Buddy Media co-founder and angel investor Mike Lazerow discusses their angel investing track record and investment framework.
Assertion Not checkable as stated
Google offered $100 million more than Salesforce to acquire Buddy Media
“We had, I don't, I've never told this story publicly, but we had a term sheet from Google There was a hundred million dollars more than Salesforce.”
Insight
Mike Lazerow: Board decks are completely useless outside of financial data
“And so board decks are very useless other than the financials, because it doesn't really tell a story. If you can't sit there and communicate what you're doing, why you're doing, what are the top three areas of focus, why those areas of focus are so important,…”
Insight
Mike Lazerow: Boards tolerate bad news, but surprises permanently destroy trust
“I think we realize that people in general are okay with bad news, especially these days, right? But even then, like, they're fine with bad news. People hate surprises. So if they think things are going this way, but they're actually going this way, that just, …”
Assertion Not checkable as stated
Buddy Media reached $50 million annual recurring revenue in three years
“We were the fastest at the time, like the fast growing company to reach fifty million in like annual recurring revenue. It took us three years on the back of Facebook.”
What-if
Mike Lazerow: Buddy Media would have struggled without the Salesforce acquisition
“It turned out that if we hadn't done that deal, I think, like, I haven't talked about this publicly either, I think we would have had a hard time as a business.”
Assertion Not checkable as stated
Advertisers spent over $1 billion on Facebook through Buddy Media's platform
“Their advertisers were spending at the time, it was early, over a billion dollars with fail, with Facebook through our platform, right?”