The impending Age Of Abundance was prophecied in the scriptures thousands of years ago.
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Image of Sindre Aarsaether
* Betterfly: connect with betterists to improve yourself
* HotPotato: share what you're doing with friends
* Learnvest: educational finance resource for women
* Frontal: rich web apps from simple markup
* StuffBuff: auctions anywhere you want them
* HowAboutWe: pick your perfect date then find a match
* Jetsetter: insider access to the places you want to go
* Comixology: read comics on the go and on the web
We'll also be hearing from Clay Shirky who'll be discussing "generosity as a design problem".
Plus, the entire evening will be guest emceed by the wonderful Dina Kaplan, co-founder of blip.tv.
So come on down to NYU Skirball at 7 PM for another evening with NYC's brightest movers and shakers.
Skirball Center for the Performing Arts
New York University
566 LaGuardia Place (at Washington Square South)
www.skirballcenter.nyu.edu / 212.992.8484
a world where many entrepreneurs see venture capital as a necessary evil ..... the tale of meeting Foundry Group’s Feld and how the VC’s unorthodox approach to learning about the company ultimately cemented Smith’s desire to have him as an investor...... Brad intrigued me because he didn’t come across like any venture capitalist I had ever met ..... ‘I’m not going to conform’ persona, and are both passionate to their core about helping startups ........ “The mindset of a typical VC is geared more towards a later stage company that has crossed the chasm and the customer base is beyond early adopters,” Smith told us. “Finding someone that knows you still need to find out where to aim your rocket is very important.” ....... Feld’s process was simple: He wanted to get to know the founders and find that each interaction had been more interesting than the last. ....... When I told him that we didn’t have an investor presentation put together yet he quipped, ‘The last thing in the world I want to see is a f—ing presentation ....... Brad and I spent the next six months getting to know each other, during which Brad and his partners repeatedly drilled us on our thinking, our strategy, our technology and our market approach. We told him we would invite him into the “sausage making” process and he readily donned his hairnet and dove in. ....... Foundry never asked for projections or historical financials. “We talked about where we want to take the product and how we want to serve customers ..... “After we signed a term sheet, I finally asked Brad if he wanted to see our deck. I sent it to him and he said, ‘That scared me.’BigDoor: Blog: Venture Capital: A Love Story
We quickly concluded that we needed to kill everything we had just spent six months building and go back to the drawing board. Given that we had only two months of cash in the bank at the time, this decision wasn’t an easy one but we felt strongly that it was necessary. ....... Andy has a favorite saying, “We know your plans are wrong, we just don’t yet know how wrong.” ...... changing direction like this meant he was willing to forget every one of those prior promises and start down a new path. ....... we went from 0 users to 8 million users in an afternoon. ....... he wasn’t your typical VC. Brad is an early investor in Zynga the undisputed king of social gaming. ....... we knew that having Brad as a partner would give us a huge amount of credibility with potential customers, so we began stalking him. ...... We mostly went back and forth via email, where niceties were commonly replaced with a raw curiosity of how best to build BigDoor and how we would meet the coming onslaught of demand for our platform. Brad was direct and often told me where he thought I was wrong, which laid the groundwork for me being able to do the same with him. We found some common ground and a fair amount of areas to disagree and challenge each other. We joked about 80’s bands, compared reading lists and shared paranoid rants about how machines will eventually take over the world (they will). But what’s most notable is what we didn’t discuss. Never once did anyone at Foundry ask us for projections or historical financials. We didn’t talk about the deal, valuation or board composition and we never talked about exit timing or how much money they needed to make. Product, customers and philosophy – that’s where we spent our time. ...... On two separate occasions Brad told me he was “out” and wasn’t going to invest. ..... “The word ‘no’ is simply a milestone on the path to ‘yes’.” This emboldened me to go back to Brad and tell him he was wrong and that he was the perfect partner for us. I made no attempt at all to posture or play hard to get .......... This wasn’t done out of desperation – we had multiple offers from other great VCs – we conducted ourselves in a completely transparent fashion because that’s how Foundry was toward us. ......... until one day Brad sent an email that said, “Ok – I’m ready (and psyched) to do a deal.” He then laid out deal terms in one very simple paragraph. I responded with a very long email that ultimately asked for just one change, and he simply responded with “Deal.” That was it, that email exchange was the extent of our term sheet. Instead of grinding us on terms, Brad spent the three weeks from our agreement to closing making introductions for us to potential customers. ....... we’ve never had a deal go this smooth nor have we ever had anyone who was so awesome to work with on the other side of the table. ......... Having great investors isn’t just about warm fuzzies, it should (and does) also result in real customers. ..... as we endeavor to weave the BigDoor platform into the very fabric of the Internet.
