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THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIAS Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERY Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walkingSEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. 50 QUESTIONS: WHAT ARE THE DIFFERENT TYPES OF INSTRUMENTS The vast majority of VC investments are in one of three categories of investment instrument: Preferred shares. Ordinary shares. Convertible debt. Very occasionally you will also see VCs make investments in straight forward debt (i.e. with no conversion rights, see below), but this is rare and I won’t go into detail here. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART My recent posts in this series have offered thoughts on what to write in pitch documents aimed at VCs. If those documents are written well, and your business idea is a good one, and you are impressive, and you are lucky, and, and, and then you will hopefully be on the receiving end of a termsheet, and ideally more than one. WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIAS Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERY Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walkingSEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. 50 QUESTIONS: WHAT ARE THE DIFFERENT TYPES OF INSTRUMENTS The vast majority of VC investments are in one of three categories of investment instrument: Preferred shares. Ordinary shares. Convertible debt. Very occasionally you will also see VCs make investments in straight forward debt (i.e. with no conversion rights, see below), but this is rare and I won’t go into detail here. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART My recent posts in this series have offered thoughts on what to write in pitch documents aimed at VCs. If those documents are written well, and your business idea is a good one, and you are impressive, and you are lucky, and, and, and then you will hopefully be on the receiving end of a termsheet, and ideally more than one. WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
50 QUESTIONS: WHAT ARE THE DIFFERENT TYPES OF INSTRUMENTS The vast majority of VC investments are in one of three categories of investment instrument: Preferred shares. Ordinary shares. Convertible debt. Very occasionally you will also see VCs make investments in straight forward debt (i.e. with no conversion rights, see below), but this is rare and I won’t go into detail here. 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART In Part 1 of this post I said that the terms in a termsheet fall into four categories – those relating to economics, to control, the legally binding ones (exclusivity and costs), and everything else. I then went on to write in a bit of detail about valuation, which is the most important of the economic terms. In this post I will cover the other key economic terms; liquidation preference and 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART My recent posts in this series have offered thoughts on what to write in pitch documents aimed at VCs. If those documents are written well, and your business idea is a good one, and you are impressive, and you are lucky, and, and, and then you will hopefully be on the receiving end of a termsheet, and ideally more than one. SEVEN REQUIREMENTS FOR A SUCCESSFUL BUSINESS Vivek Wadwha put a post up on Techcrunch over the weekend title What Excatly is a Business Model? To my mind he didn’t really answer that question (I was expecting a piece about different ways of organising revenues and costs to make a profit) but he does list out seven requirements for a successful business.RICH VS KING
Rich vs King – entrepreneurs should choose between wealth and control. I’ve just finished reading Founders Dilemmas by Noam Wasserman the central point of which is that for entrepreneurs there is a trade off between wealth and control. In my experience, few founders see it this way. “But wait!”. HOW DOES A VC VALUE A BUSINESS? The right way for a VC to value a company. The right way for a VC to value a business is to estimate what it would fetch on a successful sale and then divide that figure by the return appropriate for the risk involved. So if the planned exit is for $100m but the business is still early stage and the level of risk implies the target return REPETITION IS IMPORTANT TO LEADERSHIP BECAUSE OF COGNITIVE Repetition is important to leadership because of cognitive bias. Cognitive biases are a great tool for understanding human behaviour, particularly our more irrational behaviours, and although the meme is in danger of getting overdone I continue to find new value in the concept. Today it is in the bias ‘cognitive ease’ and how itexplains
EXPLAINED: VC TARGET RETURNS Only 39% of venture funds did better than the S&P 500 performance during 1996-2005 (IRR 9.1%). According to Thomson, balance Euro VCs returned an cap weighted average of 7.3% and an upper quartile fund (if you could get in one) returned 7.4%. Early stage funds did even worse. There are of course exceptions--the top performing Euro funddid 262%.
THE DIFFERENCE BETWEEN MARKET SIZE AND OPPORTUNITY SIZE The difference between market size and opportunity size. Earlier this week Bryce Roberts of O’Reilly AlphaTech Ventures wrote a post about VCs over analysing market size and then passing on deals. His point is that if a VC hasn’t got comfortable on market size within two meetings then they never will and the entrepreneur shouldn’t spend WHY CLEVER PEOPLE BELIEVE STUPID THINGS One of the chapters in Bad Sceince is titled “Why clever people believe stupid things” and it lists out five of the common mistakes that smart people make. Note that they are not stupid mistakes to make per se, but rather come when the application of intelligence is taken too far. Seeing patterns when there is only noise – one of the bestTHE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIAS Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERY Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walkingSEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. 50 QUESTIONS: WHAT ARE THE DIFFERENT TYPES OF INSTRUMENTS The vast majority of VC investments are in one of three categories of investment instrument: Preferred shares. Ordinary shares. Convertible debt. Very occasionally you will also see VCs make investments in straight forward debt (i.e. with no conversion rights, see below), but this is rare and I won’t go into detail here. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART My recent posts in this series have offered thoughts on what to write in pitch documents aimed at VCs. If those documents are written well, and your business idea is a good one, and you are impressive, and you are lucky, and, and, and then you will hopefully be on the receiving end of a termsheet, and ideally more than one. WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIAS Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERY Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walkingSEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. 50 QUESTIONS: WHAT ARE THE DIFFERENT TYPES OF INSTRUMENTS The vast majority of VC investments are in one of three categories of investment instrument: Preferred shares. Ordinary shares. Convertible debt. Very occasionally you will also see VCs make investments in straight forward debt (i.e. with no conversion rights, see below), but this is rare and I won’t go into detail here. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART My recent posts in this series have offered thoughts on what to write in pitch documents aimed at VCs. If those documents are written well, and your business idea is a good one, and you are impressive, and you are lucky, and, and, and then you will hopefully be on the receiving end of a termsheet, and ideally more than one. WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
50 QUESTIONS: WHAT ARE THE DIFFERENT TYPES OF INSTRUMENTS The vast majority of VC investments are in one of three categories of investment instrument: Preferred shares. Ordinary shares. Convertible debt. Very occasionally you will also see VCs make investments in straight forward debt (i.e. with no conversion rights, see below), but this is rare and I won’t go into detail here. 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART In Part 1 of this post I said that the terms in a termsheet fall into four categories – those relating to economics, to control, the legally binding ones (exclusivity and costs), and everything else. I then went on to write in a bit of detail about valuation, which is the most important of the economic terms. In this post I will cover the other key economic terms; liquidation preference and 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART My recent posts in this series have offered thoughts on what to write in pitch documents aimed at VCs. If those documents are written well, and your business idea is a good one, and you are impressive, and you are lucky, and, and, and then you will hopefully be on the receiving end of a termsheet, and ideally more than one. SEVEN REQUIREMENTS FOR A SUCCESSFUL BUSINESS Vivek Wadwha put a post up on Techcrunch over the weekend title What Excatly is a Business Model? To my mind he didn’t really answer that question (I was expecting a piece about different ways of organising revenues and costs to make a profit) but he does list out seven requirements for a successful business.RICH VS KING
Rich vs King – entrepreneurs should choose between wealth and control. I’ve just finished reading Founders Dilemmas by Noam Wasserman the central point of which is that for entrepreneurs there is a trade off between wealth and control. In my experience, few founders see it this way. “But wait!”. HOW DOES A VC VALUE A BUSINESS? The right way for a VC to value a company. The right way for a VC to value a business is to estimate what it would fetch on a successful sale and then divide that figure by the return appropriate for the risk involved. So if the planned exit is for $100m but the business is still early stage and the level of risk implies the target return REPETITION IS IMPORTANT TO LEADERSHIP BECAUSE OF COGNITIVE Repetition is important to leadership because of cognitive bias. Cognitive biases are a great tool for understanding human behaviour, particularly our more irrational behaviours, and although the meme is in danger of getting overdone I continue to find new value in the concept. Today it is in the bias ‘cognitive ease’ and how itexplains
EXPLAINED: VC TARGET RETURNS Only 39% of venture funds did better than the S&P 500 performance during 1996-2005 (IRR 9.1%). According to Thomson, balance Euro VCs returned an cap weighted average of 7.3% and an upper quartile fund (if you could get in one) returned 7.4%. Early stage funds did even worse. There are of course exceptions--the top performing Euro funddid 262%.
THE DIFFERENCE BETWEEN MARKET SIZE AND OPPORTUNITY SIZE The difference between market size and opportunity size. Earlier this week Bryce Roberts of O’Reilly AlphaTech Ventures wrote a post about VCs over analysing market size and then passing on deals. His point is that if a VC hasn’t got comfortable on market size within two meetings then they never will and the entrepreneur shouldn’t spend WHY CLEVER PEOPLE BELIEVE STUPID THINGS One of the chapters in Bad Sceince is titled “Why clever people believe stupid things” and it lists out five of the common mistakes that smart people make. Note that they are not stupid mistakes to make per se, but rather come when the application of intelligence is taken too far. Seeing patterns when there is only noise – one of the bestTHE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIAS Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERY Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walking APPLIED VENTURE AND THE INEXORABLE RISE OF VALUE-ADD VCSEE MORE ONTHEEQUITYKICKER.COM
SEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. HOW DOES A VC VALUE A BUSINESS? The right way for a VC to value a company. The right way for a VC to value a business is to estimate what it would fetch on a successful sale and then divide that figure by the return appropriate for the risk involved. So if the planned exit is for $100m but the business is still early stage and the level of risk implies the target return WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIAS Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERY Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walking APPLIED VENTURE AND THE INEXORABLE RISE OF VALUE-ADD VCSEE MORE ONTHEEQUITYKICKER.COM
SEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. HOW DOES A VC VALUE A BUSINESS? The right way for a VC to value a company. The right way for a VC to value a business is to estimate what it would fetch on a successful sale and then divide that figure by the return appropriate for the risk involved. So if the planned exit is for $100m but the business is still early stage and the level of risk implies the target return WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
SUBSCRIBE – THE EQUITY KICKER Subscribe to receive The Equity Kicker directly to your inbox the second a new post is release.SEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART In Part 1 of this post I said that the terms in a termsheet fall into four categories – those relating to economics, to control, the legally binding ones (exclusivity and costs), and everything else. I then went on to write in a bit of detail about valuation, which is the most important of the economic terms. In this post I will cover the other key economic terms; liquidation preference and FOUNDERS: DON’T BE TOO NEEDY Founders: Don’t be too needy. We all know that things get difficult when someone wants something too much. You might have had a needy boyfriend or girlfriend whose constant need for reaffirmation and over-reaction to perceived signs of problems undermined your relationship. Or you might have experience of a co-worker who wantedpromotion so
BROWSERS, BOTS AND UNLOCKING MOBILE E-COMMERCE As the world becomes increasingly mobile centric, we still don’t have a great solution for long tail e-commerce. Smartphones now work amazingly well for Amazon and categories where we buy regularly enough to be bothered to download an app – but that’s fairly limited. SEVEN REQUIREMENTS FOR A SUCCESSFUL BUSINESS Vivek Wadwha put a post up on Techcrunch over the weekend title What Excatly is a Business Model? To my mind he didn’t really answer that question (I was expecting a piece about different ways of organising revenues and costs to make a profit) but he does list out seven requirements for a successful business. VOICE – THE NEXT BIG PARADIGM SHIFT – THE EQUITY KICKER I just worked my way through 213 slides of Mary Meeker’s annual Internet Trends publication. If you’re at all into understanding how the tech world is evolving I recommend you find the time to read it yourself (embedded below). THE IMPORTANCE OF BEING AN EXPERT-GENERALIST I am in the Elon Musk fan club. It’s hard not to be in awe of what he’s achieved – four multi-billion dollar companies and he’s only in his forties. I’ve even read hisRICH VS KING
Rich vs King – entrepreneurs should choose between wealth and control. I’ve just finished reading Founders Dilemmas by Noam Wasserman the central point of which is that for entrepreneurs there is a trade off between wealth and control. In my experience, few founders see it this way. “But wait!”.THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIASIMPLICIT BIAS VS UNCONSCIOUS BIASUNCONSCIOUS BIAS DEFINEDUNCONSCIOUS BIAS VS PREJUDICEUNCONSCIOUS BIAS EXAMPLESUNCONSCIOUS BIASUNCONSCIOUS BIAS VSSUBCONSCIOUS BIAS
Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERYSORE ACHILLES RUNNINGTIGHT ACHILLES HEELACHILLES INJURY RUNNINGACHILLES PAIN WHILE RUNNINGACHILLES TENDON RUNNINGTIGHT ACHILLES TENDON CAUSES Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walking APPLIED VENTURE AND THE INEXORABLE RISE OF VALUE-ADD VCSEE MORE ON THEEQUITYKICKER.COMAPPLIED MATERIALSAPPLIED MATERIALS CORPAPPLIED MATERIALS GMBHAPPLIED MATLAPPLIED VENTURES LLCSEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. HOW DOES A VC VALUE A BUSINESS? The right way for a VC to value a company. The right way for a VC to value a business is to estimate what it would fetch on a successful sale and then divide that figure by the return appropriate for the risk involved. So if the planned exit is for $100m but the business is still early stage and the level of risk implies the target return WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
ABOUT ME – THE EQUITY KICKER This is a blog about two of my passions - venture capital and mindfulness meditation. In June 2019 we relaunched TheEquityKicker. I’ve been missing writing and look forward to sharing my thoughts on venture capital – mostly how to build a great VC fund and the future of the industry – and on where my mindfulness meditation practice is UNCONSCIOUS BIAS IS MORE DANGEROUS THAN COGNITIVE BIASIMPLICIT BIAS VS UNCONSCIOUS BIASUNCONSCIOUS BIAS DEFINEDUNCONSCIOUS BIAS VS PREJUDICEUNCONSCIOUS BIAS EXAMPLESUNCONSCIOUS BIASUNCONSCIOUS BIAS VSSUBCONSCIOUS BIAS
Unconscious bias is more dangerous than cognitive bias. I often write about cognitive biases because they undermine decision making. If investors aren’t conscious to avoid sunk cost bias, confirmation bias and many other cognitive biases they will make bad decisions. Today I’ve had my thinking taken up a level by a post onbrainpickings
BAREFOOT RUNNING, ACHILLES TENDONITIS, AND MY RECOVERYSORE ACHILLES RUNNINGTIGHT ACHILLES HEELACHILLES INJURY RUNNINGACHILLES PAIN WHILE RUNNINGACHILLES TENDON RUNNINGTIGHT ACHILLES TENDON CAUSES Barefoot running, Achilles tendonitis, and my recovery story. By Nic Brisbourne. December 7, 2012. 16 Comments. Six months ago my achilles were trashed. The combination of low level pain and fear of making them worse meant that riding my bike or running were both out, and I could only walk at a snail’s pace – maybe 25% of my normal walking APPLIED VENTURE AND THE INEXORABLE RISE OF VALUE-ADD VCSEE MORE ON THEEQUITYKICKER.COMAPPLIED MATERIALSAPPLIED MATERIALS CORPAPPLIED MATERIALS GMBHAPPLIED MATLAPPLIED VENTURES LLCSEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That THE IMPORTANCE OF UNDERSTANDING ‘WHY’ The importance of thinking about ‘why’ in addition to ‘how’ and ‘what’ has been coming up a lot for me over the last couple of months, most recently in this fabulous quote from Ralph Waldo Emerson . Without ambition one starts nothing. INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOG Letting investor optics determine strategy rarely works out well. I get that fundraising is a nerve-wracking process, that investors can be unpredictable and irrational and how that makes optics important. But delaying monetisation to optimise for fundraising almost always falls into the category of letting the tail wag the dog. HOW DOES A VC VALUE A BUSINESS? The right way for a VC to value a company. The right way for a VC to value a business is to estimate what it would fetch on a successful sale and then divide that figure by the return appropriate for the risk involved. So if the planned exit is for $100m but the business is still early stage and the level of risk implies the target return WHAT DOES AN LP LOOK FOR IN A VENTURE CAPITAL FUND MANAGER Let me start by explaining two terms in the question. ‘LP’ is a generic term for an investor in a venture capital fund. Typically they are pension funds or insurance companies (otherwise known as ‘institutional investors’), but they can also be corporates, wealthy individuals or governments looking to stimulate the startupecosystem.
THE EQUITY KICKER
The Equity Kicker returns – now writing about the future of VC and meditation. Between 2006 and 2016, I wrote something on this blog almost every working day. It. Nic Brisbourne July 1, 2019. Startupgeneral interest.
SUBSCRIBE – THE EQUITY KICKER Subscribe to receive The Equity Kicker directly to your inbox the second a new post is release.SEED AND PRE-SEED
Seed and pre-seed – trends and definitions. The increasing capital efficiency of startups has been changing the face of venture for the last decade or so. The first thing to happen was that the bar for a Series A went up – unsurprising given that startups could now get much further with pre-Series A amounts of capital (2005-2010) That 50 QUESTIONS: WHAT ARE THE KEY TERMS IN A TERMSHEET? (PART In Part 1 of this post I said that the terms in a termsheet fall into four categories – those relating to economics, to control, the legally binding ones (exclusivity and costs), and everything else. I then went on to write in a bit of detail about valuation, which is the most important of the economic terms. In this post I will cover the other key economic terms; liquidation preference and FOUNDERS: DON’T BE TOO NEEDY Founders: Don’t be too needy. We all know that things get difficult when someone wants something too much. You might have had a needy boyfriend or girlfriend whose constant need for reaffirmation and over-reaction to perceived signs of problems undermined your relationship. Or you might have experience of a co-worker who wantedpromotion so
BROWSERS, BOTS AND UNLOCKING MOBILE E-COMMERCE As the world becomes increasingly mobile centric, we still don’t have a great solution for long tail e-commerce. Smartphones now work amazingly well for Amazon and categories where we buy regularly enough to be bothered to download an app – but that’s fairly limited. SEVEN REQUIREMENTS FOR A SUCCESSFUL BUSINESS Vivek Wadwha put a post up on Techcrunch over the weekend title What Excatly is a Business Model? To my mind he didn’t really answer that question (I was expecting a piece about different ways of organising revenues and costs to make a profit) but he does list out seven requirements for a successful business. VOICE – THE NEXT BIG PARADIGM SHIFT – THE EQUITY KICKER I just worked my way through 213 slides of Mary Meeker’s annual Internet Trends publication. If you’re at all into understanding how the tech world is evolving I recommend you find the time to read it yourself (embedded below). THE IMPORTANCE OF BEING AN EXPERT-GENERALIST I am in the Elon Musk fan club. It’s hard not to be in awe of what he’s achieved – four multi-billion dollar companies and he’s only in his forties. I’ve even read hisRICH VS KING
Rich vs King – entrepreneurs should choose between wealth and control. I’ve just finished reading Founders Dilemmas by Noam Wasserman the central point of which is that for entrepreneurs there is a trade off between wealth and control. In my experience, few founders see it this way. “But wait!”. Hit enter to search or ESC to close_ _ _ _
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NIC BRISBOURNE'S VIEW FROM LONDON on technology and startupsVenture Capital
INTERVIEW I DID ABOUT FORWARD PARTNERS FOR SOLDO See below for a good description of what we like to see in deals at… Nic Brisbourne January10, 2020
Mindfulness
TWO WAYS MEDITATION IMPROVES INSIGHT I'm a massive believer in the power of meditation and I'm far fromalone. These…
Nic Brisbourne December4, 2019
Mindfulness
Venture Capital
PODCAST ON THE FUTURE OF VC AND HOW MINDFULNESS CAN HELP FOUNDERS A couple of weeks back I did an interview with Abadesi Osunsade fromProduct Hunt.…
Nic Brisbourne September8, 2019
Venture Capital
APPLIED VENTURE AND THE INEXORABLE RISE OF VALUE-ADD VC When I started in venture capital in the late 1990s VCs were regularlylambasted for…
Nic Brisbourne July 8,2019
Announcement
THE EQUITY KICKER RETURNS – NOW WRITING ABOUT THE FUTURE OF VC ANDMEDITATION
Between 2006 and 2016, I wrote something on this blog almost everyworking day. It…
Nic Brisbourne July 1,2019
Startup
general interest
WHEN TO BE LEAN
Ben Horowitz, founder of leading venture firm Andreessen Horowitz and a successful entrepreneur prior to that… Nic Brisbourne August 6,2018
Jan 10 2020
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INTERVIEW I DID ABOUT FORWARD PARTNERS FOR SOLDOBy Nic Brisbourne
Venture Capital
0 Comments
See below for a good description of what we like to see in deals at…Read More
Dec 04 2019
__Love0
TWO WAYS MEDITATION IMPROVES INSIGHTBy Nic Brisbourne
Mindfulness 11
Comments
I’m a massive believer in the power of meditation and I’m far fromalone. These…
Read More
Sep 08 2019
__Love0
PODCAST ON THE FUTURE OF VC AND HOW MINDFULNESS CAN HELP FOUNDERSBy Nic Brisbourne
Mindfulness ,
Venture Capital
0 Comments
A couple of weeks back I did an interview with Abadesi Osunsade fromProduct Hunt….
Read More
Jul 08 2019
__Love0
APPLIED VENTURE AND THE INEXORABLE RISE OF VALUE-ADD VCBy Nic Brisbourne
Venture Capital
1 Comment
When I started in venture capital in the late 1990s VCs were regularlylambasted for…
Read More
Jul 01 2019
__Love0
THE EQUITY KICKER RETURNS – NOW WRITING ABOUT THE FUTURE OF VC ANDMEDITATION
By Nic Brisbourne
Announcement 0
Comments
Between 2006 and 2016, I wrote something on this blog almost everyworking day. It…
Read More
Aug 06 2018
__Love0
WHEN TO BE LEAN
By Nic Brisbourne
Startup general interest2
Comments
Ben Horowitz, founder of leading venture firm Andreessen Horowitz and a successful entrepreneur prior to that…Read More
Jun 04 2018
__Love2
FOUNDERS: DON’T BE TOO NEEDYBy Nic Brisbourne
Startup general interest0
Comments
We all know that things get difficult when someone wants something toomuch. You might…
Read More
May 29 2018
__Love1
INVESTOR OPTICS: DON’T LET THE TAIL WAG THE DOGBy Nic Brisbourne
Startup general interest,
Venture Capital
0 Comments
Earlier this week a friend was asking me whether her fundraising chances would be improved…Read More
May 03 2018
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METRICS: A DOUBLE EDGED SWORDBy Nic Brisbourne
Startup general interest0
Comments
Let me start by saying that I’m a massive believer in the power ofmetrics….
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Mar 26 2018
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STRUCTURED CUSTOMER DEV – NOT TO BE MISSED.By Nic Brisbourne
Startup general interest1
Comment
In our experience, structured customer development work is right up there amongst the most valuable…Read More
Mar 19 2018
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EUROPEAN TECH: WHICH WAY TO THE EXITS?By Nic Brisbourne
Exits , Venture
Capital 1
Comment
Max Niederhofer recently published this chart showing European exits. As you can see there’s been impressive…Read More
Mar 05 2018
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A NEW DAWN FOR EUROPEAN VCBy Nic Brisbourne
Venture Capital
0 Comments
This week I’ve been at the SuperReturn/SuperVenture conference in Berlin. It’s the biggest European gathering…Read More
Jan 30 2018
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SOFTWARE STARTUPS: BEWARE ‘MAGIC’ BULLETSBy Nic Brisbourne
Startup general interest,
Uncategorized
0 Comments
I just read ‘Need More Time’? Guideposts For Tech Founders Going To Market When No Market…Read More
Jan 26 2018
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AS EASY AS… AI
By Nic Brisbourne
Startup general interest,
Uncategorized
0 Comments
Google is pushing hard to make artificial intelligence as easy to access as cloud computing,…Read More
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BRIEF BIO
Managing
Partner at Forward Partners – on a mission to invest in the UK’s best eCommerce companies. ABOUT FORWARD PARTNERS Forward Partners helps ecommerce founders from raw idea through to Series A with a combination of investment, proven methodologies and office space. Our team knows how to build startups. Drawing on experience gained in companies such as Facebook, Mind Candy and HouseTrip, we’ve developed tools and services to help entrepreneurs execute with speed and focus. ABOUT ‘OFFICE HOURS’ We run regular Office Hours for solo founders of ecommerce companiesat the idea stage.
More details here.
ABOUT ‘FP LIVE’
We run regular events and workshops, hosting world-class speakers and offering practical training sessions with our team of startup experts. You can find details of previous events here.#fplive
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* Interview I did about Forward Partners for SoldoJanuary 10, 2020
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