The @PrefaceVentures website is live: prefaceventures.com. Special thanks to @BrettBerson @atouchofair as well as an anonymous designer akin to Banksy for the output. We're doing a few things a bit differently, specifically around founder #communication. A thread:
1 / Founders deserve more #transparency into how VC's operate and what we will do for them as partners. At Preface we call this "The Code", which is essentially our #SLA for #frontierenterprise founders
2 / We are clear how and what we invest in you. How much initially ($250-$750k), how much is reserved for follow-ons (1-3x) and how often (5-7x pa, ~20 investments per fund). This simple info is impossible to find online on 99% of VC’s
3 / Founders need more than a "we back ambitious founders at the early stage" 🙈. This ambiguity provides VC’s the luxury of optionality. Too often founders find themselves between a rock and hard place, thinking their company matters - only to realize they were just an "option"
4 / This happens most obviously at multi-stage funds (several $ hundred mil - billion per fund), as they participate in seed. In some cases that is the perfect move, but still, founders knowing how their VC’s operate is a good thing. If they do, all of us will be better off
5 / When Preface invests, if needed, we’ll make up to 4 of the “best” intros to construct a fitting #vcsyndicate in current #seed and future rounds. We think about #vcfounderfit like founders think about #productmarketfit. Syndicate construction is an art - blog post on this soon
6 / In the first 100 days, we’ll work alongside you to construct the #board deck and reporting infrastructure for the right metrics and financials. This foundation will enable focus on fewer important things which we can knock out of the park
7 / We promise at least 4 net-new customer intros (outside of your network) in the first 12 months of working together. Your early customer design partners will be friendly and supportive, but #Fortune500 execs who you don't know will be painfully truthful. This is a good thing
8 / We'll help you identify that one early hire you wish you had, while introducing at least 2 experienced folks who fit this archetype in the first 18 months. Maybe they join as an advisor, or lightning can strike and they join you full-time
9 / The tech ecosystem mocks VC’s and their “willingness to help” with parody twitter accounts like @vcstarter kit which is admittedly funny. The humor has roots in reality - and we hope our communication and actions drive accountability and most importantly, helpfulness
10 / We're not shy about who we support and who our tribe is. We support our founders, including but not limited to folks old and young, #immigrants, #women, #minorities, #LGBTQ and more. You can email us cold. If you’re demonstrably capable, we’ll engage #diversity #vc #openlp
11 / To the builders of the #frontierenterprise, if this feels like you, get in touch. Or we’ll find you ;)
@vcstarterkit, apologies i mistyped* 😀
