1/ There’s no difference in probability of reaching Series A based on whether or not your seed round has a top VC.
Source: 3717 deals on @AngelList
angellist.com/blog/top-vc-se…
Source: 3717 deals on @AngelList
angellist.com/blog/top-vc-se…
2/ I’ve always believed that the skillset required to work with seed companies is on some dimensions fundamentally different from working at the later stages.
3/ Everything about seed companies is ambiguous: the people, the data, the level of product market fit, the GTM, the brand and messaging.
4/ It takes a silly amount of time and attention to detail to move from an idea to a company.
Premature scaling, formulaic thinking, over reliance on early data, people mistakes are super common.
Premature scaling, formulaic thinking, over reliance on early data, people mistakes are super common.
5/ Large funds have brands and resources but it’s structurally improbable for a GP to spend meaningful time with a company.
6/ Then you have the éléphant in thé room which is misalignment on the next round. The larger follow-on check is the one that matters for larger funds.
7/ @AngelList correctly identifies that the optimal investment strategy at seed is to index the market (regardless of who’s in).
The question for a founder is: “why on earth would you want that?” (... unless you’ve got a “network asset” to offer like YC).
The question for a founder is: “why on earth would you want that?” (... unless you’ve got a “network asset” to offer like YC).
8/ Being a seed founder is a lonely job. Getting great investors who can help out and who you can talk to makes that journey less lonely and hopefully more successful.
9/ Whether they’re angels or VCs or both is a different question ;-)
But building a tribe around you is a good first step on the journey of moving from idea to company.
But building a tribe around you is a good first step on the journey of moving from idea to company.
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