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Jason Lemkin
Founder & CEO
SaaStr
@jasonlk
VC Fundraising Workshop
It’s the same but different
Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop
Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop
Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop

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Avium_Venture_Scout_1.pdf
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We cannot simplydisregard unprovenfounders,otherwise we will be passing on too many high quality investment opportunities – e.g. Vitalik Buterin had no unfair advantages when he started Ethereum • However, we would require that the startup idea showing some tractions, which can be proven by the market

Fundamentals of Venture Capital
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The document provides an overview of fundamentals of venture capital. It discusses that the core business of venture capital is to raise money, invest money, and return money. It also discusses key concepts like expected returns, IRR targets, power law distribution of returns, portfolio construction, and fund structures. The document uses examples and scenarios to illustrate concepts like different exit scenarios needed to achieve a 3x return, fund exit values based on fund size and ownership percentage, and optimal number of portfolio companies based on fund size and check sizes.

#venture-capital#deeptech#pi-fellows
Overview of Startup Fundraising
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The document discusses key topics related to fundraising, including deciding who to raise money from, how much to raise, contacting investors, pitching to investors, and negotiating valuation. It provides advice on raising money from different sources like friends and family, angels, venture capitalists (VCs), and provides guidelines on valuation and terms for different funding stages.

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In 2021, “easy” to
see in SaaS
In 2024, “easy” to
see in AI
vs
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Best of Best Still There in SaaS
Now that we know it
can be done (SaaS
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The document discusses various topics that may be focused on in the next decade, including Society 5.0, Entrepreneur 5.0, Investor 5.0, Property 5.0, and Wealth 5.0. It also discusses the Global Wealth Group, a platform that connects investors with investment opportunities. The Group has performed well with over 7,500 members investing over $600 million. It is raising $5 million for strategic acquisitions and commercial acceleration. The funding will help increase metrics like revenue and valuation as the Group works towards an IPO target of over $100 million.

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Even 4 unicorn cash
exits not enough for
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A $100m seed fund
even with 3+ $1B exits
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That’s really 10%
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There's a pig in the pipe in the venture financing market. We anticipate that the public market selloff will impact Early-Stage venture capital (i.e., Series A, B) this year making it harder for startups to raise capital at those levels and impacting valuations/valuation multiples at all stages. Available Venture capital is at record levels, but it may be deceiving at Seed. We created this analysis for the startups in our portfolio and wanted to share it with the startup community throughout the US. Startups, we hope you can use this to position yourself for success in the long run.

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This document provides 5 steps for organizations that experienced extreme growth in 2020-2021. Step 1 is to embrace risk-taking when developing new ideas. Step 2 is to think ambitiously and invest in all key areas of the organization, including programs, administration, and fundraising. Step 3 is to stay flexible in fundraising approaches. Step 4 is to ensure the right people are in place who can lead large donors to make their best gifts. Step 5 is not explicitly stated but the document provides guidance on developing deep, personalized relationships with top donors through frequent, customized interactions.

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Workshop Wednesday with SaaStr CEO Jason Lemkin - VC Workshop

  • 1. Jason Lemkin Founder & CEO SaaStr @jasonlk VC Fundraising Workshop It’s the same but different
  • 5. VCs Investing, But Stress in System
  • 6. VCs Mostly Still Hunting Decacorns In 2021, “easy” to see in SaaS In 2024, “easy” to see in AI vs
  • 7. VCs Mostly Still Hunting Decacorns
  • 8. Best of Best Still There in SaaS Now that we know it can be done (SaaS Decacorns) … so … Big Funds flooding winners with capital
  • 9. 100x ARR Back … For Subset of AI
  • 10. Why AI is Already Big $$$
  • 11. How a $2B Fund Makes Money A $2B fund is what it takes to write a Series B check today Even 4 unicorn cash exits not enough for $2B fund
  • 12. Seed Funds Crunched on Ownership A $100m seed fund even with 3+ $1B exits can’t make money with 5% ownership That’s really 10% though at seed (50% dilution profile)
  • 13. Big Funds Tripling Down on Winners Big Funds flooding winners with capital Capturing a lot of headlines, but later stage overall still slow — outside of AI
  • 14. Yes, Come to SF Bay to Raise VC $$$
  • 15. Growth is Still King -- NOT Profits Efficiency only matters: - Run up to IPO - If can’t raise more money Otherwise, VCs don’t really care if profitable or that efficient … if growth is epic
  • 16. Triple Triple Double Double Still Rules Many B2B startups have seen growth slow, but not all Still need “T2D2”, or ideally, “T3D2” to get to $200m+ ARR, growing 40%, in 9-10 years or less
  • 17. Growth Slowed? Cry Me a River 80%+ of VC-backed startups not growing fast enough anymore to raise another round Be very self-aware here
  • 18. Growth Slowed? Cry Me a River 80%+ of VC-backed startups not growing fast enough anymore to raise another round Be very self-aware here
  • 19. Calling Yourself “AI” (Probably) Isn’t Enough
  • 22. Stress Will Remain Where Multiples Are Low
  • 23. IPO Market & Multiples Still “Meh”
  • 24. VCs Probably Too Optimistic on M&A
  • 25. AI: But Where is Budget Coming From? Other Apps, Budgets In Many Cases Being Cut to Fund AI Why? Huge Efficiency Promises