@HarryStebbings and I started 50/50. I'm a big believer in taking economics off the table (who knows who will find the next Spotify?) and partnerships can destroy each other in endless economics discussions.
2/ It's not uncommon or absurd that the GP group keeps roughly 80% of the economics - that would be say 3 or 4 General Partners taking the majority of economics and "floating down" as they accept more general partners into the group
3/ How is carry quoted ? Carried interest is typically 20% of profits generated by the fund; this 20% is 100% of the carry pool. You can quote carry as an absolute percentage (5% carry), a percentage of the carry pool (5% carry is 25% of the carry pool) or in dollar terms.
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.
“In toxic environments such as Paris, traditional venture capital has in fact become a rent-seeking business: you don’t need strong performances to make a reasonable living and enjoy your power over desperate Entrepreneurs.”
2/ This is the source article - a fab deep dive into the history of VC from @Nicolas_Colin that I highly recommend reading.
3/ Nicolas, in the line with the pirate ethos of @_TheFamily, does not hesitate to break through the veil of silence that protects the more mediocre ecosystem participants
The journeymen of VC who treat it as a relatively glam lifestyle business.
1/ Breaking news. I’m absolutely thrilled to partner with @cleo_sham to build @stride_vc going forward. We’re just getting started and incredibly excited about what’s to come.
2/ Cleo is a consummate operator: built Uber China as an early GM, and Guanghzou as the first Uber city to hit 1M trips a week, before being promoted to Director of Operations for Uber China and later leading platform integration for Uber’s 45 EMEA territories post Uber/Didi.
3/ She got poached by a number of the original Uber investors to build Spotahome as COO.
But she’s not just an operator; she’s also an investor and a founder.
She started life prop trading and has invested in over 60 startups as angel; she’s also founded two startups.
They were neck and neck with @YouTube until about 70M UU per month.
2/ DailyMotion was started by two brilliant creative minds: @robertderosny and @Olivier_Poitrey. The guys were blazing new features at speed and leading the way. A real grassroots story.
3/ The product was great, users loved it and we were growing fast.
One of the early good decisions we made was to delay monetisation. We didn’t want to burden a company whose success was predicated on achieving massive scale.