Jenny Lefcourt is a Partner at Freestyle.vc. She discusses career advice for individuals looking to transition into venture capital.
Insight
Lefcourt: Lead investors do real due diligence, follow-on investors do not
“In general, I would say, The leads are usually doing a lot of due diligence, or at least enough due diligence work, and the follow-on checks are not.”
Opinion
Lefcourt: Being a VC is a cakewalk compared to founding a startup
“Those of us that have been entrepreneurs know that this is a cakewalk compared to that of being an entrepreneur. That being an entrepreneur is so intense it's amazing, but it is intense, And so as a VC, the highs are not as high, but also the lows are not as l…”
Opinion
Lefcourt: 2014 venture dealmaking pace was irrational and unsustainable
“When I joined Freestyle, deals were going so fast and furious, and I would also say, Argue that I saw a lot of stupid stuff happening, things that I could recognize because I was here in 2001 and I was here in 2008. Right. And so I've seen the downturns and I …”
Insight
Lefcourt: VCs experience 'duck syndrome,' serene above but frantic underneath
“VCs have what I call duck syndrome. It looks serene and calm. They glide on top of the water, but underneath they're paddling frantically, and I think that's honestly what's going on.”
Assertion Not checkable as stated
Lefcourt: Seed market in 2016 is calmer and more realistic than 2014
“I feel that right now it feels like a calmer, more realistic time, at least for me, and I would argue my, the, you know, the other seed investors than it did two years ago when I joined Freestyle.”
Assertion Not checkable as stated
Lefcourt: Seed investors are no longer issuing next-day term sheets
“Now I would say that that pace has calmed down, and we're probably all at that pace, meaning that you're not meeting a company and giving them a term sheet the next day, but you're making sure that you really have a good relationship with this team, that you'v…”