Classic "Pro Founder" VC
Fund: Tugboat Ventures
Posted by ML on 2009-12-11
I have worked extensively with Dave both pre- and during his Tugboat stage as a founder/CEO. Nothing surprising here that you will not hear from reference checks with founders he has worked with:
- Brilliant and extremely well-connected
- Extremely fair
- Extremely pro-founder/entrepreneur (at times unbelievably so, but it is the real deal)
- You want him on your board. Not just as a passive investor.
- If you are lucky enough to get him on your board, he will work his ass off for you
- He is a "swing for the fences" VC, and if you are looking to build a nice cash business but not "go for it" / conquer the world, there will not be a fit, so make super-sure you are on board with the latter, because he will be
- Despite this, he truly leaves you alone to run your business, he is just always, persistently looking for that "run the table" / unfair advantage that you might have overlooked. A true thought partner in this regard.
- Extremely strong operating experience -- as a FOUNDER, not just as a VP in a big company. Working with Dave vs with investors who have never started and run their own companies is night-and-day. Dave can help with high-level strategy, AND help you stress out about your cash flow, setting up a new office, etc.
- He has been where you are and succeeded, and loves to see other founders succeed.
- His term sheets are totally clean -- doesn't waste time playing games -- once he is in, he is in to conquer the world with you, and it is either going to happen or its not...
- As a board member, really great at details of governance, doing things by the book, etc.
Biggest challenge: getting him in your deal... he only does 2-4 deals a year or something like that.
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