The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 14 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Teten: Early-Stage VCs Spend 80% of Time on Deals They Reject
“One of the great frustrations of our friends who work at, ah, most other VCs at our stage is they spend 80% of their time talking with companies with whom they can't consummate an investment.”
Teten: AngelList Is Becoming the Operating System of Venture Capital
“We are certainly monitoring AngelList because there is no question that they are working up the food chain to make themselves the fundamental operating system of this asset class.”
Teten: ff Venture Capital Maintains a One-in-Six Portfolio Write-Off Rate
“We have a one out of six write-off rate, which is well below industry norms, and that attracts to us over 2000 inbound companies per year, and we filter through them for the approximately one dozen new companies per year in which we invest.”
Teten: Generic VCs Lacking Differentiation Will Struggle in Upcoming Fundraising Cycles
“The generic VC, meaning the GC that doesn't have an edge, and the conventional VC that doesn't have something special that they bring to the table, will, I suspect, find themselves challenged in the next two fundraising cycles.”
Teten: Only a Handful of VC Firms Build Full Platform Teams
“Besides us and Google ventures and Andreessen Horowitz, first round capital OpenView does some work on this area. A lot of other firms talk about it, but they've hired one or two people, right? They don't have a whole set of resources”
Teten: 12 Academic Studies Show Angel Returns Median 18% to 54%
“We have collected 12 different academic studies on angel investing, which show median returns of 18% to 54%.”
Teten: Most of the 500+ Crowdfunding Sites Will Fail
“There are also over 500 crowdfunding sites, and most of them will fail, so we're glad we invested in one of the clear winners of that game.”
Teten: ff Venture Capital Is Largest East Coast Seed Fund by Headcount
“FF Venture Capital is, we believe, the largest by headcount seed-focused VC on the East Coast.”
Teten: Algorithmic Deal Sourcing Will Grow but Never Replace Traditional Methods
“So it will be a, an increasingly important tool in the VC's toolkit. But it will never be the only tool.”
Teten Predicts Market Downturn Will Shrink Non-Core VC Platform Teams
“When the market turns down, which it will, I think you will see some shrinkage in this model by the people who are not fully dedicated to it and who haven't built it out as a core part of their business.”
Teten: Cash Returns in Early-Stage VC Take at Least 10 Years
“And in the best case scenario, it can take 10 years to actually see cash returns.”
Teten: ff Venture Capital Employs Nine Accountants Providing Startup CFO Services
“We have a team of nine accountants who provide outsourced CFO services to our companies.”
Teten: ff Venture Capital Uses Addepar to Run Its Back Office
“We not only invested but became a client. We run part of our back office on Adapart because we, of course, own interests in about 80 different companies with lots of different types of securities and amounts and so on, and we need some mechanism to track all o…”