PodcastsThe Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch20VC: Why Founders Should Take as Many VC Meetings as Possible, Should Founders Meet Associates, How to Get Intros to the Best VCs, How To Extract the Most Value From Your Investors, Why Post IPO Operators Are the Best Angels with Sam Corcos @ Levels
20VC: Why Founders Should Take as Many VC Meetings as Possible, Should Founders Meet Associates, How to Get Intros to the Best VCs, How To Extract the Most Value From Your Investors, Why Post IPO Operators Are the Best Angels with Sam Corcos @ Levels
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The PitchSun Dec 10 2023
Fundraising Strategy:
- Sam advocates for founders to actively engage with VCs and take as many meetings as possible to secure funding, emphasizing the profit-driven approach to fundraising.
- He underscores the importance of not hoarding investor contacts but rather engaging in numerous pitches and meetings to maximize opportunities.
- Sam highlights the value of early employees at post-IPO companies as ROI-positive investors based on their experience and knowledge.
Entrepreneurial Journey:
- Sam shares his journey from aspiring to be a scientist as a child to becoming an entrepreneur, illustrating his early aspirations and how they evolved over time.
Lessons Learned from Prior Companies:
- Reflecting on his prior experiences, Sam acknowledges the importance of recognizing one's expertise and not undervaluing personal opinions, particularly in software development.
- He admits to struggling with fully committing to decisions made by the CEO in his previous role, highlighting the need for alignment within a company's leadership team.
Leadership Strategies and Team Dynamics:
- The discussion around transparency in organizations centers on sharing performance reviews, compensation data, and one-on-one conversations among team members. This approach aims to foster trust and open communication within the company.
- Sam discusses implementing the Keeper Test from Netflix to evaluate employee satisfaction and contribution levels, promoting an environment where individuals feel valued and motivated.
Fundraising Transparency and Challenges:
- Sam advocates for transparent communication during fundraising efforts when there is sufficient internal trust built within the organization. He warns against selective information sharing leading to potential morale challenges.
Fundraising Strategy:
- Building relationships with investors over time can lead to more fruitful partnerships in the long run.
- Treating investor contacts as opportunities for learning and feedback, rather than waiting until the idea is fully developed, is beneficial.
Value from Investors:
- Establishing clear expectations early on regarding engagement levels can help filter out less valuable investors.
- Proactively engage with investors and clearly communicate specific needs and expectations to extract maximum value.
Investor Meetings and Pitching:
- Founders should take as many meetings and do as many pitches as possible to gather feedback and learn from experienced investors.
- Tailoring pitches to different audiences, trying various approaches, language, and angles, can help determine which resonates best.
Maximizing Investor Value:
- Utilize tools like Google Sheets or LinkedIn connections to create a network effect among your investor base for accountability and value extraction.
- Be proactive in asking for assistance or connections from investors. Provide specific requests that are easy to execute on for higher conversion rates.
Performance & Self-Esteem:
- High performance means delivering on set objectives but setting the right goals is crucial for true success.
- Fear of failure often leads individuals to underestimate themselves; taking calculated risks and pursuing big swings can yield valuable lessons even if they fail initially.
Time Management & Productivity:
- Conduct a calendar audit or use tracking tools like Rescue Time to understand how time is currently being spent. This awareness can lead to better time allocation.
Time Management and Productivity:
- Recognizing how time is spent is crucial for effective time management, such as identifying compulsive habits like mindless scrolling on the phone.
- Using the calendar as a primary to-do list can help in realistic task planning and allocation of time for specific tasks.
- Creating extra space in the calendar to buffer any changes or emergencies is important to avoid cascading delays and maintain flexibility.
Parenting and Relationships:
- Parenting requires intentional scheduling and being more present with limited time, often leading individuals to become more scheduled and intentional about their time.
- Concerns about parenting include staying present, managing dynamics, maintaining the relationship with a partner post-childbirth, and ensuring engagement with children at different stages of their development.
- Setting routines like weekly date nights and family priorities can help maintain engagement in relationships after having children by providing dedicated time for partners to connect.
Finding a Romantic Partner:
- Being transparent about personal values and intentions early on in dating can lead to more effective matching, promoting open communication and mutual understanding.
- Having clear goals and deal-breakers can facilitate efficient decision-making in romantic relationships, helping individuals align their expectations with potential partners' qualities.
- Open-mindedness is essential when seeking a romantic partner, ensuring compatibility with diverse perspectives and fostering acceptance of differing opinions.
Co-founder Dynamics:
- Knowing co-founders well before starting a venture can prevent future complications by building trust based on previous interactions or shared experiences.
- Clear expectations around roles within the company are vital for co-founder dynamics, especially that of the CEO. Establishing role clarity helps mitigate misunderstandings and conflicts later on in the business.