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Investment for the
    Underdog
Tips for European Startups Raising Capital Abroad

          Sean Ammirati
    Partner, Birchmere Ventures
Pittsburgh
               OfïŹce
Menlo Park
  OfïŹce
Past:
    Research Fellow, CMU Software Industry Center
    Director Business Development, Peak Strategy
        (sold to Morgan Stanley)
    CEO & Co-Founder, mSpoke (sold to LinkedIn)
    COO, ReadWriteWeb (sold to SAY Media)
Now:
    Partner, Birchmere Ventures
    Adjunct Professor of Entrepreneurship,
        Carnegie Mellon University
The Basics ...
A VC’s Job:
Step 1: Find the best companies

Step 2: Invest on rational terms

    Step 3: Help them grow
1 Investment:
100 - 150 Pitches
The Relevant Question ...
The Relevant Question ...

What makes a great
  investment?
1   Fantastic Team
2   Large Market
3   True Differentiation
4   Market Validation
5   Fit with the Fund
The Team ...
         Hustler
           +
         Hacker
           (full time)
Large Market ...
                VC
                vs
               Angel
 (not necessarily a reïŹ‚ection on the biz)
True Differentiation ...
               Patents

        Engaged Community,

       Strategic Relationships,

                etc ...
Market Validation ...
Fit with the Fund ...
             Sector

              Stage

           Partner can
            add value
3 Tips Beyond Building a
        Great Company
#1 Travel ...
 200,000 air miles in 2008
          & 2009
      (all domestic)
#2 Creatively Self Promote ...
#3 Relentlessly Network...


                 Adam Nash
                 VP, Product
                 LinkedIn
Questions ????

@SeanAmmirati
Sean Ammirati
Sean Ammirati joined Birchmere Ventures in 2012 to as the partner
leading Birchmere Labs, a seed and studio fund focused on community
driven commerce startups.

He has over 12 years founding, building and selling businesses in the
media and software industries. Sean was previously Chief Operating
Officer of ReadWriteWeb, one of the most influential sites about the
future of technology and innovation. In December 2011, the company
was acquired by SAY Media to strengthen its technology channel. Sean
was previously co-founder and CEO of mSpoke, which was the first
acquisition of LinkedIn.

Sean is currently an Adjunct Professor of Entrepreneurship at Carnegie
Mellon University’s Tepper & Heinz Schools. He also was a founding
advisor to Innovation Works’ AlphaLab accelerator. He holds a B.S. in
computer information systems from Grove City College and was a
research fellow at Carnegie Mellon’s Sloan Software Industry Center.


                         p: 412.401.0037
                   e: seanammirati@gmail.com
                        t: @SeanAmmirati

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Investment Tips for European Startups

  • 1. Investment for the Underdog Tips for European Startups Raising Capital Abroad Sean Ammirati Partner, Birchmere Ventures
  • 2. Pittsburgh OfïŹce Menlo Park OfïŹce
  • 3. Past: Research Fellow, CMU Software Industry Center Director Business Development, Peak Strategy (sold to Morgan Stanley) CEO & Co-Founder, mSpoke (sold to LinkedIn) COO, ReadWriteWeb (sold to SAY Media) Now: Partner, Birchmere Ventures Adjunct Professor of Entrepreneurship, Carnegie Mellon University
  • 5. A VC’s Job: Step 1: Find the best companies Step 2: Invest on rational terms Step 3: Help them grow
  • 6. 1 Investment: 100 - 150 Pitches
  • 8. The Relevant Question ... What makes a great investment?
  • 9. 1 Fantastic Team 2 Large Market 3 True Differentiation 4 Market Validation 5 Fit with the Fund
  • 10. The Team ... Hustler + Hacker (full time)
  • 11. Large Market ... VC vs Angel (not necessarily a reïŹ‚ection on the biz)
  • 12. True Differentiation ... Patents Engaged Community, Strategic Relationships, etc ...
  • 14. Fit with the Fund ... Sector Stage Partner can add value
  • 15. 3 Tips Beyond Building a Great Company
  • 16. #1 Travel ... 200,000 air miles in 2008 & 2009 (all domestic)
  • 17. #2 Creatively Self Promote ...
  • 18. #3 Relentlessly Network... Adam Nash VP, Product LinkedIn
  • 20. Sean Ammirati Sean Ammirati joined Birchmere Ventures in 2012 to as the partner leading Birchmere Labs, a seed and studio fund focused on community driven commerce startups. He has over 12 years founding, building and selling businesses in the media and software industries. Sean was previously Chief Operating Officer of ReadWriteWeb, one of the most influential sites about the future of technology and innovation. In December 2011, the company was acquired by SAY Media to strengthen its technology channel. Sean was previously co-founder and CEO of mSpoke, which was the first acquisition of LinkedIn. Sean is currently an Adjunct Professor of Entrepreneurship at Carnegie Mellon University’s Tepper & Heinz Schools. He also was a founding advisor to Innovation Works’ AlphaLab accelerator. He holds a B.S. in computer information systems from Grove City College and was a research fellow at Carnegie Mellon’s Sloan Software Industry Center. p: 412.401.0037 e: seanammirati@gmail.com t: @SeanAmmirati