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Changes in the Venture Industry: An Ex-CEO’s View of the New Venture World

Changes in the Venture Industry: An Ex-CEO’s View of the New Venture World. Jonathan Baer Threshold Ventures tventures@compuserve.com. The more things change the more…. Welcome back to the 1990’s The old things matter-team, syndicate, business model, customers, target market, timing

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Changes in the Venture Industry: An Ex-CEO’s View of the New Venture World

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  1. Changes in the Venture Industry: An Ex-CEO’s View of the New Venture World Jonathan Baer Threshold Ventures tventures@compuserve.com

  2. The more things change the more… • Welcome back to the 1990’s • The old things matter-team, syndicate, business model, customers, target market, timing • Hard to fund new markets-easier to fund technology improvement to existing • VC’s are risk adverse-will invest when company does not need money-C rounds are cheaper than A

  3. More things change… • Founders are once again expendable-along with their equity • T’s and C’s matter a lot more than valuation • The largest risk today is financial

  4. A biased view of the VC environment • Finding right vc remains big hurdle • Pattern Recognition • Brain vs. Gut • Inexperienced vc’s will disappear • Fear versus greed remains • Revenue growth versus profitability • Angels returning, but following, not leading

  5. VC’s remain caught between… • High ROI needed, but no public market • Need to put money out in big chunks, with a syndicate that carriers company to cfbe • LP’s are running scared • No theme investing

  6. Advice • Build product, team and install base before going to venture capital firms • Raise more money than need-and before you need it • Founders need to protect themselves

  7. Designer Venture • World class team • Technology mature, product built, roadmap well defined • No market education required • Immediate, measurable ROI • Short sell cycle • No IT involvement • No BPR • Natural acquisition for major player, but also IPO candidate

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