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Three Things VC Look For[in 10 Minutes]
Steph PalmeriSoftTech VC @stephpalmeri
Aging 2.0May 23rd, 2013IDEO SF
Proprietary & Confidential
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One of Silicon Valley’s most active Consumer Internet early stage investors, and one of the first “micro-VC” funds
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Startups Funded
Follow-On $ (60+ Companies)
Exit Considerations (28 Companies)
Funds (I, II, & III)
STVC III Fund Size$55M140+
$1.25B+$1.00B+
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Our Three Asses Rule
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“3 Ds”– Development: Build, Scale, Fix– Distribution: Market, Sell, Lead – Design: UI/UX
How Many Founders?– ≥ 1 and ≤ 4– Co-founders join pre-funding,
afterwards they are employees– Equity is not always equally
distributed
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And that means…– Founder’s deep passion
– “Aspirin, not Vitamin”
– Initial customer development/validation
– Understanding the user funnel/economics
– Monetization potential
– Differentiation
– Metrics
– Ability to scale
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Big Enough Stress Test:– Greater than $1B market
opportunity– Company, not feature– How does your startup get to
$100M in revenue?• 10% of $1B market v. 50% of
$200M (unrealistic!)
– By raising capital, you commit to match return expectations
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3 AssesTeam +
Product + Market
Portfolio Fit & Construction
Follow-on Potential Syndicate
RisksCompetition
Diversification
Portfolio Conflict
AccessGeographic
Exposure
Hiring Issues
Optionality Timing
Existing Pipeline
Tip of the Iceberg
Everything* Else
Trusted Referrals Users Traction
Path to Monetization
Returns
* And lots of other sh%t too