R. Adam Smith

Why Buying Your First Business is the hardest & Financing The Fear is Being seen as too risky by lenders and investors. The Solution: Prepare a solid business plan with detailed financial projections. Work with a financial advisor to enhance your credibility. Consider alternative financing options like SBA loans or seller financing.

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Younger investors are risk on when it comes to investing in alternatives (private markets, crypto, collectibles). With an $84T wealth transfer to younger generations at stake, how should alternative asset managers build their brand to resonate with the next generation investor? Read the Alt Goes Mainstream AGM Weekly (brought to you by Intapp, Intapp DealCloud ) to learn more about how alternative asset managers can be effective in reaching the individual investor 👇 Alt Goes Mainstream AGM Alts Weekly 9.1.24: https://lnkd.in/etXq2di9 Alt Goes Mainstream AGM Alts Weekly 8.25.24: https://lnkd.in/en52r4bp

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Last week, I had the pleasure of moderating a discussion on navigating FOAK in climate tech at the Greentown Labs Summit in Boston (which had >600 people!!). Here’s a quick rundown of what was shared by Katherine St. James of Spring Lane Capital, Paris Smalls, PhD of Eden GeoPower, and Hannah Friedman of Planeteer Capital: 🌱 What is the definition of FOAK? We discussed how the term can be controversial - it's almost too general because it doesn't identify what kind of "First" FOAK refers to - first team project? First geography? First of a technology in a sector? First time for the integration of a system? It's also too specific because it has the word "first" in it, which can be anathema to later stage / project finance investors. 💰 Partnerships for Funding FOAK Projects We discussed how important it is to build a blended capital stack & use off-balance sheet capital for a project so you're not using the most expensive equity dollars to fund an infrastructure project with low-ish IRR. We also talked through being creative about using corporate partners to provide in-kind services or ink some agreement (at least an LOI) to attract this funding. 🏛 Role of Government We talked about how government capital is seen by investors & how it can be catalytic for FOAK. Government capital can provide validation that a startup has passed a rigorous diligence process by a third party - and incentives like grants or credits can help improve returns for the first project- but it's important to be doing this in conjunction with getting customer validation and to be able to present line of sight to competitive economics without concessionary capital. 👥 Advice for FOAK startups The panelists offered some very specific pieces of advice for startups going through FOAK: how to get creative with things like revenue sharing agreements or convertible notes, getting smart with project development early on (like with DeveloperU), being careful about using FOAK too liberally with certain investor groups, getting the right commercialization / FOAK talent in and around you early Huge thanks to the panelists and the team at Greentown Labs (Jill Kirkpatrick, Julia Travaglini, Aisling Carlson, etc you rocked it!!) for hosting this discussion on bridging the FOAK gap. Also immensely enjoyed the rest of the agenda. Check out the full recap & videos here: https://lnkd.in/d9ApYe9Y #ClimateTech #FOAK #ClimateFinance #ProjectDevelopment #GreenTech #CleanEnergy

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Great article on the founder-investor relationship—one that’s so critical to the success of any venture. Tough times are inevitable, and the true strength of a founder-investor partnership isn’t measured during the good times, but in how both sides show up when things go wrong. These moments test trust, alignment, and shared resilience. As founders, we’re expected to lead our teams through crises, rally, adapt, and navigate the storm. The best investors also show the same level of leadership and step up during challenging moments, offering guidance, empathy, and actionable solutions. It’s a collaborative effort, and I’ve been fortunate to witness how impactful it can be when investors show true leadership. One way to ensure this is to work with investors who’ve been in your shoes before—there’s nothing quite like operator investors to bring valuable perspective and support when it matters most.

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What Dave McClure is building resonates well what we are doing with our Siena Secondary Fund. Although one focuses on fund stakes and the other company positions, the journey is the same - need to educate the market about what is #VC #secondary and how to benefit from it...

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Exciting to see startups aiming to use AI to discover chemicals, materials, drugs, etc. Semi companies have taken notice: AMD is investing in and Cadence is acquiring them. Semi/EDA companies have broken out by becoming critical path, whether it’s through critical software, packaging, IP, design kits from foundries, or user communities. Aside from just making it easy to make new materials, these “AI for making X” companies also need to articulate a vision as to how they can establish monopolistic positions in their industries.

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Massachusetts has firmly established itself as a leader in innovation, with three standout sectors fueling its tech-driven economy: biotech, robotics, and cybersecurity. Here’s a look at why the state excels in these fields: 🔬 Biotech: Massachusetts is at the forefront of biotech, thanks to world-class research institutions and a thriving startup ecosystem. With companies like Ginkgo Bioworks, Inc.—Massachusetts continues to shape the future of healthcare, from groundbreaking vaccines to genetic therapies. Robotics: Home to pioneers like Boston Dynamics, Massachusetts has become a hub for robotics innovation. From autonomous robots to robotic prosthetics, the state’s ecosystem supports advancements that push the boundaries of human-machine interaction, transforming sectors from healthcare to logistics. Cybersecurity: Massachusetts is also a leader in cybersecurity, providing critical solutions to protect data and infrastructure in an increasingly digital world. With companies like Rapid7 driving research and product development, Massachusetts is at the heart of cutting-edge cybersecurity innovation. Together, these sectors position Massachusetts as a global tech powerhouse. #MassachusettsInnovation #Biotech #Robotics #Cybersecurity #TechEconomy #InnovationEcosystem #FutureTech #BostonTech

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The success of a Fund boils down to DPI (distributions back to LPs in relation to how much capital was deployed). The industry often gets infatuated with TVPI, which accounts for paper gains. However, these numbers are frequently not worth the paper they are printed on. Knowing when to stick or twist is always a challenge, so I favor a balanced approach: the third-third-third strategy. Sell a third of the investment at the first opportunity. Gradually sell the second third. Hold onto the final third for potential upside. Even this model needs adjustments based on market conditions, requiring a mix of aggressive selling or patience. The real issue for LPs is the industry's recent obsession with maximizing TVPI without enough attention to DPI. This can lead to portfolio imbalances and potentially disappointing (or zero) cash returns. 🎙 Listen to my full episode of Fintech Leaders with good friend Miguel Armaza for more on data as the new gold, secrets behind successful VCs, and the importance of founder-market fit: Spotify: https://spoti.fi/3KitB4b Apple: https://apple.co/4bXmmuC Youtube: https://bit.ly/3Vh4HIz

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Buckley Ventures Set to Raise $250M for Fund IV Buckley Ventures, a bi-coastal investment firm based in San Francisco and New York City, is gearing up to raise $250 million for its fourth fund, according to a recent regulatory filing with the SEC. While fundraising is yet to commence, this new effort underscores the firm’s continued commitment to investing in transformative early-stage companies in the internet, software, and frontier technology sectors. + Firm Overview and Focus: Buckley Ventures is known for its concentrated investment strategy, with over $1 billion in AUM across multiple funds. The firm leverages a vast network of entrepreneurs, executives, engineers, academics, and industry experts to support its portfolio companies with problem-solving and growth initiatives. The firm has a storied history of backing innovative companies. Its portfolio includes notable successes like Rippling, Figma, Applied Intuition, Vercel, Solugen, Boom, and more, spanning a diverse array of industries and technologies. + Leadership: Led by Josh Buckley, an entrepreneur and early-stage investor who brings significant operational and investment expertise to the firm. His entrepreneurial background includes roles as: - Co-founder and CEO of Mino Games (2011-2019). - CEO of Product Hunt (2020-2021). - Chairman of Clearbit (2014-2020). Buckley also holds board positions at several leading companies, including Placer, NexHealth, Fuse, and ClassDojo. LinkedIn lists Jonathan Choi as another team member contributing to the firm's ongoing success. + Portfolio Strategy: Buckley Ventures aims to build long-term partnerships with founders by offering not just financial capital, but also strategic support through its extensive network. This approach has helped the firm identify and scale promising companies across frontier technology and software, including notable emerging fields such as #robotics, space technology, and next-gen #SaaS platforms. + Looking Ahead: Buckley Ventures' Fund IV reflects the firm’s ambition to maintain its leadership in early-stage technology investing. With its track record of successful investments and strong founder relationships, the upcoming $250M fund is poised to expand the firm’s influence and support a new generation of transformative companies. If you are experiencing difficulties in raising fresh capital and would require warm introductions to new LPs, contact G+QUANT     ▶ Please use G+QUANT's link for inquiries and fund decks, or send your inquiry directly to [email protected] #VentureCapital #TechInvesting #EarlyStageStartups #BuckleyVentures #FrontierTech #Innovation #Entrepreneurship #StartupFunding

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Silicon Valley built venture capital. But New York's new guard is reinventing it. Just reviewed TechCrunch's Top New York VCs Under 30 List. The paradigm is shifting from the traditional Sand Hill Road model to something more diverse and dynamic, marked by: +Founders-turned-investors have hands-on startup experience +A deeper focus on overlooked markets and underserved founders +Cross-pollination between tech and NYC's legacy industries +An emphasis on sustainable growth over growth-at-all-costs As this generation steps into decision-making roles, they’re bringing a fresh take on community-driven investing, alternative funding structures, and an emphasis on long-term value creation. Congratulations to all the honorees. Young talent is reshaping VC but remember – great investors come at every age. (Fun fact: the average GP is 43!) Want to meet the next wave of NYC's venture talent? Follow along as TechCrunch updates their Under 30 list: https://bit.ly/4hiw4ef Thoughts on the approach of younger VCs? Would love to hear your perspective. #VentureCapital #StartupNYC #Innovation #TechNews" Data Sources: TechCrunch and SaaStr PS 🔔 Unlock a better way to raise capital with: 💸https://fundingstack.com/ for VCs and investors

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I am quoted in PYMNTS.com: What's Next in Payments about how #GCC states are using #SovereignFunds to invest in promising #AI ventures and to keep up with the US #bigtech giants. I am quoted on the likely positive impact of attracting AI to the #MiddleEast, as a potential to harness creativity and advance assorted industries, but the article also hints at the peaking rivalry between #UAE and #KSA such as that the Emirati #Mubadala is rejecting Saudi funding for "#nationalsecurity" reasons. #arabworld #thegulf #UnitedArabEmirates #SaudiArabia #technology #hitech #Innovation #investments #economy #societyandculture #Kuwait #cybersecurity #artificialintelligence #security #venturecapitalism #infosec #informationsecurity #foreignpolicy #foreignaffaris #diplomacy #geopolitics

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Part of the DPI squeeze visualized: Fewer tech IPOs in 2022-2024 than during both the post dot-com bubble (2001-2002) and the financial crisis (2008-2009). Various reasons for this - more private capital, prohibitive regulations, too lofty valuations, etc. - but the end result is fewer exits via public markets. The IPO window is still pretty closed. 🪟 via Coatue.

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This news regarding #FIT21 (HR 4763) is helpful to hear, and gives advocates in the #digitalassets space the opportunity to educate the 80% of members of #Congress who aren't fully aware of the value or utility of #blockchain #technology and don't sit on the #financialservices or #banking committees in the House and Senate. While it's clear this bill will pass the House, it's important to see how many moderate Democrats support the bill (especially now that they won't whip votes), and that might give some hope in the Senate that it could go somewhere. We've already seen with #SAB121 that moderate Democrats, including those in leadership, can find a way to support thoughtful #regulatory clarity in the space. This bill provides helpful frameworks for decentralized computer networks to launch, in compliance with the securities laws, and provides a needed framework to provide #investorprotection, rather than the #enforcement led approach we see now. I highly suggest folks pick up the book #ReadWriteOwn by Chris Dixon, as it highlights the challenges with Web 1.0 (open source = good, no funding for innovation = bad), and Web 2.0 (corporate controlled networks = bad, funding for innovation = good), and the prospect of #Web3, (open-source and funding for innovation = good) which seeks to prevent concentration of innovation in #BigTech and provides a funding mechanism (through #crypto) to ensure the next generation of Tech #startups can build on top of stable open-source networks.

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Relative to yesterday's golf match between leading PGA Tour and LIV Golf players, the winners received $10 million in Crypto.com's Crono utility cryptocurrency. What are the uses of Crono? … Cronos (CRO) is a cryptocurrency token that has multiple uses within the Crypto.com ecosystem: Transaction fees: CRO can be used to pay for fees on the Crypto.com platform and the Cronos Chain Staking: Users can stake CRO to earn rewards like higher cashback, discounts, and voting rights DeFi features: CRO holders can access decentralized finance (DeFi) features and services Store of value: CRO can be used as a store of value that's backed by the success of the Crypto.com platform Governance: CRO holders can participate in governance decisions Asset transfers: CRO can be used to facilitate asset transfers between Cronos dApps CRO is the native token of the Cronos blockchain network, which is a sidechain of the Crypto.org Chain. CRO is also supported by Ethereum's ERC-20. You can deposit and withdraw CRO through the Crypto.com app. When trading or transferring CRO within the Crypto.com ecosystem, you don't need to consider the network type. However, you will need to choose the network type when depositing or withdrawing from external wallets. With the upcoming administration change favoring cryptocurrencies, will we see a resurgence of utility cryptocurrency... thoughts? #crypto.com #cryptocurrencies #cronos

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Regulatory clarity for responsible crypto innovation is emerging in the US and stands to catalyze the market adoption of such innovations. When regulations are clear, consumers and innovators all benefit. Financial Innovation and Technology for the 21st Century Act (#FIT21) is expected to pass with bipartisan support in Congress. FIT21 would redefine how securities issuers have to comply with existing federal law and Supreme Court precedent. The bill would create a new definition specific to digital assets, to identify when they're digital securities or digital commodities and whether the SEC or CFTC should be the primary spot market regulator. This collaborative approach signals a shift away from the current unclear, antiquated and antagonistic processes in some of the US regulatory agencies.

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