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@paulsingh                                                        @betamore




  THE RISE OF THE ANGELS
(AND THE ENTREPRENEURS)
                                PAUL SINGH

             @paulsingh・paul@500startups.com・resultsjunkies.com
@paulsingh                                                         @betamore




             GETTING TO KNOW




             500 STARTUPS      BECAUSE WE’RE KIND OF A BIG DEAL




                                 PAUL SINGH

              @paulsingh・paul@500startups.com・resultsjunkies.com
@paulsingh   @betamore
@paulsingh          @betamore




          EARLY STAGE
           STARTUPS
         HAVE CHANGED
@paulsingh                                                @betamore




         CLOUD, OPEN SOURCE AND ONLINE DISTRIBUTION DRIVING




     STARTUP COSTS
    LOWER THAN EVERBUT SCALING STILL COSTS MONEY
@paulsingh           @betamore




     WEB GETS BIGGER.
    WORLD GETS SMALLER.
@paulsingh                                                @betamore




   TRACTION IS THE NEW
 INTELLECTUAL PROPERTY
 PLATFORMS (SEARCH, SOCIAL & MOBILE) PRIMARILY DRIVING THE CHANGE.
   NO LONGER “GOOD ENOUGH” TO DEPEND ON TECH DIFFERENTIATION.
@paulsingh                             @betamore




            CAPITAL
         INCREASINGLY
         COMMODITIZED
             RISE OF THE ANGELS, YO!
@paulsingh                                      @betamore




              NEW REALITY:
             MONEY FOLLOWS
               FOUNDERS
               RISE OF THE ENTREPRENEURS, YO!
@paulsingh                                              @betamore




             SIGNALS ARE
             EVERYWHERE
     BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
@paulsingh                                              @betamore




             SIGNALS ARE
             EVERYWHERE
     BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
@paulsingh                                              @betamore




   TRANSPARENCY IS
     SIGNALS ARE
     EVERYWHERE
     BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
@paulsingh                   @betamore




             WALL STREET
             BEAT US TO IT
@paulsingh   @betamore
@paulsingh                               @betamore




             “   UBS PROPRIETARY
                 SATELLITE PARKING LOT
                 FILL RATE ANALYSIS
                 POINTS TO AN
                 INTERESTING CADENCE
                 INTRA-QUARTER AND
                 POTENTIAL UPSIDE TO
                 OUR VIEW.
@paulsingh   @betamore
@paulsingh                          @betamore




             “
             TWICE A WEEK A SMALL
             HELICOPTER CIRCLES
             OVER CUSHING’S TANK
             FARMS ON AN OIL
             INDUSTRY SPYING
             MISSION.
@paulsingh                                              @betamore




             WALL STREET
             ISN’T ALONE
       THESE TECHNIQUES ALREADY USED TO UNDERWRITE IN-VITRO
         FERTILIZATION LENDING, PAYDAY LOANS, SUBPRIME AUTO
         LENDING, HOME/PERSONAL/AUTO INSURANCE AND MORE.
@paulsingh               @betamore




     IT TURNS OUT,




   WE CAN DO IT, TOO SURPRISE!
@paulsingh   @betamore
@paulsingh                                               @betamore




         + “GUT” + TRUSTED MENTORS + MUCH, MUCH MORE DATA.
@paulsingh        @betamore




  WE CAN DO IT, TOO.
@paulsingh        @betamore




  WE CAN DO IT, TOO.
@paulsingh       @betamore




WE’RE DOING IT, TOO.
@paulsingh   @betamore
@paulsingh                                  @betamore




             “ VENTURE CAPITAL IS
               OPEN TO ATTACK BY
               DISRUPTIVE NEW
               BUSINESS MODELS AND
               TECHNOLOGY.
               -- NAVAL RAVIKANT (@naval)
@paulsingh          @betamore




       EARLY STAGE VC
        IS CHANGING
        HAS CHANGED
@paulsingh              @betamore




  STATE OF THE ART IN EARLY
   STAGE INVESTING IS NOT
     VERY SOPHISTICATED
@paulsingh        @betamore




     UNBUNDLING OF
     ADVICE, CONTROL
       AND MONEY
@paulsingh                               @betamore




  USED TO BE ABOUT
 CAPITAL, DEALFLOW
   AND JUDGEMENT
             TODAY, IT’S ABOUT ACCESS.
@paulsingh                                                    @betamore




     (500) CHECKLIST
   Product solves a problem for a specific target customer
   Capital-efficient businesses - operational @ <$1M funding
   Primarily internet-based distribution - search, social, mobile, local
   Simple revenue models - transactions, subscriptions or affiliate
   Functional prototype before investment (or previous success)
   Small but measurable usage - some customers, early revenue
   Small but cross-functional team - engineer, design/UX, marketing
@paulsingh      @betamore




  (NEW) FINANCINGS
@paulsingh                   @betamore




  (NEW) FINANCINGS
        Standardized terms
@paulsingh                                  @betamore




  (NEW) FINANCINGS
        Standardized terms
        No fixed amounts, no closings, no leads
@paulsingh                                  @betamore




  (NEW) FINANCINGS
        Standardized terms
        No fixed amounts, no closings, no leads
        Continuous, not discrete rounds
@paulsingh                                  @betamore




  (NEW) FINANCINGS
        Standardized terms
        No fixed amounts, no closings, no leads
        Continuous, not discrete rounds
        Prices beginning to float
@paulsingh                                     @betamore




  (NEW) FINANCINGS
        Standardized terms
        No fixed amounts, no closings, no leads
        Continuous, not discrete rounds
        Prices beginning to float
        No Board seats at the earliest stage
@paulsingh                                     @betamore




  (NEW) FINANCINGS
        Standardized terms
        No fixed amounts, no closings, no leads
        Continuous, not discrete rounds
        Prices beginning to float
        No Board seats at the earliest stage
        Herd mentality and oversubscriptions
@paulsingh                              @betamore




             “   BY ITS NATURE, THE
                 INTERNET UNDERMINES
                 ANYONE WHOSE STATUS
                 DEPENDS ON
                 PRIVILEGED ACCESS TO
                 INFORMATION.
                 -- MICHAEL LEWIS
@paulsingh                                             @betamore


        Demo Day Videos ⟹ livestream.com/500startups

        Sample Pitch Decks ⟹ slideshare.net/500startups

       Venture Capital 101 ⟹ venturehacks.com/archives

        Investor Thoughts:
             Brad Feld ⟹ feld.com

             Fred Wilson ⟹ avc.com

             Chris Dixon ⟹ cdixon.org

             Mark Suster ⟹ bothsidesofthetable.com
@paulsingh                        @betamore




             YOUR KEY TAKEAWAYS
@paulsingh                         @betamore




             YOUR KEY TAKEAWAYS

              Focus on Traction.
@paulsingh                         @betamore




             YOUR KEY TAKEAWAYS

              Focus on Traction.
 Learn to Communicate and Inspire.
@paulsingh             @betamore




             ALSO...
@paulsingh                               @betamore




                   ALSO...
        Think about distribution a lot
@paulsingh                               @betamore




                   ALSO...
        Think about distribution a lot
        Focus on customer acquisition
@paulsingh                               @betamore




                   ALSO...
        Think about distribution a lot
        Focus on customer acquisition
        Get on AngelList
@paulsingh                                 @betamore




                   ALSO...
        Think about distribution a lot
        Focus on customer acquisition
        Get on AngelList
        Learn the basics of VC economics
@paulsingh                                 @betamore




                   ALSO...
        Think about distribution a lot
        Focus on customer acquisition
        Get on AngelList
        Learn the basics of VC economics
        Raise 12-18 months of funding
@paulsingh                                                        @betamore




  THE RISE OF THE ANGELS
(AND THE ENTREPRENEURS)
                                PAUL SINGH

             @paulsingh・paul@500startups.com・resultsjunkies.com

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The Rise of the Angels (and the Entrepreneurs) - Baltimore - Feb 2013

  • 1. @paulsingh @betamore THE RISE OF THE ANGELS (AND THE ENTREPRENEURS) PAUL SINGH @paulsingh・paul@500startups.com・resultsjunkies.com
  • 2. @paulsingh @betamore GETTING TO KNOW 500 STARTUPS BECAUSE WE’RE KIND OF A BIG DEAL PAUL SINGH @paulsingh・paul@500startups.com・resultsjunkies.com
  • 3. @paulsingh @betamore
  • 4. @paulsingh @betamore EARLY STAGE STARTUPS HAVE CHANGED
  • 5. @paulsingh @betamore CLOUD, OPEN SOURCE AND ONLINE DISTRIBUTION DRIVING STARTUP COSTS LOWER THAN EVERBUT SCALING STILL COSTS MONEY
  • 6. @paulsingh @betamore WEB GETS BIGGER. WORLD GETS SMALLER.
  • 7. @paulsingh @betamore TRACTION IS THE NEW INTELLECTUAL PROPERTY PLATFORMS (SEARCH, SOCIAL & MOBILE) PRIMARILY DRIVING THE CHANGE. NO LONGER “GOOD ENOUGH” TO DEPEND ON TECH DIFFERENTIATION.
  • 8. @paulsingh @betamore CAPITAL INCREASINGLY COMMODITIZED RISE OF THE ANGELS, YO!
  • 9. @paulsingh @betamore NEW REALITY: MONEY FOLLOWS FOUNDERS RISE OF THE ENTREPRENEURS, YO!
  • 10. @paulsingh @betamore SIGNALS ARE EVERYWHERE BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
  • 11. @paulsingh @betamore SIGNALS ARE EVERYWHERE BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
  • 12. @paulsingh @betamore TRANSPARENCY IS SIGNALS ARE EVERYWHERE BIG DATA + OPEN SOURCE ANALYTICS = NEW TECHNIQUES FOR VC
  • 13. @paulsingh @betamore WALL STREET BEAT US TO IT
  • 14. @paulsingh @betamore
  • 15. @paulsingh @betamore “ UBS PROPRIETARY SATELLITE PARKING LOT FILL RATE ANALYSIS POINTS TO AN INTERESTING CADENCE INTRA-QUARTER AND POTENTIAL UPSIDE TO OUR VIEW.
  • 16. @paulsingh @betamore
  • 17. @paulsingh @betamore “ TWICE A WEEK A SMALL HELICOPTER CIRCLES OVER CUSHING’S TANK FARMS ON AN OIL INDUSTRY SPYING MISSION.
  • 18. @paulsingh @betamore WALL STREET ISN’T ALONE THESE TECHNIQUES ALREADY USED TO UNDERWRITE IN-VITRO FERTILIZATION LENDING, PAYDAY LOANS, SUBPRIME AUTO LENDING, HOME/PERSONAL/AUTO INSURANCE AND MORE.
  • 19. @paulsingh @betamore IT TURNS OUT, WE CAN DO IT, TOO SURPRISE!
  • 20. @paulsingh @betamore
  • 21. @paulsingh @betamore + “GUT” + TRUSTED MENTORS + MUCH, MUCH MORE DATA.
  • 22. @paulsingh @betamore WE CAN DO IT, TOO.
  • 23. @paulsingh @betamore WE CAN DO IT, TOO.
  • 24. @paulsingh @betamore WE’RE DOING IT, TOO.
  • 25. @paulsingh @betamore
  • 26. @paulsingh @betamore “ VENTURE CAPITAL IS OPEN TO ATTACK BY DISRUPTIVE NEW BUSINESS MODELS AND TECHNOLOGY. -- NAVAL RAVIKANT (@naval)
  • 27. @paulsingh @betamore EARLY STAGE VC IS CHANGING HAS CHANGED
  • 28. @paulsingh @betamore STATE OF THE ART IN EARLY STAGE INVESTING IS NOT VERY SOPHISTICATED
  • 29. @paulsingh @betamore UNBUNDLING OF ADVICE, CONTROL AND MONEY
  • 30. @paulsingh @betamore USED TO BE ABOUT CAPITAL, DEALFLOW AND JUDGEMENT TODAY, IT’S ABOUT ACCESS.
  • 31. @paulsingh @betamore (500) CHECKLIST Product solves a problem for a specific target customer Capital-efficient businesses - operational @ <$1M funding Primarily internet-based distribution - search, social, mobile, local Simple revenue models - transactions, subscriptions or affiliate Functional prototype before investment (or previous success) Small but measurable usage - some customers, early revenue Small but cross-functional team - engineer, design/UX, marketing
  • 32. @paulsingh @betamore (NEW) FINANCINGS
  • 33. @paulsingh @betamore (NEW) FINANCINGS Standardized terms
  • 34. @paulsingh @betamore (NEW) FINANCINGS Standardized terms No fixed amounts, no closings, no leads
  • 35. @paulsingh @betamore (NEW) FINANCINGS Standardized terms No fixed amounts, no closings, no leads Continuous, not discrete rounds
  • 36. @paulsingh @betamore (NEW) FINANCINGS Standardized terms No fixed amounts, no closings, no leads Continuous, not discrete rounds Prices beginning to float
  • 37. @paulsingh @betamore (NEW) FINANCINGS Standardized terms No fixed amounts, no closings, no leads Continuous, not discrete rounds Prices beginning to float No Board seats at the earliest stage
  • 38. @paulsingh @betamore (NEW) FINANCINGS Standardized terms No fixed amounts, no closings, no leads Continuous, not discrete rounds Prices beginning to float No Board seats at the earliest stage Herd mentality and oversubscriptions
  • 39. @paulsingh @betamore “ BY ITS NATURE, THE INTERNET UNDERMINES ANYONE WHOSE STATUS DEPENDS ON PRIVILEGED ACCESS TO INFORMATION. -- MICHAEL LEWIS
  • 40. @paulsingh @betamore Demo Day Videos ⟹ livestream.com/500startups Sample Pitch Decks ⟹ slideshare.net/500startups Venture Capital 101 ⟹ venturehacks.com/archives Investor Thoughts: Brad Feld ⟹ feld.com Fred Wilson ⟹ avc.com Chris Dixon ⟹ cdixon.org Mark Suster ⟹ bothsidesofthetable.com
  • 41. @paulsingh @betamore YOUR KEY TAKEAWAYS
  • 42. @paulsingh @betamore YOUR KEY TAKEAWAYS Focus on Traction.
  • 43. @paulsingh @betamore YOUR KEY TAKEAWAYS Focus on Traction. Learn to Communicate and Inspire.
  • 44. @paulsingh @betamore ALSO...
  • 45. @paulsingh @betamore ALSO... Think about distribution a lot
  • 46. @paulsingh @betamore ALSO... Think about distribution a lot Focus on customer acquisition
  • 47. @paulsingh @betamore ALSO... Think about distribution a lot Focus on customer acquisition Get on AngelList
  • 48. @paulsingh @betamore ALSO... Think about distribution a lot Focus on customer acquisition Get on AngelList Learn the basics of VC economics
  • 49. @paulsingh @betamore ALSO... Think about distribution a lot Focus on customer acquisition Get on AngelList Learn the basics of VC economics Raise 12-18 months of funding
  • 50. @paulsingh @betamore THE RISE OF THE ANGELS (AND THE ENTREPRENEURS) PAUL SINGH @paulsingh・paul@500startups.com・resultsjunkies.com