The Ledger
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Novick: Sometimes product-market fit happens because the market comes to you
“And what people don't talk about a lot in ventures, sometimes you don't necessarily get the product market fit. The market comes to you. And we just saw that with AI, where the market has changed, like the trend has changed a lot. And suddenly a bunch of compa…”
Novick: Founders should raise maximum capital when they have momentum
“I often encourage founders to raise as much as they can when they've got something going for them.”
Novick: Raising capital on a dream is a founder's easiest fundraising round
“And I think raising capital on the dream is probably one of the easiest rounds you're ever going to have, right? To raise as a founder.”
Novick: Founders should raise 24 to 36 months of flat-revenue runway
“I encourage my founders to try to take money for at least 24, if not 36 months of runway, assuming that there is no significant increase in revenue.”
Novick: The venture capital industry is on the brink of shrinking significantly
“I think we're looking at the industry that's on the brink of shrinking in a significant way. First of all, there's been too much capital that was pumped into this asset class, especially during the Zurb sort of heydays of 20, 20, 20, 21, 22, and some of that c…”
Novick: AI companies are growing revenue faster than SaaS companies ever did
“So AI companies are actually growing faster in revenue compared to SaaS companies, which I would say SaaS was the last big sort of trend in tech, which obviously still continues.”
Novick: Many venture funds are zombie funds lacking capital to deploy
“A lot of funds are zombie funds. You don't even know who has capital and who doesn't.”
Novick: Pre-seed founders waste time pitching Series A and Series B VCs
“One of the biggest mistakes I see founders do is they're very early, I'd say, precinct and seed, and then they go in and talk to a series A, series B VC. And these guys end up sucking a lot of time for them because they want to know and learn about the busines…”
Novick: VC and founder interests often diverge at later stages
“VCs and founders are not always a hundred percent aligned, so being ahead of the curve in the sense of, like, understanding where VCs are coming from is very helpful for founders Especially later stages, especially when you try to effectively manage your board…”
Novick: AI-first companies will scale into larger businesses faster than predecessors
“We're going to have bigger companies faster than we had before. And I think they're going to potentially be, again, much more efficient because they're AI first and they're also operating with all those, like, Cutting edge AI tools, and that would create a ver…”
Novick: Recursive Ventures ignores cold outreach, requiring warm network introductions
“I don't really respond to cold calls because honestly, I get too many of them, especially if founders in my very extensive portfolio, again, over a 150 companies or people that I've worked with in the past, that would be the best way to get a hold of me.”