Eric and I have been emailing this morning about a blog post on seed rounds (here) and how they’re getting larger. As the number of Series A check-writers has remained flat at best (and, down in some sectors) it’s forcing seed-stage companies to prove more momentum before they can raise a new round. So, they’re getting
Category: Technology and VC
When the VC-Entrepreneur Honeymoon Ends
Eric and I have been on quite a few boards. That’s another way of saying that we’re in our 40s, which qualifies as “old age” in today’s hip and young entrepreneurial world. But, with age, hopefully, comes self-awareness. For example, one thing for which we are prepared is when the honeymoon period with a founder
Thank You C.A. Webb & NEVCA
I’m writing to thank C.A. Webb and the New England Venture Capital Association (NEVCA). I’ve been on the Board, and now, I will be rolling off next month. Timing works well, as I will be starting a term as a Trustee at The Roxbury Latin School. At Kepha, we have a policy of getting each
Our VC Firm’s Compensation Structure
We often receive word from an awesome person who wants to join our VC firm. For example, I today received an email from someone offering to join as an Associate and to do so without salary. It’s a very kind offer, but Kepha is a partners-only firm. And, we are an equal partnership for the investors.
What’s Your Start-Up’s Valuation Inflection Point?
When you start a company, you step out into the void. It’s all on you. Building a company is not the same as building a product (as CRV’s Izhar Armony says in an awesome interview here). The former is much more difficult, and in the end, requires a deep management team and significant capital to fund.
Keep Going and Go Public
I really enjoy Fred Wilson’s blog and read it avidly. Recently, he wrote about the importance of having enough capital as a VC to invest in multiple rounds, and also, having the guts to lead an inside round in your winners. I completely agree, given the payoff structures that exist for start-ups. What’s always been