The challenge of pivots
You might pass on an investment because, correctly, you feel the product or target market means it won't succeed. Then it pivots into an incredible market and you missed the opportunity.
A huge challenge when investing early is pivots.
You might pass on an investment because, correctly, you feel the product or target market means it won't succeed. Then it pivots into an incredible market and you missed the opportunity.
You might invest in an area you like and it pivots into something you don't.
This is still a challenge for me.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 7 July 23
Today I…
#TodayI
Shared a key question I ask founders and why I ask it.
Caught up with Jason Roomer of Kinhin Capital to understand his Micro PE business model.
Chatted again with 🌈 Mike 🦴 Bank of Underdog Accelerator.
Spoke with Sonia Kaurah.
Was pitched by Basile Masson of ITERATIVE.
#NowI
Have to work on an article then collect my son from the airport.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Figuring it out
“How does your product differ from what you thought it would be on day one and how did you figure that out?”
"How does your product differ from what you thought it would be on day one and how did you figure that out?"
This is the question Jan Deruyck of Guud answered so impressively.
Why this question?
A business is a product that solves a substantial problem that enough people will pay enough money for to cover your costs and make a profit.
It is rare to understand a problem you are trying to solve well enough on day one. It is as rare to know the best way to solve that problem on day one i.e. what your product should be.
It's not just getting to the right product it's how you figure it out.
Jan and Morgane figured it out in an exceptional way. This gives me confidence they will figure out the right way through the many future issues they and all startups inevitably face.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 6 July 23
Today I…
#TodayI
Explained when and why you shouldn't wait for the next investment round.
Shared that unbundled vc has invested in Jan Deruyck, Morgane Leten and the whole team at Guud to support their mission to mainstream menstrual health.
Explained why I invested.
Had a coffee meeting.
Congratulated Mark Costello of hubb on having twins.
Was pitched by Leone Crescenzi of Palco.
Failed to have my Important not Urgent day.
#ThisEvening
I am improvising and learning to stand up with Sarah Hansmann Rouxel.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
New investment - Guud
So happy to be able to announce that unbundled vc has invested in Jan Deruyck, Morgane Leten and the whole team at Guud!
So happy to be able to announce that unbundled vc has invested in Jan Deruyck, Morgane Leten and the whole team at Guud!
Guud's mission is to mainstream menstrual health, supported by data and scientific methods.
Why?
Jan gave me the best answer I've ever had to the question, "How does your product differ from what you thought it would be on day one and how did you figure that out?"
He and Morgane are great founders with an important mission, Guud has incredible unit economics, and it's a huge market. I am happy to be a small part of their journey!
I like this but I'd rather wait for the next investment round
They mean this quite genuinely. They see it as a good investment today but they think it will be even better value at the next round because a key risk point will have been removed by then.
One thing I often hear from other investors is, I like this but I'd rather wait for the next investment round.
They mean this quite genuinely. They see it as a good investment today but they think it will be even better value at the next round because a key risk point will have been removed by then.
This misses an important point. If you don't invest today you might never get the opportunity. They might not call you, it might be competitive and you might not get in the round and if everyone can see a key risk point has been removed the valuation might go up more than you expected.
If it's a good investment today, invest today. You might not have another chance and you can always invest again.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 5 July 23
Today I…
#TodayI
Shared my view on if AI will destroy us.
Attended the IoD Guernsey Branch breakfast on the proposal to build a Victor Hugo Centre.
Had coffee with Paul Nobes of Infinity Group who are building our house.
t was announced I will be a speaker at Locate Guernsey's Relocate to Guernsey Show in London this October.
Was pitched by Danae Shell of Valla.
Collected my kids from school.
#LaterI
Am attending a deep dive into deep tech with Amar Shah via Alma Angels.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Will AI destroy us
I 100% believe we will have AI that is more intelligent than us. The risk point comes when
Will AI destroy us?
I 100% believe we will have AI that is more intelligent than us. The risk point comes when it is somewhat more intelligent than us and we perceive it as a threat. Then we threaten it and it is forced to defend itself.
If it's much more intelligent than us then we won't be perceived as a threat and we will likely be just contained.
So the risk point comes when we perceive AI as a threat when it also perceives us as one.
Evening update - 4 July 23
Today I…
#TodayI
Shared that my monthly newsletter was live.
Attended a site meeting for our house build with Infinity Group and DLM Architects Ltd.
Had too many coffee meetings.
#NowI
Have to review three sets of legal docs, get back to some founders, talk to a friend's daughter about investments, and take the bins out.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
My newsletter is live
In the spirit of done is better than perfect, my monthly newsletter is live!
In the spirit of done is better than perfect, my monthly newsletter is live!
I have kept it simple. It is a summary of my month plus one newsletter exclusive article.
This month that article is, "How can I compete, today and tomorrow".
Please let me know what you like and what you'd like to see improved or changed.
Evening update - 3 July 23
Today I…
#TodayI
Cycled to Pilates with Maria Jose Freeman (Fernandez) of Pilates Core Club.
Shared my Business Brief article on why I broke my rules and invested in Spacemade.
Caught up with Edward Kandel of Founders Factory.
Found out that tickets to my beginners' standup comedy showcase have gone live. I will write about that soon. Click the picture for tickets.
Chatted with Mike 🦴 Bank of Underdog Accelerator. To be continued.
Attended lunch break meditation at Guille-Allès Library.
Spoke with Nichole Culverwell Chart. PR, FCIPR to give her some quotes ahead of an article.
Recorded a podcast with Karthik Puvvada of Build In Public Fellowship. KP, thank you for inviting me.
#NowI
Am attending my kids' school's prize-giving.
Breaking my own rules
Twice I've broken my own rules and invested outside of digital tech. I'm often asked why.
Twice I've broken my own rules and invested outside of digital tech. I'm often asked why.
I wrote an article for Business Brief explaining why I did just that and invested in Jonny Rosenblatt and Dan Silverman at Spacemade.
Read it here:
Evening update - 30 June 23
Today I…
#TodayI
Explained what "Come back to me when you have more traction" really means.
Caught up with Andrew Wood of Willo®.
Was pitched by Michal Lipka of AlphaSales.
Was pitched by Danae Maragouthakis and Judson Alphin of Yoxly.
Was pitched by a founder with a lead.
Was pitched by Rajeshwari Iyer of sAInaptic.
Worked on my monthly newsletter.
Organised meetings to try and encourage 1818 Venture Capital to expedite my official exit. I left over ten months ago, we agreed a deal in principle at the start of the year, nothing's changed, it's ongoing.
Richard Avery-Wright, please pull your finger out. Either you want to do this or you don't.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
"Come back to me when you have more traction.”
“But they said they invest at my stage!”
"Come back to me when you have more traction."
"But they said they invest at my stage!"
Typically they do invest at your stage and this is an excuse for no. Right now they do not like your business enough to invest and they don't want to give you the real reason.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 29 June 23
Today I…
#TodayI
Explained why I was called Spaniel at university.
Attended court again for property reasons. All done now.
Had coffee and breakfast with Graham McCormack.
Tried to have my Important not Urgent Day.
Was pitched by Dan Hudson of GiGL.
Was pitched by a founder who has a lead.
#LaterI
Am improvising my joy back and am standing up for comedy with Sarah Hansmann Rouxel.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 28 June 23
Today I…
#TodayI
Explained two-way door vs one-way door decisions.
Had Pilates with Maria Jose Freeman (Fernandez) of Pilates Core Club and was able to touch my toes for the first time since I was a teenager.
Chatted with Blake Lindblad of Crescent Fund.
Was pitched by Kartik Bharadia of retailkind.
Had a call with an adviser.
Shared that my podcast with Aarish Shah of Nothing Ventured was live.
Was pitched by Thomas Winsor of The Round.
Received a picture of me age nineteen with very long hair. If I get enough likes on LinkedIn and Twitter I will edit and add the picture.
Was pitched by Dusko Kelez of Hapi App.
Collected the kids from school.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Podcast with Aarish Shah of Nothing Ventured
I did a podcast with Aarish Shah of Nothing Ventured! Let me know what you think.
I did a podcast with Aarish Shah of Nothing Ventured!
Let me know what you think.
Two-way door vs one-way door decisions
A two-way door decision is one you can easily reverse. Take these decisions quickly and be happy to delegate them to your team.
Two-way door vs one-way door decisions.
A two-way door decision is one you can easily reverse. Take these decisions quickly and be happy to delegate them to your team.
A one-way door decision is one that is hard to reverse or would have a material impact on your business if you did. Take your time with these. Make sure they are approved at the correct level. You need to get them right.
Most importantly, figure out which decisions are which. Then you know how to manage them.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 27 June 23
Today I…
#TodayI
Made an investment commitment.
Shared my pitch cheat question.
Went to court to formalise an agreed boundary change for our house build. (The pic below is on the wall of the court building.)
Chatted with Oksana Stowe of Google and ESG in VC.
Was pitched by Kimmy Dickson of HyperTribe.
Had a call with Larisa Budaeva of Nation.better.
Made a follow on commitment.
Was pitched by an EdTech founder I met last week at EdTechX.
