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.

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why aren't all 12 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

Prediction Held up
SV Angel Refuses Board Seats to Maintain Founder Alignment
“We also don't take board seats. We think that, you know, we always want to align ourselves with founders and be the advocate for them. We think that at some point in the business boardroom will get contentious and founder will, and the board won't agree on som…”
Topher Conway Feb 13, 2017 ▶ 14:17 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
SV Angel Is Valuation and Ownership Insensitive at the Seed Stage
“So we don't really think about it That much at all. Unless it's something totally out of whack or, you know, out of line with where the company is in the founder's background, that's probably the only time that it'll really play into our decision. Other than t…”
Topher Conway Feb 13, 2017 ▶ 16:20 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
SV Angel Flags Deals if Valuation Talk Exceeds Five Minutes
“You know, if we spend more than, you know, we've always had this kind of internal rule is if, You know, if we spend more than five minutes talking about valuation with a founder, then something's wrong. Something's awry there.”
Topher Conway Feb 13, 2017 ▶ 16:46 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
SV Angel Sees a 40% Portfolio Failure Rate
“We have about 40% of our portfolio goes out of business and that's fine.”
Topher Conway Feb 13, 2017 ▶ 9:14 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Insight
Startups Should Wait Until Post-Seed to Construct Formal Boards
“You can always bring on angel investors and advisory board members earlier on in the life cycle of the company, but when it comes to really constructing a board, you know, doing that post series seed going into the series a, you know, that's probably when it's…”
Topher Conway Feb 13, 2017 ▶ 15:42 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Insight
Valuation Caps Do Not Matter for Breakout Venture Hits
“You know, if the company's, if it's going to be a big, successful company, you know, if you're investing at a six million cap or an eight million dollar cap, it doesn't really matter.”
Topher Conway Feb 13, 2017 ▶ 16:35 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Opinion
The Series A Crunch Was Overall Healthy for the Startup Ecosystem
“And, you know, one of the byproducts was it really forced companies to focus on their core metrics. What really happened in the, over the last couple of years is, you know, series a investors and B started really focusing on, you know, is this a good business?…”
Topher Conway Feb 13, 2017 ▶ 17:58 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
SV Angel Receives 8 to 15 Referred Deals Daily
“We see on average eight to 15 companies per day referred to us all from within our network.”
Topher Conway Feb 13, 2017 ▶ 5:37 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
SV Angel Writes $100K–$200K Checks and Never Leads Rounds
“Like I said, our checks are smaller. They're a hundred to 200 K checks. So we rely on all the other investors to participate in the round. We never lead rounds ourselves.”
Topher Conway Feb 13, 2017 ▶ 11:14 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Assertion Supported
Conway Claims eCal Created YouTube's First Real Episodic Content
“We made shows for YouTube. It was the first real episodic content on YouTube.”
Topher Conway Feb 13, 2017 ▶ 3:46 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
SV Angel Intentionally Reduced Its Fund Size to Write $100K Checks
“And for us, that's our latest fund. We actually reduce the size of it so that we have the flexibility to invest whether it's pre-seed or seed, you know, so we can make that 100,000 dollar investment where it's really just the founders that we, that we're inves…”
Topher Conway Feb 13, 2017 ▶ 7:38 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
Disclosure
Conway Made His First Angel Investment in Napster in Eighth Grade
“My first angel investment was when I was in eighth grade. It was in a company called Napster.”
Topher Conway Feb 13, 2017 ▶ 3:02 20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel
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