Access. 'Ecosystem' #20
Your weekly guide on tech news and early stage fundraising - democratizing access to the venture capital for less networked founders and junior VCs.
Hello and welcome to issue #20!
One of the biggest challenges outsiders to any sector face is .. well that - not having the right contacts to help them excel further in their career. In venture, the lack of a s strong support network is a barrier many first-time founders and junior VCs need to overcome. Not knowing who to turn to when you need help or advice and where to begin. This is what drove the start of the ‘Ecosystem’ project - the desire to democratize access to capital for less experienced entrepreneurs and create a better understanding of the venture industry for junior VCs. What has your experience been as a reader/viewer/participant?
A lot of great founder lessons were shared last week!
It was an absolute pleasure to speak with Chris Heivly, VP Innovation at Techstars at #EcosystemGiants(a session in collaboration with UNDP Cambodia’s Bluetribe program). Chris has an extensive knowledge of launching and scaling businesses, having sold his company MapQuest to AOL for over $1 billion and later on, moving over to the investor side (running his own accelerator). What did he learn along the way? Key insights shared:
-Surround yourself with smart people you can learn from and do not be afraid to ask questions.
-Founders may come to a place where they would have exhausted their skills and experience. In the moment when the business needs more, there are two options - fight to stay because of ego or ‘let go’ because it is best for the company. Be self-aware and choose wisely.
-Build a network that is not all-transactional.
A lesson on prioritization and time management?
“The biggest problem with a startup is not what you do, it is what you say no to. That has to be communicated very clearly to everyone in the organization for you to optimally work on what is important.”
Until next week 👋
#EcosystemGiants Events
I always say I am beyond excited when announcing the #EcosystemGiants guests - and I do mean it each time. The person who is joining me for the next session is one of my very early role models in tech. Amali de Alwis MBE FRSA is the UK managing director of Microsoft for Startups(which supports leading B2B tech companies grow with Microsoft) and was CEO of Code First: Girls (a multi award-winning training company focused on increasing diversity in tech). She is one of the most influential women in the UK IT industry and drives change by example - empowering thousands of women to learn programming skills and discover new careers in technology. We will talk about the need for greater diversity in tech & venture, creating the leaders of the future and ways startups can work together with large corporations. RSVP here to join the conversation at 5pm GMT on Tuesday 1 December 2020.
Supported by Kaiku, ParlayMe and Startups Magazine.
Innovation Ecosystem Updates
Whether you are an investor, a founder, an operator, a corporate or a friend. The top news stories this week you may find of interest.
The end-of-year IPO rush. DoorDash files for IPO, looking ahead to a future of autonomous and drone delivery technologies(The Verge). Roblox, Wish and Airbnb all expected to go public before 2021 (CNBC).
Massive rounds.Autonomous delivery startup Nuro raised $500 million at a post-money valuation of $5 billion (Techcrunch). SoftBank jumps into e-scooters, leading a $250M investment round into scooter operator Tier (Sifted). Heyday, a platform to acquire, launch, and grow Amazon businesses launches with $175 million in Series A funding (is this the latest e-commerce gold mine?) via Forbes. Global online marketplace for learning and teaching Udemy with a $50 million in new funding at a $3.25 billion pre-money valuation (Bloomberg).
New funds. Speedinvest launches second specialist network effects fund with €33M (FinSMEs). Seedcamp raises £78M for its fifth fund - see the deck used (Sifted). Portuguese venture capital firm Faber with a first close of Faber Tech II at €20.5 million to invest in early-stage data-driven startups in Southern Europe that want to scale globally(Tech.eu).
Wins for women. Venture firm M13 names former Techstars LA managing director, Anna Barber, as its newest partner (TechCrunch)
Trending. Amazon launches online pharmacy service(BBC)
Funder
Sophia Bendz (Partner, Cherry Ventures) on building a global brand (lessons from the early Spotify days), climate change and the qualities she looks out for at seed stage founders. And of course, investing in female entrepreneurs
The quicker you can ascertain what you know vs. what you don’t, the sooner you’ll be able to truly lean into your strengths and openly discuss knowledge gaps and learning opportunities without fear of judgment or failure.
Alana Mann (Principal, Cultivation Capital) on her journey from a first time founder to becoming a venture capitalist
How much you can spend on acquiring a customer? Christoph Janz (Managing Partner, Point Nine Capital) on estimating customer lifetime value for b2b SaaS startups (formulas!) and why your LTV might be higher (or lower) than you think
Wealthy women donate billions each year but why are they yet to invest in female founders? Kay Koplovitz (Co-founder and Chairman, Springboard Growth Capital) and Alli McCartney (Managing Director, UBS) on why philanthropy and mission-driven angel investing should not be mutually exclusive
Founder/Operator
Y Combinator has set itself up to be the de-facto place to go if anyone wants to start a startup (backer of Stripe, Airbnb, Dropbox to name a few). Mat Sherman(Founder, Quad) looks into the basics of the programme and how expensive it is for founders
"44% of Fortune 500 companies — including iconic American brands such as Apple, Costco and General Electric — were founded by immigrants or their children."
Dropbox employs over 2,300 employees, has over 600M users and generates $1.7B+ in revenue. Co-Founder Arash Ferdowsi on his origin, journey to success and the American dream
Twitter Highlight
Holly Liu, Formerly Co-Founder, Kabam (acq by Netmarble & FoxNext)
Kent Goldman, Founder, Upside Partnership
Startup of the week
1-1 virtual coffees ☕️ with top tech talent sourced from Twitter
Cuppa, a social un-distancing platform to grab virtual coffees with interesting people from Twitter or your favorite online communities .
Tweet @getcuppaio to share they were featured in ‘Ecosystem’!
In my current day-to-day role, I look at supply chain tech. Now specifically focusing on solutions to measure/reduce/quantify carbon footprint. What are the startups working at the intersection of supply chain and sustainability I should know about?
Startup Go-to Resources
Talis Knowledge Hub: a one-stop shop (online library) for founders with curated resources, gathered from experts across the VC and tech sectors - from raising funds to hiring
Sequoia Partner Roelof Botha on evaluating founders/markets, empathy and vulnerability in venture(20VC) - "He who has a why to live can bear almost any how."
Y Combinator's Guide to Seed Fundraising - from why and when to raise money to what not to do while communicating with investors
The B2B SaaS Pricing Masterclass - how subscription software companies price, package, and position their products
Founder Narrative Fit - what is it, how investors detect it and why they invest in it.
No-warm-intro-required investor list - a spreadsheet with contact details of VCs you can strategically reach out to cold.
CEO and Co-Founder of AngelList Naval Ravikant's AMA is a must read - value-add tips to succeed in business and lifeThe
All Raise Fall 2020 Reading List - recommendations from inspiring female investors, founders and operators