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Janz: Founders raising at high valuations must maintain disciplined burn rates

Christoph Janz · 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To? · Nov 24, 2021 · at 23:51

Christoph Janz is General Partner at Point Nine. He discusses how early-stage founders should manage cash deployment when capital is abundant.

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“So I think one of the best things you can do as a founder in this environment is raise a lot of money at a very high valuation, but don't use it, or at least don't spend it faster than you would if the money had been much harder to raise.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

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Janz: Founder quality matters more than market size at seed stage
“I think if you have a great team in a really, really bad market, there is a good chance that they will still turn it into like some decent level of success, or maybe they can pivot into a better market. So I think the team is the more important factor of the t…”
Christoph Janz Nov 24, 2021 ▶ 12:32 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To?
Disclosure
Christoph Janz: Point Nine's best investments were in unfamiliar sectors
“Some of the best investments that we've made at .9 or that I personally made as an angel investor were probably in spaces where I didn't know too much about it.”
Christoph Janz Nov 24, 2021 ▶ 14:52 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To?
Assertion Supported
European enterprise software investors universally passed on Zendesk's early rounds
“Everybody in Europe, Who knew anything about enterprise software looked at Zendesk and passed because there were plenty of reasons why this would never work.”
Christoph Janz Nov 24, 2021 ▶ 15:04 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To?
Assertion Not checkable as stated
Christoph Janz: Early-stage venture deals in 2021 close within a week
“Totally unbelievable today with the current pace in this environment where everything gets done in a week, right?”
Christoph Janz Nov 24, 2021 ▶ 6:59 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To?
Disclosure
Janz: Point Nine does not expect market size clarity at seed stage
“It doesn't mean that we want or expect to have clarity on the market size by the time we invest. I think we've learned like many other investors that it's really, really hard to predict a market size”
Christoph Janz Nov 24, 2021 ▶ 12:50 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To?
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Christoph Janz: Right SaaS pricing unlocks new customer acquisition channels
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Christoph Janz Nov 24, 2021 ▶ 16:06 20VC: The Contentful Memo: Point Nine's Christoph Janz on The Cold Email That Led to a Unicorn Investment, How To Approach Market Sizing and Timing & The Pros and Cons of Pre-Emptive Rounds, When To Do Them vs When Not To?
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