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jueves, enero 12, 2006

The Top Ten Lies of Venture Capitalists

Venture capitalists are simple people: we've either decided to invest, and we are convincing ourselves that our gut is right (aka, “due diligence”) or there's not a chance in hell. While we may be simple, we're not necessarily forthcoming, so if you think it's hard to get a “yes” out of venture capitalist, you should try to get a conclusive “no.”

This is because there's no upside to communicating a negative decision. Entrepreneurs will simply hate us sooner--instead the game is to string along entrepreneurs in case something miraculous happens to make them look better. (An example of a miracle would be Boeing approving a $5 million purchase order.)

Alas, entrepreneurs are also simple people: If they don't hear a conclusive “no,” they assume the answer is yes. This is an example of the kind of breakdown of communication between venture capitalists and entrepreneurs that causes much pain and frustration for entrepreneurs.

To foster greater understanding among the two groups, here is an exposé of the top ten lies of venture capitalists.

  1. “I liked your company, but my partners didn't.” In other words, “no.” What the sponsor is trying to get the entrepreneur to believe is that he's the good guy, the smart guy, the guy who gets it; the “others” didn't, so don't blame him. This is a cop out; it's not the other partners didn't like the deal as much as the sponsor wasn't a true believer. A true believer would get it done.
  2. “If you get a lead, we will follow.” In other words, “no.” As the old Japanese say, “If your aunt had balls, she'd be your uncle.” Well, she doesn't have balls, so it doesn't matter. The venture capitalist is saying, “ We don't really believe, but if you can get Sequoia to lead, we'll jump on the pile.” In other words, once the entrepreneur doesn't need the money, the venture capitalist would be happy to give him some more--this is like saying, “Once you've stopped Larry Csonka cold, we'll help you tackle him.” What entrepreneurs want to hear is, “If you can't get a lead, we will.” That's a believer.
  3. “Show us some traction, and we'll invest.” In other words, “no.” This lie translates to “I don't believe your story, but if you can prove it by achieving significant revenue, then you might convince me. However, I don't want to tell you 'no' because I might be wrong and by golly you may sign up a Fortune 500 customer and then I'd look like a total orifice.”
  4. “We love to co-invest with other venture capitalists.” Like the sun rising and Canadians playing hockey, you can depend on the greed of venture capitalists. Greed in this business translates to “If this is a good deal, I want it all.” What entrepreneurs want to hear is, “We want the whole round. We don't want any other investors.” Then it's the entrepreneur's job to convince then why other investors can make the pie bigger as opposed to re-configuring the slices.
  5. “We're investing in your team.” This is an incomplete statement. While it's true that they are investing in the team, entrepreneurs are hearing, “We won't fire you--why would we fire you if we invested because of you?” That's not what the venture capitalist is saying at all. What she is saying is, “We're investing in your team as long as things are going well, but if they go bad we will fire your ass because no one is indispensable.”
  6. “I have lots of bandwidth to dedicate to your company.” Maybe the venture capitalist is talking about the T3 line into his office, but he's not talking about his personal calendar because he's already on ten boards. Counting board meetings, an entrepreneur should assume that a venture capitalist will spend between five to ten hours a month on a company. That's it. Deal with it. And make board meetings short!
  7. “This is a vanilla term sheet.” There is no such thing as a vanilla term sheet. Do you think corporate finance attorneys are paid $400/hour to push out vanilla term sheets? If entrepreneurs insist on using a flavor of ice cream to describe term sheets, the only flavor that works is Rocky Road. This is why they need their own $400/hour attorney too--as opposed to Uncle Joe the divorce lawyer.
  8. “We can open up doors for you at our client companies.” This is a double whammy of lie. First, a venture capitalist can't always open up doors at client companies. Frankly, he might be hated by the client company. The worst thing in the world may be a referral from him. Second, even if the venture capitalist can open the door, entrepreneurs can't seriously expect the company to commit to your product--that is, something that isn't much more than a slick (10/20/30) PowerPoint presentation.
  9. “We like early-stage investing.” Venture capitalists fantasize about putting $1 million into a $2 million pre-money company and end up owning 33% of the next Google. That's early stage investing. Do you know why we all know about Google's amazing return on investment? The same reason we all know about Michael Jordan: Googles and Michael Jordans hardly ever happen. If they were common, no one would write about them. If you scratch beneath the surface, venture capitalists want to invest in proven teams (eg., the founders of Cisco) with proven technology (eg., the basis of a Nobel Prize) in a proven market (eg., ecommerce). We are remarkably risk averse considering it's not even our money.
  10. I'm at a Starbucks in Hawaii writing this blog. I've been at it for ninety minutes. I don't have my charger with me. My PowerBook is out of gas. You're going to have to be happy with the top nine lies of venture capitalists until “Dear God” ships the PowerBook Vaio.

Written at: Starbucks Ward Center, Honolulu, Hawaii.

Let the Good Times Roll by Guy Kawasaki

Blogger. n. Someone with nothing to say writing for someone with nothing to do.

 

With best regards, from consultajuridica.blogspot.com  Rodrigo González Fernandez

The Top Ten Lies of Venture Capitalists

Venture capitalists are simple people: we've either decided to invest, and we are convincing ourselves that our gut is right (aka, “due diligence”) or there's not a chance in hell. While we may be simple, we're not necessarily forthcoming, so if you think it's hard to get a “yes” out of venture capitalist, you should try to get a conclusive “no.”

This is because there's no upside to communicating a negative decision. Entrepreneurs will simply hate us sooner--instead the game is to string along entrepreneurs in case something miraculous happens to make them look better. (An example of a miracle would be Boeing approving a $5 million purchase order.)

Alas, entrepreneurs are also simple people: If they don't hear a conclusive “no,” they assume the answer is yes. This is an example of the kind of breakdown of communication between venture capitalists and entrepreneurs that causes much pain and frustration for entrepreneurs.

To foster greater understanding among the two groups, here is an exposé of the top ten lies of venture capitalists.

  1. “I liked your company, but my partners didn't.” In other words, “no.” What the sponsor is trying to get the entrepreneur to believe is that he's the good guy, the smart guy, the guy who gets it; the “others” didn't, so don't blame him. This is a cop out; it's not the other partners didn't like the deal as much as the sponsor wasn't a true believer. A true believer would get it done.
  2. “If you get a lead, we will follow.” In other words, “no.” As the old Japanese say, “If your aunt had balls, she'd be your uncle.” Well, she doesn't have balls, so it doesn't matter. The venture capitalist is saying, “ We don't really believe, but if you can get Sequoia to lead, we'll jump on the pile.” In other words, once the entrepreneur doesn't need the money, the venture capitalist would be happy to give him some more--this is like saying, “Once you've stopped Larry Csonka cold, we'll help you tackle him.” What entrepreneurs want to hear is, “If you can't get a lead, we will.” That's a believer.
  3. “Show us some traction, and we'll invest.” In other words, “no.” This lie translates to “I don't believe your story, but if you can prove it by achieving significant revenue, then you might convince me. However, I don't want to tell you 'no' because I might be wrong and by golly you may sign up a Fortune 500 customer and then I'd look like a total orifice.”
  4. “We love to co-invest with other venture capitalists.” Like the sun rising and Canadians playing hockey, you can depend on the greed of venture capitalists. Greed in this business translates to “If this is a good deal, I want it all.” What entrepreneurs want to hear is, “We want the whole round. We don't want any other investors.” Then it's the entrepreneur's job to convince then why other investors can make the pie bigger as opposed to re-configuring the slices.
  5. “We're investing in your team.” This is an incomplete statement. While it's true that they are investing in the team, entrepreneurs are hearing, “We won't fire you--why would we fire you if we invested because of you?” That's not what the venture capitalist is saying at all. What she is saying is, “We're investing in your team as long as things are going well, but if they go bad we will fire your ass because no one is indispensable.”
  6. “I have lots of bandwidth to dedicate to your company.” Maybe the venture capitalist is talking about the T3 line into his office, but he's not talking about his personal calendar because he's already on ten boards. Counting board meetings, an entrepreneur should assume that a venture capitalist will spend between five to ten hours a month on a company. That's it. Deal with it. And make board meetings short!
  7. “This is a vanilla term sheet.” There is no such thing as a vanilla term sheet. Do you think corporate finance attorneys are paid $400/hour to push out vanilla term sheets? If entrepreneurs insist on using a flavor of ice cream to describe term sheets, the only flavor that works is Rocky Road. This is why they need their own $400/hour attorney too--as opposed to Uncle Joe the divorce lawyer.
  8. “We can open up doors for you at our client companies.” This is a double whammy of lie. First, a venture capitalist can't always open up doors at client companies. Frankly, he might be hated by the client company. The worst thing in the world may be a referral from him. Second, even if the venture capitalist can open the door, entrepreneurs can't seriously expect the company to commit to your product--that is, something that isn't much more than a slick (10/20/30) PowerPoint presentation.
  9. “We like early-stage investing.” Venture capitalists fantasize about putting $1 million into a $2 million pre-money company and end up owning 33% of the next Google. That's early stage investing. Do you know why we all know about Google's amazing return on investment? The same reason we all know about Michael Jordan: Googles and Michael Jordans hardly ever happen. If they were common, no one would write about them. If you scratch beneath the surface, venture capitalists want to invest in proven teams (eg., the founders of Cisco) with proven technology (eg., the basis of a Nobel Prize) in a proven market (eg., ecommerce). We are remarkably risk averse considering it's not even our money.
  10. I'm at a Starbucks in Hawaii writing this blog. I've been at it for ninety minutes. I don't have my charger with me. My PowerBook is out of gas. You're going to have to be happy with the top nine lies of venture capitalists until “Dear God” ships the PowerBook Vaio.

Written at: Starbucks Ward Center, Honolulu, Hawaii.

Let the Good Times Roll by Guy Kawasaki

Blogger. n. Someone with nothing to say writing for someone with nothing to do.

 

With best regards, from consultajuridica.blogspot.com  Rodrigo González Fernandez

CONTRALORIA COMPLICA LA SITUACION EN AERODROMO CERRILLOS...

SE COMPLICA CAMBIO DE USO  EN LOS CERRILLOS

Controversia genera decisión de la Contraloría frente al cambio de uso de suelo del aeródromo de Cerrillos

Opiniones discrepantes tuvieron los senadores Fernando Cordero y Jaime Naranjo, ambos integrantes de la Comisión de Vivienda del Senado, tras conocer que la Contraloría General de la República no tomó razón del cambio del uso de suelo del aeródromo de Cerrillos, donde se pretende concretar el Portal Bicentenario. Cabe recordar que el pasado 6 de diciembre el Core aprobó el cambio del uso de suelo de aeronáutico a área verde y residencial, pero la federación aérea y la agrupación defendamos la ciudad cuestionaron dichos cambios, por lo que la Contraloría devolvió los antecedentes al ente regional y pidió un informe sobre la situación.

Desde el Senado, Consultajuridica.blogspot.com, Rodrigo Gonza´lez fernández

 

¿DOS BLOQUES EN AMERICA LATINA INQUIETARAN A LOS ESTADOS UNIDOS O EL MUNDO HA CAMBIADO?

LA VISION DE LOS DOS BLOQUES ES YA REALIDAD EN AMERICA LATINA

Reproducimos, por su interés, un análisis sobre América Latina enviado por un lector de Voto en Blanco, Lugonez,  que comparto con Uds en  Consulta Jurídica.blogspot.com  ,  


MIREMOS LA SITUACIÓN. SIETE PAISES GOBERNADOS POR LA IZQUIERDA: CUBA, VENEZUELA, CHILE, BRASIL, ARGENTINA, URUGUAY Y AHORA BOLIVIA, LOS SEIS SURAMERICANOS, ABARCAN LA MAYORIA DEL TERRITORIO. BASTA COLOREAR CON UN SOLO COLOR SU TERRITORIO, SUMAR SUS HABITANTES Y A LA VEZ RECORDAR LO SUCEDIDO EN LAS CUMBRES DE MONTERREY Y MAR DEL PLATA.

EN NINGUNA PUDO ESTADOS UNIDOS OBTENER DECLARACIONES EN PRO DEL TLC, ASI NO ESTUVIERA CUBA.

DE PASO MIREMOS EL RESULTADO DE LA CUMBRE DE MAR DEL PLATA, CON HUGO CHAVES COMO EL PROTAGONISTA, ENTERRANDO CON TODO Y PALA, EN MANIFESTACION PUBLICA, A LA ANTIGLOBALIZACION EL TLC.

SI VEMOS QUE EL UNICO PAIS DE LA REGION, COLOMBIA, QUE LE HACE EL ACOMPAÑAMIENTO A BUSH, TUVO QUE ABSTENERSE DE FIRMAR EL TLC, POR LA DESERSION DE UN GRUPO CONSIDERABLE DE LOS NEGOCIADORES, POR EL ENFRENTAMIENTO CON CASI TODOS LOS SECTORES DE LA PRODUCCION NACIONAL, POR LO POCO QUE IBA A SOLTAR ESTADOS UNIDOS, A PESAR DE EXISTIR UNAS PREFERENCIAS ARANCELARIAS PARA LOS PAISES ANDINOS, DONDE SE HA NEGOCIADO PARTIENDO DE CERO, EL GOBIERNO COLOMBIANO Y ESTADOS UNIDOS QUE AFIRMARON QUE FIRMARIAN COMO FUERA, NO HAN PODIDO HACERLO ASI SEA POR LA FASE ELECTORAL EN COLOMBIA, HAN QUEDADO MUY MAL PARADOS Y CON ELLO EL RELECCIONISTA ALVARO URIBE.

A ELLO SE SUMA LA CAIDA EN PICADO DE LA APROBACION A LA ADMINISTRACION BUSH POR LA OPINION NORTEAMERICANA, HOY INFERIOR AL 40%, ELLO DICE MUY A LAS CLARAS QUE EL NEOLIBERALISMO ESTA SIENDO BATIDO EN LATINOAMERICA ASI SEA TARDIAMENTE.

EL MEJOR EJEMPLO LO HA DEMOSTRADO ARGENTINA DERROTANDO AL FONDO MONETARIO, CON LA MORATORIA Y LA COMPRA DE SU DEUDA AL 30% DEL VALOR, Y POR SI FUERA POCO, VENEZUELA COMENZO A ASUMIR FUNCION COMO COMPRADOR DE DEUDA EXTERNA EN AUXILIO DE ECUADOR.

EN EL CASO DE BRASIL, CON UNA FORMA MENOS EXTRAÑA, INTERRUMPIO LAS FORMULA DE PAGAR INTERESES CON MAS DEUDA EXTERNA, HIZO UN PAGO SUPERIOR A LOS U$ TREINTA Y OCHO MIL MILLONES Y CONTRA TODOS LOS AUGURIOS SI ASUMIA LULA EL GOBIERNO, AL INICIAR SU BOLSA DE VALORES MARCABA LOS DIEZ MIL PUNTOS Y SOBREPASO LOS VEINTE MIL Y SE HA SOSTENIDO.

EL CASO DE EVO MORALES Y SU DIPLOMACIA DIRECTA NO ES EXTRAÑA, YA CHAVES Y LULA HAN VENIDO PRACTICANDOLA, CHAVES VISITO A RUSIA Y A PEKIN, A MAS DE FRANCIA Y A ESPAÑA, LULA HIZO IGUAL, ES DECIR NO ES UN BLOQUE LATINOAMERICANO, SINO UN BLOQUE ALTERNATIVO DE PAISES DEL SEGUNDO NIVEL, QUE SE ENTIENDE CON LA UE, RUSIA O CHINA,QUE MIRA A SURAFRICA Y SE ENTIENDE CON LAS POTENCIAS ECONOMICAS COMO FRANCIA, ALEMANIA O ESPAÑA, CON LAS CUALES TIENE NEXOS Y APOYOS POR ENCIMA DE LA TRADICIONAL ESFERA ESTADINENSE-INGLESA, LO CUAL ESTA DEJANDO VER A LAS CLARAS QUE EL BLOQUE CAPITALISTA DE LA DERECHA DE LOS ESTADOS UNIDOS, INGLATERRA, ITALIA Y JAPON SE ESTA QUEDANDO REZAGADO E INCLUSO HAY AMENAZAS PARA BUSH, BLEAR Y BERLUSCONI EN EL CAMINO, COMO CONSECUENCIA DEL ENGAÑO A LA OPINION MUNDIAL PARA LANZAR UNA GUERRA DE SAQUEO DEL PETROLEO, NO ES SINO VER LO QUE VIENE DANDOSE EN EL CONGRESO NORTEAMERICANO, SE LES VA A CAER TODA LA ESTANTERIA.

ESPEREMOS
NO MAS LO QUE VA A PASAR ESTE AÑO EN MEXICO, PERU, ECUADOR Y COLOMBIA, DONDE HAY ELECCIONES PRESIDENCIALES.

SI SE GANA EN MEXICO CON LOPEZ OBRADOR, LOS OTROS 26 PAISES, QUEDAN SOLO COMO MERAS CASAS DE RECREO, PUES NO SIGNIFICAN POBLACIONAL NI ECONOMICAMENTE, SON CON LA EXCEPCION DE COLOMBIA TERRITORIOS MARGINALES.

ASI LAS COSAS EL MOVIMIENTO DE MASAS QUE SE VIENE GESTANDO A NIVEL INTERNACIONAL, SERA CRECIENTE, LA UNIDAD DE LA NUEVA IZQUIERDA SERA IMPARABLE A NIVEL MUNDIAL, FORZADA POR LOS PROPIOS ACONTECIMIENTOS DE LA EMERGENCIA DE CHINA DE LOS PAISES QUE SE ASOMAN COMO NUEVAS POTENCIAS ECONOMICAS, CASOS DE ESPAÑA, BRASIL Y CHINA.

NO FALTA SINO QUE LA IDEA DEL CLUB DE DEUDORES EXTERNOS SE FORME, PARA ENFRENTAR AL FMI Y AL BANCO MUNDIAL Y LA REFORMA DEL SISTEMA ECONOMICO INTERNACIONAL SEGUIRA A LA REFORMA DE LA PROPIA ONU, ES UN PANORAMA QUE HACE CINCO AÑOS AL CAMBIO DEL MILENIO ERA IMPREVISIBLE A MENOS DE DIEZ AÑOS, AL QUE HOY LA SOCIEDAD DE LA INFORMACION ASOMA A PESAR DE LOS MEDIOS DE LA REACCION.

EL
PAPEL DE LOS ESPAÑOLES CON RODRIGUEZ ZPATERO Y DE LOS CHINOS EN ESTE NUEVO PANORAMA ES INNEGABLE Y EL PEOR PAPEL LO JUEGA LA DERECHA ESPAÑOLA DEDICANDOSE A SABOTEAR A SU GOBIERNO, AL PERO ESTILO, LO CUAL YA LES MERECIO EL REGAÑO DE NAVIDAD DEL REY.

EVO SABE DONDE VA Y A QUE.

Dos bloques son realidad en América Latina Saludos a  Voto en Blanco a Francisco Rubiales ,  Rodrigo González Fernández