For detailed show notes and links go to MarkWKing.com/6 In this episode, I distill some positive and negative lessons about why a startup might need multiple attorneys. The short answer…lawyers are like doctors, they specialize. One size does not fit all situations. Equally important, entrepreneurs need to be careful about who an attorney has a duty of loyalty to. A lawyer that represents a company's best interest does not by default represent the founder. Also in this episode, I reintroduce the Venture Capital Coroner's Report. Previously, I did an entire podcast focused on lessons from failed, VC backed companies. The show failed (I know, ironic, right?). I just couldn't get enough interviews. However, there's more than enough material for an occasional segment of this show. The autopsy of VATLER provides an important lesson about disrupting entrenched players (and a resurrection story in the founding of SpotAngels). Lawyers or Insurance Salesmen? Naval Ravikant - Angel List In a very short post Naval lays out six important lessons he learned about hiring lawyers. He learned these the hard, expensive way. A Startup Lawyer is Not a Founder's Lawyer Jose Ancer - Miller, Egan, Molter & Nelson Often lawyers are like that coach in the corner of a boxing ring. They're an experienced, voice of reason in a life or death struggle. Jose Ancer points out, however, that you need to be sure the lawyer in your corner owes his highest allegiance to you. It's not always obvious. Jose does a great job explaining how attorney loyalty works. Inside Story of VATLER's Shut Down Hamza Ouazzani Chahdi - Now at SpotAngels.com Founders ran head first into a wall called entrenched city government. Follow @HamzaOuazzaniC to track the story of SpotAngels, Hamza's new attempt to disrupt urban parking by helping you avoid parking tickets. Bonus Material – More About Naval Ravikant Naval says this about himself: "I am the CEO and co-founder of AngelList. I previously co-founded Epinions (which went public as part of Shopping.com) and Vast.com. I'm an active Angel investor, and have invested in dozens of companies, including Twitter, Uber, Docverse and Jambool (both sold to Google), and Mixer Labs and Fluther (both sold to Twitter)." Background article from PE Hub on why Naval feels so strongly about lawyers: His Brand Burnished, Naval Ravikant Plans New Fund with Babak Nivi Blog StartUp Boy Web Site Angel.co Twitter @Naval LinkedIn Naval Ravikant (little dated) I'd love to connect at any of the following: Twitter: @TheMarkWKing LinkedIn: Mark W King Facebook: The Mark W King Old School Email: MarkWKing.com/social
When you read about startups or startup accelerators, you almost hear about teams of co-founders. That’s because there most often, having co-founders is the right way to go. But can a solo founder succeed? What’s a poor startup founder to do if s/he can’t find the right co-founders? Just hang-out and wait? In this episode of Distilling Venture Capital, I look at these questions. Below are some of the articles and resources that I mention. For the detailed show notes and bonus information about Nic Brisbourn go to MarkWKing.com/5 Startups Are Hard. Don't Go It Alone - Satay Patel, Homebrew Ventures Building The Right Founding Team - Nic Brisbourne, Forward Partners How Solo Founders Beat The Odds and Got Into Top Accelerators - Lora Kolodny for the Wall Street Journal I'd love to connect at any of the following: Twitter: @TheMarkWKing LinkedIn: Mark W King Facebook: The Mark W King Old School Email: MarkWKing.com/social
VC decision making is one of the great mysteries of the business world. In this episode we look at the range of decision making models used by VC funds. Elizabeth Yin of 500 Startups wrote a great blog post on the topic. She was also generous enough to record some follow-up thoughts for this episode. The secret behind VC partnerships… The take home point is that venture capital funds fall on a spectrum with champion based decision making on one end and consensus models at the other. The key is doing your homework. Bonus Info On Elizabeth Yin Here's how Elizabeth describes herself: Partner at 500 Startups; Investor in seed stage companies and run the Mtn View accelerator. Formerly CEO / Co-founder of LaunchBit (acq '14) and marketer at Google. BSEE from Stanford, MBA from MIT Sloan. Twitter LinkedIn Blog 500 Startups I can't thank Elizabeth enough for calling and leaving some answers to follow-up questions. She has a great blog and is very active on Twitter.
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