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TAG: Economy

17
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1
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The VC Apocalypse: Careful with Your Time

TheFunded.com Advice

Posted by Doe on 2009-03-08

Tags: Pitching Economy Crisis

PUBLIC:

Fellow entrepreneurs, most VCs are unable to complete capital calls and, therefore, are unable to make new investments. This includes everyone from name brand funds to small funds, and it does not matter if they recently closed a new fund or not. If you are pitching a venture fund, there are two critical pieces of information that you need to know before wasting time with meetings, diligence, and faux terms:

- First, has the fund made an investment in a company that was not already in the portfolio in 2009, and, if so, which company?

- Second, has the fund completed a successful capital call in 2009?

Is the answer is 'no' to either of these questions or the fund is uncomfortable discussing these matters, then don't bother pitching them and move on. Why? Between the dismal exit history, defecting LPs, worthless secondary markets, and massive position devaluations, venture firms are facing an apocalypse right now. The whole concept of 'venture capital' as an asset class is being re-evaluated by accountants worldwide, and the outcome of that work does not look good for venture capitalists.

PRIVATE: Members Only

9
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1
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Say No to Giving Your Tax Dollars to VC's and Angels

TheFunded.com Discussion

Posted by Anonymous on 2009-04-21

Tags: Venture Business Early Stage Economy Government

8
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2
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The Obama Administration Has It All Wrong

TheFunded.com Discussion

Posted by Anonymous on 2009-03-06

Tags: Venture Business Economy Crisis

6
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2
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NYC Venture Funding or Lack Thereof...

TheFunded.com Advice

Posted by RichieBlueEyes on 2009-03-12

Tags: Venture Business Economy East Coast Bootstrapping

PUBLIC:

So the NYC investment climate is going through serious issues. The angel market has drastically changed as most angels are from the world of finance and no longer have disposable investable cash and the few angel deals that are getting done are at far lower valuations. On the venture side, 'risk' is not being funded. Unless you have revenue (and don't need money) or extreme traction it's probably not worth the time raising money. Sure people who have made money for that exact investor in the past can still raise some money but beyond that, unless you're 'perfect' you'll have a hard time. Even then expect 2-3X liquidity preference, restrictive employment agreements and flat to down rounds even for high growth companies. I saw a company that is trending towards $20MM in revenue in a high growth category doing a flat round at a 3X liquidity preference. Times are tough. Time to call on the old friends and family and Bootstrap. It will not be fun. Still talk to investors and get coverage so they know you so if you happen to hit a stroke of luck or genius and take off, you can create some competition and maybe get decent terms but don't expect to easily raise money. Sure, you can get meetings and maybe even some feedback, don't expect an easy check from angels or VC's in NYC. Seed Capital has been crushed, Angel money is crushed and Series A money is trending towards Series B money or to pump into existing companies or entrepreneurs proven to that investor.

With all that said, always keep pitching but Bootstrap your ass off.

PRIVATE: Members Only

5
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0
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K Waves, an Interesting Perspective on Where We are at with the Current Crisis

TheFunded.com Discussion

Posted by Anonymous on 2009-02-09

Tags: Venture Business Crisis Economy

4
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0
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"Another Dumb Way to Spend Taxpayer Money" Giving VC's a Bailout

TheFunded.com Discussion

Posted by Anonymous on 2009-05-02

Tags: Venture Business Economy

4
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0
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Economic Stimulus

TheFunded.com Discussion

Posted by Anonymous on 2009-02-07

Tags: Venture Business Economy Crisis

4
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0
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"Home Run" Insanity, but There are Perks

TheFunded.com Advice

Posted by Jon on 2009-01-20

Tags: Venture Business Crisis Economy

PUBLIC:

According to VentureWire, the number of venture investments in Q4 2008 fell to the lowest level since after the last crash, and the amount of money invested into the whole private equity sector halved from the same quarter last year. Many of the private equity investments being made are in "secondary funds," which buy distressed portfolio positions, so the story for the relatively small segment of venture capital is probably much worse.

The reality on the street for entrepreneurs raising money is brutal. Funds take meetings, but it's clear that they are not really making investments. With limited cash in the bank and limited prospects for raising more capital, it seems that all the good VCs are waiting for a "home run" opportunity to walk in the door and give them a 50% valuation haircut.

There is a silver lining. Deals perceived as being a "home run" have leverage. We just closed a later stage round after nearly a year of fundraising and pulled out over $1 MM for the founders, selling some of our equity. While our valuation was lower than we would like and the terms had some other unwanted teeth, when we threatened to walk, the deal was sweetened. Our traffic numbers are strong, so we had a few VCs coming to us with offers over the last couple months

From what I can gather, the VCs needs to justify making an investment in the current recession, so they have to issue less favorable terms. They can't explain the deal to their partners or investors otherwise. My advice would be to get as much exposure and traction as possible, have a few funds come to you, then target the best investor and negotiate the secondary perks more than the primary terms. Good luck!

PRIVATE: Members Only

4
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0
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Fed Gives $200 Billion Bailout to Hedge Funds...VC's Next?

TheFunded.com Discussion

Posted by Anonymous on 2008-12-23

Tags: Hedge Funds Crisis Economy

2
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0
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Economic Recovery Plan: the Good, the Bad and the Ugly for Small Business

TheFunded.com Discussion

Posted by Anonymous on 2009-03-08

Tags: Venture Business Economy

1
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0
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Funding in This Ecomony

TheFunded.com Discussion

Posted by Anonymous on 2008-11-07

Tags: Funding Sources Crisis Economy

1
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0
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How is the Economy Affecting Your Business?

TheFunded.com Discussion

Posted by Anonymous on 2008-09-30

Tags: Operations Crisis Economy

0
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0
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Is It an Economically Viable Move to Start a Company

TheFunded.com Discussion

Posted by Anonymous on 2009-11-18

Tags: Funding Sources Economy

0
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0
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Clarium Capital's Must Read [April] Newsletter

TheFunded.com Discussion

Posted by Anonymous on 2009-04-24

Tags: Venture Business Economy

0
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0
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Fewer Venture Capital Funds Are Raising Money

TheFunded.com Discussion

Posted by Anonymous on 2009-04-15

Tags: Venture Business Fund Diligence Economy

0
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0
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Is There Funding Going on for Early Stage Anymore?

TheFunded.com Discussion

Posted by Anonymous on 2009-04-06

Tags: Venture Business Economy

0
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0
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Taking Work While Raising Money for Startup

TheFunded.com Discussion

Posted by Anonymous on 2009-03-05

Tags: Pitching Economy CEO Early Stage

0
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3
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Just Say No to a VC Bailout

TheFunded.com Discussion

Posted by Anonymous on 2009-02-25

Tags: Venture Business Crisis Economy

0
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2
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Nyt's Friedman on Start Ups

TheFunded.com Discussion

Posted by Anonymous on 2009-02-22

Tags: Venture Business Economy Crisis

0
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0
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Building Community in a Struggling Economy

TheFunded.com Discussion

Posted by Anonymous on 2009-01-21

Tags: Pitching Economy Vision

0
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0
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There is a Boom in Venture Capital Coming

TheFunded.com Discussion

Posted by Anonymous on 2009-01-02

Tags: Venture Business Economy

0
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0
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A Bit of Perspective

TheFunded.com Discussion

Posted by Anonymous on 2008-11-20

Tags: Venture Business Crisis Economy

0
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0
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Singapore

TheFunded.com Discussion

Posted by Anonymous on 2008-11-12

Tags: Venture Business Asia Economy

0
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0
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What Can Entrepreneurs Learn From the Agami Episode?

TheFunded.com Discussion

Posted by Anonymous on 2008-08-21

Tags: Venture Business Trends Economy