1/ Are we finally seeing the disaggregation of venture capital ?
2/ This was part of @naval 's original vision when starting @AngelList - the separation of capital / board / specialist advice / network intros
3/ @HarryStebbings is in trenches in SV with @twentyminutevc fund - seeing more rounds with 10x $200K checks from rolling funds and superangels
4/ @shl and others leading the charge with rolling funds and no board seats
5/ Do entrepreneurs really care about boards anymore? Do they need them? If they do, are strong indies repping all shareholders the better choice?
6/ Devils's advocate - boards are where many decisions get made. A good board forces good debate. And there are conflicts to manage. But can we achieve the same outcomes differently?
7/ I shine on strategy and product. @HarryStebbings is unbeatable on network. Perhaps there is a different way. Access us when you need to, don't when you don't.
8/ The question I ponder heading into 2021. Now back to braising my octopus. / eot.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Numbers you committed to your board are not your strategy.
Numbers you think next round investors want to see are not your strategy.
2/ You produce objectives because it's good to have measurable targets, usually ambitious ones. You know it's really hard to forecast so early ... but suddenly your fairly random attempt at predicting the future because the yardstick against which you are measured.
3/ Once these numbers are communicated to the board and across the company, these become the goal everyone is working towards. This many paying customers, suppliers on the platform, whatever the KPI may be.
Your wise investors tell you "disciplined companies hit their numbers"!
1/ Let me distill the Stride investment strategy in fifteen tweets. Yes, fifteen 😘.
2/ To be able to make money, you need some form of edge. The edge does not need to be complex of over-intellectualised, but it needs to be real and drive returns.
3/ Some funds are vertical specialists (say @anthemis ), some leverage network assets (say @ycombinator ) or build large portfolios (say @seedcamp), some funds leverage dominant execution capability (say @sequoia or @IndexVentures ) etc.