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Boulder, Colorado, United States
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Scott Barker
I partnered with Kyle Poyar this week to uncover 10 PLG plays that can enhance your customer engagement, streamline processes, and drive revenue growth. Even if your company doesn't identify as Product-Led Growth (PLG), these are strategies from PLG that ANY company should be incorporating. Full post in today's GTM Newsletter by GTMnow, I’ll pop the link in the comments. The TL;DR: 1. Interactive demo on the website 2. Replace hard feature gates and paywalls with soft gates 3. Incorporate a usage-based component to pricing 4. Leverage product data to drive customer outcomes 5. Offer trials for new features 6. Correlate product usage with revenue growth 7. Automate resource-intensive processes with AI 8. Implement smart email nurture cadences 9. Build and leverage power user communities 10. Offer starter packages or proof of concepts ✍️
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9 Comments -
Andy Cloyd
Ibotta, Inc., a platform that helps CPG brands deliver promotions to millions of consumers went public today, and you probably didn't hear about it. My guess as to why? It hasn't raised money from any big-name VC firms with big marketing teams. Ibotta was started 12 years ago after Bryan Leach saw someone take a photo of a receipt for an expense report and realized there were tons of interesting data contained in that picture that was going to waste. Fast forward 13 years and Ibotta is a profitable, fast-growing business helping over 2,400 of the most notable brands like Kraft Heinz, General Mills, and Unilever. They touch over 91% of US households... Ibotta offers shoppers cash-back on in-store purchases funded by its advertisers, while also collecting all sorts of valuable data like cart makeup and much much more. They've paid out over $1.8B to consumers over the course of the company Quick 2023 Numbers: Revenue: $320M (+52%) Gross Margin: 86% (best in class despite not being traditional "SaaS") Net Income Margin: 12% (a quick turn around from a $50m loss in 2022) Adjusted EBIDTA Margin: 26% In 2022, they inked a MASSIVE partnership with Walmart that made up for a huge amount of 2023 growth via 3rd Party revenue. As a part of that deal, Walmart also owns a significant amount of the company There are some fun case studies in the S1 showing off some hot up-and-coming brands as well including poppi and Chomps. When you dig deeper, one of the more concerning parts of the business is the revenue concentration inside of Walmart, but with their significant ownership %, it's unlikely they go anywhere. Seed investors paid $0.74.share and it's going public at $88/share so that's a pretty good day at the office. Excited to see how this trades!
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13 Comments -
JR Butler
Awesome chat this week on the show. My favorite quote: "Being an SDR Sucks. It's like being in rookie ball sitting in a clubhouse with cockroaches around you, but..." The "but" is where the magic is for this career path. But... - You learn critical skills that will serve you the rest of your career. - You learn critical skills that will serve you the rest of your PERSONAL life. - You get foundationally prepared to become a FULL CYCLE sales pro. - You earn the right to carry a quota and bring customers through the entire process - not just the part of getting their attention. The numbers do not lie. A career in sales offers the highest earning potential of any out there with the lowest barrier to entry. The price of admission is resilience, discipline, coachability, and a growth mindset. The outcome can be life changing, but its earned not given. Incredible conversation on this week's episode of Merchants of Change with former Major Leaguer Shane Peterson about his journey through baseball, the transition, and now his sales career. Absolute required listening... #AllGasNoBrakes #DialedIn
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8 Comments -
Erik Bruckner
The state of venture capital is wild right now. We are witnessing a surge of innovation across the spectrum: - Funds merging - VC doing PE - PE doing VC - Secondary funds - Buyout funds - Spin-out funds - Debt funds - Continuation funds - Infrastructure funds - GP turnover - Hard Tech surging - Family Office uptick
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8 Comments -
Zach Vidibor
One of the most powerful concepts in prospecting is lookalikes 🪞 It’s a very quick means of encapsulating a ton of factors about what makes a good prospect (and your ICP) into something more simple… ‘I need more accounts that look like that one’. The thing is that trying to create a lookalike list in a sea of filters and mountains of irrelevant data has always been, to put it mildly, a huge pain. We never liked it either and wanted a better way, so we built it into Octave. Now building a lookalike list doesn’t require any toying around with filters that never quite capture what you intend. You can just provide a company name and get back a highly focused list of lookalikes. The model we built cuts across various dimensions like company size, number of employees, industry, and most importantly what type of business they’re actually involved in (ie ‘what they do’ which is often the X factor that’s so hard to capture with filters). We made it so you can even get results just by hitting the quick action next to any company. This is of course seamlessly integrated with the rest of the platform, so you can easily build lists, generate fully personalized messaging based on real-time data, and manage your engagement workflows all from one place. It’s free to try, and we have lots of enhancements planned. Give it a shot and let us know your thoughts www.octavehq.com
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2 Comments -
Jason (Jay) Webb
Click the link in the comments to access the full interview: Given the need for CRO's to be more data-driven and analytical now compared to just a few years ago, would it make better sense to elevate a VP of Marketing into a CRO role over a VP of Sales? That's not what I planned to ask Tracy Sestili, 3X CMO, and first time CRO at Intellimize, when I had her on The GOATS of Growth, but given her experience and successful track record it would have been interview malpractice if I didn't ask. Candidly, some people on this platform have already vehemently disagreed with the premise of the question. Listen to the clip below and let me know what you think. In addition to that meaty topic, we also discussed: --The Importance of Cross-Functional Collaboration for CROs --Addressing Pricing, ICP, and Product Feature Issues --Strategies for Scaling Revenue --Challenges of Expanding into New Markets --WHY PLG is Not a Silver Bullet --Dominating a Market before Expanding --Creating a Seamless User Experience --Balancing Growth and Efficiency (may favorite topic lately) Tracy, you were a fantastic guest! Thanks for agreeing to do the show! Please follow Tracy for more great content.
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4 Comments -
Liz Walsh
A good datapoint for pre-seed founders looking to onboard advisors. Data shows only 1 in 10 pre-seed advisors get more than 1% equity, highlighting the need for careful allocation. Thanks Peter Walker for the insights to help align grants with the industry & preserve equity for growth. #Advisors #Equity #Founders
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Allison Barr Allen
There is a lot of change within early stage venture. On one hand, we’re seeing seed rounds that are $100M+. Big funds are investing $5M+ in seed. Then non-AI companies are often in the $1-2M for seed category or raising angel rounds. What is really seed? What happens to the average outcomes? From what I’ve seen, capital has no intelligence so companies that raise $5M go through the same pains as $2M, but time will tell how the change in rounds & valuations impact outcomes.
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1 Comment -
Helena Fogarty
Where are you stalling out your fundraising process? 1) The constant rejection? 2) Feedback that you need to be a better storyteller? 3) The "Ick" about asking for warm intros? 4) The neverending work on the deck? 5) Your fundraising has gone on for 6 months and isn't working? 6) You had a handshake deal with a VC for a term sheet...and then they ghosted you? I can help you cut out the noise, deal with the rejection and keep moving towards a positive result. Imagine what it will feel like after your last investor has wired...and you've got money to grow your team and crush your milestones? Book time with me if you want to close your round by September. https://lnkd.in/eKTy99bS
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9 Comments -
Victor Folmann
Sending your first fundraising email can be scary. Before you even think about it, ask yourself this question: 𝗜𝘀 𝘆𝗼𝘂𝗿 𝘀𝘁𝗮𝗿𝘁𝘂𝗽 𝗩𝗖-𝗯𝗮𝗰𝗸𝗮𝗯𝗹𝗲? VC is all about SCALE and SPEED: - Spot an early trend with a massive TAM - Validate technical and market feasibility - Know your unfair advantage to achieve big milestones in record time. If your business doesn’t meet the above, VCs might not see an opportunity to fund you. ❌ Bad fundraising narratives: → “We need money to figure out our business model” → “I want to extend the runway to have peace of mind” ✅ Good fundraising narratives: → “We know we can reach X DAU, and we need $Y to achieve this milestone in Z months instead of N years.” → “We’ve lowered CAC by X% in Y distribution channel in less than Z months; we’re seeking $X to optimize even more and scale even faster.” See where I’m going? VC is not for every business out there. It is possible to build a multimillion-dollar business without VC. It’s also possible to make life-changing money relatively fast without VC. Agree? 💬 #startups #founders #venturecapital #entrepreneurs #vc #investors #scale
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JT Benton
Building and supporting companies within the #VentureStudio model puts our team in direct communication with a lot of #founders. This is among my favorite things about working at the 9point8 Collective. After a handful of calls with early-stage founders today, I began to think about the things I appreciate about them. The list includes more than the three qualities I’ve listed below, but these ones really stand out to me: ↗ Optimism. It's a hard world, y'all. Founders see challenges as opportunity. What an awesome quality in a human being. It makes me want to be around them. 💪 Grit. Nothing worth accomplishing comes easily. Founders get this. They accept that failure is on the critical path to success and they push through it. 🏃♀️ Hustle. With scarce resources, founders create lasting value, fast. They put superhuman effort forward to make that happen, building a vision into reality. It’s inspiring. Venture Studios celebrate all of the above and provide critical support to #startups and their leaders - when they need it the absolute most. This is a big part of why I love the model - and my job - so much. What qualities do you admire in founders and #entrepreneurs? Neal Ghosh Blair Merlino Evan Allen
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David Spreng
As lenders to late and growth-stage companies, we're often asked: “What exactly do you look for in potential borrowers?" In my 30 years of experience working in the venture ecosystem, I’ve seen what qualifies some businesses to get the financing they need. Here is what we typically look for: ✔ Proven Business Model: Those with validated product-market fit, recurring revenue streams, and predictable cash flow are typically less risky and more likely to succeed in repaying their debt obligations. ✔ Stable and Diverse Customer Base: Borrowers with a stable and diverse customer base demonstrate a reduction in concentration risk and lower dependency on a single revenue source. ✔ Strong Management Team: At Runway, we look for entrepreneurs with a track record of success, industry expertise, and a clear ability to execute a business plan. A strong management team signals confidence to the lender that the business will be able to navigate challenges and drive business growth. ✔ Capital Efficiency: Startups that have effectively managed their capital resources, are clear on how the funding will be used, have minimized burn rate, and achieved meaningful milestones are strong candidates to utilize debt financing. ✔ Equity Backing: Previous equity financing by an established VC can provide additional validation of a company’s business model, market opportunity, and growth prospects. ✔ Exit Strategy: Those with a clear path to profitability and viable exit (such as through an initial public offering or strategic acquisition) provide assurance that the debt will be repaid in a timely manner. If you’re thinking about how to grow your business, and exploring debt as an option, keep this in mind!
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Rob Caucci
“Founder-Market Fit” gets thrown around a-lot. I first heard of the concept in 2016 when 🧬 🤖 ⚙️ Alex Iskold wrote a Josh Kopelman-inspired post about it. Since then, it’s become a default checkbox for early-stage investors, as mainstream belief now is that it’s a key predictor of a startup's success. Yet, it feels awkward every time I see it used to reference different situations. Founder solving a problem that took the life of a loved one? ✔️ FMF! Founder with 25+ years in the same domain they’re building in? ✔️ FMF! See what I mean? Super different. While the nuance might not always matter, I think it should be understood. That’s where better defining variations of FMF can provide a helpful framework to, situationally, evaluate the type of fit a founder has. The 4 types of Founder-Market Fit I’ve observed: 𝗠𝗶𝘀𝘀𝗶𝗼𝗻-𝗱𝗿𝗶𝘃𝗲𝗻 𝗙𝗶𝘁: The founder feels a deep sense of purpose to solve a problem with their company, and they’ve become obsessed with doing so. Emi Gal is a great example of this with what he's building at Ezra. 𝗜𝗻𝘀𝗶𝗴𝗵𝘁-𝗱𝗿𝗶𝘃𝗲𝗻 𝗙𝗶𝘁: The founder has meaningful experience operating in the domain, and therefore has a unique vantage point and insights to build from. 𝗧𝗮𝗹𝗲𝗻𝘁-𝗱𝗿𝗶𝘃𝗲𝗻 𝗙𝗶𝘁: The founder's technical skill and/or SME transcends the top .1% in their field - creating high barriers to entry - and uniquely positions them to win. This fit is often required for founders building in hard sciences (eg biotech). 𝗡𝗲𝘁𝘄𝗼𝗿𝗸-𝗱𝗿𝗶𝘃𝗲𝗻 𝗙𝗶𝘁: The founder already spent time building relationships and trust in the market, ideally with buyers they’ve sold, and can leverage this “native” network. The GTM motion this creates is a wildly powerful advantage for a founder. Each type of fit is an asset with unique value for founders and compounding effects are certainly at play. Fundamentally, I think it comes down to this question: 𝘋𝘰𝘦𝘴 𝘵𝘩𝘪𝘴 𝘱𝘦𝘳𝘴𝘰𝘯 (𝘢𝘯𝘥 𝘵𝘦𝘢𝘮) 𝘩𝘢𝘷𝘦 𝘢𝘯 𝘶𝘯𝘧𝘢𝘪𝘳 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨 𝘪𝘯 𝘵𝘩𝘪𝘴 𝘮𝘢𝘳𝘬𝘦𝘵, 𝘢𝘯𝘥 𝘪𝘧 𝘴𝘰, 𝘩𝘰𝘸 𝘴𝘵𝘳𝘰𝘯𝘨 𝘪𝘴 𝘪𝘵, 𝘳𝘦𝘭𝘢𝘵𝘪𝘷𝘦 𝘵𝘰 𝘵𝘩𝘦 𝘯𝘦𝘹𝘵 𝘣𝘦𝘴𝘵 𝘱𝘦𝘳𝘴𝘰𝘯/𝘵𝘦𝘢𝘮? It’s proven FMF is not required to build a successful company, but founders having some prior alignment with the market usually impacts outcomes. HT to James Currier over at NFX who, from what I can tell, has written the most on how he thinks about FMF distinctions. So, what do you think I'm missing here? How do you think about FMF?
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15 Comments -
Ryan Denehy
Many seed stage companies funded in 2020/2021 most likely won't make it to Series A these days. Over the last few months I watched two seed stage founders I invested in find buyers for their companies and successfully return cash to investors. In both cases the situations were dire and in both cases their existing lead investors were totally MIA. The reality for most VCs is that their best performing companies typically need their help the *the least* and the struggling ones are where it's essential to step up. For VC's, word travels fast when you aren't there to help. And for founders, working with investors who will be there when the chips are down is more important than ever.
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8 Comments -
Rob Cant
“The deal team tends to forget about the ambers and greens, even though they often outweigh the reds”🚦 That was the feedback shared with me by a seasoned CEO who is now running his third PE-backed company. He was making the point that traffic light (or “RAG”) ratings for diligence findings are usually effective for helping to focus the mind of the deal team on the single-most impactful diligence findings (usually those flagged as red risks). And this is often what is required to get deals across the line⏩ ⚡However, when it comes to operating / integrating the newly acquired asset post-closing, in the aggregate, it is often the lower-order issues identified in due diligence that require the most attention and are those that are most neglected by the deal teams. 🔰 With a degree of compassion, he acknowledged that “you can’t really blame the deal teams. Investment committees and boards rarely have any interest in discussing ambers and greens”. 📄 It is for this reason that some of the more sophisticated corporates and financial sponsors are now broadening their internal reporting and dashboards. 🖼 The goal being to expand the viewing pane through which diligence issues are considered holistically and integrating feedback from the management teams / PMI advisors earlier in the diligence process. One Head of Corporate Development told me that “we used to include a list of the top ten (or so) risks and their mitigants in our board submissions. Now we share a dashboard of all of the findings and we make sure we take into account the feedback of our ops team before we do so”. No doubt to the relief of management teams and PMI advisors, this approach seems to be increasingly common. Although, by way of contrast / light relief, I was also recently talking to the Global Head of Corporate of a large advisory firm about their innovations in the space of diligence. One example he gave – with surprising enthusiasm - was the recent introduction of a traffic light system into their DD reports… Fortunately for them (and their clients) this was not the only (so-called) innovation… #manda #dd #duediligence #pmi #ragreports #dontforgettheambersandgreens
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Dennis Huang
SaaS Capital's most recent retention benchmark presentation had this chart that caught my eye. 2023 was the year revenue growth and profit growth trends flipped. Investors still rewarded top-line growth, of course, but investors also started paying up for companies that could demonstrate profit growth, after years of punishing that sort of behavior. Without any dramatic changes to the overall macro environment, specifically any loosening on strategic M&A outcomes, I would expect more companies to demonstrate they actually "flip a switch" and go into the black to make themselves more appealing to financial buyers
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Ben Lakoff, CFA
Big rounds are back. VC Funding is flowing. In April, there were 28 fundraising rounds announced with >$10M in funding. We've seen private market (pre-launch) deals valued >$3B recently. Private Markets are hot. Public Market comps (FDVs) are hot. But who will buy our multi-billion dollar bags? Deal Flow Digest April w/: - Recap of largest web3 funding rounds - Airtable with ALL the data - Hackathons & Demo Days - VC Fundraises Read more here: https://lnkd.in/g7V4KrAj
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