Assaf Wand is the founder and CEO of Hippo. He discusses fundraising mechanics and tactics with 20VC host Harry Stebbings.
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“The time value is always in the benefits of the fund and not of the founder, and because of that, I think when you're doing a fundraising, it needs to be a condensed blitz and have 20, 30 meetings in that week, see what's going on, push it to the next level.”
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Insight
Wand: VCs undervalue InsurTechs because they misunderstand insurance de-risking mechanics
“VCs don't really understand insurance. So they don't understand the risking that was done behind the scene. To lower the risk and actually bring you to have a customer. They don't understand how you manage your claims, and what you've done on the reinsurance, …”
Assaf WandJan 18, 2019▶ 9:1320VC: Why Every Company Looks One Round Earlier Than It Should Be, Why Investors Don't Understand Term Sheet Psyche & How The Brand Behind The Investor Can Overweight The Attention Their Opinion Is Given with Assaf Wand, Founder & CEO @ Hippo
Opinion
Wand: Not a single top VC fund truly understands Hippo's business
“There's not a single top fund that truly understands what the hell am I doing?”
Assaf WandJan 18, 2019▶ 10:1320VC: Why Every Company Looks One Round Earlier Than It Should Be, Why Investors Don't Understand Term Sheet Psyche & How The Brand Behind The Investor Can Overweight The Attention Their Opinion Is Given with Assaf Wand, Founder & CEO @ Hippo
Insight
Wand: Startup boards overweight top VCs' opinions based on brand, not merit
“Usually, if there is a partner from a top fund, there is a tendency to give overweight to his idea and decision point, where it's not substantiated by the merit of his idea, but just rather from the fact that he came from Sequoia, he came from Benchmark, he ca…”
Assaf WandJan 18, 2019▶ 11:2120VC: Why Every Company Looks One Round Earlier Than It Should Be, Why Investors Don't Understand Term Sheet Psyche & How The Brand Behind The Investor Can Overweight The Attention Their Opinion Is Given with Assaf Wand, Founder & CEO @ Hippo
Insight
Wand: Modern data sources give insurtech startups an advantage over legacy carriers
“Data, if anything, it flips. So I'm actually an advantage. I don't have just ten million customers in the US data. I have a hundred million customers data. I have more data that I can actually use. I have more data components that keep on popping every day. I …”
Assaf WandJan 18, 2019▶ 6:2220VC: Why Every Company Looks One Round Earlier Than It Should Be, Why Investors Don't Understand Term Sheet Psyche & How The Brand Behind The Investor Can Overweight The Attention Their Opinion Is Given with Assaf Wand, Founder & CEO @ Hippo
Insight
Wand: Startups must gain distribution faster than incumbents achieve innovation
“Because in essence, the fight that you have of incumbents versus startup is a startup needs to reach the distribution faster than an incumbent can reach the innovation.”
Assaf WandJan 18, 2019▶ 21:5720VC: Why Every Company Looks One Round Earlier Than It Should Be, Why Investors Don't Understand Term Sheet Psyche & How The Brand Behind The Investor Can Overweight The Attention Their Opinion Is Given with Assaf Wand, Founder & CEO @ Hippo
Insight
Wand: InsurTech startups look one funding round earlier than they actually are
“In general, what happened, and this is my view for InsurTech, is There's a lot of interest and demand, and a lot of players actually wants to do something in this field. However, every company looks one round earlier than it should be. What I mean is that a co…”
Assaf WandJan 18, 2019▶ 8:2120VC: Why Every Company Looks One Round Earlier Than It Should Be, Why Investors Don't Understand Term Sheet Psyche & How The Brand Behind The Investor Can Overweight The Attention Their Opinion Is Given with Assaf Wand, Founder & CEO @ Hippo
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