A Sack of Seattle

A funny line from today

He needed to raise money to prove his penis size. Strange but true. I couldn't that shit up.

Are you too old or too late stage for TechStars? The most common TechStars misperception debunked

 

I know a number of you are far along in your businesses already -- and you may think you or your company are too "old" or "mature" for TechStars.  You may already have a couple startups under your belt already and think you know what you're doing so you don't need TechStars.

Au contraire. I don't think this is true at all.

In fact, I want you all to know that I think you should consider applying for TechStars -- I think the program is awesome ....and an awesome value for companies that are past the initial step of building a company. In my opinion, it's the multiple time CEOs that are some of the people that can see the benefit and get the most out of the TechStars program. 

TechStars is an accelerator and I've seen instances where the acceleration part of TechStars actually helps existing companies as much if not more than raw startups.  In NYC TechStars, for instance, there were companies that already had 1MM in funding and already had greater than 1MM in revenue. These "mature" companies really rocked coming out of the program. If you want to read about one such company you can read about the company RedRover here and here. The articles give a good articulation of the value that a little later stage company can get from TechStars....and the CEO thought process for putting his company into TechStars.  

The trade off of equity to dilution and the benefits you get from being in TechStars are a huge win for almost any company that gets in. I think TechStars can really help you narrow your focus, open doors, get people to care about your startup, get funding, get publicity and accelerate in a 3 month period. I'd put my own company in the program without hesitation. If you want to discuss whether it's a fit for you -- let me know. Email me.

I should mention that there are over 600 applications this year so this plug is not because we're in need of more applications and it will be more competitive than ever to get in -- I just want those companies and CEOs to make an informed decision about who can really benefit from TechStars. 

 

10 Days Left to Apply to TechStars Seattle

This is just a simple reminder for anyone who is out there and considering applying to TechStars Seattle. It's time to get off the fence and submit your application. Applications are due June 1. 

Things I love about Founder's Co-op and Our Makeshift Receptionist

I love housing 22 startups under one roof. 

I love witnessing (and participating in) the birth of new ideas. 

I love having 80 people to vote on my new company name. 

I love that we share snacks. I love that we share best business practices. 

I love that people are willing to clean out the fridge every once in a while. 

I love that we celebrate victories and get each other through hard times. 

I love that our kickball team is on a 3 game winning streak.

I love that there are career opportunities sometimes 30 feet away.

I even love the nerf gun wars that my desk is perfectly in the middle of.

But here's full disclosure...fostering an environment of activity, brainstorming, and collaboration comes with a price: It can get noisy. There is a delicate balance (we haven't mastered it yet) of letting all this magic happen while also maintaining a noise level that others can work through (head phones recommended).

One interesting phenomenon is that some of the best seats in the house (near the windows, plenty of natural light, good access to the bathroom and kitchen) are avoided like the plague because they're too near the front entrance. Nobody wants to be mistaken for the receptionist. (Which we don't have.)  With 22 companies, 5 conference rooms, and a speakeasy throughout our 2 floors, guests need to be pointed in the right direction. The problem is that on busy days that could easily mean 15+ interruptions...not ideal for productivity.

Here's our office's solution to not having a receptionist.

Top of mind is how can we help people find who they're looking for without constantly asking these guys...(note how the bike gets the sunniest, brightest view in the office)

Change happening at RevenueLoan

The first 9 months of RevenueLoan has been great. We've made a good number of investments into some great companies and more importantly, learned a lot. Today, I'm thinking about putting into writing our corporate values. This is a first draft. I have not run these by my team yet and plan to do so before putting them into cement. I thougth I'd share my first draft with you at the same time as them:

• Fun - We believe that if you have fun together at our company, we'll create a better outcome and have a better time doing it.  
• Swift - Swift is both fast and flexible. We strive to be both. We think speed is a competitive advantage. 
• Listening - We value feedback A LOT. We strive to listen to our customers, employees, and investors as the key indicators as to how we are doing. 
• Innovative - We are creating something special and new. We plan on winning through innovating. We don't take the way the world as the way the world ought to be. 

What do you think? Any feedback? I'm listening and likely to adapt swiftly ;-) 

Fun weekend at LindzonPalooza

I am sitting at the airport on my way back from a weekend with friends, entrepreneurs, and fellow tech investors in San Diego.  The weekend is hosted by Howard Lindzon, CEO of stocktwits. It's an annual event and I'm definately going to go again next year.  There's a lot to be said for hanging out in San Diego with good people. 

Talented entrepreneur seeking technical cofounder...and TechStars

 

Read the full story and criteria here: Searching For A Co-Founder | Highway 12 Ventures

Spoiler alert! One of the criteria is: Interested in applying for the TechStars accelerator program in Seattle in August – November (http://www.techstars.org/seattle).

 

How Founder's co-op is helping Seattle?

 

This may be a repeat for some of you, and is a bit self promotional....but Mark Suster (General Partner at GRP in Los Angeles) wrote a thoughtful piece in TechCrunch yesterday about the startup scene here in Seattle, including a very generous mention of what we're up to here at Founders Co-op. 

Last night I was fortunate enought to be voted Best Angel / VC Investor at the Seattle 2.0 Awards. I am truly honored -- and feeling undeserving. I will work harder to actually earn this award. There are lots of more experienced and better vc's than I in Seattle -- They may not be as good at promotion but when it comes to making great bets on great companies I still have a lot to prove.  I'll get there though. Thanks for the acknowledgement. 

 

Another Great Night at Seattle Open Angel Forum

Last Wednesday in the Easy, we hosted the 2nd ever Seattle Open Angel Forum.  Myself, my partner Chris DeVore and about 20 other active Seattle-area angels heard pitches from 5 startups.  OAF's format looks like this: Each team only has 5 minutes to present - basically just enough time to demo their product. Then we open the floor for Q&A and feedback. The feedback element is particularly valuable and pretty unique.  I like it because it's rare that entrepreneurs get constructive criticism from their audience of angels. Investors can help entrepreneurs in more ways than just the obvious (writing checks), e.g. making introductions and giving feedback. OAF was successful and valuable to both entrepreneurs and angels alike. I'll definitely be hosting OAF again. If you're an angel or an entrepreneur, mark November 2nd on your calendars.

We heard from these 5 startups. They did a great job.

1) Appitude - social book-reading platform aimed at increasing publisher's sales and making book reading more social.

2) Deal Springer - Twitter for Deals, enabling anyone to promote deals instantly.

3) GreenLine Legal - could-based software to summarize, compare, and analyze legal agreement

4) iSheet Music - sheet music store for iPhone/iPad.

5) Venpop - providing technology to retailers to merchandise products in social networks.