venture capital 101 - the good, the bad and the ugly
TRANSCRIPT
THE GOOD, THE BAD AND THE UGLY AN INTRODUCTION TO VENTURE CAPITAL July 22, 2015
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First…Nuts and Bolts
§ Venture Capital here, and elsewhere § Partnerships…some flat, some hierarchical § “Tech” vs. Life Sciences § Deal sourcing § Rounds and structure
§ The Old World: Series A-Z § The New World: 4 rounds before Series A
§ Process § Board seats and portfolio management § Realizations
§ IPO § M&A § Other?
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The Good
§ Capital across all stages of company growth § Comfortable with lots of risk…maybe § Aligned with the needs and aspirations of entrepreneurs…hopefully § Long term investors…some more, some less
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The Bad
§ Economics of venture capital § Where does our money come from? § What drives success for a VC? § What makes a successful VC?
§ Venture is a hits driven business…now more than ever § What you see isn’t always what you get
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The Ugly
§ Management changes § Board alignment…or not § Time horizons § Changing of the guard § Keep going or throw in the towel?
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Parting Shots
§ Stakes are high…there’s a bag of gold out there somewhere § Entrepreneurs need to survive and thrive in a harsh environment § Better find the right partners!