Teil 2: Gute VCs suchen nicht nur Risiken, sie freuen sich über Problemfälle

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VC-Business-Model- Risk-Distribution-makes-no-Sense for-VCs-and-Angel-Investors

Da ich mich ungern mit fremden Federn schmücke, möchte ich zu Beginn deutlich machen, dass die Vorurteile meiner und vieler anderer Investoren gegen “Risikostreuung” ein alter Hut sind. Max Gunther hatte bereits in seinen wunderbar anekdotenreichen Zurich Axioms aus dem Jahr 1972 auf alle relevanten praktischen Aspekte des Themas hingewiesen: Mein heutiges Thema ist ein anderes. Ich möchte nicht über … Read More

Angel Fallacies 3.1: Neglect of Target Market Imponderables (“Competitors”)

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Typical Angel Fallacies: Neglect Typical Angel Fallacies: Neglect of Contrarian Market Forces

  “So, who are your competitors?”  Within the start-up ecosystem this hypertrivial question is asking for a routine answer. It is one of those questions that usually does not raise any serious worry among start-ups asking for money. But it should. Because these standard responses follow a pattern which can be easily anticipated and usually is astoundingly poor. Variant 1: … Read More

“The Only Thing that Matters for a Start-Up”? Product Market Fit or: When Truisms and Misnomers Replace Judgement

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Like everybody else in the venture scene, I do admire Marc Andreessen for his remarkable achievements in both the tech and venture territories. Yet, admiration is no adulation. If justified, criticism might pay a better tribute to the man than endless quotations of some of his more questionable thoughts. On October 12, 2009 Marc posted a, now famous, article to … Read More

The VC Business Model: Pareto Driven to Extremes

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The VC Business Model: Pareto driven to extremes

Virtually all venture capitalists agree that only a very tiny fraction of their targets accounts for the positive overall return of their funds, while most investments produce either no significant contribution, or even result in complete losses, thus producing negative effects on fund returns. Depending on the individual fund, alternative target industries, investment stages, regional priorities etc. the statistics vary, … Read More

Think Before You Pivot

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Build-Measure-Learn? Yes, but think about what you need to measure and how you want to do it.

Today I just want to quote a recent post by @andrewchen from @a16z which I really liked. It’s from an interview Andrew gave to @AdamRisman from Intercom an (ex) start-up I also truly like. The podcast can be listened to here: https://blog.intercom.com/andrew-chen-on-growth. The pivoting-passage I want to quote goes like this: “Adam: You’ve consulted with a lot of growth teams; … Read More