Here's how I'd refactor the process: - CEO records a 20 min walkthrough of their pitch, along w/answers to top ~10 FAQs - when an investor wants to do a 1st meeting, they watch this video first - after the video, investor passes w/their reasoning or sets up an actual meetinghttps://twitter.com/peterpham/status/1007064402351271937 …
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Replying to @lpolovets
I loved the demo day + investor day combo. 2 min demo day + 15 min convo saves so much time
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Replying to @AustenAllred
I was skeptical the first time YC did investor day -- 15 min meetings seemed too short -- but I've grown to really like it. It saves so much coordination time when 100 founders and 500 investors all want to meet each other this week.
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Replying to @lpolovets @AustenAllred
YC demo day is the best artifact we have of VC as a marketplace for distributing capital efficiently in its most primal financial sense
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Replying to @jGage718 @AustenAllred
I read your tweet a few times and am not sure I fully understand it. Can you elaborate?
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Replying to @lpolovets @AustenAllred
I think VC is actually a variation of a marketplace business (with LPs as supply, company as demand). It plays out differently in practice but at demo day, it's mostly fundable companies with funds, together in a room, making quick decisions
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Replying to @jGage718 @AustenAllred
Ah. Things definitely move faster, but demo days adds new inefficiencies, like not enough time for real diligence or relationship building (which can lead to suboptimal decisions on both sides).
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Replying to @lpolovets @AustenAllred
I think it's the idea of all of these people being in the same room at the same time that makes it cool to me. I hope to see it one day on my trip for religious salvation
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Ya coordination is killer, especially now that everyone is spread out between PA and various parts of SF. Not to mention the intro -> response -> follow up with my assistant -> schedule email loop it takes to set stuff up in the first place
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Replying to @AustenAllred @lpolovets
one of the main reasons I'm pushing for horse and buggy mail to come back
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Replying to @jGage718 @AustenAllred
We like to deliver our decisions in person if we want to invest, and over fax if want to pass.
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End of conversation
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