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 13 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
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.”
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…”
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 …”
Lefcourt: Founder experience is the best preparation for seed investing
“If you're going to be a seed stage investor, there's nothing like having founded a company, right? Walked a million miles in their shoes. Or if you're maybe even going later stage, I would say just operate and operate well and take those learnings to becoming …”
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.”
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.”
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…”
Lefcourt: The bar to secure Series A funding has risen
“That the bar is higher now to get your Series A.”
Lefcourt: Early-stage startups should target 18 to 24 months of cash runway
“So I know if I wrote a check today, I want to make sure that that team has enough cash to make it at least 18 months, and ideally two years.”
Lefcourt: Time is the main constraint for seed startups reaching Series A
“The thing that I think matters the most in startups of getting from sort of seed stage to A is time. I've never met an entrepreneur who doesn't say, God, if I just had another six months, right? Because time's the thing that kind of bites you in the ass every …”
Lefcourt: Modern seed rounds are equivalent to historical Series A rounds
“I just think what used to be called Series A is now called SEED.”