Cowboy Ventures

“There was some now famous research done by Cowboy Ventures into outstanding VC-backed startups, and they found that 0.02% of VC-backed startups become unicorns, and our own research suggests that only about 10% are ever on escape velocity trajectory or above t…”

“Interesting corollary from the same Cowboy Ventures research that 90% of unicorn teams had worked together previously, and the average age of a founder was 34.”

“Cowboy Ventures also found, and I'm plagiarizing their stuff that once they were in the Unicorn Venture, 90% of those startups never pivoted, and a hundred percent of those startups were always above the Mendoza line, the escape velocity trajectory.”

“Well, Series A's we're going to be back to eight to twelve million dollars, and Series A valuations will be back to 20 to 35, 40 pre. And B's will be back to a hundred pre, instead of four or 500 pre.”

“I think like once you're past post-series B, that's when you're having the conversation about at your board, with your board and then your investors about path to profitability, I would say.”

“Right now we're seeing a lot of seed extensions. We're seeing a lot of seed founders who are sending us decks that have a six million dollar seed raise in them. And I'll email the founder and be like, Hey, this looks really interesting. Are you still thinking …”

“Most of the time, like more than, probably 60% of the investments we've made in the past 10 years are founders who need money to build the product.”