Who Knew? The Mismatch Between How VCs and Entrepreneurs Think About What It Takes to Succeed from Illuminate Ventures
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Are you an entrepreneur raising capital and wondering how to improve your odds? Join us to hear the surprising insights we gained from hundreds of enterprise tech founders and investors about the attributes of success they seek and the barriers they fear that entrepreneurs face. You’ll also learn about the differences between how male and female entrepreneurs need to prepare for their next VC pitch.
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Who Knew? The Mismatch Between How VCs and Entrepreneurs Think About What It Takes to Succeed from Illuminate Ventures
- 1. WHO KNEW? THE MISMATCH BETWEEN HOW VCS AND ENTREPRENEURS THINK ABOUT WHAT IT TAKES TO SUCCEED CINDY PADNOS Founding & Managing Partner Illuminate Ventures @illuminateVC
- 2. Who knew? The mismatch between how VCs and entrepreneurs think about what it takes to succeed Cindy Padnos Founding & Managing Partner Illuminate Ventures @illuminateVC
- 3. Getting harder to secure initial funding $5.8 $4.0 $4.5 $6.1 $7.0 $7.2 $7.6 $9.0 $7.3 $7.4 $10.1 1,726 1,631 2,033 2,738 3,206 3,457 3,683 3,460 2,734 2,748 2,123 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* Deal Value ($B) # of Deals Closed But, fewer first financings US first-financial deal activity Source: Pitchbook-NVCA Venture Monitor $36.9 $27.2 $31.3 $44.7 $41.5 $47.5 $71.0 $83.0 $77.2 $83.0 $130.9 4,727 4,487 5,409 6,759 7,882 9,301 10,573 10,740 9,200 9,489 8,948 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Deal Value ($B) # of Deals Closed US VC activity by year US VC $s all-time high Source: Pitchbook-NVCA Venture Monitor
- 4. VCs Founders Females Males VC Perception of Female Male Founders What can we learn from comparing points of view?
- 5. Survey Design • Identify entrepreneur’s top success attributes and barriers • North America only • >95% confidence level • <10% variation Audience • >600 Founders – 100% current SaaS • >600 VCs – partner-level and B2B Tech representing ~15% of all firms • 75% Male VCs > 7 years leading investments • 46% Female VCs > 7 years leading investments Solicit answers by surveying founders and VCs © 2018-2019 Illuminate Ventures
- 6. What does it take to be a successful founder? Resilience Visionary with Passion Networks for Capital Primarily a female founder view Deep Domain Knowledge Ability to Attract Great Team Clearly important, overvalued by founders? Female founders, take note Important to demonstrate Implications Alignment but not silver bullet Source: Gender Differences in Entrepreneurship Survey, Illuminate Ventures 2018 © 2018-2019 Illuminate Ventures
- 7. What are the top barriers for founders? Access to Capital Great, Unique Idea Financial Security Networks to Build Teams Acquiring Credibility & Trust Female founders & VCs rated highly Address! Highly rated by VCs Implications Male founders, beware Balancing Family Commitments Know-how to Start Thinking Big Enough Right Co-Founder 34% Male Founders rated top 2 Only a founder view, VC value-add? Balancing Family Commitments top 2 for 31% of Male Founders Source: Gender Differences in Entrepreneurship Survey, Illuminate Ventures 2018 © 2018-2019 Illuminate Ventures
- 8. Does VC view of success attributes differ by gender? Men Stronger Women Stronger No Difference Female VCs Male VCs Networks for Capital STEM Education/Work Prior Startup Experience Ability to Attract Great Team Men Stronger Women Stronger No Difference VC View of Success Attribute by Founder Gender Source: Gender Differences in Entrepreneurship Survey, Illuminate Ventures 2018 © 2018-2019 Illuminate Ventures
- 9. Does VC view of barriers differ from founders view? Founder Ability to Attract Great Team Networks for Capital Financial Security Balancing Family Commitments MaleVC FemaleVC Female Founders Male Founders Degree a Barrier For… By Audience… Founder MaleVC FemaleVC 58% 37% 24% 15% 91% 0% 58% 0% 61% 0% 33% 0% S FEM A LE FO UN D ERS M A LE FO UN D ERS FEM A LE FO UN D ERS M A LE FO UN D ERS N ETW O RKS FO R C A PITA L A BILITY TO A TTRA C T G REA T TEA M42% 49% 58% 37% 24% 15% 35% 3% 91% 0% 58% 0% 35% 11% 61% 0% 33% 0% S FEM A LE FO UN D ERS M A LE FO UN D ERS FEM A LE FO UN D ERS M A LE FO UN D ERS FEM A LE FO UN D ERS M A LE FO UN D ERS FIN A N C IA L SEC URITY N ETW O RKS FO R C A PITA L A BILITY TO A TTRA C T G REA T TEA M 17% 31% 42% 49% 58% 37% 91% 0% 35% 3% 91% 0% 72% 3% 35% 11% 61% 0% FEM A LE FO UN D ERS M A LE FO UN D ERS FEM A LE FO UN D ERS M A LE FO UN D ERS FEM A LE FO UN D ERS M A LE FO UN D ERS FEM BA LA N C IN G FA M ILY C O M M ITM EN TS FIN A N C IA L SEC URITY N ETW O RKS FO R C A PITA L 17% 31% 42% 49% 91% 0% 35% 3% 72% 3% 35% 11% FEM A LE FO UN D ERS M A LE FO UN D ERS FEM A LE FO UN D ERS M A LE FO UN D ERS FEM BA LA N C IN G FA M ILY C O M M ITM EN TS FIN A N C IA L SEC URITY VCs view female founder barriers as more significant than female founders do VCs view male founder barriers as less significant than male founders do Source: Gender Differences in Entrepreneurship Survey, Illuminate Ventures 2018 © 2018-2019 Illuminate Ventures
- 10. Is there equal access? Male VCs >2x more likely to meet with <10 companies a year with a woman co-founder Female VCs >3x less likely to have invested in 0 companies over 3 yrs with a woman co-founder Source: Gender Differences in Entrepreneurship Survey, Illuminate Ventures 2018. © 2018-2019 Illuminate Ventures
- 11. Definitely Address • Your resilience • Ability to attract a team • Vision and passion • Deep domain knowledge • Great, unique idea • Access to capital VCs Less Interested • Your financial security • Balancing family – although female founders need to debunk this as a barrier Summary of key factors to address in pitch process Source: Gender Differences in Entrepreneurship Survey, Illuminate Ventures 2018. © 2018-2019 Illuminate Ventures
- 12. About Illuminate Ventures Team of prior venture-backed entrepreneurs with early SaaS operating experience • Institutional Seed is the new “A” • Lack of focus at Seed stage on Enterprise/B2B (which outperforms Consumer) • Growing pool of under-targeted entrepreneurial talent – including outside Bay Area OUR EXITS AND MARKET-MAKING COMPANIES © 2018-2019 Illuminate Ventures
- 13. Results from opening doors wider ~75% Of companies have a diverse founding team ~40% Of companies have a female co-founder ~70% Of companies have a founder born outside of the US ~ 25% Industry Benchmark ~ 25% ~ 25% Illuminate Ventures vs vs vs © 2018-2019 Illuminate Ventures
- 14. Cindy Padnos Founder & Managing Partner cindy@illuminate.com @illuminateVC www.illuminate.com http://www.illuminate.com/whitepaper Engage with us! Download full whitepaper © 2018-2019 Illuminate Ventures
- 15. THANK YOU