Rare Disease Day 2023
My youngest two boys, including the one on my shoulders in my profile picture, have X-Linked Hypophosphatemia (XLH), a rare condition affecting 1 in 20,000.
It's Rare Disease Day.
My youngest two boys, including the one on my shoulders in my profile picture, have X-Linked Hypophosphatemia (XLH), a rare condition affecting 1 in 20,000.
When we lived in Switzerland, the doctors checked my kids' blood tests against the adult rather than the child standards and failed to diagnose it.
When we moved to Guernsey, my wife figured it out and the paediatricians didn't believe her. Our GP did, we self-referred to Great Ormond Street and the specialist confirmed the diagnosis.
In the UK the standard (still pretty new) medication is available. In Guernsey it wasn't. We had to apply and were planning to leave as we didn't expect it to be approved. It was.
My kids will always be smaller than everyone else. They still have major issues with their teeth, one had to have some removed last week. But their growth should largely be normal from now on.
The medication is still not approved for adults and it will be needed.
I will be using my own charity pitch to raise money for the condition later in the year.
Thank you for reading.
Evening update - 27 Feb 23
Today I…
#TodayI
Shared my views on the premium for high-growth startups.
Had pilates with Maria Jose Freeman (Fernandez) of Pilates Core Club.
Chatted with Matthew Codd about our plans. Announcement coming soon.
Had a call with Raj Kulasingam of Dentons and SM River Ventures and shared investment notes.
Attended lunch break meditation at Guille-Allès Library.
Spoke with Jonny Plein of Kuai Commerce about his AMA on the trials and tribulations of raising a £2m seed round. This investment was my first commitment as unbundled vc. Details in the comments and it's raising money for a great cause.
Was pitched by Kunmi Oludoyi of Sorair Technologies.
Declined an investment, post commitment, because the terms for sub-£100k investors were different to larger tickets. This was disappointing as I've not seen this in a term sheet before.
Did a load of admin.
Spoke with Jan Deruyck of Guud whose round is closing very shortly. I am happy to be investing. Ask me for an intro or reach out to him directly.
#LaterI
Will be sleeping.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
The premium on high-growth startups
US VCs pay a bigger premium for high-growth startups than European VCs. Even in 2021, European VCs didn't pay enough for growth.
US VCs pay a bigger premium for high-growth startups than European VCs. Even in 2021, European VCs didn't pay enough for growth.
If higher growth has a chance of compounding through the years, paying more for it now will be cheap.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 24 Feb 23
Today I…
#TodayI
Posted about VC-led vs Angel rounds.
Had a call with a founder who wishes to remain anonymous.
Shared Catherine Ann Reid (She/Her) of Doqit's charity pitch to raise money for Team Charlie. I will donate £50 to the first 20 founders who do this.
Chatted with Matt Ong of Ctrl Alt.
Had a postponement.
Spoke with Euan Cameron of Willo®.
Had coffee with some people.
Did my fantasy football team.
#NowI
Am making the kids pizza.
#LaterI
Will watch a movie with them.
Have a great weekend everyone!
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Charity pitch - Team Charlie
Catherine Ann Reid (She/Her) of Doqit is raising funds for Team Charlie. Please watch to hear why and share or donate if you can.
#FridayFounderCharityPitch
Catherine Ann Reid (She/Her) of Doqit is raising funds for Team Charlie. Please watch to hear why and share or donate if you can.
Team Charlie offers grants to kids with brain tumours to offer respite and create memories.
I will donate £50 to the first twenty founders I publicise this way. This is 1 of 20. Donate and charity pitch links in the comments.
VC-led vs Angel rounds
On average, VC-led rounds are higher-quality opportunities. Angel rounds can be ones that VCs chose not to lead so suffer from adverse selection. This effect may be smaller in the current market where there is less VC money.
On average, VC-led rounds are higher-quality opportunities. Angel rounds can be ones that VCs chose not to lead so suffer from adverse selection. This effect may be smaller in the current market where there is less VC money.
On average, Angel rounds are priced higher than VC-led rounds because VCs see more opportunities and are better informed on pricing. Lead VCs also have an opportunity to set a price with a term sheet whereas Angels are often price takers. This effect may be larger in the current market where valuations have dropped.
There are many exceptions.
Post inspired by Ella Goldner (Levy) of ZINC's question in Alma Angels, yesterday.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 23 Feb 23
Today I…
#TodayI
Posted about important not urgent Thursdays.
Had my first important not urgent day Thursday with no meetings.
Set up Founder charity pitches - first one coming tomorrow.
Gave feedback to some founders.
Got admin info to my accountants and bank.
Worked on more of the same.
Produced an internal doc to make sure I understand why I do the things I do.
Bought a monitor for use in my coworking space.
#LaterI
Am improvising my joy back with Sarah Hansmann Rouxel.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Important not urgent Thursday
I have no meetings scheduled today. I am trialling dedicating Thursdays to important not urgent work. The things that are essential if you want to grow but could wait. Otherwise, I find I might not have done them in a month's time.
I have no meetings scheduled today. I am trialling dedicating Thursdays to important not urgent work. The things that are essential if you want to grow but could wait. Otherwise, I find I might not have done them in a month's time.
How do you manage important not urgent work?
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 22 Feb 23
Today I…
#TodayI
WFH in the morning because my wife had a business meeting.
Posted about the challenge of choosing between wildly different investments.
Was pitched by David Tuck of Mayday.
Had a quick call with Jamie Beaumont of Playter.
Had a no-show.
Shared Tim Whiston of isme|&|co's video pitch.
Chatted with Bobby Phillips about a Q&A we are doing.
Booked the cinema to see Puss in Boots with my kids this evening.
Was pitched by Joe Darwen of Veo (Veo.world).
#founders #startups #business #venturecapital #buildinginpublic #investinginpublic
Public pitch - Tim Whiston of isme|&|co
Delighted to share, and it's optional, Tim Whiston of isme|&|co's video pitch.
#PublicPitch
Delighted to share, and it's optional, Tim Whiston of isme|&|co's video pitch.
isme|&|co is a B2B services marketplace using technology to connect independent businesses with valuable information, top providers, and a community of leaders.
Please let me know if you would like an intro or feel free to reach out directly.
Choosing between wildly different investments
It's challenging choosing between investments in entirely different spaces. Some of the recent pitches I have seen are in:
It's challenging choosing between investments in entirely different spaces. Some of the recent pitches I have seen are in:
B2B Insurtech
B2B Marketplace
B2B HRtech
B2B Climatetech
B2B Paymentstech
B2C MentalHealthtech
You need a consistent framework to choose between them despite the wild differences in market and business model.
Otherwise you are just guessing.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 21 Feb 23
Today I…
#TodayI
Posted about US vs European valuations
Had a call with Callum Rimmer of Swallow.
Was pitched by 🚀 Ivan Arozamena of Edworking.
Had a quick coffee with a friend.
Shared Jamie Traynor of DriveBox.app's video pitch.
Had lunch with a friend.
Was pitched by Jack Rogers of Keychain.
Was pitched by Matt Ong of Ctrl Alt.
#NowI
Have to get back to some founders.
Have to send funds for a follow-on investment.
Have a Zoom and a glass of wine with a friend.
Have to take the bins out.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Public pitch - Jamie Traynor of DriveBox
Delighted to share, with permission (and it's optional), Jamie Traynor of DriveBox.app's video pitch.
#PublicPitch
Delighted to share, with permission (and it's optional), Jamie Traynor of DriveBox.app's video pitch.
DriveBox.app automates driving instructor business tasks and gives learner drivers a new way to book, manage, pay and learn.
Please let me know if you would like an intro or feel free to reach out directly.
US vs European valuations
It's well known in venture capital that US valuations are higher than European ones.
It's well known in venture capital that US valuations are higher than European ones.
Why? The main reason is the US market is significantly bigger and therefore you can scale to a much larger size without thinking about what you need to change for other geographies.
Implications? UK and European startups that can as easily access the US market should have higher valuations.
This can be hard for European investors to get their heads around when they are used to what they are used to.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 20 Feb 23
Today I…
#TodayI
Posted about the weekend away test.
Had pilates with Maria Jose Freeman (Fernandez).
Was pitched by a founder who wishes to remain anonymous.
Had a quick call with Shane Smith of Pitchflix.
Was pitched by Ash Vipani of SupportRoom
Attended lunch break meditation at Guille-Allès Library.
Was pitched by Stephen Lewin of GetMyEquipment.
Took a walk without my phone.
Did some admin for the Guernsey Cambridge Society.
Was pitched by Sanoma Jean and Abhishek Bhaduri of Aya Therapy.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
The weekend away test
When hiring, think about if you'd want this person to join the team on a weekend away. Cultural fit is important. If something doesn't feel right to you, dig into that. Why not? Is that something important to you?
When hiring, think about if you'd want this person to join the team on a weekend away. Cultural fit is important. If something doesn't feel right to you, dig into that. Why not? Is that something important to you?
It might tell you something about the person. It might tell you something about your culture.
#founders #startups #venturecapital #buildingingpublic #investinginpublic
Evening update - 17 Feb 23
Today I…
#TodayI
Posted about employee tours of duty.
Chatted with James Townsend of Mobilise.
Signed some investment docs.
Had coffee with Simon de la Rue of The Little Big Group.
Shared paul doran of Nuon AI's video pitch.
Was pitched by a founder who wishes to remain anonymous.
Spoke with Petr Horky of RSJ Investments.
#NowI
Am taking the kids and friends to see Ant-Man and the Wasp: Quantumania.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Public pitch - Paul Doran of Nuon AI
Delighted to share, with permission, paul doran of Nuon AI's video pitch.
#PublicPitch
Delighted to share, with permission, paul doran of Nuon AI's video pitch.
Nuon AI's vision is to apply AI at every stage of the Insurance Product Lifecycle, from the quote and purchase stage to claims and renewal.
Please let me know if you would like an intro or feel free to reach out directly.
Breaking HR norms
When hiring, the elephant in the room is that most candidates will have careers that will take them through many companies. And yet the most common question is where do you see yourself in ten years.
When hiring, the elephant in the room is that most candidates will have careers that will take them through many companies. And yet the most common question is where do you see yourself in ten years.
Reid Hoffman, co-founder of LinkedIn, talks about tours of duty - you achieve this in your three years with me and you will accumulate these skills which will accelerate your career.
Honesty prevails and everyone wins.
What other norms in HR need to be broken?
What would this approach look like on steroids?
Warning, I have strong views on this space!
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 16 Feb 23
Today I…
#TodayI
Shared my starting insights into why unbundled vc.
Got my hair cut.
Had breakfast with Barrie Baxter of Brixx Software.
Arranged a trip to London.
Did loads of admin.
Had lunch with one of my sons.
Did even more admin.
Dropped another son at table tennis (so many sons).
#NowI
Am going to improvise my joy back with Sarah Hansmann Rouxel.
#founders #startups #venturecapital #buildinginpublic #investinginpublic