Thesis And Presentation

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No. Most government backed VCs massively underperform because the government's objectives are often mis-aligned with the VC (to preform really well). Also, the government's bureaucracy and processes force the GP to dedicate an enormous a...

 -  Mike Suprovici
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Thesis And Presentation

Team slide for solo GPs

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Aug 04, 2023

For the purposes of presentation completion for the upcoming review, do you expect solo GPs to have confirmed non-GP team members on the Team slide or is it sufficient to have one individual, the GP, on the Team slide?

Top answer:

Don't put people in your team slide that are not confirmed in general. It is sufficient to have 1 individual on the team slide.

 -  Mike Suprovici
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Thesis And Presentation

Fund Presentation - Clarification on Value Add Slide

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Jul 24, 2023

What should distinguish the Value Add Slide from the Thesis Slide and the Track Record Slide, if the Value Add is already part of both the Thesis and the Track Record ?

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Value Add - Describe your value add in more detail, possibly with some examples on how you have executed in the past.  Thesis - Add your 1 sentence thesis here and nothing else. Track Record - Demonstrable stats to show your previous ...

 -  Mike Suprovici
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Thesis And Presentation

Are there any recent studies done around venture studio funds?

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Community Member
Edited by:
Community Member
on July 24, 2023
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Jul 24, 2023

Hello everyone,  Are there any expert studies published recently around sectoral trends, future prospects and potential impact of the venture studio integrated venture capital model? Something that captures emerging market trends, the impact of t...

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I used to work in a (now-defunct) venture studio, and we used to be part of the Global Startup Studio Network (GSSN), now known as Morrow. Here's a white paper published by Morrow--that, of course, will be in favor of venture studios as ...

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Thesis And Presentation

Conflict on thesis with LPs

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Community Member
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Jul 21, 2023

What should I do if an LP encourages an investment which doesn't align with the investment thesis of the fund?

Top answer:

Limited Partners are 'limited' on purpose. The limitations protect the LP, GP and the fund. If a limited partner were to make an investment decision for the fund, they would loose their limited partner protections.  To answer your quest...

 -  Mike Suprovici
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Thesis And Presentation

Fund manager base

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Community Member
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Jul 20, 2023

How important is it for fund managers to be located or based in the target geography of the investments?

Top answer:

It's a major advantage for the fund manager to be located in the target geography of their portfolio because it allows for much faster response time, it enables them to win competitive investments and it allows them to develop the necess...

 -  Mike Suprovici
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Thesis And Presentation

location of the VC fund as per VC Lab template - what if the team is distributed?

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Jun 30, 2023

• Question to VC Lab faculty and all: what if the GP team (3 partners) are residing in the following places: one in San-Francisco, the second in London, the third in Miami. Just to remind everyone, the template thesis as per VC Lab model assumes i...

Top answer:

For distributed teams, pick the country or region where most of the active team members are located and where most of the deals are being done. If one team member is likely to be the most active in the team, then you can also pick the ci...

 -  Adeo Ressi
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Thesis And Presentation

How small a niche would be exciting for LPs?

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Community Member
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Jun 30, 2023

Considering our extensive experience and connections in the blockchain industry, we are currently exploring the idea of identifying a specific metric to prioritize. In this regard, we are contemplating the potential of a particular niche. Given ou...

Top answer:

In a recent survey of limited partners, only 17% were interested in generalist VC funds. 83% of limited partners prefer specialist VC funds. The specialization is normally in an industry, such as healthcare, and also potentially a sector...

 -  Adeo Ressi
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Thesis And Presentation

What is the difference between pre seed and seed phase

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Community Member
Edited by:
Travis Giggy
on June 24, 2023
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Jun 23, 2023

Top answer:

Below are some high-level definitions with ranges. Please note that the metrics vary by region and sector. Pre-Seed Traction: Idea -> Early Signal of Product-Market Fit Product: Prototype -> Customer Product usage Team: Founders -> Cor...

 -  Mike Suprovici
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Thesis And Presentation

Which region as fund jurisdiction?

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Jun 20, 2023

Most Blockchain companies are domiciled in offshore jurisdictions. Do we choose jurisdiction, the place where the founders are living (digital nomads), or the country of origin as the place the fund is being launched for the thesis?

Top answer:

For the thesis, use the place where the fund is being launched in and where it plans to make investments. LPs generally do not like to invest in multiple countries, as funds are a pass through vehicle. Most LPs prefer to invest in a spec...

 -  Mike Suprovici
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Thesis And Presentation

Are projected returns and liquidity necessary to include in our slides?

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Community Member
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May 03, 2023

Are projected returns and liquidity necessary to include in our slides?

Top answer:

First get the story and narrative right. Then use the projections to complement the story via your Returns and Liquidity slides.

 -  Mike Suprovici
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Thesis And Presentation

Which Companies to Include in Investor Deck: Higher Multiple or Value Added Ones?

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Community Member
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May 03, 2023

If we have some companies that are doing well but we are not super active while we have added much more support to other firms who are doing well but did not have the same valuation progression, is it advisable to include the higher multiple or th...

Top answer:

A higher multiple company that's on thesis will be more attractive to an LP then one without a multiple. You should show those in your Track Record slide. Then, maybe consider using another example company in your Value Add slide.

 -  Mike Suprovici
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Thesis And Presentation

1. Can Funds Raised Cover Legal and Formation Costs Outside the 2% Management Fee?2. What's the Ideal Allocation Distribution for Pre-Seed Investments with 80% Failure, 10% 1x Return, and 10% 25x Return?

Asked by:
Community Member
Edited by:
Long Pham
on July 8, 2023
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May 03, 2023

Two quick questions 1. Are we able to use funds raised to pay for lawyers fund formation costs etc as a separate cost not associated with the 2% management fee? 2. What is the right distribution for our allocation/fund economics slides i.e. 80% wi...

Top answer:

1. Yes most LPAs have a carve out for formation 2. It really depends on your strategy. Either way you should consider showing 3 scenarios (high, medium, low)

 -  Mike Suprovici
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Thesis And Presentation

Is it Appropriate to Use Fun Nicknames for Team Members in a Professional Presentation?

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Community Member
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May 03, 2023

Guys on the Team slide is it ok to use “fun tone” giving members nicknames e.g. “truffle hunter” to who’s in charge of sourcing deals and “booster” to the one in charge of supporting companies and adding value or is it un-professional and you advi...

Top answer:

This is for LPs, some of whom have investment committees with large institutional representatives on them, which are frequently accountants. I would avoid humor, as your deck will be shared with people like this.

 -  Community Member 0
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Thesis And Presentation

Is a 5-10 MM Fund Size Suitable for Co-Investing 10-15% in Series A Rounds with 50-100 MM Funds?

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Community Member
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May 03, 2023

In my Investment Thesis the typical target is to invest in A round not as a lead but rather as a side investor with a value around 10-15% of the entire round. Am I interpreting the table correctly by giving the fund a size of 5-10 MM (which corres...

Top answer:

Generally, Limited Partners prefer if you lead rounds, as this work justifies the management fees and carry.

 -  Community Member 0
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Thesis And Presentation

Does Accelerator Program Experience Matter to LPs for Founders with 3X Growth in Startups?

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Community Member
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May 03, 2023

Keeps coming up that founder experience doesn't matter investor experience does. My experience is in running accelerator programs generating applications picking startups to participate connecting them helping them grow. Of 1500+ applications gene...

Top answer:

If you can show that you helped the companies increase their value by 3x in a short period of time, that is valuable track record. However, it is not as valuable as any investing track record.

 -  Community Member 0