Investor Connect Podcast

In this episode, Hall welcomes Jim Denholm, Founder & CEO at IronBridge Private Wealth.

IronBridge Private Wealth was founded in Austin, Texas, to combine the strength and resources of a large financial firm with the independence of a local company. They are true fiduciaries of their clients'​ wealth. Having real risk management strategies that adapt to changing market conditions, while understanding their clients'​ individual goals and objectives, provides the foundation of true fiduciary service.

As founder and CEO, Jim Denholm created IronBridge to assist clients on their paths to financial success. Every aspect of IronBridge was developed with a client-first mindset. Jim's unique background includes nearly two decades spent at large investment firms (JPMorgan, Morgan Stanley, and Wells Fargo) and Jim has a Mechanical Engineering degree from the University of Texas at Austin. Jim serves on various boards, including the First Tee of Greater Austin, the Austin Symphony, and is a member of the Texas Exes Investment Committee. He lives in Austin with his wife, two boys, and two large Rhodesian Ridgebacks.

Jim shares what excites him now and advises startups and investors. He discusses his investment thesis, how he sees the startup industry evolving, and what he thinks will be the biggest change we will see in five years.

You can visit IronBridge Private Wealth at www.ironbridge360.com, and via LinkedIn at www.linkedin.com/company/ironbridge-private-wealth-llc/.

Jim can be contacted via email at jim.denholm@ironbridge360.com, via LinkedIn at www.linkedin.com/in/jim-denholm-ironbridge360, and via Twitter at www.twitter.com/denholm_jim

Music courtesy of Bensound

Direct download: Jim_Denholm_of_IronBridge_Private_Wealth.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Corporate venture capital is an existing business utilizing venture funding to further the company’s strategic objectives.

The firm takes an equity stake in startups either through an internal fund or off the corporate balance sheet. 

Unlike traditional venture capital, corporate VCs look to gain a competitive advantage for the company and not a financial return.

The firm seeks to grow their business and uses an investment into a startup to gain knowledge of an emerging market, identify key players in the industry, and potentially use the results to grow sales. 

These initial investments often lead to a buyout of the startup.

The investment is a useful tool for diligencing a startup and influencing its direction.

There are some corporate VCs investing for a return on investment rather than strategic initiatives, but this is rare.

Most corporate VCs make investments with the goal of winning more business for their current product and services.

It’s a useful method for exploring new markets without committing substantial resources from the corporation.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group

Music courtesy of Bensound

Direct download: How_a_Corporate_VC_Works.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Gopi Rangan, Founding Partner at Sure Ventures.

Sure Ventures is a Silicon Valley-based venture capital firm investing with a mission to enable peace of mind. The main areas of focus are pre-seed and seed-stage startups in the insurance, aging, care, mental health, wealth management, and related sectors.

Gopi created Sure Ventures after spending more than a decade learning and practicing the art of venture capital at Intel Corp. (formerly Altera Corp.) and at USAA. The mission of the new firm is to enable peace of mind for all individuals and businesses, to be a force for good. They work with visionary entrepreneurs who use advanced technologies to seize what he believes to be the greatest opportunities in finance and social development today.

In addition to founding Sure Ventures, Gopi is the host of the popular podcast The Sure Shot Entrepreneur. He is also a faculty in the Department of Entrepreneurship at the INSEAD Business School. As a subject matter expert on corporate innovation and corporate venture capital at management consulting organizations such as McKinsey and Co. and Bain & Co., he advised more than 20 global corporations on accessing innovation in the startup ecosystem. Previously, he was a Managing Director at USAA’s $350 million corporate venture program and a Director of Corporate Strategy at Intel Corp.’s business division fka Altera Corp. where he led the formation of a strategic investment program. Earlier in his career, Gopi spent several years in key positions in product development, technology research, intellectual property, and operations. He has co-authored more than 30 patents. 

Gopi has an M.B.A. from INSEAD, an M.S. in Electrical Engineering from Arizona State University, and a B.E. degree in Electronics and Communication Engineering from Coimbatore Institute of Technology in India. 

Some of Gopi's past and current investments include Adesto Technologies (IPO: NASDAQ: IOTS), BitFusion (acq. by VMWare), Coinbase (IPO NASDAQ: COIN), Coterie Insurance, Decent, Ebrisk (acq. by Intel Corp.), HiMarley, Joshin, MindMeld (acq. Cisco Systems), Pointy (acq. by Google), Rocket Dollar, Surround Insurance, and TrustLayer. 

Gopi explains in detail how he thinks the venture capital industry is evolving and he discusses why he does not have an investment thesis, but rather a “general focus”. 

You can listen to The Shot Entrepreneur podcast at podcast.sure.ventures, Follow Gopi Rangan at www.linkedin.com/in/gopirangan, and on Twitter at www.twitter.com/gopirangan.  

Gopi can be contacted via his website at www.sure.ventures.

Music courtesy of Bensound.

Direct download: Gopi_Rangan_of_Sure_Ventures_Final.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Corporate venture capital is an existing business utilizing venture funding to further the company’s strategic objectives.

The firm takes an equity stake in startups either through an internal fund or off the corporate balance sheet. 

Unlike traditional venture capital, corporate VCs look to gain a competitive advantage for the company and not a financial return.

The firm seeks to grow its business and uses an investment into a startup to gain knowledge of an emerging market, identify key players in the industry, and potentially use the results to grow sales. 

These initial investments often lead to a buyout of the startup.

The investment is a useful tool for diligencing a startup and influencing its direction.

There are some corporate VCs investing for a return on investment rather than strategic initiatives, but this is rare.

Most corporate VCs make investments with the goal of winning more business for their current product and services.

It’s a useful method for exploring new markets without committing substantial resources from the corporation.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: What_is_Corporate_Venture_Capital.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Ganesh Padmanabhan, VP, Global Business Development & Strategic Partnerships at BeyondMinds, technologist, entrepreneur, and early-stage investor.

Founded in 2018, BeyondMinds has built the first enterprise AI solution that is universally applicable and easily adaptable. They deliver hyper-customized, production-ready AI systems that enable sophisticated companies to overcome the massive failure rate in AI adoption and rapidly implement ROI-positive transformations. The company has more than 70 employees, with the majority being AI technologists. Accelerating AI democratization around the world, they have offices in New York, Tel-Aviv, and London, in addition to presence in other countries, and they service Global 1000 companies, including Microsoft and Samsung.

Ganesh is an accomplished technology and business executive with deep expertise in commercializing and building AI and Big Data businesses for Fortune 500 organizations and high-growth startups. Prior to that, Ganesh was the Co-Founder and CRO at Molecula Corp, a data management company that helps enterprises unlock access to their data. Prior to that, he was head of growth at CognitiveScale, Inc., an enterprise AI company, that helps Global 2000 organizations deploy and scale practical, scalable, and trusted AI systems. Ganesh spent 15 years in global companies like Dell Technologies, Intel, and Adaptec, in general management, product, and technical leadership positions. 

Ganesh is passionate about using technology to solve the biggest challenges for humankind and is a believer in the power of AI to augment human potential. He is an advocate for using technology as a global equalizer to create opportunities for all. He has been active in the community by mentoring local entrepreneurs and startups at Capital Factory, Texas. He recently served on the Texas Governor Abbott’s COVID-19 task force on Innovation, helping them unlock data to better decisions on the response and recovery in the State. Ganesh teaches a course on ‘Product Management and Strategy in Technology-Driven Markets’ every Spring semester at the McCombs School of Business at The University of Texas Austin.

A frequent keynote speaker, he is published at Forbes, Business Insider, and other publications and was honored by the Enterprise Management 360 as one of the top 10 tech experts revolutionizing AI. Ganesh holds a Bachelor's Degree in Mechanical Engineering from the University of Calicut, India, and an MBA from UT Austin. 

Ganesh shares what led him to start working in the AI space and advises investors and entrepreneurs. As a huge technology optimist, he discusses how he sees the industry evolving post-COVID-19, 

You can visit BeyondMinds at www.beyondminds.ai, and via LinkedIn at www.linkedin.com/company/beyondminds/.  

Ganesh can be contacted via email at gpadmanabhan@gmail.com, via LinkedIn at www.linkedin.com/in/padmanabhan, and via Twitter at www.twitter.com/_ganeshp.  

Music courtesy of Bensound.

Direct download: Ganesh_Padmanabhan_of_BeyondMinds_V2.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

To ensure an advisor engagement is successful, make sure you set up an advisor agreement.

This is a contract between the advisor and the company and defines the work to be done.

Here are some key points to consider:

Make clear what the advisor will do -- bring experience, contacts, domain knowledge, or other.

Include the frequency of meetings and type.

You could add KPIs to the contract or leave it as a general description. 

The more specific it is, the easier it will be to manage later.

If there’s a short duration for terminating the contract, then a general description may be sufficient.

Define the equity compensation and vest it over time.

Include clauses around confidentiality, intellectual property assignment, non-solicit, and non-compete.

This ensures the advisor keeps the company information confidential.

Any IP that comes up from the engagement stays with the company.

The advisor can’t recruit employees away and cannot later compete with the company.

It’s best to bring these issues up and discuss them before the engagement to make sure there’s no misunderstanding later.



Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: Papering_an_Advisory_Agreement.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

For family and friends funding, sometimes a promissory note is used to set up a loan.

Here are some key points to consider in reading a promissory note:

  1. The note summary section establishes the relationship between the borrower and the lender, the date of the note, the total loan amount, and the agreed-upon interest rate. 
  2. The terms of repayment section defines how the loan will be repaid.
  3. The late fee options typically include a late fee penalty. This clause documents either a fixed amount, such as $100 in addition to the current payment due, or a percentage of the payment due such as 1% per week.
  4. The prepayment option may help the lender as well as the startup. For example, follow-on accredited investors might prefer a loan to be paid off prior to closing their investment deal.
  5. Family and friend loans are intended to be more supportive, so you may choose language that allows time to “remedy” the default within X number of days or weeks. 


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: Startup_Funding_Espresso_--_Promissory_Notes.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Jeffrey Cherry, Founder and Managing Partner at Conscious Venture Partners, LLC, and Founder/Executive Director of Conscious Venture Lab.

Headquartered in Baltimore, Maryland, the Conscious Venture Fund II (the “Fund” or “CVFUND 2”) is an early-stage venture capital fund by Conscious Venture Partners. The fund partners with their business accelerator the Conscious Venture Lab. The fund and the accelerator exist to train and invest in diverse and under-estimated entrepreneurs who are creating companies operating at the intersection of profit and purpose, solving big problems for cities and using technology to break down all kinds of barriers to access. 

The fund invests in companies that use societal purpose as the foundation for long-term sustainable value. The investment philosophy is built on the foundation of 30+ years of entrepreneurial experience and 16 years of research on the factors that determine which companies consistently innovate and outperform their peers. These companies operate with a specific and identifiable multi-stakeholder operating system, create value for all stakeholders and offer exceptional financial returns for shareholders.

Jeff is a frequent speaker on and writer of the topics of impact investing and new models of business. He was named a Baltimore Business Journal Tech 10 awardee in 2018, and in 2019 the Conscious Venture Lab was named one of the world's 10 greatest social impact accelerators. In December of 2019, Jeff was honored by the Vatican and the Laudato Si Challenge Foundation, with the inaugural Laudato Si Challenge Impact Award for leadership in the transformation of capitalism. More recently Jeff was just named as the Technical.ly 2020 Baltimore Impact Leader of the Year. Jeff serves on the board of directors of Sinai Hospital in Baltimore, the board of sponsors for the Sellinger School of Business at Loyola University Baltimore and is on the Advisory Board of the Maryland Momentum Fund. Jeff is an evangelist for the transformation of capitalism, attempting to reshape cities - like Baltimore - and lives through a more human-centered form of work.

Jeff has recently had the honor to present at The University of Maryland, The Darden School at the University of Virginia, Yale University, Columbia University, The Booth School at the University of Chicago, and The University of Baltimore.

Jeff is a recovering NCAA DIII Football player and a martial artist with a Black Belt in Tae Kwon Do and extensive experience in Krav Maga.

Jeff shares his investment thesis and discusses some of the startups the fund has invested in. He discusses what excites him now in the sector and advises startups and investors.

You can visit Conscious Venture Partners at www.consciousventurelab.com, via LinkedIn at www.linkedin.com/company/conscious-venture-lab, and via Twitter at https://twitter.com/cvlab26?lang=en.  

Jeff can be contacted via email at jcherry@cvpartners.vc, via LinkedIn at www.linkedin.com/in/jeffcherry26, and via Twitter at www.twitter.com/JCherry26_CUA

Music courtesy of Bensound.

Direct download: Jeffrey_Cherry_of_Conscious_Venture_Partners_LLC.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Connor Davidson, Partner at Atlanta Seed Company.

Established in December of 2019, the Atlanta Seed Fund I aims to expand upon their mission of bringing access to high-quality, early-stage investments to their clients. The Fund’s primary purpose is to purchase minority interests in Seed and Series A technology companies across the US, primarily located in secondary markets. They provide a level of service and accountability rare in today’s world of private investments. 

Atlanta Seed Company believes private investors deserve complete transparency as to where their dollars are invested, how company leadership is performing, and what the primary challenges and opportunities are with each investment. Through this transparency, their private investors are better able to make intelligent investment decisions and maintain a healthy balance in their own individual portfolios.

Connor previously worked for True Wealth Ventures in Austin, Texas, and has an extensive background in financial analysis and asset management. He received both a BBA and BS from Southern Methodist University in 2011 and an MBA from the University of Texas at Austin in 2017. He is actively involved in the Atlanta community through Skyland Trail and the Southern Capital Forum.

Connor discusses his investment thesis and how he sees the market evolving for venture funding. He also speaks about one of his current startups and some of the challenges investors and entrepreneurs face.

You can visit Atlanta Seed Company at www.atlantaseedcompany.com, and via LinkedIn at www.linkedin.com/company/atlanta-seed-company/about

Connor can be contacted via email at connor@atlantaseedcompany.com, and via LinkedIn at www.linkedin.com/in/connordavidson1989

Music courtesy of Bensound.

Direct download: Connor_Davidson_of_Atlanta_Seed_Company.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In negotiating the valuation, it’s important to understand the impact of that valuation on follow-on rounds and the exit.

A waterfall analysis maps out the cap table with subsequent rounds of funding.

To run a waterfall analysis, create a spreadsheet with the cap table owners and the current fundraise round.

Include the owners, the pre, and post-money valuations.

Then apply the standard valuation of follow-on rounds of funding that will be required. 

In this exercise, it’s important to gain agreement with the startup on the exit and what is required. 

Many early-stage startups have unrealistic expectations about the exit value.

Take into consideration the impact of convertible notes, participating and non-participating preferred shares, liquidation preferences, options pools, and various exit scenarios.

Vary the valuation on the current round to see the impact on the final exit value. 

Finally, discuss the results with the startup as part of your negotiations.


T
hank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: Waterfalls.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The Cap Table is an important part of any diligence process.

In reviewing a startup’s Cap Table, look for these signs of a problem:

  • The current team has little equity and thus little incentive to see it through to an exit.
  • The Cap Table is complicated with multiple share classes.
  • The early rounds came with complex rights and terms including liquidation preferences, ratchets, and clawbacks.
  • Founders who left the company still own substantial amounts of equity.
  • There’s no options pool which means all compensation will need to be paid out of cash.
  • There are too many individuals on the Cap Table.
  • Convertible notes, options, warrants, and other items are not listed in the Cap Table but exist in the business. 
  • Existing investors retain sign-off rights on additional funding.

The Cap Table is a standard due diligence document so don’t invest without first reviewing it.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: Problem_Signs_in_a_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Jim Thomas, Partner at Kirenaga Partners.

Kirenaga is a Japanese term used to describe a knife or sword blade. It literally translates to the duration of sharpness or amount of edge retention.

Headquartered in Orlando, Florida, Kirenaga Partners is an early-stage venture capital firm focused on building great businesses from cutting-edge technologies. They invest in early-stage venture companies that have developed products and are on the verge of initial commercialization, at the stage they call “Post-Technical Validation and Pre-Commercialization.” 

Kirenaga Partners were drawn to the term Kirenaga because it represents the principles they aspire to embody as a company – to find and maintain a distinctive edge in everything they do. It takes a commitment to excellence and great craftsmanship to balance the metallic properties of hardness and toughness to create a blade with high “kirenaga.”

Jim has an extensive background working with non-profits, specifically those aligned with supporting new technologies in and around the Central Florida area. His focus at Kirenaga is enhancing investor relations, helping portfolio companies navigate pitch competitions, and spreading the word about the incredible growth of the Florida startup ecosystem.

Since moving to Orlando in 2011, Jim has been a staunch advocate and supporter of its ecosystem. He was the President of the Orlando Regional Chamber of Commerce, one of the highest awarded COC's in the country, where he worked to shed light on how quickly the Orlando region was becoming a global leader in not only entertainment and tourism but the ideal place to start, grow, or relocate a business. After working with the Chamber for a few years, Jim left to become CEO of the Central Florida Tech Alliance, where he could focus on fostering the continued growth of the region’s tech ecosystem by advocating for the tech community as well as inspiring collaboration between established businesses and startups. 

Jim holds both a Bachelor of Science and a Masters Degree in Public Policy and Management from the University of Southern California. His current philanthropic efforts include being a Board Member of Project Opioid, a non-profit committed to curbing opioid misuse and deaths across the state of Florida.

Jim discusses the state of the venture capital industry and what he thinks will be the biggest change in how startups are funded. He shares his investment thesis and advises startups and investors.

You can visit Kirenaga Partners at www.kirenaga.com, via LinkedIn at www.linkedin.com/company/kirenaga-partners, and via Twitter at www.twitter.com/KirenagaPtrs

Jim can be contacted via email at james.thomas@kirenaga.com, and via LinkedIn at www.linkedin.com/in/jamespaulthomas

Music courtesy of Bensound.

Direct download: Jim_Thomas_of_Kirenaga_Partners.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Eric Levine, Fitness Expert, Investor, and Founder and CEO of Eric Levine Global.

Eric started in the fitness industry in 1979, when he was the first franchisee for Golds Gym, and opened up a chain of six clubs. These six clubs were the most profitable in the entire Gold’s chain of more than 100 clubs. During that time Eric established Super Gym Advertising and Marketing company, the exclusive worldwide agency for all Gold’s Gyms, winning many international awards including the silver medal at Cannes! Eric then became a partner with Ray Wilson Family Fitness Centers, which grew to 72 locations. Eric went on to Asia and created California Fitness in Hong Kong, Singapore, Taiwan, Korea, Thailand, Vietnam, and Australia. His clubs broke every imaginable record for fitness centers around the world. Eric then sold the chain of California Fitness centers to 24Hour Fitness, retaining a share in that company. In 2004 24Hour Fitness sold for an incredible US$1,700,000,000. Eric was also the founder of Planet Yoga and Bikram Yoga in Asia, the first large yoga studios anywhere! 

Eric is currently an investor with Mark Mastrov in New Evolution Ventures which owns and manages such companies as UFC gyms worldwide. Eric has an exciting new company, combining with Revolution Precrafted, in a partnership with world champion boxing legend Manny Pacquiao! The new company is called HiTT by Manny, and provides a boxing and full-body workout in a boutique setting. Eric is also the CEO of Eric Levine Global Fitness Expert, a fitness consulting company specializing in all aspects of the industry.

Eric advises startups and investors and discusses how he sees the fitness industry evolving. He shares his investment thesis and some of the challenges startups face. 

You can visit Eric Levine Global at http://ericlevineglobal.com/.

Eric can be contacted via email at eric@ericlevineglobal.com, and via LinkedIn at www.linkedin.com/in/ericlevineglobal

Music courtesy of Bensound.

Direct download: Eric_Levine_of_Eric_Levine_Global.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Investors review the cap table as part of their diligence process. 

They look for the following in the cap table:

The founders have a large enough stake that keeps them motivated.

Those who have very little ownership will most likely not stay with it for the long haul.

The right people need to have enough equity to make the business successful.

The founders should have 40-50% - or greater - after the Series A.

There shouldn’t be too many people on the cap table in early-stage companies.  

There should be no shell companies.

For those who want to use crowdfunding, make sure you create a special purpose vehicle for gathering them into one place on the cap table.

Show the cap table in its fully-diluted form so as to include options, warrants, and restricted stock.

There should not be too much dilution from the investors coming in especially in the early stages.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: What_Investors_Want_to_See_in_a_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Phil Pelucha, Chief Empowerment Officer at Billionaires in Boxers.

Billionaires in Boxers currently provides podcast publicity for circa 100 current and future industry leaders, produces over 50 business podcasts, and manages award-winning podcasts, TV, and movie business content for 15+ satellite TV networks globally.

Ranked as one of the Top 100 Podcasters in the world, Phil has been podcasting for over 12 years and has over 10,000 hours of podcasting under his belt. He has grown & sold two podcast networks before going on to scale two professional B2B service companies – all using the power of podcasting. 

Phil discusses the state of investing, the growth rate, and where he sees the podcast industry going. He also shares some of the challenges podcasters face.

You can visit Billionaires in Boxers at www.billionairesinboxers.com, and via LinkedIn at www.linkedin.com/company/billionaires-in-boxers/.  

Phil can be contacted via email at phil@billionairesinboxers.com, and via LinkedIn at www.linkedin.com/in/philippelucha.

Music courtesy of Bensound

Direct download: Phil_Pelucha_of_Billionaires_in_Boxers.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A fully-diluted cap table shows the impact of the conversion of convertible notes.

A convertible note has a date of issue, an interest rate, a discount rate, a valuation cap, and a maturity date.  

Upon maturity, the debt typically converts to equity.

The conversion is based on the principal amount, accrued interest, and the discount offered. 

To calculate the impact on your cap table, you’ll also need to know the number of shares issued and outstanding. 

The valuation cap sets the maximum value of the company upon conversion.

Let’s say we have a $1M convertible note, with a 10% discount, a 5% interest rate, a $3M valuation cap, and a maturity date of 3 years.

Let’s say the company has 1M shares outstanding and the valuation of the company is $5M at the next round of funding. 

Non-convertible noteholders would get $5M divided by 1M shares, or a price of $5 per share. 

The convertible noteholders will get the valuation cap divided by the number of outstanding shares, or $3M/1M or $3 per share price.

The convertible noteholders will get their shares at a lower price because of the valuation cap. 

The convertible note investors investing $1M divided by $3 per share, equals 333,333 shares.

The interest rate and discount rate would further reduce the price the investors pay for their shares.

These shares are added to the cap table which dilutes the value of the shares of the existing investors.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: How_to_Handle_Convertible_Notes_in_a_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Filipe R. Portela, Managing Partner at COREangels Impact.

COREangels Impact makes angel investing professional and global, improving outcomes while contributing and enjoying the journey. They are a pre-seed impact investment fund focused on European social & environmental impact projects. COREangels is a network of people who are passionate about helping entrepreneurs launching innovative businesses by professionally investing as a business angel. They are available to accept higher risks and help founders add value and they put in the initial funding and go with promoters to create attractive startups to reach new heights. 

Filipe has been an entrepreneur for the last 20 years in the IT, health, and impact sectors. He has also been an investor for the last 10 years directly and indirectly via platforms and investment vehicles. 

Previously, Filipe worked with European Innovation Council (EIC) as the Senior Investor Relations Manager connecting the top 5% of startups and scaleups (from a €2B portfolio) with top investors and was the South European Director for Seedrs, the leader European equity-crowdfunding platform (+800 startups funded with +€750M).

He graduated from the University of Porto (MBA & MSc in Medical Informatics) and is an avid sci-fi fan, investor in alternative assets, and a professional impossible dreamer.

Filipe discusses the state of angel investing, what excites him right now, and some of the challenges investors and startups face. 

You can visit COREangels Impact at www.coreangels.com, and via LinkedIn at www.linkedin.com/company/angelsimpact

Filipe can be contacted via email at fportela@coreangels.com, via LinkedIn at www.linkedin.com/in/filiperportela/, and via Twitter at www.twitter.com/filiperportela.  

Music courtesy of Bensound

Direct download: Filipe_Portela_of_COREangels_Impact.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

It’s important to manage your cap table as you go. Fixing it later will cost you time and money.

Here are some key points for managing your cap table:

Consider setting up your cap table with a provider that keeps track of all transactions in one place.

Founders should take ownership of the cap table and make sure it includes all transactions.

Create an options plan to provide an incentive to employees. This will reduce your need to use cash for compensation.

Keep the cap table up-to-date with the current share price and ownership stakes. 

Include all transactions including stock sales and options exercised so you are up to date.

Track the vesting schedules and update the cap table with these as well. 

Include all convertible notes, warrants, and restricted stock at the time of issue so you don’t lose track of them. 

Keep a fully diluted version of the cap table as well. 

Keep all documents such as subscription agreements, options offerings, and convertible notes in one place. 

Don’t delay in fixing the cap table, but fix it as you go.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Direct download: How_to_Manage_the_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

It’s important for investors to see your cap table in its fully diluted form.

The total number of shares issued or outstanding will determine the value of each share from which the shareholder can determine their percent ownership.

For startups, issued shares and outstanding shares are the same thing. 

Authorized shares do not apply.

In addition to the outstanding shares, you’ll need to add options, convertible notes, restricted stock, and warrants.

Options granted to employees must be counted.  

You’ll need to include those that have been exercised and those that have not yet been exercised.

Some unexercised options may never turn into shares as the granted options expired unused.

Expired options unused will require an update to the cap table. 

Next, you’ll need to convert the convertible notes into shares.

Conversion to equity happens either on a follow-on fundraise, or at the maturity of the note. 

Here the convertible note will increase the number of shares on the cap table based on the investment and valuation cap of the note.  

You’ll need to add restricted stock which is often used instead of options for its tax benefits.

Finally, you’ll need to add the warrants. These are options to buy stock at a specified price during a specified period.

Just like options, not all warrants may end up being used, but in a fully diluted cap table show them as if they were exercised.

Once the warrant expires unused, then it comes off the cap table. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Direct download: The_Fully_Diluted_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Tom Byrnes, Founder and CEO of ThreatSTOP.

Headquartered in Carlsbad, California, ThreatSTOP uses real-time curated threat intelligence to block threats at firewalls, routers and DNS servers, which isn’t new, but until now has required large security teams, expensive threat intel feeds, and significant manual effort. ThreatSTOP’s cloud platform uses security automation to make it possible for companies of any size to defend their networks with real-time threat intelligence. 

ThreatSTOP’s world-class security team curates the latest threat information from more than 50 public and proprietary sources including trust groups and law enforcement, and dynamically updates your policy as the threat landscape changes.

Tom is a long-standing member of the global cybersecurity community, serving in the U.S. Army for 13 years and ultimately joining the seminal tactical networking group. In the private sector, Tom’s work started with designing large-scale global networks and providing technical advice and leadership for a number of successful startups that all resulted in successful acquisitions. Tom holds two patents in network security using DNS and is credited as the inventor on two additional patent applications. An active member of the IEEE, ISSA, and Infragard, Tom speaks regularly at conferences on the topic of security. Ever the adventurer, Tom is an off-road racing enthusiast and was part of the JCR/Honda team that won seven Baja 1000 races in a row from 2007 to 2014. When not on the road securing the world or seeking the unknown, he lives in North San Diego County with his wife, two sons, and their rescue dog.

Tom shares how and why ThreatSTOP was formed. He advises entrepreneurs and investors and shares how he sees the cybersecurity industry evolving.

You can visit ThreatSTOP at www.threatstop.com, via LinkedIn at www.linkedin.com/company/threatstop-inc-/, and via Twitter at www.twitter.com/threatstop/

Tom can be contacted via email at tomb@threatstop.com, and via LinkedIn at www.linkedin.com/in/tomas-tom-byrnes-662211/

Music courtesy of Bensound

Direct download: Tom_Byrnes_of_ThreatSTOP.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

If you have too many former founders with stock who no longer work at the startup, then you may need to clean up your cap table. 

Due to a lack of a vesting schedule, those founders took substantial tranches of stock without staying long enough to build meaningful value.

If this stock amount is significant, then it will hurt the business later.

That stock needs to be set aside for future employees or to reduce the impact of dilution from future investors.

To resolve this issue, go to the departed founders and offer to buy them out.

In the negotiations, you can offer them a price which matches their contribution.

If they decline, then you can threaten to shut the business down in which case the stock will be worthless.

Since you’ve built a business, they will recognize this as a real threat because you can start a new one without them.

The old saying in the startup world is, “10% of something is better than 100% of nothing”.

Most founders will recognize they have something of value and will not want to see it go to zero.

It’s important to clean up the cap table early on and not let it persist.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Direct download: How_to_Clean_Up_the_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Jeremy Carter, Managing Partner at Soterra Capital.

With offices in Austin, Texas, and Louisville, Kentucky, Soterra Capital invests in small to mid-size private companies with capable management teams and fundamentally strong operations. They are seeking businesses with enterprise values from $5 to $30 million with the capacity to underwrite larger transactions under the right circumstances. They currently have three portfolio companies under management. Soterra Capital is industry agnostic, but have unique experience in manufacturing, chemicals, distribution, supply chain, energy, transportation, real estate, and technology. They are generally focused in the midwest and the southern U.S. but are open to opportunities anywhere in the country. 

Jeremy has spent over two decades managing a wide range of businesses and product programs. He is also the CFO of MXD Process, a manufacturer of chemical processing systems and portfolio company of Soterra Capital. Prior to that he was a managing partner with Baines Creek Capital, where he oversaw private equity and special situation investments and fundraising.

Jeremy advises entrepreneurs and investors, and discusses what he thinks will be the biggest change in the industry in five years. He also shares some of the challenges investors and startups face.

You can visit Soterra Capital at www.soterracap.com, and via LinkedIn at www.linkedin.com/company/soterra-capital.  

Jeremy can be contacted via email at jcarter@soterracap.com, and via LinkedIn at www.linkedin.com/in/jeremyc100

Music courtesy of Bensound.

Direct download: Jeremy_Carter_of_Soterra_Capital.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Francisco Jardim, Co-Founder and Managing Partner at SP Ventures. 

Founded in 2007, SP Ventures is one of the most traditional Venture Capital managers in Brazil. They temporarily acquire equity interests in small or medium-sized companies with innovative technologies and a high potential for non-mid-term growth. They are an early-stage fund investing in tech-powered solutions for agriculture and food across Latam. Its mission is to guarantee the food security of the planet through a sustainable and fair agribusiness chain.

Francisco “Chico” says that working with idealistic, game-changing entrepreneurs is what gets him up in the morning. He deeply believes that entrepreneurship is the answer to humanity’s gravest challenges. He is most passionate about protecting nature while feeding a growing global population.

Chico started investing in agtech over a decade ago and has not looked back. He has led 34 deep tech venture investments and supported founders in over a dozen boards. He has also launched & sits in the credit committee of the region´s first Venture Debt Fund (BVD – Brazil Venture Debt 1).

Before starting SPV, he worked in financial services and had a rather nomadic youth. He grew up on 3 different continents and in 10 cities. Currently, he is on the board of some of the main companies that are leading the digital transformation and the new leap in productivity in the continent's agribusiness. In his spare time, Chico enjoys spending time with marine life and exploring shipwrecks.

Francisco discusses some of the biggest changes he thinks we will see in the next five years, he advises entrepreneurs and investors, and he shares his investment thesis for the agricultural sector.

You can visit SP Ventures at www.spventures.com.br, and via LinkedIn at www.linkedin.com/company/sp-ventures.   

Francisco can be contacted via email at francisco@spventures.com.br, and via LinkedIn at www.linkedin.com/in/franciscojardim

Music courtesy of Bensound.

Direct download: Francisco_Jardim_of_SP_Ventures.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

So, who gets access to the cap table?

In general, the CEO, CFO, the board of directors, and investors with information rights get access on an ongoing basis.

Attorneys, auditors, and other financial professionals may get access to the cap table for specific projects.

Employees generally don’t get access to the full cap table.

Employees should get information about their ownership after running a fully diluted cap table.

It’s important that employees know the value of their equity, but they don’t need to know everyone else’s equity,

Employees should also know the potential for dilution from future financings.

Some companies are moving to greater transparency and may give more information about the ownership in aggregate such as how much ownership do non-executive employees have.

If one wants access to the cap table, then they should focus on joining a company at the management level such as a co-founder position. 


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group 

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Direct download: Who_Gets_Access_to_the_Cap_Table.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes George Ferris, Founder and Managing Member at Bilgola Capital LLC.

Bilgola Capital invests in small dynamic companies with fundamentally strong business models that are led by ambitious and professional management teams. Bilgola provides long-term patient capital and seeks to build companies with sustainable enterprise value. 

Bilgola Capital invests in two types of companies: 

Early-stage, hyper-growth technology companies generally burning cash with large addressable markets (typically SaaS companies); and

Growing companies generating EBITDA of between $1-4 million and enterprise values less than $20 million.

George has been running Bilgola Capital for almost a decade now and works closely with management teams to help them accelerate growth and build profitability.

Prior to founding Bilgola, George had a career in finance as a CFO of a large global energy company, in private equity, and in investment banking. He was the CFO of Louis Dreyfus Highbridge Energy (“LDHE”), a global company with over 500 employees, where he led the execution of several highly successful multi-billion dollar financing transactions and strategic M&A transactions.

George was also the Managing Director at Allied Capital in Washington, DC, where he was responsible for originating, executing, and managing a portfolio of investments in the business services, healthcare services, and consumer products sectors; he led approximately $650 million of investments in subordinated debt and equity securities and served on the boards of six companies.

Prior to that, George was an Investment banker with Merrill Lynch, Goldman Sachs, and Macquarie Bank (Australia), where he managed transactions for companies in a variety of industries including marketing services, advertising, information services, metals and mining with approximately $13 billion of M&A transactions and over $7 billion of debt and equity financing transactions.

George is currently an Adjunct Professor of Finance at the McDonough School of Business at Georgetown University. His academic background includes an MBA from the Wharton School of Business at the University of Pennsylvania and a Bachelor of Commerce (Finance) from the University of New South Wales (Australia).

George discusses his investment thesis, and some of the challenges his startups face. He also shares with Hall what he thinks are good opportunities to pursue.

You can visit Bilgola Capital at www.bilgolacapital.com, and via LinkedIn at www.linkedin.com/company/bilgolacapital/about.  

George can be contacted via email at ferris@bilgolacapital.com, and via LinkedIn at www.linkedin.com/in/george-ferris

Music courtesy of Bensound.

Direct download: George_Ferris_of_Bilgola_Capital_LLC.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The cap table stands for capitalization table and tracks the equity ownership in a company.

It’s important to be able to read a cap table and understand what it says.

The key terms to know include the following:

  • Pre-money -- the value of the shares before the investment.
  • Post-money -- the value of the shares after the investment.
  • Price per share -- the post-money valuation divided by the total number of shares.
  • Common stock -- basic ownership share in a company.
  • Preferred stock -- a stock with special rights and privileges.
  • Convertible preferred stock -- preferred stock that can convert to common stock.
  • Participating preferred -- preferred stock with a liquidation preference.
  • Stock options -- the right to buy a specific number of shares at a specified price.
  • Warrants -- the right to buy stock at a specific price.
  • Restricted stock -- stock used instead of options for tax purposes.
  • Authorized shares -- total number of shares the company has authorized for present and future use.
  • Outstanding shares -- total number of shares that have been issued.
  • Fully diluted shares -- total number of shares including all warrants, options, and restricted stock exercised.

It’s important to know these terms so you understand what the ownership stake means.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Direct download: Reading_Cap_Tables.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Term sheets tend to favor the founder over the investor or the other way around. 

Here is how to tell if you have a founder-friendly term sheet:

  • Valuation skews to the higher end of the market in favor of the founders.
  • There’s no liquidation preference for the investors.
  • The option pool shares will be paid for by both founders and investors and not founders alone.
  • There are no performance reviews nor non-compete clauses for the founders.
  • There are no dividends paid to the preferred shareholders.
  • The term sheet uses a broad-based weighted average for anti-dilution and includes provisions for the investors to “pay to play”.
  • The investors must pay their own legal expenses.
  • The term sheet does not force arbitration which means the founders and investors can use the courts.

Look for these key points in a proposed terms sheet to indicate which party it favors.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group

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Direct download: Founder_Friendly_Terms_Sheet_revised_May_2021.mp3
Category:general -- posted at: 8:31am CDT

In this episode, Hall welcomes David Hornik, Founder and General Partner at Lobby Capital.

Lobby Capital is a venture capital firm headquartered in San Francisco, California. They join forces to collectively fund, advise, support, and mentor the next great innovators. Seven colleagues, confidants and friends have been building, advising, and funding startups for a collective 175 years and counting. Over those years their paths have crossed, at times converging and others diverging. But today they lock arms to bring you Lobby Capital — a venture capital firm that is all about the people.

For the last 25 years, David has worked closely with technology entrepreneurs to help them build transformative businesses. Prior to founding Lobby Capital, David was a partner at August Capital for 20 years. David invests in a broad range of software companies, including enterprise application, infrastructure, and SaaS businesses (e.g, Splunk, Fastly, GitLab), financial technology companies (e.g., Bill.com, WePay, PayNearMe), and consumer services (e.g., Evite, Ebates, TopHatter).

David has an eclectic educational background. He received a BA from Stanford in Computer Music, an M.Phil in Criminology from Cambridge University, and a JD from Harvard Law School. He teaches courses in entrepreneurship and venture capital at Stanford Business School and Harvard Law School and serves as a VC Partner at the Harvard Business School.

David started the first venture capital blog, VentureBlog, and the first venture capital podcast, VentureCast, and is the host of LobbyTV. He has served as the Tech Curator for the TED Conference in Vancouver and was the co-creator and host of TEDxStanford. David has received Deloitte’s Venture Capitalist of the Year award and has been honored by Forbes Magazine as a member of its Midas List of top Venture Capitalists.

David lives in Palo Alto with his wife Pamela, their four children, and their puppy Teddy. David serves on the board of GLAAD, a leading LGBTQ rights organization, and is a member of the board of the Stanford Alumni Association.

David advises investors and entrepreneurs, discusses where he sees the industry going, and shares what excites him in the space.

You can visit Lobby Capital at www.lobby.vc.

David can be contacted via email at hornik@lobby.vc, and via LinkedIn at www.linkedin.com/in/davidhornik

Music courtesy of Bensound.

Direct download: David_Hornik_of_Lobby_Capital.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The cap table tracks the ownership in the company.

In applying the company’s equity to the business there are several mistakes to avoid:

One - Not vesting the equity over time. 

It’s important to set up a vesting schedule for the equity to vest over the duration of the project.

If the employee or contractor departs before the vesting schedule is completed, then the unvested shares return to the company.

Vesting should apply to the founders as well.

It’s not uncommon for investors to unvest founder shares and put them on a vesting schedule to ensure commitment from the founders. 

Two - Not writing down all equity commitments. 

Some startups use equity to pay for things such as website development and more.

This should be documented and placed on the cap table.

Make sure equity is given for specific projects and outcomes.

Three - Not keeping the cap table in one place.

It’s easy to sign a number of notes, agreements, and other documents, but it’s important to compile the results into a single cap table.

Four - Not keeping track of tax laws.

There are several tax implications around granting equity ownership, so it’s important to keep track of them.

The most common is the need for a 409A valuation in which you have a third party value the stock for tax purposes on options.

Watch out for the issues in managing your cap table.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

Music courtesy of Bensound

Direct download: Common_Mistakes_with_Cap_Tables.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Harlan T. Beverly, Ph.D., Ambassador and Advisor at Disruptive Labs, and author of “Lean Startings: A novel about creating a lean startup and life's interruptions” and “Navigating Your Way to Startup Success”. 

Headquartered in Santa Monica, California, Disruptive Labs is a new startup studio making investments in startups by building MVPs and setting up automated sales in exchange for equity. Disruptive Labs helps founders that have proven customer need but cannot build an MVP without investment and cannot get investment without an MVP. They break the cycle by building MVP products for equity and stay on to help scale up sales through sales and marketing automation and partner with ambitious teams to turn complex problems into creative opportunities.

Harlan is a 4-time CEO and 3-time startup founder with a special focus on the consumer technology space. He is currently VP of Engineering at Beneplace, LLC and a lecturer at Texas State University. Harlan has 21 published technology patents and numerous scholarly articles as well as two published books. Previously, Harlan was a lecturer at The University of Texas at Austin where he taught entrepreneurship and helped run the Texas Venture Labs. Harlan specializes in fundraising and growth marketing for consumer, health, and technology companies. He has founded three B2C startups and sold two of them: Bigfoot Networks, Inc. and Karmaback, Inc. Harlan was also CEO of Key Ingredient, Inc which he sold in 2018. He is not actively investing, but has experience as an angel investor and a venture investor and is an active mentor at Capital Factory in Austin, TX. He received his B.S. in Electrical Engineering from Ohio Northern University, an M.B.A. from The University of Texas at Austin, and his Ph.D. in Business from Oklahoma State University.

Harlan discusses what’s next for Disruptive Labs, and speaks about crowdfunding platforms and the state of the investing industry. He shares with Hall the inspiration behind his latest book “Lean Startings: A novel about creating a lean startup and life's interruptions”, and what surprised him the most whilst writing it.

You can visit Disruptive Labs at www.disruptivelabs.io, and via LinkedIn at www.linkedin.com/company/disruptive-labs/about

You can visit Harlan’s website at www.fastai.com and purchase his books at https://amzn.to/377aR3b. Harlan can be contacted via email at harlantbeverly@gmail.com, via LinkedIn at www.linkedin.com/in/hbombers/, and via Twitter at www.twitter.com/harlanbeverly.

Music courtesy of Bensound.

Direct download: Harlan_Beverly_of_Disruptive_Labs.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

As the startup grows it will add new entries to the cap table including new hires, option pools, advisors, as well as new investors.

Here’s a list of potential changes to the cap table to watch for:

New hires and options pools must be added.

Employees who leave before all options are vested will have unvested shares come off the cap table. 

Advisors to whom you grant options or give warrants must be added.

Convertible notes are debt instruments but hold the potential of converting to equity so must be added. 

New shares issued must be added to the cap table such as common stock.

If there’s a transfer of shares, those changes must be reflected in the cap table. 

If you issue dividends you must track these as well.

You must also track liquidation preferences and the existence of anti-dilution clauses as these have a major impact on ownership.

To account for contingencies in the cap table you should run a “fully diluted” cap table.

This shows the impact of all options and warrants being exercised and all convertible notes converting to equity.  


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group 

Music courtesy of Bensound

Direct download: Cap_Table_Advanced.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Isidoros Sideridis, CEO and co-Founder at Pobuca.

Pobuca offers a go-to-market platform for brands and retailers that helps them boost their customer experiences. With Pobuca you can engage your customers and empower your people in sales, marketing, and customer service. Pobuca offers a state of the art AI-based software and a broad range of services like consulting, technical integration, and after-sales support aimed at the digital transformation of their clients.

Isidoros is a technology entrepreneur who has been working nearly all of his life. He started his company at the age of 26. He received the Microsoft Partner of the Year Award in 2011 and 2016 for Pobuca, and participated as a keynote speaker in many technology events & conferences.

Isidoros was born in Athens and studied Mechanical Engineering at the University of Patras, where he was also a member of BEST’s (Board of European Students of Technology) management board. He loves rationalizing nature’s wonders and won the Science Communication contest of FameLab in Greece.

Isidoros shares his plans for Pobuca, advises investors and entrepreneurs and discusses some of the challenges companies face in the industry.

You can visit Pobuca at www.pobuca.com, via LinkedIn at www.linkedin.com/company/pobuca, and via Twitter at www.twitter.com/PobucaHQ.   

Isidoros can be contacted via email at i.sideridis@pobuca.com, via LinkedIn at www.linkedin.com/in/sideridis, and via Twitter at www.twitter.com/isideridis.  

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Direct download: Isidoros_Sideridis_of_Pobuca.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Cap Table stands for Capitalization Table and tracks the equity ownership in the company.

This includes the number of shares each one owns and what percentage of the company it represents.

It also lists the total number of shares issued as well as the number of authorized shares by the board.

Your number of shares divided by the total number of shares issued shows your ownership stake.

Each one is listed with a pre-money valuation, what it’s worth before the investment on that round, and post-money valuation, what it’s worth after the investment.

Finally, there’s a price per share.

The Cap Table should list all options, warrants, and convertible notes. Listing all forms of ownership as exercised shows a “fully diluted” Cap Table. 

From the Cap Table, the investor can model out the impact of dilution from future funding rounds.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
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For Feedback please contact info@tencapital.group 

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Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

An advisory board is a group of three to five people who provide advice on how to grow your startup.

They bring experience, contacts, and domain expertise.

Advisory boards help the company grow and succeed.

In recruiting for your advisory board, consider the following:

Recruit diverse skills, networks, and experiences so they don’t overlap.

Use the advisors to fill in the gaps of the startup team which is most often a skeletal group.

Use advisors to raise the profile of the startup with their reputations.

They can give the startup branding to help position the company with clients.

You can highlight the advisory board for recruiting the team, investors, and customers. 

They are different from a board of directors in that they don’t have any fiduciary roles and work informally with you on growing your business.

An advisory board can improve your odds at success.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Bradford Shepherd, Managing Partner at Sugarhouse Investments.

Headquartered in Austin, Texas, Sugarhouse Investments is a real estate private equity firm that provides investors with passive investment opportunities in institutional-quality commercial real estate and they help fund cash-flowing commercial real estate projects to move them forward. Together they build long-term wealth and passive income streams.

The deals they fund preserve capital investments, collect consistent cash flow and build equity through future capital appreciation of the assets.

Real estate investing has been part of Brad’s life since his college days. He earned his undergraduate degree in Finance with an eye towards commercial real estate, interning with one of the premier large commercial property portfolio companies in the Northwest. He purchased his first rental property within months of graduating college and quickly added several more. 

His experience includes management of hotel and vacation properties, development of retail and hospitality space, and raising capital from both domestic and international investors. He's been exclusively focused on capital raising for commercial syndications since 2017. Brad and his young family have called Austin home since 2011.

Brad discusses the state of real estate investing and how he sees the industry evolving. He also shares his investment thesis and some of the challenges investors face.

You can visit Sugarhouse Investments at www.sugarhouseinvestments.com, and via LinkedIn at www.linkedin.com/company/sugarhouseinvestments/.

Brad can be contacted via email at brad@sugarhouseinvestments.com, via LinkedIn at www.linkedin.com/in/bradshep/, and via Twitter at www.twitter.com/bradshep 

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Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Donna Hamlin, CEO, & Nola Masterson, Partner at Boardwise.

Boardwise provides companies and executives with the highest quality solutions, tools, education, independent evaluations, research, breaking news, and advisory support in corporate governance and management available for governance needs around the globe.

They work with all forms of companies and organizations, including private and public corporations and associations, non-profit organizations and executives, and teams with a passion for better governance practices.

Donna is the founder and board chair of Hamlin Harkins, Ltd., a 39-year-old global management consultancy providing services in strategy, business development and performance improvement to executive teams across diverse industries. Donna helps board directors and executives discover and develop personal competencies which ensure sustainable success for themselves and their organizations. She is certified in global governance by Harvard University. A published author, she writes articles about human performance and change management.

Donna currently serves on the private company boards of Daily Pay, Inc., AussieWeb, Inc., the Themyscira Institute, and on the advisory boards for Fresh Bellies Inc., Joylux Inc., and Lead Women in Malaysia. She previously served on the board of Interhealth USA, and the compensation committees for publicly-listed companies, Trident Microsystems and Asyst Technologies.  

Nola has had a long career in venture capital investments and board of directors’ work. She sits on early-stage company boards and publicly traded company boards. Nola coaches aspirational board candidates and is passionate about getting diverse representation around the board table. As a lead investor in Portfolia Femtech Fund, she helps educate and support women investors to be comfortable investing at the angel level in companies that have products and services for women's health and wellness, from birth to menopause. She was a trailblazer for women in corporate sales management at Millipore and Ames Company, and the first biotechnology analyst on Wall Street. She is the co-founder of a DNA analysis company, Sequenom, which went public in 2000.  Nola also teaches at the graduate level at the University of San Francisco and is the co-chair of the Women Corporate Directors chapter in SF. Her work with Boardwise includes coaching and consulting with boards and individual board members. She has been honored as a pioneer by Fordham University and is a published author and dynamic public speaker.

Donna and Nola discuss their investment theses, advise startups and investors, and share some of the challenges they face.

You can visit Boardwise at https://boardwise.biz/, via LinkedIn at www.linkedin.com/in/global-board-services, and via Twitter at www.twitter.com/sciencefutures.  

Donna can be contacted via email at donna.hamlin@boardwise.biz.

Nola can be contacted via email at masterson@sciencefuturesinc.com, and via LinkedIn at www.linkedin.com/in/nola-e-masterson

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Direct download: Donna_M_Hamlin__Nola_Masterson_of_Boardwise.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Once you’ve found an advisor you want to bring on board, consider the compensation.

It’s important to pay the advisor something for their time and experience.

Real work requires real pay.

Not all advisors bring the same level of support to the startup.

Also consider that equity increases in value as the company grows.

Later-stage company equity is worth a great deal more than an early-stage company.

With this in mind, consider the following:

There are standard advisors who share their experience.   

For early-stage companies consider 0.25% of equity vested over one year.

For growth-stage companies consider 0.15% of equity vested over a year.

Then there are premium advisors who not only share their experience but also make introductions to investors, customers, and partners.

For early-stage companies, consider 1% of equity vested over one year.

For growth-stage companies consider 0.5% of equity vested over a year.

Set the compensation based on the stage of the company and the contribution of the advisor. 


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Don Rainey, General Partner at Grotech Ventures.

Headquartered in Arlington, Virginia, Grotech Ventures is a team committed to helping creative and driven entrepreneurs build technology companies that last. Their strategy is simple: early investors in high-potential technology companies. They initially invest from $500,000 to $5 million and look to continue investing and building value throughout the growth of your enterprise. 

Grotech Ventures is committed to advancing a more diverse, equitable & inclusive venture capital ecosystem. As part of this commitment, they have signed the #VCHumanCapital Pledge to submit their firm’s demographic and talent management details to support the industry’s data collection and tracking efforts.

Don currently serves or has served on the boards of Grotech portfolio companies Booker Software, Ceterus, Clarabridge, Contactually, HelloWallet (acquired by Morningstar), ICX Media, Intellinote, LivingSocial, Passport, Payzer, Personal, PetScreening, Rent Ready, The Royalty Exchange, WiserTogether, and Zenoss.

Don is a strong proponent of technology transfer and education and devotes much time to both areas. In 2010, he was appointed to a third term as an emerging technology consultant to the Chief Information Officer of the US Department of Defense through the DeVenCi Program, which is tasked with researching and nominating companies to solve the DoD’s unmet technology needs. In 2011, Don was appointed to the JMU Board of Visitors by Virginia Governor Robert McDonnell. During this four year appointment, he and other board members are responsible for overseeing the effective governance of the university. He also serves on the Board of Directors of James Madison Innovations, Inc., a non-profit corporation which helps commercialize intellectual property produced at JMU. In 2012, he was named to the Board of Directors of the Innovation and Entrepreneurship Investment Authority, which is the parent authority for The Center for Innovative Technology.

Don earned a Bachelor of Business Administration from James Madison University and a Master of Science in Bioscience Management from George Mason University.

Click here to read Don’s complete bio.

Don discusses what excites him now in venture capital. He also advises investors and entrepreneurs and shares what he thinks are some good investment opportunities.

You can visit Grotech Ventures at www.grotech.com, via LinkedIn at www.linkedin.com/company/grotech-capital-group, and via Twitter at www.twitter.com/grotechventure

Don can be contacted via email at drainey@grotech.com, and via LinkedIn at www.linkedin.com/in/don-rainey

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Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In recruiting an advisor, check to see if they have what it takes to be a good one:

Have they been through the wringer?  

Those who have been tested, such as nearing bankruptcy or going bankrupt will have a deeper understanding of the challenges in running a startup.

Will their work with you put them in conflict with their current or past employer?

Those who want to compete against their previous employer may not be the best.

Are they all show and tell but haven’t built a company before?

They may not have created a unicorn but did they stand up a business and grow it?

Ask for something that they put together.

Are they invested in your business with their money in addition to their time?

Where they put their money says a great deal about their interest.

Will they learn something from the engagement just as you are learning from them?

This will make the project that much more interesting to the prospective advisor.

Can they relate to your situation directly?

Those who can only rehash past experiences may not appreciate the differences between their past and your needs.


Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.


Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group

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Direct download: Does_Your_Advisor_Have_What_it_Takes.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Here are some warning signs you may be talking to the wrong advisor:

Their primary business-building experience came two tech generations ago.

They have business experience but only in one area such as sales or marketing.

They can relate their experience but have difficulty understanding your situation.

They have a strong ego and center most of the discussion around themselves.

They seem to be busy with other projects and take some time to get back to you.

They treat the advisory work as a joyless task.

They don’t want to write down anything but rather just chat across the coffee table.

They can’t make the company meetings, so they have little knowledge of the rest of the team and company dynamics.

They don’t follow through on their action items and it takes several reminders to get something done.

They often confirm what you already know and don’t add much value.

Their experience and contribution overlap with other advisors.

If you have the wrong advisor, it’s best to bring it up and close out the relationship amicably.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group  

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Direct download: Avoiding_the_Wrong_Advisors.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Christian Czernich, CEO/Founder/Managing Partner at Round2 Capital Partners. 

Round2 Capital Partners is a financing partner for European scale-ups with digital and sustainable business models. In the scale-up phase, outstanding entrepreneurs manage to transform their business from a successful venture into a real company. Round2 offers the innovative funding instruments and insights needed to master this transformation process. Founded in 2017, Round2 has pioneered revenue-based finance in Europe: a flexible, non-dilutive funding instrument.

When Christian together with Jan started to develop revenue-based finance in Europe back in 2015, Christian was driven by the vision to find better ways of backing great entrepreneurs than by diluting ownership through equity. Also, neither bank loans nor traditional rigid venture debt loans were a viable solution for funding asset-light and digital business models. Instead – he thought – by linking the funding to revenue one can offer a non-dilutive, yet at the same time highly flexible and simple funding instrument and thus solve the problem. Round2 was born.

Before founding Round2, Christian was working almost 15 years in European investment banking and Private Equity out of Vienna and Munich. He was responsible for more than 30 cross-border equity transactions with transaction sizes up to EUR 600m in various sectors and has built a leading Vienna-based investment boutique.

Christian developed his passion for entrepreneur-led young technology companies when working on his Ph.D. thesis at the Stockholm School of Economics and at Stanford University. In his research, he worked with close to 100 Founders of high-technology spin-offs from Swedish Corporations. His research won the Best Paper Award at the Academy of Management for the worldwide best research paper of a Ph.D. student in his field.

Besides entrepreneurship, Christian has a passion for education. During the last 20 years he has been educating hundreds of students on topics in finance, strategy and entrepreneurship at the Stockholm School of Economics, Stockholm University, and the Vienna University of Economics and Business at the Bachelor, Master and Executive level. This passion also led to the establishment of the Round2 Lab.

An Austrian national, Christian lives in Stockholm and Vienna with his Swedish wife and their three sons. He holds a Ph.D. from the Stockholm School of Economics and a Master in Business and Finance (with distinction) from Innsbruck University.

Christian discusses his investment thesis, advises startups and investors, and shares how he sees the industry evolving.

You can visit Round2 Capital Partners at www.round2cap.com, and via LinkedIn at www.linkedin.com/company/round2-capital-partners/.

Christian can be contacted via email at cc@round2cap.com, and via LinkedIn at www.linkedin.com/in/christian-czernich.

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Direct download: Christian_Czernich_of_Round2_Capital.mp3
Category:general -- posted at: 6:00am CDT

In this episode, Hall welcomes Elio Assuncao, Founder and Director at Venture Capital World Summit.

Venture Capital World Summit is a global community for investors and investees where they help businesses get more capital and expertise as they need to scale up and grow internationally with the support, if required, from their trusted network. Their message to international businesses and entrepreneurs is simple: attend their international conferences and get in touch well before. 

Elio has an exquisite vision of life and continuous development focused on quality as a driven entrepreneur, combining a multitude of science tech with an academic background. He has over 15+ years of experience in technology analysis and artificial intelligence. Elio has been organizing events and conferences since 2012 and thus helped many businesses and entrepreneurs to develop and grow both local, national and international markets.

Elio discusses the state of startup investing and shares what he thinks, in five years, will be the most significant change. He discusses some of the challenges entrepreneurs and investors face and also advises them.

You can visit Venture Capital World Summit at www.vcworldsummit.com, via LinkedIn at www.linkedin.com/company/venture-capital-world-summit, and via Twitter at www.twitter.com/vcworldsummit.    

Elio can be contacted via email at hello@vcworldsummit.com, via LinkedIn at www.linkedin.com/in/elioassuncao, and via Twitter at www.twitter.com/eaentrepreneur

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Direct download: Elio_Assuncao_of_Venture_Capital_World_Summit_Inc.mp3
Category:general -- posted at: 6:00am CDT

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Once you decide you need an advisor, you’ll need to find and select one.

Here are some key points to consider:

Start with your network and expand out from there.

Hold several conversations with the candidate advisor before making a decision.

If you need to raise awareness for your startup, consider a thought leader in the industry.

Find a mutual connection who can make an introduction.

Look for someone who compliments your skills.

If the candidate does not come from a trusted source, consider running a background check.

Focus on those who understand your strategic vision and at some level, support it.

Discuss their time availability to see if they can commit to your company.

See if they can take their experience and apply it to your business.

Avoid the war stories advisor who tells about his experience but relates nothing to your company.

Finally, look for an advisor who has some empathy for your work.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
___________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/ 

For Feedback please contact info@tencapital.group

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Direct download: How_to_Select_an_Advisor.mp3
Category:general -- posted at: 6:00am CDT

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