed) Silicon Valley VC Confessions of a (reformed) Silicon Valley VC • This keynote will cover: • Founder Stories. • Valley Culture. • Venture Capital Basics • FAQ most likely: • ‘how do I get funded by Silicon Valley Venture Capital Firm?’ How to make a great presentation: How to make a great presentation: • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Don’t use a lot of bullet points! • Aster and TVLP will provide this deck on request for reference. Silicon Valley Trends; Investment • Venture Capital: 1. Angels, Family, Sweat. 2. ’Traditional’ Venture • ’Unicorns’ (over $1Bn Valuation) • Pay the fund back • Most deals are not unicorns. • Funds with no unicorns get no follow-on funds. The Original Unicorn Horn from the Museum of the University of Bologna. (Actually, a Narwal horn). Silicon Valley Venture: Moving from Local to Global. • Sequoia ‘half hour’ rule. • Still exists, but dying. • Insular ‘pockets’ in U.S tech clusters. • Silicon Valley (Intel) • Boston (DEC) • Texas (Texas Instruments) • New York (Ad Tech) Now, funds • Netherlands • United Kingdom hunt globally. • Ayded • FarFetch • France • Funding • BlaBlaCar Circle • Denmark • TransferWise • Skype: • Shazam Unicorns in • Scotland • Powa Europe. • Fanduel • Skrill • Finland • Ve • Angry Birds • Germany: • Luxembourg (and London) • Auto1 • Global Fashion • Home24, Group • HelloFresh • Delivery Hero • Shopfully • Soundreef • DoveConviene • Digital Music Rights Notable Digital Store Management Promotion • Musement Italian • Qurami • Book Interesting • Virtual Queues Travel Venture • D-Orbit • SatisPay • Space Junk • Low cost payments -Funded Decommissioned by smartphone • Greenrail • BeMyEye • Green rail • Uber of Store Startups ‘sleepers.’ Checks • MoneyFarm • AthoNet • Streamlined • Emergency/Remote (Working to join investment advice. LTE Coverage the Unicorn list.) Before I get into the specifics of fund raising: Valley Stories • Stories to give you the living experience. • Including: • Silicon Valley • Silicon Alley (N.Y.C.) • Silicon Beach (L.A.) David Scott Carlick • Hippie Woodworker • Accountant. • Carlick Advertising • Poppe Tyson • Doubleclick • Venture Capital • Intermix (MySpace) • ReachLocal • Independent Director • INS • AskJeeves Bret Waters • Print Salesman • MetaGraphics • ArtMachine • Tivix. • Entrepreneur Lecturer Stanford Donald McKinney • Sold for IBM • Sold for Chromatics • VP Sales and Marketing Silicon Graphics • VP Sales and Marketing EFI • International Network Services (IPO, Sale) • Fisherman • McKinney Ventures • Aplicor Jim Clark • Stanford Professor • Silicon Graphics • Netscape • Shutterfly • MyCFO Ariel Poler • Stanford • I/Pro. • Independent Director • Kana, LinkExchange • Topica • Top-tier angel Zorik Gordon • Idea Labs, WorldWinner • ReachLocal (IPO). ClubLocal • Serviz Adam Goldenberg • Gamer’s Alliance (age 16). • Sold to eUniverse (Intermix, MySpace) • COO eUniverse • Alana • Intelligent Beauty Howard Lerman • Tech child prodigy. • COO Datran Media. • GymTicket • Yext The good news, and the bad news, and the good news, about starting a company, and getting funding. The Good News: • Funds are competing for the best deals, globally. • Funds publish what they are doing and why. Sites, blogs, tweets. • You can research all that and find firms that match your requirements and goals. • You can get your story heard • (With some effort, if it is a good story). A16Z Seed Snapshot from Website The Bad News • Lots of companies want the same attention. • The ’bar’ is very high. • Traction • Pedigree • There is a ‘CEO Filter’ for CEO’s who are: • Experienced, yet young. • Charismatic, yet thoughtful. • Inspirational, yet reliable. • Team filter, too. The good news. • It is cheaper than ever to start a company. • Startup incubators, participating corporate partners, and mentors. • MVP (Minimum Viable Product) strategies. • Hey, you can build a great business that is not a Unicorn. • So, get very serious about solving real problems. Mittelstand and Silicon Valley Mittelstand Silicon Valley Culture Family ownership or family-like culture Founder led, venture backed, early on 'family.' Lifetime Generational continuity March to an exit (IPO, Acquisition) Viewpoint Long-term focus Race to deliver liquidity Corporate Ownership Independence Strategic and Financial, ultimately Public ownership Speed Nimbleness Nimbleness Attitude Emotional attachment Ruthless shareholder value Workforce Investment into the workforce At-will employment. Modifications to plan Flexibility Pivot Corporate Structure Lean hierarchies Lean until proven otherwise. Innovation Innovativeness Innovativeness Customer Customer focus Shareholders, then customers. Social Social responsibility Shareholders, then social. Loyalty to Region Strong regional ties Shareholders, then the region. Outsourcing. Education Partner with universities Fund university teams. Government Industrie 4.0 Aversion to 'picking winners.' 90-95% of Venture Backed Deals have Liquidity via Acquisitions. • Here are Google’s But what areas are getting investment? What are the trends I should focus on? Segment Active Companies and Investments •Analytics/Big Data. Segment, Looker, Databricks, Vizier, Windward, Samsara, Textio, Thousand Eyes, Incorta, Tamr, Everstring, Palantir Segments•App Tools andApple Store, Active Android Store, Datadog, Companies Invision, Mapbox, UserTesting, Branch Metrics •Artificial Intelligence / Machine Learning. Google,DeepMind, Amazon •CleanTech enVerid, Tesla, SunPower, Solar City •Cloud computing. AWS, Google, Plangrid, Procore, Thinking Phones, Cliqr •Crowdsourcing/wisdom of crowds. 99 Designs, Uber, AirBnB, Shiftgig, Gigster, KickStarter, HackerOne, Thumbtack, Serviz, Lyft, Seamless, Grubhub, Freelancer •eCommerce Amazon, Jet, Gilt, Birchbox, Combatent Gentleman, LootCrate, Thread, JustFab, *EdTech Udemy, Khan Academy, •Enterprise Automation. Salesforce.com, Oracle, SAP, Namely, Xero, Slack, Intercom, Zenefits, •Fin-Tech Wealthfront, Quicken, PayPal, Digit, Credit Karma •Food Blue Apron, Juicero, Soylent, Amazon Grocery •Gaming and Fantasy Sports Microsoft, Sony, FanDuel, Vulcun •Internet of Things. Samsung, Intel, Ring, Notion, Tile, •Marketing Technology. Salesforce, Oracle, Adobe, Google, Everstring, Placester, Everstring, Thumbtack, Social Nature, Tubular *Media Medium, Twitter, The Skimm, •Med-Tech Mobile ODT, Surgical Theater, Johnson & Johnson •Open Source Software Confluent, MongoDB, Apache •Robotics/Drones iRobot, Google, GM, Toyota *Security. McAfee, Intel, Dtex, Invotas •Social Networking. VarageSail, Facebook, Twitter, Snapchat •Virtual and Augmented Reality. Samsung, Oculus •Wearables Sensoria, Apple, Fitbit, Moon trajectory photo • All sectors have activity. So if you have something Silicon transformative, differentiated, exciting, go for it. Valley • Crowdsourcing (Uber of Everything) is infecting all businesses. Trends: • “Software is eating the world.” • Marc Andreessen Technology • “Machine Learning will eat software.” • David Carlick • “Everything will compute, and be connected.” • Internet of Things. • “Infrastructure (big data, cloud services, crowdsourcing, communications, collaboration platforms) is redefining the business of starting, and running, a business.” • Everyone. • “Ad-tech is brutal; winners have taken all. • Everyone. The best funding is customer funding. BaseCamp • Then in 2006, it suddenly happened from one day to the next. Jeff Bezos had taken an interest in Basecamp, and Jason and I each sold him a minority, no-control stake of our share of the company for a few million dollars each (Basecamp had been self-funded and profitable from the start, so didn’t need any capital for the venture). I was a millionaire! SnapChat Financing • Snapchat was a company first, a product first, and then got pitched for an investment.
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