Gil Penchina, founder of Flight.vc, discusses his experiences fundraising and evaluating venture capitalists based on whether they follow through on offers to assist entrepreneurs.
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“The average VC ignores that email because they were selling, they weren't actually promising, you know, and the worst VCs will actually just tell you like, no, I'm not going to help.”
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More from Gil Penchina
Opinion
Gil Penchina: Negotiating annoying terms is the primary VC profession
“I get a lot less excited about negotiating annoying terms and things like that, which is sort of the primary VC profession, it seems.”
Gil PenchinaFeb 8, 2016▶ 4:2220VC: Gil Penchina on Building The World's Largest AngelList Syndicate with Flight.vc
Opinion
Gil Penchina: AngelList syndicates are community-driven, not institutional financiers
“And so it's really more of a community. Of people helping people than it is professional financiers trying to make money for, you know, Oxford and Harvard and Princeton's endowments.”
Gil PenchinaFeb 8, 2016▶ 4:4720VC: Gil Penchina on Building The World's Largest AngelList Syndicate with Flight.vc
Insight
Gil Penchina: Entrepreneurs evaluate founders better than spreadsheet analysts
“The best judges of entrepreneurs tend to be former entrepreneurs or current entrepreneurs, you know, and not spreadsheet jockeys.”
Gil PenchinaFeb 8, 2016▶ 14:3520VC: Gil Penchina on Building The World's Largest AngelList Syndicate with Flight.vc
Insight
Gil Penchina: Venture capital is fundamentally a game of exceptions
“You know, I think this game is a, my joke is all venture capital is a game of exceptions, right? Every deal is different. Every deal has some strange exception that you hadn't seen before.”
Gil PenchinaFeb 8, 2016▶ 11:3420VC: Gil Penchina on Building The World's Largest AngelList Syndicate with Flight.vc
Disclosure
Flight.vc secures pro rata rights in 80% to 90% of deals
“So I would say we insist on it to a point, and probably 80 or 90% of our deals at Perrada would be my guess, but we're also not rule-driven, inflexible bureaucrats, so if there's a reason why it doesn't make sense, you know, we'll work through it with people.”
Gil PenchinaFeb 8, 2016▶ 11:4420VC: Gil Penchina on Building The World's Largest AngelList Syndicate with Flight.vc
PredictionDidn’t hold up
Gil Penchina: Flight.vc aims to become a mainstream consumer retirement platform
“My dream is that we'd be buying a 32nd ad on your show talking about our family of funds, and, you know, we'd have, you know, ads in a magazine just like Fidelity and Vanguard do, and we would become one of those places where consumers invest to, help them, he…”
Gil PenchinaFeb 8, 2016▶ 15:0920VC: Gil Penchina on Building The World's Largest AngelList Syndicate with Flight.vc
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