An interesting thread on VCs as startups: (There’s a significant difference between Tyler’s firm and a traditional VC but the observations here are, I believe, relevant to someone raising a traditional VC fund for first time outside of an existing structure.)https://twitter.com/tylertringas/status/1164563999805104128 …
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The former I agree with. Either need to have other source of wealth or scrimp hardcore. The latter is mistaken, imo. You can bungle follow-on entirely and still have great returns if your initial checks are smart. $5M plenty to be equivalent of an outstanding angel.
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Our first
@fiftyyearsvc fund was just under $5m & we made it work. Had to run ramen lean (like in the early days of a startup). The smaller fund size doesn't have an impact on initial check vs reserve math. You just take what you would would do with a $50m fund and 10% it. - 1 more reply
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