I am the Thomas G. Labrecque Professor of Business Technology in the Villanova School of Business at Villanova University where I teach strategic technology, AI & emerging technology. I conduct research on technology management best practices, social media, analytics, cloud computing and technology adoption.
Here’s some unconventional if not a little passive-aggressive perspective which might help entrepreneurs see things more clearly about the game they’re in. Trench warfare for sure. Let’s take a look.
Remember that VCs know a ton about valuation models, investor rights and lots of start-up legal minutia. They’re good at modifying deal terms too. They know about intellectual property. They’re good at employment agreements. They know all about SAFE. They can see between the lines of spreadsheets. They understand cap tables and can dissect – and challenge – revenue projections in their sleep .
First, Ukraine Shoots Down Two of Russia’s A-50 Radar Planes. Then Russia Prepares A Replacement A-50. So Ukraine Targets Its Factory.Entrepreneurs must speak two languages – venture-speak and tech-speak. Don’t get into the technology weeds with venture capitalists . Get into the weeds with associates, principals and interns if they’re leading due diligence efforts . Talk venture-speak with venture capital partners, before or after you talk tech-speak with the due diligence people.
When their investments fail, VCs still get huge salaries and management fees, fly private jets and take elaborate vacations disguised as deal flow expeditions. When their investments are successful, they get huge salaries and management fees, fly private jets, take elaborate vacations disguised as deal flow expeditions and get “carried interest,” a percentage of the profits from their investments. The traditional 80/20 split makes a lot of VCs very, very rich.
Performance: while VCs win whether they succeed or fail, you need to know what the empirical record shows, not lore or hearsay, but actual results, like the internal rate of return of every fund they’ve raised, and the returns investors received. Take no prisoners here: this is the most important VC due diligence you will ever do. Call friends and colleagues especially those who have worked with the VCs you’re considering. Inspect VC performance across the sectors where they place their bets.
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