Confidential Trends in Early Stage Seed Capital September 2011 Erik Straser,

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Presentation transcript:

Confidential Trends in Early Stage Seed Capital September 2011 Erik Straser,

Confidential Firm Overview 28 Years of Early Stage Venture Investing Leadership Differentiated, Thesis-Led Strategy Diversified Across Three Categories Passionate Commitment to Innovation and Entrepreneurship Founded in 1983 Invested in more than 275 companies Over $2.8B aggregate LP distribution to date Currently investing from our Ninth Fund; $1.85 under active management Founded in 1983 Invested in more than 275 companies Over $2.8B aggregate LP distribution to date Currently investing from our Ninth Fund; $1.85 under active management Deep domain expertise Multi-disciplinary Active, hands-on company builders Leaders in public policy Deep domain expertise Multi-disciplinary Active, hands-on company builders Leaders in public policy Cleantech: Solar, Storage, Smart Grid IT: Enterprise Focused Application & Infrastructure and Consumer Web/ Mobile/Social Life Sciences: Personalized Medicine and Transformational IT Cleantech: Solar, Storage, Smart Grid IT: Enterprise Focused Application & Infrastructure and Consumer Web/ Mobile/Social Life Sciences: Personalized Medicine and Transformational IT Hands-on company builders Stubborn belief that innovation lies at core of venture returns Culture of risk-taking, pioneering new areas Hands-on company builders Stubborn belief that innovation lies at core of venture returns Culture of risk-taking, pioneering new areas

Confidential Progress vs. Capital Fundamental change in digital media and internet consumer businesses Ability to get to 1 st product and some early traction on less than $1M. Leads to new $2M-$4M pre money rounds raising $100’s of K of funding. Very efficient capital post “traction”

Confidential New Type of VC Firm: $20-50M Birth of new type of early stage vc firm Focused on $100K-1M investments Can move very fast to investment decisions Typically work with other similar funds and angels May or may not follow on in future rounds Focused on lots of small investments, 100 seeds, 1-3 flowers

Confidential Sounds Great, where’s the downside? Not getting to “traction” probably means no more money Unclear follow on policy creates confusion to downstream capital Series B indigestion Will it work? Experiment currently being run.