SUS2019 YC创业课 投资人如何评价初创公司
it all comes down to only three things.
Team, product market fit, market opportunity.
人强，产品用户热爱，市场广阔
why are you working in this idea?
And what unique insight do you have?
Your clarity of thought on how you plan to see this as a big opportunity.
And how good are you at convincing that?
And if an investor gives you capital, do you know what to do with it?
we have to move really fast.
So how they are measuring whether you move fast is how scrappy you are,
have you launched your MVP,
how many iterations are you doing,
how are things moving in the pace?
And at this point it should move really fast on a week by week basis.
If you can't convince your first 10 people that you are building something big and they should join you in your mission, then it's really hard to convince investors. And that's why investors are looking for that story telling ability.
And before hiring a single person, they wrote down very clearly what Brex could be with all the products that they could build in the roadmap. Tested it, it was not a huge sell way, but they just wrote it down to really understand, built a financial model. Henrique actually attended the accounting class in Stanford because he had no idea how to build it. And he built a whole model year by year, tested the assumptions of market demand and what penetration they would need to hit for it to be at least a billion dollar company. And only have the after they both got comfortable that there is a path and this is worth quitting Stanford for and putting our entire life, probably for the next 10, 15 years on this, they hired their first employee. That is an amazing clarity of thought.
What is the money you need to hit that next milestone and just raise that money. Because guess what, your dilution matters.
But remember, the less traction you have and the less data you show, the smaller your cap, the smaller your valuation, the larger your dilution.
Users and revenue. That's your primary metric.
At this stage I would say focus on building the product, focusing on getting your first a hundred users and then you know, meet with angels.
At seed it could vary anywhere from 10 to 15% depending on the traction.
CDs A is 25% ownership.
If you're CDs B it's 10% ownership.
Science really kicks in after the C because you're a growth stage and you have a lot more numbers. Plus at that point the growth investor is really evaluating you as to when can you go public and what would be the valuation that you go public. And so the valuation from the CDC is back calculated based on that.
需要进一步确认各融资阶段的比例和里程碑
What am I going to buy ROI?
Ideally that target should also be the point where it will allow you to raise the next round of funding.
I always want you to think about every round of funding as if it's your last and you should treat it as such.
So you are fundraising when one you need the money to grow. Two, you're willing to give up the equity to grow. Number three, you clearly know what is the milestone that this will get your company.
You're doing what is necessary to like make your passion and dream happen.
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