From Paper to Profits: How Investing in College Paper Help Can Pay Off
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Read more...Most founders fundraise twice in their lifetime. I have seen over twenty companies raise funds since I started AngelPad and the process is fascinating.
It is as diverse as the startup world: Some companies have commitments and are “oversubscribed” within hours, others have to work hard to ultimately succeed in raising funds (let’s not forget that fundraising success does not mean business success), and others end up selling the company in the process.
Part of our mentoring program at AngelPad involves working with founders throughout their fundraising process and we ask our founders to closely keep track of their fundraising meetings as well as submit a survey back to us. The 13 AngelPad companies of the Winter 2011 session had over 350 meetings with VCs, Micro VC and Angels. On average they met with 27 investors each – the range being 11 to 48.
Most of the meetings were with VCs (171), followed by Angels (140) and Micro VCs (46). Broken down per company that is on average 13.1 VC meetings, 10.7 Angel meetings and 3.5 Micro VCs meetings.
The vast majority of companies succeeded in raising funds, many have not announced it yet though (so far of the AngelPad Winter 2011 session, only Coverhound, Shopobot, Crittercism and Astrid made announcements). Hopscotch was acquired.
Based on this experience, here is my take on the fundraising climate of the last quarter:
One interesting side effect of high valuations and increased VC involvement is that traction and business fundamentals are “en-vogue” again. In 2010, one could raise money with little more than a demo and good credentials – those days are over. Companies have to show strong traction and a clear path to revenue, especially consumer-centric ones. In my experience, “idea-stage” fundraising is at a complete standstill. With seed rounds north of $6M, most investors’ appetite for experimenting and “believing in a team” is pretty limited and suddenly we’re back to the healthy business basics of building something people want and will pay for.
(Editor's note: Tonight Vator and Bullpen will be holding its first-ever evening gathering, called Venture Shift. It will gather top VCs, angels and entrepreneurs to discuss how the venture landscape is changing, and what to do about it. Join Peter Thiel (Founders Fund), Randy Komisar (Kleiner Perkins), Dave McClure (500 Startups), Jeff Clavier (SoftTech VC), Thomas Korte (AngelPad), and many more from August Capital, First Round, etc. Check out our standing-room only event here.)
(Image source: Flickr)
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Read more...The Importance of the AMI-Jerusalem Center for Biblical Study and Research
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