19. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
20. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
21. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
22. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
23. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
5. Sell what THEY want, not what YOU want
24. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
5. Sell what THEY want, not what YOU want
6. Hire people better than you
25. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
5. Sell what THEY want, not what YOU want
6. Hire people better than you
7. You’re always raising money
26. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
5. Sell what THEY want, not what YOU want
6. Hire people better than you
7. You’re always raising money
8. Hypothesize, get to market quickly, iterate often
27. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
5. Sell what THEY want, not what YOU want
6. Hire people better than you
7. You’re always raising money
8. Hypothesize, get to market quickly, iterate often
9. Plan, but be open to change
28. Top 10 takeaways from Snapfish
1. Don’t wait for inspiration – grab it
2. Data only goes so far; invest in your gut
3. Passion is infectious
4. Be crisp and confident
5. Sell what THEY want, not what YOU want
6. Hire people better than you
7. You’re always raising money
8. Hypothesize, get to market quickly, iterate often
9. Plan, but be open to change
10. Balance IS possible (well, sometimes)
31. Other big trends
Connected TVs Professionals Platforms Services Marketplace
(Similar to mobile with the iPhone) (Individuals become the brand)
Ecommerce is New Relationship Education Disrupted
mainstream in BRIC Graphs
32. Two Consumer Founder Types
Disruptive New Media Destinations
• Youthful founders • Experienced founders
• Product driven • Execution-driven
• Network effects • Marketplace model
• Viral loops • Organic traffic
• Broad based adoption – advantage
100M+ user scale • Highly monetizable
• Momentum vs black swan vertical
37. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
38. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
39. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
• Avoid the CIO
40. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
• Avoid the CIO
• Provides immediate benefit or cost reduction
41. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
• Avoid the CIO
• Provides immediate benefit or cost reduction
• Leverages new features of internet
42. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
• Avoid the CIO
• Provides immediate benefit or cost reduction
• Leverages new features of internet
• Data targeting, social, video, RTB, mobile
43. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
• Avoid the CIO
• Provides immediate benefit or cost reduction
• Leverages new features of internet
• Data targeting, social, video, RTB, mobile
• Future platform opportunity vs “Feature”
44. B2B/Infrastructure criteria
• Experienced internet-focused team
• Pain killer vs vitamin
• Frictionless deployment
• Grass roots sales model
• Open source, social media, sell to employees
• Avoid the CIO
• Provides immediate benefit or cost reduction
• Leverages new features of internet
• Data targeting, social, video, RTB, mobile
• Future platform opportunity vs “Feature”
• Recurring revenue business
46. Looking for great founders
• They know or know of them WELL via network
47. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
48. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
• Founders who can code and move quickly
49. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
• Founders who can code and move quickly
• Deep understanding of business, metrics and product
50. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
• Founders who can code and move quickly
• Deep understanding of business, metrics and product
• Big vision AND solid execution
51. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
• Founders who can code and move quickly
• Deep understanding of business, metrics and product
• Big vision AND solid execution
• Well connected
52. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
• Founders who can code and move quickly
• Deep understanding of business, metrics and product
• Big vision AND solid execution
• Well connected
• Know what an A+ player looks like
53. Looking for great founders
• They know or know of them WELL via network
• Product/user obsession
• Founders who can code and move quickly
• Deep understanding of business, metrics and product
• Big vision AND solid execution
• Well connected
• Know what an A+ player looks like
• Don’t need a perfect CEO, but need to be “self aware”
56. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
57. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
58. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
59. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
60. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
✓ Show network effect or why model is disruptive vs incremental to incumbents
61. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
✓ Show network effect or why model is disruptive vs incremental to incumbents
✓ Map out serial risk reduction
62. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
✓ Show network effect or why model is disruptive vs incremental to incumbents
✓ Map out serial risk reduction
✓ Raise at least 18 months of capital if it’s early stage
63. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
✓ Show network effect or why model is disruptive vs incremental to incumbents
✓ Map out serial risk reduction
✓ Raise at least 18 months of capital if it’s early stage
✓ Control the process and timing
64. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
✓ Show network effect or why model is disruptive vs incremental to incumbents
✓ Map out serial risk reduction
✓ Raise at least 18 months of capital if it’s early stage
✓ Control the process and timing
✓ Create relationships with VCs well in advance of fundraise
65. General tips pitching VCs
✓ Know your TAM – bottoms up
✓ Is $100M revenue realistic?
✓ Is VC or angel funding better?
✓ Proof team is business & product savvy
✓ Is there a true competitive advantage vs execution?
✓ Show network effect or why model is disruptive vs incremental to incumbents
✓ Map out serial risk reduction
✓ Raise at least 18 months of capital if it’s early stage
✓ Control the process and timing
✓ Create relationships with VCs well in advance of fundraise
✓ Try to get everyone on the same timetable
71. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
72. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
• Massive information advantage
73. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
• Massive information advantage
• People-driven transactions
74. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
• Massive information advantage
• People-driven transactions
• Talent has DNA to go big and scale
75. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
• Massive information advantage
• People-driven transactions
• Talent has DNA to go big and scale
• Competition to push you hardest
76. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
• Massive information advantage
• People-driven transactions
• Talent has DNA to go big and scale
• Competition to push you hardest
• Product rules
77. The good
• Change the world vs make a buck
• Pay it forward vs look out for yourself
• Massive information advantage
• People-driven transactions
• Talent has DNA to go big and scale
• Competition to push you hardest
• Product rules
• Not just a location; it’s a mindset
87. The bottom line
• Silicon Valley if:
• You are thinking BIG
• You like swimming with SHARKS
88. The bottom line
• Silicon Valley if:
• You are thinking BIG
• You like swimming with SHARKS
• Product/service EXCELLENCE matters
89. The bottom line
• Silicon Valley if:
• You are thinking BIG
• You like swimming with SHARKS
• Product/service EXCELLENCE matters
• You have the RELATIONSHIPS or momentum
90. The bottom line
• Silicon Valley if:
• You are thinking BIG
• You like swimming with SHARKS
• Product/service EXCELLENCE matters
• You have the RELATIONSHIPS or momentum
• You like GOOD weather and wine
94. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
95. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
96. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
• Time is more precious than capital for the best
97. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
• Time is more precious than capital for the best
• Where do they get time, experience and deep help?
98. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
• Time is more precious than capital for the best
• Where do they get time, experience and deep help?
• 100+ key decisions every year
99. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
• Time is more precious than capital for the best
• Where do they get time, experience and deep help?
• 100+ key decisions every year
• Provide help longer than 3 months
100. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
• Time is more precious than capital for the best
• Where do they get time, experience and deep help?
• 100+ key decisions every year
• Provide help longer than 3 months
• Expertise to avoid mistakes
101. What’s missing?
• Entrepreneurs looking for help, not just money
• Accelerators, incubators, angels, mentors/advisors, VCs
• 95% of entrepreneurs want a cofounder
• Time is more precious than capital for the best
• Where do they get time, experience and deep help?
• 100+ key decisions every year
• Provide help longer than 3 months
• Expertise to avoid mistakes
The time is right for a new model...
104. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
105. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
106. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
107. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
• Deep relationships
108. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
• Deep relationships
• Capital, talent, partnerships & exits
109. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
• Deep relationships
• Capital, talent, partnerships & exits
• Curated service provider to help right away
110. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
• Deep relationships
• Capital, talent, partnerships & exits
• Curated service provider to help right away
• Alignment as cofounder vs investor
111. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
• Deep relationships
• Capital, talent, partnerships & exits
• Curated service provider to help right away
• Alignment as cofounder vs investor
• Minority vesting equity – skin in the game
112. The solution
• Standardize part-time cofounder role
• Time & experience for critical decisions
• Day a week cadence – 4-5 companies max
• Experienced founder/CEO/investors only
• Deep relationships
• Capital, talent, partnerships & exits
• Curated service provider to help right away
• Alignment as cofounder vs investor
• Minority vesting equity – skin in the game
• Join at point of cofounder decision
113. If you joined a hands-on model, what
involvement would you expect?
Factor Avg. Rank (out of 12) Top 3 Ranking
Finding talent 3.90 52%
Getting to product/market fit 4.38 45%
Product and Business Strategy 4.50 45%
Financing 5.48 25%
User Acquisition and marketing 5.57 12%
Introductions and network building 6.21 10%
Sales and business development 6.62 32%
CEO/mgmt team mentorship 6.98 24%
Hiring process 7.29 10%
Prioritizing objectives 7.95 3%
Being an active board member 9.36 32%
Helping make an Exit Happen 9.76 10%
114. Which factors are the most important
when looking for a cofounder?
Overall Very Important Somewhat Not
Factor Rating Important Important Important
(4) (3) (2) (1)
Commitment to startup 3.90 93% 5% 2% 0%
Complimentary skill set 3.78 83% 12% 5% 0%
Align with my vision 3.59 64% 32% 5% 0%
They think strategically 3.25 37% 50% 13% 0%
The network they bring 3.12 31% 50% 19% 0%
Technical abilities 3.05 29% 50% 19% 2%
Amount of relevant experience 2.98 25% 47% 28% 10%
Their credibility/reputation 2.71 22% 29% 46% 3%
Willing to invest their own money 2.48 17% 29% 41% 14%
I am or can be friends with them 2.46 12% 34% 41% 12%
Worked together in the past 2.41 19% 27% 29% 24%
117. Long term vision
• Build network of top notch operators/investors
• Some full time, some part-time
118. Long term vision
• Build network of top notch operators/investors
• Some full time, some part-time
• Pool equity to give fund economics
119. Long term vision
• Build network of top notch operators/investors
• Some full time, some part-time
• Pool equity to give fund economics
• Take it global
120. Long term vision
• Build network of top notch operators/investors
• Some full time, some part-time
• Pool equity to give fund economics
• Take it global
Embed an unfair advantage alongside the best entrepreneurs
123. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
124. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
• Ambition to create a massive disruptive company
125. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
• Ambition to create a massive disruptive company
• Strong desire to be CEO but self-aware
126. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
• Ambition to create a massive disruptive company
• Strong desire to be CEO but self-aware
• Product obsessed builders fit best
127. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
• Ambition to create a massive disruptive company
• Strong desire to be CEO but self-aware
• Product obsessed builders fit best
• Passion for a sector, not wed to a solution
128. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
• Ambition to create a massive disruptive company
• Strong desire to be CEO but self-aware
• Product obsessed builders fit best
• Passion for a sector, not wed to a solution
• Started anywhere but move to build company in SV
129. Founders I’m looking for
• Awesome in all ways except experience/network
• Evidence of excellence in your life
• Ambition to create a massive disruptive company
• Strong desire to be CEO but self-aware
• Product obsessed builders fit best
• Passion for a sector, not wed to a solution
• Started anywhere but move to build company in SV
• Open to spending quality time together first