Venture talk at duke dogpatch labs juen 13 2012
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Venture talk at duke dogpatch labs juen 13 2012
- 1. Startup & Venture Lessons Duke Presentation at Dogpatch Labs Jay Jamison Partner, BlueRun Ventures jjamison@brv.com | @jay_jamison | jayjamison.com CONFIDENTIAL
- 2. Agenda Introduction Early Stage Valuation Methods Exiting VC: Venture or Vulture Capital? CONFIDENTIAL
- 3. Introduction • Duke, BA, English, 1992 • Emory Law School, 1995-96 • MBA, Wharton,1998 • Microsoft, 1998-2007 • Founder, Moonshoot, 2007-10 • Partner, BlueRun Ventures, 2010-Present CONFIDENTIAL 3
- 4. About BlueRun Ventures • Over $1.0B under management • Investing out of Fund IV ($240M) • Focus: Mobile & consumer internet • Seed & Series A CONFIDENTIAL 4
- 5. What is my job? Find • Unearth great deals Close • Convince NewCo to take our $ Assist • Help NewCo reach full potential CONFIDENTIAL 5
- 6. Early Stage Valuations CONFIDENTIAL 6
- 7. It’s a Golden Age for Entrepreneurs…. Cheaper than ever to start a company. Better resources • Incubators: Y-Combinator, 500Startups, … • Resources: Startup Digest, Lean Startup, TC, VB Technology is easier to learn, access, &c. • Codecademy • RoR • AWS Driving valuations up CONFIDENTIAL
- 8. … And Investors Understand This. I see lots of great companies that are: • Capital efficient • High velocity in coding and releasing • Product in market with traction • Clear customer insight on what works • Battle-tested founding teams • Clear, concrete ask on what $$$ they need CONFIDENTIAL
- 9. Implication While we’re in a Golden Age for Entrepreneurs, it is raising the bar for most very early stage companies… You need to prove more on very little money, because so many other start-ups are already doing so. CONFIDENTIAL
- 10. Early Stage Valuations Plain vanilla Series A • VC: 20-30% VC • Option pool: 10-20% 25% • Founders & Angels keep rest Founders ESOP & Angels 15% 60% Items we watch • Founder incentive must be very high • Maintaining a clean cap table is important CONFIDENTIAL 10
- 11. Exiting CONFIDENTIAL 11
- 12. Exits Stuff beyond your control • The market • The corporate politics on the other side Stuff in your control • Which founding teams you back • Staying focused on execution until deal is signed • Attracting alternative bidders CONFIDENTIAL 12
- 13. VC: Venture or Vulture? CONFIDENTIAL 13
- 14. Venture • Unique and amazing form of capital • Helped scale companies that have had massive impact • And will continue to have an important role CONFIDENTIAL 14
- 15. But, VC is not… Summer Camp CONFIDENTIAL 15
- 16. Our Aspiration Adapted from Glenn Kelman, CEO Redfin, describing working w/ Pierre Lamond at his Plumtree. Then Pierre Lamond, the Sequoia partner on the deal, began working out of our office, acting as the virtual CEO. Pierre made a point of being there the day one of his other companies went public. We looked at a news photo of all the smiling people, who seemed to be living in a gated community, on a planet I would never visit. Then Pierre said “that company was once even more screwed up than you are.” CONFIDENTIAL 16
- 17. Recommended actions Investigate and reference check any investor • Past successes • Past failures Assess the friendliness of terms • This tells you a lot about alignment w/ founders CONFIDENTIAL 17
- 18. Thanks & Q&A CONFIDENTIAL 18