Garret Flower 花嘉來

First Priority: Founder First duty: Protect The Founder at Foundership

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Founders, If you're in the fundraising game.... You know there's a phase I like to call 'the gap.' It's that tricky period between getting a verbal nod from an investor and actually seeing the funds hit your account. Verbal commitments are great, but they don't always guarantee a closed deal. Here's how I handle this to keep things moving smoothly: Be Prepared to Act Fast: As soon as you get a verbal commitment, make the next steps as easy as possible for your investor. Any delays on your part can open the door for them to reconsider. Set Clear Deadlines: Make sure your investors know exactly when the round is closing. Setting a firm deadline for contributions helps keep everyone on schedule. Keep the Lines Open: Follow up with your investors regularly. Make sure they have all the information they need and gently remind them of the deadlines. And a little tip for peace of mind. Don't count your chickens before they hatch. Hold off on the celebration until the funds are securely in your bank. That's when you know you've really crossed the finish line. ✌️ #venturecapital #vcfunding #entrepreneurship #familyoffice #raisingcapital #fundraising #growth #startups #startupcommunity #startupecosystem #startupfunding

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The conversation we had with Guy Podjarny (founder of Snyk, $7.5bn valuation) was one of the most insightful we've had on the podcast. He comes across as wise, commercial, creative, focussed. That's why Snyk was able to go from $0-7.5bn in about 5yrs. Great entrepreneurs aren't given enough credit for creativity. They might not be artists, but their minds work in ways that find new solutions from previously unconnected bits of information - it's applied creativity aka innovation. Great product entrepreneurs are master innovators, and Guy is one of them. I've put some of Guy's takes below but worth listening to the episode. Entrepreneurship is about creation and impact, thinking about problems from a new perspective and making a difference. Having a big vision is important, but it's crucial to break it down into small steps and focus on the next achievable goal. Putting your product out there early and optimising for learning is more valuable than waiting for a perfect product. Hiring the right people and continuously evolving the company culture are key to success. Communication skills and the ability to distill complex ideas into simple terms are essential for founders. Chapters 01:24 Defining Entrepreneurship and the Vision of Snyk 08:04 Product Management and Early Days of Snyk 15:28 Fundraising Strategies and Building Company Culture 21:47 Open Source, Blockchain, and Security 22:17 Fundraising Tips and Managing a Cap Table 28:00 Building Company Culture and Hiring Great Talent 36:25 Reflecting on Mistakes and Lessons Learned 45:45 The Future of Snyk and Dinner Party Guests

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💡 Top Takeaways from the “Understanding the Investor Mindset” materclass 💡 Today’s masterclass with Richard Forde and DC Cahalane a partner at Sure Valley Ventures was packed with insights for anyone looking to navigate the world of VC funding. Here’s what stood me out: 1️⃣ Make Your Idea VC-Ready and it is align with their fundraising theories. Most important three key slides: • The problem (quantified in real numbers). • Market size (show it’s big enough). • Evidence of execution (team slide, proof that you’re the ones to solve this). 2️⃣ Be Cautious with Terms Watch out for red flags in term sheets. If something feels off in the legal docs, check it directly. Terms are negotiable—don’t shy away from asking questions! 3️⃣ Understand Funding Motivations Money can come from different sources—VCs, angels, or family—but each has unique motivations. VCs are in it for the long run, committed to supporting you stage by stage once they’re onboard. 4️⃣ Skip the Middlemen in Fundraising Real VCs deal directly with startups. They generally avoid interacting with third-party fundraising companies on behalf of startups. 5️⃣ Al Startups: Focus on Your Niche, here's what matters most: • VCs are actively investing in niche verticals within Al-the deeper your niche, the better. • They're typically not interested in the LLMs foundational layers due to the high cost. • Share a clear path to profitability and a strategy for managing compute costs. • As a founder, dedicate at least 4 hours a week to fundraising-it's crucial to keeping momentum with investors. Special thanks to Web Summit for hosting such a valuable session! 🌐 #StartupTips #VentureCapital #Entrepreneurship #WebSummit2024 #InvestorMindset #FundingJourney

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Numbers & insights from a deep tech venture studio that launched 11 companies (all are active) in the last 7 years, reaching £85M valuation across the portfolio: 1. Post Urban, initially bootstrapped by Luke Robinson, an academic with a PhD in physics from Cambridge, now operates with external funding from a UK-based fund. 2. Launched 5 companies during the first 5 years and 6 companies during the last 2 years. 3. All 11 completed pre-seed rounds; 1 of them got Series A, 2 of them are approaching their Series A. 4. The startups have collectively raised ~£25M in venture capital, in addition to receiving grants. The total valuation of the 11 companies is ~£85M, half of which have not yet undergone subsequent funding rounds. 5. Initial equity splits: the venture builder 20%, CEOs of startups 35% (vests over 4 years), CTOs – 20-25%, employees 10-15%. 6. The initial valuation of startups was £2 million, with £300K invested by the venture builder. The last 2 startups were at £3.5-4M initial valuation. 7. Building deep tech ventures requires significantly higher initial funding because these projects need more time to develop demonstrable products. Two portfolio companies hit £1M in ARR. 8. The venture builder has increased the capital for the last 2 startups to ensure they reach meaningful milestones. The CEOs of the startups were able to secure additional funding through their networks, £350K and £450K, respectively. 9. The deep tech investor pool is smaller than that for sectors like SaaS, which requires a stronger proof of concept and market readiness to attract funding. 10. 3-4 times, potential customers became investors in Post Urban Ventures. This is a great approach because it secures investment and validates the concept by gauging whether these potential customers truly believe in the solution and its market necessity. 11. They don't start with a technology or an idea; instead, they integrate insights about global problems and, by actively engaging with advisory boards, founders, and industry experts, identify pain points and align them with technological solutions. 12. They do not bring universities in as co-founders but source scientists or professors to contribute to research and development. This involves leveraging academic expertise to support the technical aspects of startup projects until a prototype is developed. 13. The studio maintains strong connections with major academic institutions, including Cambridge, Oxford, Imperial College, and UCL, supporting its deep tech focus and facilitating access to new technologies and potential founders. 14. Areas of focus in deep tech: AI (Knowledge Graphs, NLP, DNNs, Computer Vision, Edge AI, Active Learning), Quantum Technologies, Biotech, AgTech, Enterprise SaaS. Watch the full interview to gain insights into the portfolio companies, handling IP collaborations with universities, key challenges, and team construction: https://lnkd.in/dCi7fZ7G

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Hidden Trap Of Convertible Note and Liquidation Preference Multiples. Young entrepreneurs often get screwed by their angel investors on convertible notes and I know I can’t convince you not to do it so I’d like to offer one simple bit of advice to help you avoid getting screwed. 🤐 When you do a convertible note with a cap that converts into the next round of funding, one of the unintended consequences is that if you’re successful and raise at a larger price than your cap the early angels often get “multiple liquidation preferences” on their dollars in. Here’s how it works: 💡 - Let's say an angel invests $500,000 with a $5 million cap. That means they'll own at least 9% of your company if the conversion price exceeds the cap. If you raise funds at a lower price, their ownership goes up. - Now, with a regular 1x liquidation preference, they'd be entitled to $500,000 if you sell the company for less than $5 million. If you sell for more, they'd rather take their ownership percentage instead of that liquidation preference, which acts like a safety net. - Fast forward, You work your tail off for 18 months, securing a series of notes, and guess what? You're lucky enough to land $5M at $25M pre-money valuation. At this point, that early angel investor owns around 16.67% and probably still holds a 1x liquidation preference. - Now here's where the trickery starts: When the initial note converts, instead of snagging a $500,000 liquidation preference, they'd cash in a mind-boggling $2.5 million liquidation preference—a whopping 5x increase! If a VC pulled this move in an early-stage deal, their reputation would suffer, making it hard for them to work with other VCs or entrepreneurs. In VC financings, this term is clear, but on convertible notes, it happens subtly, catching entrepreneurs off guard – a silent and painful setback. So here’s what every entrepreneur should add immediately to any convertible note 😎 "If this note converts at a price higher than the cap that you have been given you agree that in the conversion of the note into equity you agree to allow your stock to be converted such that you will receive no more than a 1x non-participating liquidation preference plus any agreed interest." Papering this when it converts is super easy if the angel has already consented to it and they are not being cheated at all. They get their full investment as a 1x liquidation preference. And please don’t let any angel try to convince you they deserve more for the early risk. The early risk is why they get a cheaper price. 😁 You can also checked “liquidation preference overhang” by José Ancer article to read more about it. (Link in comments) 👉 Check out my free newsletter for more insights: https://lnkd.in/dKZQKHg2 . #startups #funding #VC #investors #founder #entrepreneurs #founders #entrepreneurship #startup #fundraising #termsheet #fund #venturecapital #angelinvestors #angelinvesting

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Venture-backed founder's seeking help doesn't fit the narrative - they're supposed to be able to run through brick walls - to have unbounding conviction daily - to make do with a low salary - to never doubt themselves - to have all the answers - to never need a break - to never burnout You know, like they're not human. Android-like beings. 🤯 It's such BS. The most destructive result of GTM debt Is unquestionably founder burnout. 🔥 --- I speak with founders daily. They don't hire me for therapy But it doesn't take long before they ask for it. Our methodology for exponential revenue growth Is also a reflection of my personal values. There's a sustainable way to build And there's an unsustainable way We obsess about founder health And company culture. It's the foundation of repeatable revenue. You don't have to pay a $/€/£/¥ to follow our methods. Just subscribe to the newsletter Get started async today. Or drop me a note and let's chat You've got this 👊🏼 #sales #saas #startups #venturecapital #gtmdebt

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My MASSIVE take this 2025: Operator → angel pipeline is about to go bigger this year. The ones who've actually built, failed, scaled, and lived to tell. They're writing first checks to founders who remind them of themselves. Founder content will be different. More authentic conversation Raw footage > pitch decks Building in public > stealth mode Actual journey > highlight reels Founders mistakes = someone else’s shortcut!

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What the Founder Found in 2024... 1. First, the worst A. There's a whole ecosystem set up, funded and incentivised around founders, and a whole lot more offering their services to founders. So often, their rewards are not linked to your success, but to your presence. There's a whole lot of frogs 🐸 in this ecosystem and few princes 🤴. Don't show up to enable someone else to get paid just because you're on the list. What value do they bring? What's their contribution? If I was paying for the existence of this eco system, I'd include some incentives, just some, for entrepreneurs' success. B. Closely linked - When I first started to create Myfolks back in 2019, I joked that I could only get on if I was wearing chinos and a white shirt, with floppy hair and a fintech solution. I was wrong, in two ways - I can get on because the problem Myfolks addresses may not be very glamorous - but it is huge; and secondly, my joke wasn't funny. I failed to identify what I'd spotted - conscious and unconscious bias - I didn't know then that only around 2% of women founders get funded. I've found that spending a whole lot of time on grant seeking isn't the best use of time. I am concentrating on pulling Myfolks up by my bootstraps. 👢 Second, the best... C. I found my people in 2024. The NHS Clinical Entrepreneur Programme admitted around 12 of us as Patient Entrepreneurs. I've spoken at length about the benefits of the Programme - it brings the opportunity to learn but also brings access along with some healthy challenge, it is awesome but the people, oh my, the people are amazing. Although we could have been very much on the periphery, as Patient Entrepreneurs (mine being as a carer for my elderly parents), it hasn't been that way at all. It's a huge group of people who are willing to go above and beyond their day jobs to try to improve to people's health. I am pretty sure we were described on the Programme as those who've been weird and troublesome in all other forums. Here, knowledge, support and encouragement are shared more freely between the founders than I've ever seen, anywhere. Margaret Mead said that a small group of committed individuals can change the world, indeed it is all that ever has. This group, with fabulous leadership and management in NHS England and Anglia Ruskin University, will surely succeed. D I found more of my people - the strong individuals that have been with me in the first wave where our parents have lived longer, but not always well. The challenges faced in being ill-prepared for what was to come; the impractical housing, challenges in finding & affording care at home, the struggle to balance caring/working. We are emerging - like those from the apocalypse films - damaged but survivors. We can see ways to make it better. We are finding each other, through platforms like LinkedIn, building a community to make it better - Desi Daughters, Care Forward, Kelley Irwin. Find growth & success in 2025!

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I sent the Jumpstart team to spy on the 'competition'. With less than a month to go until Jumpstart's Big Startup 5K on the 6th August, we decided it was time to see what we were up against. We sent some of the Jumpstart team down to the J.P. Morgan 5K Corporate Challenge to see what all the fuss was about. What did we learn? 1. It was cloudy! For our event, we've decided that it's going to be a beautiful summer's day. 2. Everyone at the Corporate Challenge was from... corporates! How boring. Our event is going to be chocka-block filled with startup people (about 1000 of them, actually). 3. They've gone 🍌 with their goodie bags - they're actually giving out... BANANAS to runners. Can you believe that?! Well, We've got some EXTRA special treats lined up for our runners. In short, can promise our event is going to be 10/10. So, if you haven't secured your team tickets yet (£10pp), NOW is the time to join the 200+ other startup teams who are already joining us! Ticket sales close in less than 2 weeks - link in comments below 👇

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Techies, Founders, Leaders, lend me your ears You might just love what’s coming 👇 The next month of Pain in the SaaS is packed with value just for you. Here’s a teaser of what’s to come: - Tom Pennings turning a server off even when could fix it. - Richard Russell explaining why the Google way isn't always the best way. - Nadia Pace’s office that was literally falling down. - Nikos Kryvossidis trying to change the culture and building bridges across departments. I’m dedicated to bringing you the best advice and information from VCs, founders, and sales leaders about how to scale your startup, become a better leader, and hear the real stories of experience. 🚀 It all starts tomorrow at 9am Berlin Time. Be sure to follow #PainInTheSaaS so you’ll get notifications of all the episodes as they drop and won’t miss a thing. #podcast

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Steel Atlas Ventures Aims to Link Western Startups with Saudi Investment in $10M Debut Fund Steel Atlas, a New York-based venture firm founded by Cameron Porter and Talal Attieh, has raised its first $10 million fund to connect Western technology startups with Saudi Arabian investment opportunities. The firm, established last year, plans to invest between $750,000 and $1.25 million per startup, focusing on climate-tech, industrial, and AI sectors. Steel Atlas’s portfolio currently includes innovative firms like nuclear energy company TRANSMUTEX, supply chain tech provider GenLogs, and alternative battery tech company Group1.ai, all aiming to align with Saudi Arabia’s Vision 2030 economic diversification program. “Our portfolio investments are less than a year old and we are therefore still actively working with them in the region,” the firm said. “We view this alignment as being driven by two increasingly important factors: global geopolitical realignment and mutual technological interests,” Porter stated, referring to Saudi Arabia’s role as a “counterpoint” to Iran. Backers of the fund include private investment firms such as Christian Angermayer’s Apeiron Investment Group and Magnus Rausing’s Untitled. The Saudi government’s commitment to advancing industrial, climate, and AI technologies aligns with Steel Atlas’s goals, with Saudi funding providing potential capital reliability and scale-up locations for Western startups amid a sluggish U.S. market. Steel Atlas is also planning a Middle Eastern holding company to invest in regional industrial projects tied to its portfolio technologies. While not mandating Saudi deployment, the firm foresees Saudi Arabia’s market as a significant opportunity, anticipating developments in nuclear and supply chain tech soon. ✅ Looking to raise capital for your #VCfund and increase the international pool of your LPs?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments (Series A/Series B)?   ▶ Please use G+QUANT's link for inquiries and fund decks, or send an inquiry to [email protected] #VentureCapital #SaudiInvestment #ClimateTech #AI #IndustrialInnovation #Vision2030 #SteelAtlas #TechFunding

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Not all venture firms are created equal - at Playfair Associates & Principals write cheques and lead deals 💰 Why? Because they have the ability, drive and passion to do so And what we care about most is building optimal partnerships with founders that deliver results This means matching them with the right investor who then continually leverages the diverse experiences of our entire team I spend a lot of my time nowdays supporting these investments as well as leading my own I love doing both Founders: don't assume only partners lead deals and don't be afraid to ask how decision making works during your pitch call #venturecapital #startups #fundraising #founder #entrepreneur #entrepreneurship #technology #innovation #business #ceo

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Emerging GPs📢 We all know it is a difficult time to raise your first (or second) VC Fund.😟 But AlphaQ Venture Capital is here to help you with the Global Allocator Alliance Pitch events and invite-only GP and LP matching Discovery platform.🎌 With an incredible team of Jocke Martelius, Amina Bijedić, Zerina Zimić and Marius Weber, be sure you will get unmatched support when you most need it. Check how they supported our partner Vadim Balashov of US California-based Viaduct Ventures, raising their Fund II.👇 DM me for a warm intro.🤝 ✅ Looking to raise capital for your #VCfund and increase the international pool of your LPs?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments (Series A/Series B)?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE   #VentureCapital #VentureFunding #VentureDebt #Fundraising #Innovation #Technology 

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Your past wins are great, but customers and markets live in the NOW. A great track record can help you bag a deal or sneak in at the last moment, but it doesn't lead to a delighted customer at the end of the day. A delighted customer is the end goal, as the rest follows. Customers care about what you can deliver today. Markets care about your ability to adapt and stay relevant tomorrow. Our culture thrives on the same principle. While we’re proud of our milestones, staying ahead of the curve means continuously evolving, innovating, and listening to our customers every day. This customer-obsessed mindset drives every decision, product, and partnership we take on. It's not just how we work—it's who we are. #Innovation #CustomerFirst #Thanksgiving #bluecopa Guru Prasanna Shekhar Ramiah

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HNY! Hope everyone had a great break. Quiet on here as head down. Such a lot of exciting things coming up: - More Tools for all scaleups to improve their growth trajectory - More Founders using VenturePath to secure their Series A-B investment rounds - More VCs joining VenturePath's VC Network - More Events (including a VC dinner for 50 on the 22nd and SuperScalers female founders event on the 30th) - More Partners joining our scaleup support ecosystem - More Data to publish on 2024 VC trends for the UK ScaleUp Investment Mission Busy January! We'll share more on these when we have a minute... If you can play a part, as a founder, VC, investor, partner, sponsor, data provider etc., there's still room for a conversation or coffee with you though 😉

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Exposing harsh truths with data, not opinions. Practical, actionable steps for founders to thrive in their next funding round. The time is good to go fundraising - I'll show why and how. If you're at Bits & Pretzels, come have a chat!

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Something new I’d like to start this week - shoutouts to the rising stars in the startup space 🚀 Whenever I see news of startups raising funds, I’m reminded of our own fundraise journey. Choosing the right investors and ushering in the funding round is certainly a long, arduous and nerve-racking process. It must be a similar feeling for these start-ups this week, which have cumulatively raised $579.5 million. A staggering amount, showing how much the world believes in India’s growth story! I have one appeal to all my fellow founders after a milestone event. The sky is the limit now and before you dive into your next phase of growth, take a break to recharge before you go all out. One of my biggest learnings this year has been the importance of taking timeouts to pause, reflect, and re-energise. Just know that we would love to be a part of your breaks. We will be happy to host you and your team at our vacation villas. 🏖️ The stay would entirely be on us. If you like the idea, please write to: [email protected] Let’s normalise founders taking a break, because they deserve it! #YouDeserveABreak Zepto, HealthKart, Zopper, Kratos Gamer Network, Locad, Blitz, CredFlow, Proost Beer (Grano69 Beverages), Doodhvale Farms, Abyom SpaceTech, Swish, Biryani By Kilo, Indic Wisdom Private Limited, Theranautilus, Taqtics, Billion Hearts Software Technologies, Matrix Geo Solutions Pvt Ltd.

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Founders: Get Your First 5 Hires Right If you’ve started a new business, I would encourage you to talk to 10 experienced founders. Ask them what is most important to get right in those early days. I think you are likely to hear one message rise above the others: GET YOUR EARLY HIRES RIGHT For scaled-up companies, excellence in hiring is mission-critical. For earlier stage startups, it is nothing short of life-or-death. Even if you are an exceptional entrepreneur with a brilliant idea, a bad early hire (or even more, a bad cofounder decision) can tank you from the start. There are many reasons why founders make bad talent decisions early on. There are three that rise to the top: (1) OVERSELLING. As an early-stage founder, you are constantly selling your vision to everyone around you.  So when you meet people who might potentially join forces with you, it is tempting to blast them with your well-honed sales pitch. Not only does this sound a bit desperate, it also prevents you from doing the real work of VETTING talent. Keep in mind, a thorough vetting process is actually ATTRACTIVE to high performers, because it communicates your selectivity. High performers want to work with other high performers! (2) “BIRD IN THE HAND.” You have so many priorities as an early-stage founder. When you finally land on someone who can give you leverage, it is tempting to sign them up as quickly as possible so that you can get back to doing your day job. But hiring IS your day job. It’s your most important job. (3) SUBCONSCIOUS INFERIORITY. We have spoken to hundreds of founders about their journeys, and the early regrets and mistakes. When we talk about early hiring mistakes, we often hear something akin to “I had to take what I could get.” Even those who believe strongly in themselves and the power of their vision may harbor some insecurity that they must earn the right to top talent by hitting certain milestones. Not true. The world is full of incredibly talented individuals who are eager to jump in on the “ground floor.” It’s your job to find them, and this means (again) having the courage to ask people questions, from a place of deep curiosity. Over the past 10 years, we have trained thousands of leaders and hiring managers in scaled-up companies how to source, evaluate, sell and onboard top performers. We’ve also had the privilege of working with hundreds of early-stage founders and founding duos/trios/teams. In “scaled-up” land, our clients tell us stories about dramatic increases in hiring hit-rates. But with early stage companies, we hear stories about total breakthroughs. It is one of the reasons we have launched Talgo On Demand—to make hiring excellence accessible to companies with limited resources. If you’re an early-stage founder be warned—you will live or die by the first few talent decisions you make. And we would be honored to have the opportunity to help you make those decisions great ones!

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