The Ledger
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Founders do not need initial passion for their startup idea
“So I don't think you need to be passionate about an idea in the beginning, which is sort of controversial in my opinion, but you actually do see founders grow into something.”
Y Combinator is the exact opposite of proprietary deal flow
“So, YC, in a lot of ways, exact opposite of proprietary deal flow. Everybody talks about proprietary deal flow like having something unique, and YC is a public demo day where everybody in the Valley is invited, and so, in a lot of ways, it's antithesis to a lo…”
YC yields a constant number of good deals regardless of batch size
“I think what we have seen is there's a certain number of good deals per batch, regardless of batch size.”
Perceived YC quality decline stems from international deals US VCs cannot fund
“What has gone up is YC has done more international deals. So from a lot of VC's perspective, those deals are just not doable. And so the batch size has, let's say, another 20 or 30 African Indian deals. I don't think those are bad companies, and some of them a…”
Liquid 2 partners get one unilateral 'silver bullet' deal per year
“Silver bullet is any, at any point in time, individual partner says, I just want to do this deal. They get one per year, and they don't need anybody else to vote on it. Otherwise, usually it's majority vote.”
The best micro VCs reserve 75% of capital for follow-on investments
“Typically for micro-receives, I'd say in industry, it's like fifty-fifty, 50% out of fund, 50% on the back end. I'd say the best funds are doing like something like three to one with three being the follow on. I'd say first round poly is doing that. Like some …”
VCs should avoid seed extensions because bridge rounds rarely succeed
“But in general, I think you should stay away from it from the VC standpoint. Just to, they just tend to go nowhere, like Maple said.”
Liquid 2 Ventures skips seed extensions to re-invest at Series A
“Generally, we say we stay out of seat extensions and during the A, we think the lead is going to be the signal anyway. So that's when we'll come back in.”
Aspiring VCs can perform analyst duties before getting hired
“I mean, it's actually possible for you to basically act like an analyst associate at a fund without getting a job. You can meet with founders. You can write market maps. You can basically do the job. You can send over these deals to VCs, and you'd be surprised…”