Investor Connect Podcast

How Investors Can Help Their Companies

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

In funding startups, it’s important to choose companies you can help. 

If you only write a check and nothing more, then the investing experience will be minimal.

It’s only a return and nothing more. 

It’s best to choose startups that you can help by adding value.

Here are some key ways you can add value to your startup investment:

  • Help the startup recruit team members by leveraging your network to find qualified candidates.
  • Help them raise additional funds from other investors through your network.
  • Help them find debt financing for the smaller needs, such as a line of credit, as many startups are not familiar with the available options.
  • Make introductions for the CEO to connect with prospects, partners, and others who can help in generating revenue.
  • Provide advice on the technology landscape as many investors have a broader view of the market and have a wider range of experiences.
  • Save the CEO’s time by pointing out the best options for handling payroll, office leasing, and other basic functions that must be done.
  • Help the CEO learn more by networking them with others who are running companies.  
  • Connect them with the right people to generate word of mouth about the company.
  • Finally, help the company with the exit by making introductions to potential acquirers and coaching through the process. 



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/ 
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Direct download: How_Investors_Can_Help_their_Companies.mp3
Category:general -- posted at: 6:00am CST

After You Write the Check

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

After you write the check, it’s important to remain engaged.

Here are some key steps to follow:

Stay in touch with the CEO and keep up-to-date on their status.

Track the progress of the company to determine if it’s worth a follow-on investment.

Review the financials regularly to stay up on the company’s progress.

Open a communication channel with the board of directors as well as the CEO, so you can add value where possible.

Watch C-level compensation so it stays aligned with the investors' compensation which is an exit.

Investigate possible alternative exits from companies that don’t make it.  

For example, could it be sold to another company for the assets? Could a new team turn it around?

Open a dialog with other investors as they may have additional information that you do not.

Offer other investors information when you receive it to build an informed network.


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/  

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Direct download: After_you_write_the_check.mp3
Category:general -- posted at: 6:00am CST

On this episode of Investor Connect, Hall welcomes Pete Mohr, Founder of Simplifying Entrepreneurship and host of the Simplifying Entrepreneurship Podcast.

Headquartered in Elora, Ontario, Pete helps entrepreneurs transform their frustrations into freedoms by using a variety of frameworks that help them cut through the chaos of running a business. Being a business owner isn’t easy. That’s why he coaches entrepreneurs using tools and systems that he’s developed for Simplifying Entrepreneurship.

With over 27 years as a business owner, he's refined many of his tips, tools, and techniques in the trenches within his own businesses. 

Pete bought a bathroom remodeling franchise fresh out of university in 1994 and has been virtually unemployable since! He has owned and operated more than one business for almost his entire career. He’s bought businesses, built businesses, sold businesses, and closed businesses. He has owned service-based businesses as well as retail (and for the last dozen years has owned shoe stores in Ontario called Shoetopia).

Last year, Pete started the Simplifying Entrepreneurship Podcast. They’re short 20-minute episodes that help entrepreneurs tackle some of their worries and transform them into wins! There’s always a great takeaway to make their lives or businesses even better.

Pete discusses the 5 Ps of business, some of the most important lessons he has learned over the years, a common myth amongst some entrepreneurs, and more.

You can visit Simplifying Entrepreneurship at https://simplifyingentrepreneurship.com/, and on LinkedIn at www.linkedin.com/company/simplifyingentrepreneurship.  

You can listen to the Simplifying Entrepreneurship podcast at https://simplifyingentrepreneurship.com/simplifying-entrepreneurship-podcast/  

Pete can be contacted at pete@mohr.coach, and on LinkedIn at www.linkedin.com/in/petermohr/

_________________________________________________________________________

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/ 
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For upcoming Events, check out https://tencapital.group/events/  

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

Asset Allocation

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

In angel investing, it’s important to set aside funds for startup investments.

In most cases, investors dedicate 5%-15% of their discretionary funds to angel investing.

There are several issues with asset allocation for angel investing compared to publicly-traded stocks, bonds, and mutual funds.

Startup investments are illiquid as there’s no market for reselling.

Transferring stock is greatly limited due to SEC rules.

To achieve a gain, you must hold the stock for up to 7-10 years in most cases.

Many startups fail completely and are tax write-offs.

Determine upfront how much you want to invest based on 5%-15% of your portfolio.

Divide by ten to get the total number of startups you can invest in. 

Divide the investment amount by 2 to get the initial investment per startup, leaving the second half for a follow-on round. 

Here’s an example:

Let’s say I have a portfolio of $3.5M 

15% of $3.5M yields $525K to invest in startups

Dividing $525K by 10 gives me $52K per startup that I can invest in.

Dividing the $52,500 by 2 means I can invest $26K for each startup leaving another $26K for each follow on investment.

Start with 3 investments per year.   

It’s important to be selective.

After a few years and some gains, you can re-invest some of the profits into more startups.  

There are tax laws that make it attractive to roll your gains from one startup investment into another. 


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   

Please follow, share, and leave a review.

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Direct download: Asset_Allocation.mp3
Category:general -- posted at: 6:00am CST

State Tax Credits

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

Many states offer tax credits for startup investments.

Those states with a state income tax will reduce your capital gains tax burden.

The typical requirements are as follows:

  1. The business must be a C-Corp or an LLC entity.
  2. The entity was organized no more than 3 years before the investment.
  3. It must have less than $500K of revenue.
  4. You must hold some operations of the business within the state.
  5. The business must have at least two full-time employees, but less than 20 total employees.
  6. The business must be a growth startup that excludes restaurants, retail, and other lifestyle businesses.
  7. The business must be able to increase jobs in the area for some number of years after investment.
  8. You cannot have more than $10M in assets.

Each state has a unique set of rules but most follow these guidelines. 

Check your state’s website for applicable laws regarding tax breaks for startup investments.


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/  

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Direct download: State_Tax_Credits.mp3
Category:general -- posted at: 6:00am CST

On this episode of Investor Connect, Hall welcomes Lawrence Chavez, CEO at EveryDay Contacts. 

EveryDay Contacts is a premium daily disposable contact lens, doctor-enabled, subscription-based, direct-to-consumer company designed for both patients and eye care professionals. Built around a unique technology that enhances the wettability of the silicone hydrogel daily disposable lenses, EveryDay Contacts is coming to market with a model that supports proper eye health by ensuring the eye care professional is part of the value chain.

Contact lens users receive the benefit of a premium daily disposable contact lens with all the advantages of a D2C model. The independent eye doctor benefits by reconnecting with their patient and recapturing the $500M of lost contact lens revenue that “walk” to other retail channels.

Lawrence has 20+ years of finance, operations management, and strategic marketing experience in a variety of entrepreneurial businesses. Lawrence has been involved with a number of startups as both an entrepreneur and investor. He serves on the Board of ABQid, a startup accelerator working at the intersection of entrepreneurship and economic development. In addition, he serves as Venture Partner at Flywheel Ventures and previously managed Flywheel’s New Mexico Gap Fund I, seed fund. Lawrence also advises Startup Teen, an organization created to promote entrepreneur education for mid and high school students. Past boards include the New Mexico Venture Capital Association, Coronado Ventures Forum, and Innovate El Paso. Lawrence has a Bachelor’s of Accounting from New Mexico State University and Master’s in Marketing from Texas A&M University.

Lawrence speaks about starting a business in the contact lens industry and some of the challenges startups face. He shares what information sources have helped him the most and discusses one thing his business did that he never expected.

You can visit EveryDay Contacts at www.everydaycontacts.com, and on LinkedIn at www.linkedin.com/company/everyday-contacts.

Lawrence can be contacted at lawrence.chavez@everydaycontacts.com, on LinkedIn at www.linkedin.com/in/lawrencetchavez, on Twitter at www.twitter.com/lawrencechavez, and via telephone at (505)459-8212. 

_____________________________________________________________________

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/  

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Direct download: Lawrence_Chavez_of_EveryDay_Contacts.mp3
Category:general -- posted at: 6:00am CST

Stock Options

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

Stock options are a key part of the compensation of employees.

These are called Incentive Stock Options or ISOs.

If you exercise and sell the shares immediately, the proceeds will be taxed at the ordinary tax rates for the difference between the exercise price and the fair market value.

For ISOs, your options must qualify as an incentive option when it was granted and you must hold it long enough to be eligible for ISO tax treatment.

There are also non-qualified stock options for directors and stockholders. 

The holder also pays the exercise price when sold and then pays taxes on the difference between the exercise price and the fair market value.

If you have 1000 options at an exercise price of $1 and the fair market value is $10, then you will pay the company $1000 to exercise the options and pay tax on the difference between the exercise price and the fair market value.  

In this case $9 per share or $9,000 in total. 

If the shares continue to rise in value, then it may be prudent to sell the options sooner when the value is lower rather than later when the value has risen. You’ll pay less in taxes.

Also, remember that most options have an expiration date so you must keep track of 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   

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Direct download: Stock_Options.mp3
Category:general -- posted at: 6:00am CST

In this our 700th episode of Investor Connect, Hall welcomes David Narrow, CEO at Sonavex.

Sonavex is a venture-backed clinical stage Medtech company spun out from Johns Hopkins with two FDA clearances. The company’s technology uses deep learning to improve arteriovenous fistula (AVF) maturation times for patients with end-stage renal disease. Despite the fact that the superior method of AV access for the 4.9M patients projected to be on dialysis by 2025 is an AVF, they fail to mature in >30% of procedures and are rendered unsuitable for dialysis. Those that do mature take a median time of 6-9 months until they are used. This results in significant catheter-based dialysis and associated bloodstream infections, costly hospitalizations, and increased mortality. Every additional catheter day costs more than $160 per patient per day to CMS, or $30,000+ per patient. 

Volumetric flow rate, diameter, and depth have been proven to determine AVF maturation status. However, the specialized skill set required to operate conventional ultrasound prevents its use in the dialysis clinic, and the additional travel needed to see a trained sonographer limits its use in this patient population. Due to a variety of factors including socioeconomic status, compliance with non-dialysis appointments is 12-33%. Sonavex’s technology enables staff at the dialysis clinic to rapidly collect volumetric flow rate, diameter, and depth in just seconds during existing visits via a bioresorbable implant (EchoMark) with >90% margins and an automated 3D ultrasound (EchoSure) to enable early decision-making and reduce catheter time.

Sonavex has secured a multimillion-dollar NIH grant to fund a large prospective randomized controlled clinical trial for EchoMark & EchoSure, and another NIH grant to advance its pipeline product EchoGuide to improve AVF cannulation. The company is currently raising a Series A-2 financing to support the non-dilutive funding. Comps in this space have exited for $225M - $1.1B in the last three years, ranging from clinical to early commercial stages. 

David previously worked with multinational medical device companies to commercialize their technologies and provide long-term business strategies as a healthcare consultant at Health Advances LLC. David earned his B.S. in Biomedical Engineering with the highest distinction from the University of Rochester before receiving his Master’s from Johns Hopkins University. He was named “30 Under 30 in Healthcare” by Forbes in 2016 and “40 Under 40” by the Baltimore Business Journal in 2017.

David shares his background with Hall and discusses the differences between Sonavex and other companies in the industry. He advises entrepreneurs who are thinking about entering the space and mentions some of the challenges they may face.

You can visit Sonavex at www.sonavex.com, on LinkedIn at www.linkedin.com/company/sonavex, and on Twitter at www.twitter.com/Sonavex

David can be contacted at dnarrow@sonavex.com, on LinkedIn at www.linkedin.com/in/david-narrow-a4454023, and on Twitter at www.twitter.com/davidnarrow

______________________________________________________________________

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/  

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Direct download: David_Narrow_of_Sonavex.mp3
Category:general -- posted at: 6:00am CST

Gains and Losses

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

There’s an old saying, it’s not how much you make, it’s how much you keep that counts. 

Tax management is an important topic for angel investors. 

There are specific laws that give tax breaks to investors for startup investments.

The first is called Section 1244 which gives the investor the ability to take ordinary income deductions on losses rather than capital gains deductions.  

Since many startup investments result in a loss, Section 1244 helps offset those losses.

For successful exits, Section 1202 reduces or eliminates taxes on gains from an exit. 

For stock acquired after 9/28/2010, there is a 100% exclusion on the gains for tax purposes. 

Before that date, there is a 50%-75% exclusion depending on the date. 

You must hold the stock for 5 years.

Then there is the 1045 rollover which lets the investor rollover proceeds from the sale of stock from one startup to a new one without paying capital gains on the first one.  

You must do so within 60 days.

If you have restricted stock, then 83(b) election lets you pay the taxes when the options vest, rather than when you exercise them. 

This lets you pay taxes when the value is lower and exercise the options later when the value is higher.

These rules have been in place for a while now, so it’s important to check with your accountant about any changes.


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: Startup_Funding_Espresso_--_Gains_and_Losses.mp3
Category:general -- posted at: 6:00am CST

When to Follow On

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

In most startup funding, there will be a need for additional rounds of funding.

Here are some questions to ask before making that follow-on investment:

  1. Does the team demonstrate integrity?
  2. Do they have traction in the market yet?
  3. Do they hit milestones and are they good to work with?
  4. Is the follow-on round part of a plan, or did they just run out of money?
  5. Does their original plan still hold, or is it now a whole new ballgame?
  6. Does the startup have a board that is driving the plan, or does the startup seem rudderless?
  7. Will the follow-on funding take them to the next level, or will they be back asking for more in six months regardless of this raise?
  8. Do you feel like you understand the business and what is going on, or do you feel puzzled and concerned about it?

Add up the responses to these questions to determine if you should follow on with more funding.


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: Startup_Funding_Espresso_--_When_to_Follow_On.mp3
Category:general -- posted at: 6:00am CST

On this episode of Investor Connect, Hall welcomes Luis Rivera, Managing Director at HEXA Global Ventures.

Founded in 2019 and headquartered in Richardson, Texas, HEXA Global Ventures is a seed capital investment firm that brings more than just capital. They have created an ecosystem consisting of resources, experience, talent, and specific service companies to help visionary entrepreneurs shape the best ideas into great companies. HEXA believes all companies are different and do not provide a standard program with a fixed end date. They work with the company and its founders on an ongoing basis to ensure that they stay focused, grow their companies, and anticipate any issues that might prevent them from achieving their dreams.

Luis is originally from Caracas, Venezuela, and came to the US at the age of 13 when he moved to New Hampshire to go to high school. Needless to say, he had a rude awakening his first winter there! Seeking warmer weather, he moved to California where he attended Claremont McKenna College. After graduating, he moved to the Bay Area and started his career in tech. 

Luis joined HEXA Ventures at the beginning of 2021, after more than 25 years of sales and operational experience in the world of tech. He has guided technology companies through major transitions, such as initial public offerings, acquisitions, and rapid global growth. Before HEXA, he was Chief Revenue Officer at Aptology Corp where he helped the company penetrate accounts such as ADP, Atlassian, Google Cloud, and others. Prior to Aptology, Luis was SVP of Strategy and Growth at TalentGuard Inc. He also served as Senior VP of Sales at Saba Software where he led the global go-to-market strategy for all HR sales-related products. Luis has held several global executive and sales leadership positions, including 10 years at Lyris, where he led the company from $4M to $55M dollars in revenue. During his tenure, Lyris acquired multiple companies and became public. 

Luis discusses his investment thesis and some of the companies HEXA has invested in. He also advises startups and investors and shares some of the challenges they face.

You can visit HEXA Global Ventures at www.hexagv.com, on LinkedIn at www.linkedin.com/company/hexavc/, and on Twitter at www.twitter.com/hexagv

Luis can be contacted at lrivera@hexagv.com, and on LinkedIn at www.linkedin.com/in/luisrivera1

_____________________________________________________________________

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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Direct download: Luis_Rivera_of_Hexa_Ventures.mp3
Category:general -- posted at: 6:00am CST

Apply Your Investment Thesis to a Startup

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

Before investing in a startup, apply your investment thesis to it to see if it makes sense.

Write out the company’s strategy and how it fits into the overall market.  

Review their position relative to the competition.

For the target company, look for a material event that recently occurred, such as a jump in sales or the hiring of a new CEO.

Write out what is significant about the change and why. Include any challenges the company may face.

Consider what factors may impact their performance -- the economy, a new competitor, etc.

Writing it out helps you think through the investment thesis and gives you a document to reference later to check your thinking. 

Reviewing your writeup in light of the outcome may update your investment thesis.


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: Startup_Funding_Espresso_--_Apply_your_Investment_thesis_to_a_Startup.mp3
Category:general -- posted at: 6:00am CST

Building Your Investment Thesis -- View of the Future

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

For investing in a startup, consider the future and what will be needed then.

Don’t just look at the world as it is today.  

It takes several years to build a business and what you see now will inevitably change.

Map the trends and extrapolate out and consider what will be needed five years from now based on the direction of technology, the markets, and other factors.

With that view in mind, look for startups that fill what is missing.

The startup will need to shift or pivot as the trajectories of the market and technology progress. 

Stay in touch with those in the space about what is driving the market and why.

From this, you can build a view of the future and inform your investment thesis.


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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On this episode of Investor Connect, Hall welcomes Gustaf Brandberg, General Partner at Gullspång Re:food. 

Founded in 2020 and headquartered in Stockholm, Sweden, Gullspång Re:food makes enduring investments in entrepreneurs solving the food system’s structural problems for generations to come. Portfolio companies such as Oatly, NICK’S, Planted, Motatos, and Stockeld Dreamery are all driving sustainability shifts in the food system, and Gullspång Re:food backs them with capital, contacts, and competence. By applying systems thinking, they invest in solutions addressing the underlying problems of the food system as opposed to its symptoms. Their investments seek to reverse the food system’s pressure on our planetary boundaries while ensuring an ethical foundation for everyone.

Gustaf is a tech guy turned food system investor on a mission to support the sustainable transformation of the most fundamental system for human civilization. In 1996, he co-founded and ran a software consulting firm helping companies scale from zero to becoming global leaders of the internet era. After 14 years, he joined his family office Gullspång Invest, as a tech investor (with Klarna being one of their investments). After attending a program at Stockholm Resilience Center, Gustaf realized the urgent need for a sustainable shift in the food system. The following year he invested in Oatly and NICK’s et al. In 2020, he co-founded Gullspång Re:food with a 100% focus on backing entrepreneurs developing sustainable food system solutions on a global scale.

Gustaf shares what excites him in the sustainable food industry, and discusses its evolution. He advises investors and entrepreneurs and speaks about some of the challenges they face.

You can visit Gullspång Re:food at www.refood.vc, and on LinkedIn at www.linkedin.com/company/gullspangrefoodinvest/.

Gustaf can be contacted at gustaf@refood.vc and gustaf.brandberg@gullspanginvest.se, on LinkedIn at www.linkedin.com/in/gustafbrandberg, and on Twitter at www.twitter.com/gustafbrandberg

_____________________________________________________________________

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/ 
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Direct download: Gustaf_Brandberg_of_Gullspng_Re_food.mp3
Category:general -- posted at: 6:00am CST

Invest Early-Stage or Late-Stage - What’s the Challenge?

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

Venture capital has two choices in funding startups. 

They can go for early-stage companies or late-stage companies.

So, which stage to focus on?

The risks are higher for early-stage companies, but the valuations are lower. Any meaningful acquisition typically leads to a successful investment outcome.

Later-stage companies come with less startup risk, but valuations are typically high. The company must sell for a substantial valuation to give the investors a return.

As the rule of 5 tells us, a good investment requires an exit of 5 times the post-money valuation.  Later-stage companies often come with $20M to $30M post-money valuations which means they would need to exit at $100M to $150M to be a successful investment.

Early-stage startups simply need to launch and grow reasonably well. 

Later-stage startups need to become the leader in their category as acquisitions usually focus on the leader and not the various followers.

In conclusion, the early-stage company comes with high risk for startup failure but an easier time to reach a successful investment exit.

The later stage startup has a lower risk for startup failure but a more challenging time to reach a successful investment exit.

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.
___________________________________

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Diligencing the Exit

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

In diligencing the startup’s exit strategy, check the following:

  • Do they have a list of potential buyers?
  • What companies are on the list?
  • What milestones must be met to qualify for a buyout?
  • What price is the going rate for buyouts in this sector?
  • Will the acquirer be buying the team?
  • Will they be buying the technology?
  • Will they be buying a specific product, or will they be buying the entire business?

The further down this list you go, the bigger the buyout factor.

It’s important to understand the exit upfront as it will inform the founders on decisions around funding, hiring, filing patents, and more.


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 

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

On this episode of Investor Connect, Hall welcomes Gregory Dewerpe, Founder at A/O Proptech.

Headquartered in London, England, A/O Proptech is Europe’s largest proptech VC firm. They are stage agnostic, investing permanent capital to support entrepreneurs and companies from Series A to later-stage growth and they enable founders to create, iterate and scale disruptive products and platforms by leveraging their unique access to large RE owners and managers, corporates, governments, and industry stakeholders. 

A/O Proptech’s mission is to transform real estate into a more digital, efficient, and accessible asset class by applying innovative technologies and business models.

Their vision is to improve the quality of life, accelerate sustainable living, and enable the decarbonization of the largest asset class in the world.

Greg is a long-standing prominent voice promoting the acceleration of positive transformation in the real estate industry. Having worked with and invested heavily in the sector (directly and indirectly), Greg founded A/O after running his own specialist real estate investment and advisory firm, AMD Capital, on the back of a deep understanding of the industry’s shortcomings as well as the realisation that the built world can be one of the most powerful vectors for change. 

Previously, Greg worked in investment banking at Credit Suisse and Citigroup, where he originated and structured over $30bn of new investments globally. Gregory holds an MSc in Business and Finance from HEC Lausanne, and has attended the London School of Economics and Harvard Business School’s executive education program.

Greg shares how he sees the real estate investing industry evolving and what he thinks will be the biggest change in the next 12-24 months. He discusses his investment thesis and some companies that fit the thesis.

You can visit A/O Proptech at www.aoproptech.com, on LinkedIn at www.linkedin.com/company/aoproptech, and on Twitter at www.twitter.com/AOProptech

Greg can be contacted at gd@aoproptech.com, on LinkedIn at www.linkedin.com/in/gregory-dewerpe-456b47/, and on Twitter at www.twitter.com/gdewerpe.  

_____________________________________________________________________

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

Diligencing the Use of Funds

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

In diligencing the startup’s use of funds, check the following points:

  • How much is spent on compensation?
  • Is it appropriate for an early-stage company?
  • How much is spent on sales, and does it align with the company’s sales strategies?
  • How much is spent on marketing, and what assurance is there that the funds will be well deployed?
  • How many new hires are being brought on, and when?
  • How does this affect the company’s cash position?
  • Does the plan miss any important requirements, such as filing full patents on the provisionals?
  • Does the spend match with the growth strategy, and are the investors and team aligned on that strategy?

It’s often the case the investors want one growth plan, and the startup wants to pursue a different one.

Gaining alignment upfront on these issues prevents problems in the future.


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.
___________________________________

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

On this episode of Investor Connect, Hall welcomes Donna Harris, Founder and CEO at Builders + Backers. 

Founded in 2020 and headquartered in Arlington, Virginia, Builders + Backers invests in exceptional entrepreneurs who are building global-scale ventures to power an entirely different future - one where technology creates value for many instead of capturing it for a few. Builders + Backers invests in and helps create a future of Buildership™, where technologies disrupt to democratize.

With three ways to invest, their goal is to put the power of technology in the hands of more people, build up communities and create things that lead to the kind of society where prosperity is widely shared. 

Donna is the General Partner at 1776 Ventures, and a Venture Partner at Praxis. She was formerly Managing Director of the Startup America Partnership and she is on the Board of the Global Entrepreneurship Network and the Policy Council of the Economic Innovation Group. Harris holds a bachelor’s degree from Central Michigan University, an MBA from The University Michigan, and an honorary Doctor of Laws degree from American University.

Donna discusses the state of startup investing, her investment thesis, and some of the challenges startups and investors face.

You can visit Builders + Backers at www.buildersandbackers.com, on LinkedIn at www.linkedin.com/company/builders-backers, and on Twitter at www.twitter.com/buildersbackers

Donna can be contacted at donna@buildersandbackers.com, on LinkedIn at www.linkedin.com/in/dharrisindc, and on Twitter at www.twitter.com/dharrisindc

_____________________________________________________________________

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

Diligencing the Terms 

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

In diligencing the startup’s term sheet, check the following points:

Is the valuation or cap rate appropriate for the stage of the company? 

If it’s out of line, then other terms such as liquidation preferences may be needed.

What dilution will the investors go through, such as options pools and follow-on funding?

It’s important to understand who pays for the options pool -- the founders, the investors, or both.

What rights do the investors have over employee compensation, follow on funding, exits, and other major decisions?

The investors need a say in how the company is managed with regards to compensation and raising additional capital. 

What rights do the investors have for participating in future rounds of funding?

For the deals with big return potential, the investors need the right to participate in follow-on rounds.

Are there any redemption rights or dividends in the deal by other investors?

It’s important to know what rights other investors may have over the company’s cash.

Check these points and how they will impact the return.


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.
___________________________________

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

Diligencing the Legal Issues

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

In diligencing the startup’s legal documents, ask the following questions:

For the intellectual property, ask what was filed and when?

Did they file a provisional patent or a utility patent?

It takes three years from the date of filing for the patent to be approved, so it most likely will not have been awarded yet. 

Have there been any office actions yet?

The Cap Table represents the result of the term sheet and other documents related to ownership.

Review the term sheet to see if there are any unusual clauses.

What third-party contracts have been signed?

What obligations do those agreements require?

Check the employment agreements. 

Has every employee signed a non-disclosure and non-compete agreement?

Are there any outstanding lawsuits against the company? 

If so, what is the dollar amount involved?

Most startups do not focus much time on the legal aspects, so it’s important to check.


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 

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

On this episode of Investor Connect, Hall welcomes Alexander Borschow, Managing Partner at Semillero Partners.

Founded in 2015, and located in San Juan, Puerto Rico, Semillero Partners is an early-stage venture capital firm investing in purpose-driven sustainable food and food tech companies. Investing in these sectors will empower a new generation of entrepreneurs working to create the companies of our future while generating long-term value for society and stakeholders. Our current food system is neither sustainable, equitable, or healthy. Semillero Partners are committed to changing that. The team has been managing investments together for 6+ years, has $50MM+ in AUM, and is investing from its second fund.

Alex comes from a family of successful and visionary entrepreneurs, with his father, Jon, leading Puerto Rico’s largest healthcare logistics and distribution company for over 35 years and his brother, Jason, founding Abarca Health, the leading healthcare IT company on the island since 2008.

Alex started his career as an analyst on the equity derivatives institutional sales team at BNP Paribas in 2006, and in just five years, he rose to become the youngest Director in the history of the New York office and head of OTC sales for the US and Canada. Prior to co-founding Semillero Partners, Alex was the Director of Finance for Eataly USA.

Alex has been evaluating and investing in food and food tech ventures for the past 10+ years, investing in over 10 companies. 

A graduate of the Massachusetts Institute of Technology, Alex earned an MBA from the MIT Sloan School of Management along with a Certificate in Sustainability with a focus on Food Systems. He also holds a degree in Chemical and Biological Engineering from MIT with a Minor in Management. Alex serves on the Board of Directors of Seal the Seasons, Gfree Foods, Biomass Green Fuels, and the Board of Foundation for Puerto Rico, a non-profit dedicated to developing sustainable economic development strategies for Puerto Rico.

On a personal note, Alex is married to Mariella Danspeckgruber. They met when she was the manager at Cherry Grove Farm, an award-winning cheese farm in Lawrenceville, New Jersey. They are passionate foodies who love to cook, surf, travel, and ski together. They have two daughters and live together in San Juan, Puerto Rico.

Alex shares what excites him now in the sustainable food industry, advises entrepreneurs and investors, and shares his investment thesis.

You can visit Semillero Partners at www.semilleropartners.com, and on LinkedIn at www.linkedin.com/company/semillero-partners-llc.

Alex can be contacted at alex@semilleropartners.com, on LinkedIn at www.linkedin.com/in/alexanderborschow, and on Twitter at www.twitter.com/alexborschow

________________________________________________________________

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

Diligencing the Team for Skills

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

In diligencing the team, here are some key areas to check:

Sales skills -- the CEO and others must be able to sell their product or service.  

In the early stages of a startup, there won’t be a dedicated sales force, and everyone on the team must be able to sell.

Technical skills -- the CEO and the team must be tech-savvy as they will be building products and selling customers around that technology.

Those who don’t understand their technology will have a hard time convincing others of its worth.

Customer awareness -- the CEO and the team must know their customers well, including their problems, their budgets, and their careabouts.

I find one of the biggest indicators of success is how well the team knows their customer. 

Market awareness -- the CEO and the team must know their market well.  

This goes beyond just the general size and growth rates of the market and includes knowledge of key players in the market.

Competition awareness -- the CEO and the team must know who their direct competitors are and have some idea of the competitors’ strengths and weaknesses.

Before investing in a startup, check on these points.

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 

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

On this episode of Investor Connect, Hall welcomes James Wagoner, CEO at Joule Case.

Joule Case is a portable power station that replaces gas generators and provides power wherever the power grid is unavailable or unreliable. Joule Case has developed a patented alternative energy technology solution that will make it the standard oil of the green revolution. 

Joule Case provides innovation in a largely stagnant battery market, replacing noxious generators with clean, safe, cost-efficient renewable power in the fast-growing event-power industry with music festival partners like Burning Man and Electric Daisy Carnival (EDC). 

James builds teams, manages resources, and aligns with the long-term vision. As a licensed professional engineer with years of developing technical projects and products, he comes from a technical background and understands the importance of people for any large technical project, product, or organization. James excels at building rapport and aligning incentives to unify diverse teams and organizations. Throughout his career, he drives for a better, greener world through technology development and implementation. He enjoys both professional and personal challenges, such as climbing Mt. Rainier and cycling from San Francisco to LA.

James discusses running a business in the energy industry and shares some of the challenges startups face. He speaks about potential rewards and mentions the differences between his company and competitors.

You can visit Joule Case at www.joulecase.com, on LinkedIn at www.linkedin.com/company/joule-case/, and on Twitter at www.twitter.com/joulecase.  

James can be contacted at jamesw@joulecase.com, and on LinkedIn at www.linkedin.com/in/jameswagoner3

_____________________________________________________________________

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

Diligencing the Financials

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

In diligencing the startup’s financials, ask the following questions:

What is the key assumption behind the financials?

Does it assume a product will reach the market at a specific time?

Does it assume we’ll have hired new team members by a certain date?

What funding does the plan assume?

What price and unit volume were used to set the sales forecast?

How do the margins compare to similar companies? Are they in the same ballpark?

What salaries are forecasted, and are they reasonable for this stage of business?

How will the funds be used?

How detailed are the numbers? Is everything rounded up to the nearest thousand dollars, or does it demonstrate specific knowledge of costs?

Big round numbers signal a swag.

What is the cash runway shown by the financials?  

What does the debt, credit card debt, and unpaid expenses add up to?

The financials tell you, the investor, what the startup knows and is thinking. 


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 

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Direct download: Diligencing_the_Financials.mp3
Category:general -- posted at: 6:00am CST

Diligencing the Customers in the Market

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

In diligencing the customers in the market, check for the following:

  1. Who is the target customer?  
  2. What is the ideal customer profile?
  3. What is the customer acquisition strategy and cost?
  4. Do they have a standard process for acquiring customers?
  5. For pre-revenue companies, what is their go-to-market strategy?
  6. Have they priced their product appropriately for the target market and channel?
  7. Check their Cost of Customer Acquisition vs. Lifetime Value number. Is it better than 1:3?
  8. How many new potential customers are coming into the market?
  9. Are there high switching costs that must be overcome for customers to engage the company’s product?
  10. Does the ideal customer already have a budget set aside for the product, or do they need to find a budget for it?
  11. Is there any virality built into the product or the business model?
  12. What is the channel through which the company contacts customers -- web, direct, partners, or other?

From these points, you can learn more about the customers for the target startup and how strong they are.


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 

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

This is the Investor Connect KiwiTech 2022 podcast series. In this series, we discuss trends and topics in the startup world.

I hope you enjoy this episode.
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Thank you for joining us for the Investor Connect KiwiTech 2022 podcast series.

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

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Diligencing the Competition

In diligencing the competition, check to see how well the startup knows its competitors.  

Do they know what the competitors offer, how they price it, and what their advantage is over that competitor?

Even if the startup tells you there's no competition, rest assured there is.

Sometimes competition is for the customer to do nothing or do it themselves.

The company's product must be compelling enough to cause the customer to switch.

Research the competitors for size of company, position in the market, as well as the price they offer.

Check to see how fast competitors bring new technologies and products to the market.  

Check to see if the intellectual property of the startup provides a true competitive advantage.

I define competitive advantage as it gives the company 30% more revenue or 30% reduced cost over the competition.

Check to see how easy it is to move from the startup's product to a competitor's product.  

For startups who claim a "first-mover advantage", ask what prevents the customer from switching later.

In talking with customers of the company's product, you can learn what feature caused them to buy the company's product which tells you the company's positioning.

Competitors are a good indicator of the market, and much can be learned from them.



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/ 
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Direct download: Diligencing_the_Competition.mp3
Category:general -- posted at: 6:00am CST

Diligencing the Demand

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

In diligencing the demand for a startup’s product, here are some key points to check:

Is the product a nice to have or a must-have?

For customers buying the product, assess their budgets. Do they have deep pockets, or do they have average pockets?

Assess their place on the technology curve. Do they lead the way, or do they follow the masses?

Ask similar companies what they think about the product and if they would buy it. If no, ask why?

From this information, you gain an understanding of how well the product works and how customers view it for their business. 

You can then estimate the serviceable market size for the product. 

Contact existing customers and ask about their need for the product and how well it works for them.

This is particularly important for freemium products in which the user is not a paying customer. 


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/ 
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Category:general -- posted at: 6:00am CST

On this episode of Investor Connect, Hall welcomes Olivia Kim, Principal at GingerBread Capital.

GingerBread Capital invests in the next generation of female founders leading high-growth businesses and aims to encourage and support other women in doing the same.

They invest across a variety of industries and business models and are generally stage-agnostic, typically investing at the Series A-C stages, but also looking to selectively and opportunistically make earlier bets as well. They seek to co-invest and participate in deals alongside a lead investor and will typically continue to follow on in subsequent rounds. Additionally, GingerBread Capital has also invested in a number of funds that are led by a female and/or diverse GP, as the team firmly believes that increasing the diversity of both the founder and funder communities is necessary for creating a more equitable, efficient, and successful venture ecosystem. 

Olivia joined the GingerBread Capital team in 2019. She strongly believes that increasing diversity in both the founder and funder communities is vital to fostering ideas and businesses that can help solve the evolving challenges facing consumers and businesses today.

Previously, Olivia served on the investment team at Luminate Capital Partners, a San Francisco-based private equity firm focused on enterprise software investing. She began her career in the Technology, Media, and Telecom Investment Banking group at Bank of America Merrill Lynch in New York City. Outside of work, Olivia previously served as the Chair of the Vetting Committee of Spark SF, a non-profit organization committed to advancing gender equality by engaging its members in accessible forms of philanthropy. Spark SF awarded small grants to grassroots women’s organizations globally, before being acquired by Global Fund for Women.

Olivia is a San Francisco native and graduated from Barnard College of Columbia University with a BA in Economics and a minor in Political Science.

Olivia delves into what excites her now and discusses the state of startup investing. She speaks about some of the startups that fit her investment thesis and some of the challenges they face. 

You can visit GingerBread Capital at www.gingerbreadcap.com, on LinkedIn at www.linkedin.com/company/gingerbreadcapital, and on Twitter at www.twitter.com/GingerBreadCap

Olivia can be contacted at olivia@gingerbreadcap.com, and on LinkedIn at www.linkedin.com/in/olivia-kim

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

Diligencing the Technology

Diligencing the Technology

In diligencing the technology in a startup, here are some key questions to ask:

How many of the tech modules have been completed and how many more must be completed before going to market?

Does the technology provide a substantial advantage over the competition?

One way to check this is to see if it provides a 10X improvement over the current technologies.

Does the technology architecture scale?

Is there a roadmap for the technology and how to grow it?

Who on the team owns the technology and the roadmap? 

Do they work in the company, or is that outsourced?

What other platforms does the startup's technology rely on? Does it rely on Google, Facebook, or other platforms that can change?

How does the startup protect their technology -- trade secrets, patents, or others?

A new technology wave comes out every 3 to 5 years. How long before this technology is obsolete?


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.
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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/ 
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Direct download: Diligencing_the_Technology.mp3
Category:general -- posted at: 6:00am CST

Diligencing the Team

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

In diligencing a startup for investment, the team is one of the most critical factors and the one that is most often overlooked by investors.

I see investors focus on the product, the market, and the competition and ignore the team assuming every skill is at the ready.

The first and most important characteristic to look for in the team is integrity.

If the team doesn’t have integrity, then nothing else will matter.

The next is tenacity. Most startups fail because the team got bored with the project and found some other shiny new thing to work on.

Next, assess their knowledge of the market. I see many CEOs pursue startups in a “hot” space in which they know very little.

The ones who succeed know the market well and in particular, know the customer very well. 

This is important because it accelerates the path to product-market fit. 

Finally, look for a CEO who can inspire confidence and has more than just confidence in himself.

Startups require confidence such that they can recruit employees and convert customers.


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

Check out our other podcasts here: https://investorconnect.org/ 
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Direct download: Diligencing_the_team.mp3
Category:general -- posted at: 6:00am CST

On this episode of Investor Connect, Hall welcomes Gerald Gallagher, Venture Capital Manager at Healthworx.

Healthworx is a $100M healthcare fund that operates at the intersection of healthcare and innovation by creating, co-creating, and investing in Series A and B startups to improve healthcare quality, accessibility, and affordability. As the innovation and investment arm of CareFirst of Maryland, Inc., Healthworx envisions a healthier future for all people by changing the way health works.  

Gerald is a venture capital investor and attorney and has been on all three sides of the venture ecosystem: startup, investor, LP. He invests in fintech, insurtech, and digital health and is Interested in helping brilliant people solve big, complicated problems. Gerald is experienced in managing teams, projects, and accounts in client-facing roles. 

Gerald advises investors and entrepreneurs and shares some of the challenges they face. He discusses his investment thesis and the state of startup investing.

You can visit Healthworx at www.healthworx.com, and on LinkedIn at www.linkedin.com/company/hwx.

Gerald can be contacted at gallaghgsc@gmail.com, on LinkedIn at www.linkedin.com/in/gerald-gallagher, and on Twitter at www.twitter.com/thatgerald

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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/ 
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For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

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Direct download: Gerald_Gallagher_of_Healthworx.mp3
Category:general -- posted at: 6:00am CST

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