Jacob Colker

I recently sat down with a group of Forum Ventures founders about to go out to fundraise and the topic of SAFE rounds came up. The context focused on the pros/cons of raising a priced vs a SAFE round and the conversation notably shifted toward the dilution implications of a SAFE round. Founders are keenly aware of the top line dilution of any funding round - ie selling 20% of their startup for $3M at a $15M cap - but very few fully grasp the implications of doing a SAFE round vs a priced round. The universal standard for institutional VC investors is a post money SAFE. This document essentially outlines ownership that an investor will have in a startup just prior to the execution of a priced round. Most importantly though, it is structured so that an investor in that SAFE will not be diluted by subsequent SAFE's that are issued. This is where founder education around the implications of this structure are not fully appreciated. In a situation where a founder continues to stack subsequent SAFEs, they don't actually convert until the first priced round and the net dilution they are taking is actually more than they realize. Here is a practical example - take a situation where a founder has already sold 15% of their business on a post money SAFE in a pre-seed round, and is now choosing to sell another 20% in a seed round. If the founder opts to raise this money on SAFEs, the dilution of that additional 20% will come entirely from common equity holders- meaning they will now own 65%. If SAFE holders were also diluted by that round, as they would be in a priced round, the founder would own 68%. This dynamic becomes more dramatic the more capital a founder raises on SAFEs. Note - this is a high level example and does not include an option pool carve out or other round nuances. Almost universally, when a founder raises their first priced round, there is some degree of sticker shock at the outright dilution on their cap table, particularly when options pools are factored in. This pain is even more acute when a founder has raised a fair amount of capital on SAFEs along the way. There are certainly benefits to raising SAFE round, mainly cash in hand 6-8 weeks faster and not having to decide on board seats too early, but I encourage all of our founders to run through cap table modeling and correctly account for the implications of SAFE rounds before they make fundraising decisions.

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Science-fiction is inherently speculative. Author George #Orwell of ‘#1984’ predicted concepts such as doublethink, little earbuds and society’s obsession with the black mirror screens that dominate our lives — and according to the BBC, novelist and short story author JG Ballard, of “High-Rise” and “Crash” fame, has predicted the current tool and cultural fixation of #GenerativeAI in the modern society — only he didn’t just speculate them within a story, he is actually one of the first use-cases of a generative AI used in a creative context — Ballard was so fascinated with the growing technological advancement of computers that he used one to compose poems, essentially the precursor to what we have now with ChatGPT. Today, the debate about the creative use of generative AI and its value on creative industries is an extremely fraught and controversial topic, but if controlled in a space that doesn’t replace human labor or try to equate itself to traditional art forms, it is interesting to see what computers can do and how they are creatively limited in comparison. Ballard’s two poems, The Yellow Back Novels and Machine Gun City are generated, and both include notes on how Ballard achieved producing them. Regardless of quality (Ballard himself probably wouldn’t describe these two poems as his best work), it is interesting to see primitive versions of the technology that we utilize on the daily today, and how these moral conversations that concern them would continuously evolve.

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🚀 𝗪𝗵𝗲𝗻 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗟𝗲𝘁𝘀 𝗬𝗼𝘂 𝗕𝗿𝗲𝗮𝗸 𝘁𝗵𝗲 𝗥𝘂𝗹𝗲𝘀 Remember Boardy , the AI Super Connector I mentioned? Their fundraising approach is as disruptive as their product. 💡 Founded by Andrew D'Souza and team (including Matt Stein, Shen Sivananthan, and the Boyed brothers), D'Souza was a cofounder of Clearco 🔑 Key points about Boardy's unconventional approach: 1. They're allowing the public to view their fundraising deck! 2. They're opening up their round to their early adopters. 3. Their deck is fun and irreverent 4. No revenue projections or traditional business model included But here's the kicker: They can do this because they're the exception, not the rule. 🏆 The Boardy team's track record: • Second-time founder • In a hot sector • Proven ability to build and scale • They've already closed $3M For most startups, this approach would be a non-starter. Typically, investors expect to see: • Clear Go-To-Market (GTM) strategy • Solid business model • Detailed financial projections But Boardy's past success gives them the luxury to focus purely on vision and problem-solving. And, tbh, we don't know what the deck that they shared in meetings looks like. 🤔 What This Means for Founders: Unless you're exceptional, you're not the exception. 1. For most, stick to the essentials: GTM, business model, financials 2. Track record matters: Past exits can change the game 3. Vision is powerful, but it usually needs to be backed by solid plans Boardy's approach is fascinating, but remember - they're the exception, not the rule. For most startups, a comprehensive, traditional deck is still the way to go. What do you think about this unconventional approach? Could it signal a shift in fundraising norms for serial entrepreneurs? #StartupFundraising #VentureCapital #BoardyAI #EntrepreneurshipLessons

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20 hours in and Hoyo's formidable craftsmanship is on full display with ZZZ. ⭐1.0 release pool of 16 characters. Hoyo games have always prioritized quality over quantity, leaning instead on deep systems to enable diverse team comps / fun theorycrafting. Interestingly, Wuthering Waves also launched with the same # of characters in its 1.0 pool. I'm personally a big fan of this approach, and hope to see more games adopt it going forward. ⭐Female to male character ratio of 3:1. HSR currently stands at ~2:1 and Genshin at ~1.7:1. Every faction shown so far has only 1 male char. Surprising given Hoyo's recent titles have focused more on the "mainstream anime" audience instead of catering only to the core otaku audience. Very happy to see Hoyo honoring its roots here. They cooked and core fans are going to be very pleased with all of the fanservice (e.g. cinema artwork, main menu char selection, etc.). ⭐C6 / Cinema artwork is... IYKYK. They clearly tested it with HSR and are fully leaning into it with ZZZ. Congrats to all you Grace C6 havers. They knew exactly what they were doing. ⭐First Hoyo game with dedicated furries / anthropomorphic races. Ellen, Ben, and Von Lycaon are all very compelling characters. Wakayama Shion does such a fantastic job as Ellen's VA. Hoyo absolutely nailed the launch banner here. ⭐Just like other Hoyo games, ZZZ is more "casual" than it is "core." It doesn't demand much of your time as a single player live service title. For me it's the perfect side game that I can see myself spending 1-2 hours per week on. I don't expect everyone to like it (might be too "easy" for core gamers), but it's a winning formula that Hoyo has perfected for its target audience. ⭐One of Hoyo's underrated special talents is making "core" genres widely accessible from a gameplay standpoint across all platforms. ZZZ plays flawlessly on mobile, PC, and console without diluting the experience at all. Everything from the simplified switching system to the flat level design was intentional to make it incredibly accessible even for someone who has never played action games before. This is something really only Hoyo is capable of pulling off with such finesse. ⭐Really digging the comic / manga style storytelling. Glad to see Hoyo continue to innovate on how it delivers its stories and really looking forward to seeing more of this. ⭐Hoyo's investments into its music / animation departments are really paying off. The release trailer for ZZZ is Hoyo's best yet and their character drip marketing is perfected to the point where I'm basically forced to pull on every banner. In many ways, Hoyo is slowly becoming the Apple of the gaming industry, and their IPs are rapidly expanding the audience for gacha and anime on a global scale. I'm honestly humbled. Shut up and take my money... #zenlesszonezero

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Day #4 of observations from attending Home Care 100 this month: There is a cambrian explosion of "AI scribe for OASIS docs in <15 min" startups currently underway in Home Health. A new one of these is launching every few months. I'm certain we'll see 2x AI scribe vendors at the next HC100 in January. And so, I listened for the overall positioning of these products by the vendor and buyer at Home Care 100. It sounded like this: HH CEO: “I need a solution to lower the caregiver burden of clinical documentation” HH Vendor: “I offer AI to reduce the burden of clinical documentation” This may sound like a "checkmate" match between what the CEO is saying, and what the vendor is offering. But it isn't. The CEO actually has a business model problem. They cannot afford to sufficiently pay for the time it takes for caregivers to complete clinical documentation. And so, they are stuck looking for solutions that minimize the cost of personal time on documentation that caregivers have to absorb. Solutions that offer AI and the promise of driving down this cost down for the caregiver are the start, but not the endgame. If I were not building Arya, and wanted to build a standout documentation product, I would build an "AI-powered clinical documentation agency", not an AI scribe. Here's what this AI-powered documentation agency would sound like: 1. We eliminate 90% of all clinical documentation at your company. We do it at 1/10th the cost of a traditional outsourced documentation shop 2. We do this by a human-in-the-loop AI solution, that allows our human documenters to work 10x faster than DIY 3. Under the hood, we integrate with *all* the best AI out there (incl. ChatGPT) in a SOC2+ HIPAA guaranteed environment. We decide the best AI+human workflow to use for each documentation on the fly. Regardless, you always pay a flat rate, and we absorb the risk or AI vs human effort 4. Your caregivers approve each human-in-the-loop documentation. We don't publish anything to the EHR till it's approved 5. We guarantee a <1% error/ change rate on our documentation from caregivers, or we offer some money back I did some back of the napkin math to see what the economics of an such an agency might look like. With the current math, the caregiver is still absorbing upwards of $10 worth of time per OASIS documentation. If an AI-powered agency drove this cost down to the single digits per doc, might HH agencies be able to work this into their financial model and take this off the caregiver's plate entirely? Here's hoping for a "we've got you covered on the documentation " caregiver benefit coming in the future. #homecare #homecareagencies #HC100 #homecare100 #homehealth

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There's a new breed of CEO in town. The AI-Native CEO. These people are either rebuilding archaic companies or building in "adjacent possibilities," they're creating truly durable businesses with real customer value, and importantly, they're building their companies in an AI-native way; more efficient than ever, stitching together technologies that once required high-overhead, and focusing their hiring on people who are autodidacts, the ones who are inhaling knowledge on how to improve their own functions leveraging the newest tooling for the future of their jobs. A few of my favorite examples... Valley, backed by General Catalyst, getting 30-50% response rates for salespeople using conversational selling instead of archaic and annoying drip campaigns. AminoChain, backed by a16z, turning biobanks into to shoppable specimen centers so that healthcare institutions and researchers can purchase biomaterial like blood an stem cells and so donors can earn and track their participation in science. HIFI, backed by Blockchain Founders Fund, using stablecoin for B2B payments, creating instant settlement times and eliminating fee extortion. Dune Security, backed by Craft, using AI to test, identify, and train employees on their own risky actions, automatically reducing the biggest risk any business has--the behavior of its own employees. https://lnkd.in/eJUnuM4z #venturecapital #ai #artificialintelligence Antler

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We believe in extreme vetting of our founders. You can't build a unicorn if you spend time on silly stuff, like seeing family and friends. Grow up, and focus on investor returns. #vc #startups #investment

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A post from Rob at Balderton Capital pointed me at this piece from TechCrunch, and it perfectly aligns with what I've seen in the market: When things (aka: building businesses) are getting harder, founders seem to be more aware of how to structure ownership within their team. I've recently seen a few transactions where mostly experienced founders insist on longer vesting schedules for them and their team (👋🏻 Mario from Enpal revealing this week the whole company runs on 7y vesting schedules). Avoiding dead capital on the cap table is one of the key priorities we try to make founders aware of when raising rounds - be cautious with part-time, non-operative 'co-initiators', professors, accelerators or angels that don't add much value beyond the very initial stages, or co-founders that decide to move on. Enforcing strong (read: long) vesting mechanisms including cliffs (no need to stick to the 1y cliff market standard either) can be a simple mechanism to align interests for the long-term.

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How I raised $10.82M over the past decade of startups: 1️⃣ Built systems for fundraising: I used a 7-step process to track every step from targeting to closing. 2️⃣ Networked relentlessly: 80% of my time went into meeting people, 20% into pitching. 3️⃣ Played the numbers game: Fundraising is like dating—kiss a lot of frogs to find the right investor. These three things helped me move faster and stay focused. - - - - - - - - - ~Don Stein Are we connected yet? ---------------> Follow me on Linkedin for more p.s. Want advice on each one of those 3 fundraising points? Read more of my thoughts: Subscribe Here:

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Blue Startups acceleration complete—and wow, did we accelerate! 🐧 🚀 We wrapped up with a demo day in San Francisco, and I even did a bonus one in NYC. You have to check out the pitches! https://lnkd.in/gyzF9mGF If you’re wondering whether an accelerator is right for you, or if you’re building in isolation and want to grow as a founder, read on. When we applied to Blue, we were at $40K in monthly revenue. By the end of the cohort, we hit $135K. Even though I’m American, all my startup experience was in China. I wasn’t familiar with the fundraising process or how American VCs think. I also didn’t have a strong network here. I needed to level up my game. If you want to build something huge, you can’t do it alone—you need mentorship and advice. And Blue Startups provided that in spades. We started with a bang thanks to Patrick Lee (Rotten Tomatoes founder), who gave an incredible presentation on focus. The guidance from Blue’s founder and director, Chenoa Farnsworth, was invaluable. She’s unapologetically tough, forcing you to maintain a high standard. Her far-reaching connections brought us every type of advice we could need. We were introduced to an amazing lead mentor and advisor, Steve Markowitz. Everyone needs to find their “Steve”—someone who's done it before and will go with you the whole way. Blue helped us build a network. We got connected with incredible founders and advisors, like Joey Katzen, Christopher Farm, Holly Liu, Chris Yeh, Keyvan Peymani, Nobu Morita, Jennifer Apy, Rachan (Butch) Reddy, Assaf Karmon— and so many more amazing people who have already helped us immensely on this journey. David Holt always went the extra mile (as did Kia Yang). Chris Lam helped me think about design. Cristina Moon taught zen and resilience. Romesh Jayawickrama was invaluable in guiding mindset and balance. Blue also partnered with Piʻikū Co. and brought on two amazing designers (Gage Minamoto and Michelle Tran) to give the app a needed glow up. But most importantly—our cohort. I can’t imagine building a startup alone. The cohort becomes like family, and it's important to surround yourself with brilliant passionate people. Huge shoutout to Cohort 16: Sirisha Kaipa and Madhu Vohra, Jacqueline Hall (Sunday grinders club), Randy Marsden and Arianna Rose, Mathew Goldsborough, Mario Soave, Paul Karaffa, Dr. Stevens Bonhomme, D.B.A, M.A, Melis Dural, Vincent Brathwaite, Andrew Spencer, Michael Choi Special thanks to Trung Lam and Johnny Chankhamany of ThriveHI for introducing me to Hawaii’s tech community and Clif Purkiser for guiding me in. And, of course, we can’t forget Maya Rogers and Tetris! Why do an accelerator in Hawaii? Because building a startup is hard, and you need support from people that really care about you. Blue startups isn't just an accelerator, it's Ohana 🤙

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In my capacity as Advisory Group member at the Howe Innovation Center for #disabilitytech, a quick request: The team has created a survey to gather data on the current state of entrepreneurship within the DisabilityTech ecosystem. This, like ParentTech is a crucially important area within the innovation landscape that is, until now, woefully under-recognized and they're working to change that. So if you're building in #disabilitytech - they would be thrilled if you could spare a couple of minutes to fill this out, or please share with any entrepreneurs you know who are building in the sector! https://lnkd.in/en5k7kbD LinkedIn limits the # of people I can tag, so apologies to all those I have missed! ASD 123 Atlas Primer Beaming Health BeMe.ai Cami Health ChildNEXUS, Coral Care, EarlyBird Education, Highlighter, IEP&Me, iQsonics, Just Parent, Kanjo Health, Ladder Health, Myndi, Perfecting Peds, Piper + Enza, Pletly, Rootines, Sipple Care, Vitalxchange, Youth Crews, Perkins School for the Blind, Sandy Lacey

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An interesting article below, that demonstrates out how San Diego is punching above its weight.  And how Connect's strategy and execution over time, contintues to be central to that success. The article describes the current state of the market in Seattle.  (And i love Seattle.) It's a market that we tend to track with relative to venture fundings.  They used to kick our butts, we outraised them each of the last three years.  This despite the fact they have 3x as many funds there, and 9x the amount of resident capital there. (per pitchbook) Some key takeaways:  * They continue to compare themselves to SIlicon Valley. Instead, we leverage our proximity. *They whine there's not enough local investors (see note above - they have more than us). We bring over 200 VCs to SD annually! * They say founders are not connected with one another. We bring CEOs together regularly, in a variety of ways - private dinners and through our Springboard program. * They say they need to elevate their image on a national & international stage. Why we created and continue to build Five.Ten.Thirty (aka Inno Day).  * And the last paragraph - they need to concentrate on making their region a great place to live. Our mantra: "It's about Better, not Bigger." (See XEO, TL Fund). THANK YOU FOR ALL OF YOUR SUPPORT. WE ARE ON A MISSION TOGETHER!!!  (Comments, whining, suggestions on SD always welcome.) https://lnkd.in/g6Rq_f2Y

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To help bridge the information gap between founders & investors, Nick Khormaei & I built a comprehensive map of the Seattle venture ecosystem. Check out the slide deck below for a breakdown and reach out to us if you'd like to see our full data-set!

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Many assumed that the industry would be well on its way to AGI or superintelligence before AI model builders’ efforts to take advantage of scaling laws might hit a wall. Recent headlines are chipping away at that assumption. One question I've been getting in my inbox: is this the era of diminishing returns for AI? We don't think so. Even if an avalanche of new clusters and synthetic data fail to deliver significantly better model performance, there are good reasons to believe that AI is still going to become orders of magnitude more powerful in the coming years — powering a new generation of startups and ultimately productivity growth and positive benefits for mankind. In fact, with agents and reasoning just beginning to scale and thousands of industry-specific models coming online, it's about to get really exciting. Read our latest blog post on the topic: https://lnkd.in/gFhniNX8

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Brilliant venture studio manifesto. The work comes in generating real traction. “We don't fund entrepreneurs-in-residence with a deck and a check. We think product-market fit is a hard problem and we don't think it can be industrialized or handed off - but it is possible to solve repeatedly. We get in the guts and build the thing from day zero. Most of the work of a scientist isn't generating hypotheses, it's running experiments to get the data. That's what we do. Once we've created real traction, we partner with best-in-class operators to create a second founding moment to scale the company. That's because the skills at each stage of a startup are different, even if vesting schedules pretend they're the same. We aim for unreasonable speed with each portfolio company while making decisions at Boulton & Watt like we're going to be in business for decades. We go long: building networks of talented people we someday hope to work with, waiting patiently for businesses to compound, and preferring to make the pie bigger for everyone instead of owning all of a small pie of our own.” Boulton & Watt

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🔥 My fireside chat with the legendary Nolan Bushnell from TechCon SoCal is out! (Thank you TechCon Team, for sharing) . Early-stage entrepreneurs, especially those navigating the AI transformation age, you won't want to miss this! Nolan's journey from founding Atari to pioneering the tech industry is not just history, it's a living testament to the power of vision and innovation that can guide us in the present: ✨ "Entrepreneurship is about envisioning a world that could be, and trying to make it happen." Nolan's story is a testament to the power of vision. From transforming TV sets into interactive home entertainment with Pong to creating a $400 billion gaming industry, his innovative mindset has paved the way for countless technological advancements. 🌍 Nolan's early family upbringing and education planted the seed of innovation and creativity, leading to groundbreaking creations like the first car navigation system, video phones, and early online shopping platforms. His story shows how crucial it is to nurture creativity from a young age and stay curious. 🔍 "Entrepreneurship is about making the future happen faster. If you want to live it in the future, create it." This mindset is essential for today's entrepreneurs, especially in the rapidly evolving AI landscape. 💡 During our chat, Nolan also shared profound insights on the importance of adaptability and resilience. His advice on having multiple ideas and timing them right to curate a successful company is not just theoretical, it's a practical strategy that can guide any entrepreneur: 🧠 One standout moment was Nolan's perspective on company culture: "I don't care how you come to work, what you wear, I don't care if you come to work, I don't care when you come to work, if you get the job done, I'm happy." This ethos of prioritizing outcomes over processes is a key driver of Silicon Valley's success and a valuable lesson for any startup looking to innovate and grow. 🌐 As we navigate the AI transformation age, Nolan's advice on embracing societal changes and staying ahead of the curve is more relevant than ever. He urged current AI founders to be aware of the potential job displacement AI may cause and to see the immense opportunities it brings. "You look for things that are broken. There's a lot of things in the world right now that are broken, and education's one of them." 🎥 Watch the full video to dive deeper into Nolan Bushnell's incredible journey and gain insights to help you shape the future. This conversation is a goldmine of inspiration and practical advice for any early-stage entrepreneur. (Special Thanks for making this fireside chat possible: Faisal Mushtaq, Alex Altomare) #TechConSoCal #Innovation #Entrepreneurship #NolanBushnell #AI #Startups #FutureTech #Inspiration #SanDiego https://lnkd.in/grVQKv8R

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Fundraising Insights for Early-Stage Startups 🚀 Reflecting on my time at YC and beyond with Parker, I've noticed a counterintuitive truth that shapes successful fundraising strategies for startups at pre-seed and seed stages - at early stages, investors often care way more about your story over traction or growth metrics. So, here are some key takeaways to nail your investor conversations: #1 Clear Communication: Cut the jargon and buzzwords. Create a pitch that anyone can grasp immediately. For instance, rather than making vague claims, be direct. Here is a Hypothetical example. Bad example: “We’re revolutionizing the electric car industry by creating unique, best-in-class vehicles that democratize electric travel.” Better example: “We are building electric vehicles that are more affordable and have longer range than anything on the market.” Remove abstraction until anyone can understand your pitch. #2 Founder Fit: Showcase why YOU are the right person to build your startup. Do this by highlighting relevant achievements and experiences that show your capacity to realize your vision. Keep in mind that a traditional background isn’t always the highest-leverage thing to mention, for example: • An investor might care a little bit that you went to Stanford. • They might care a lot that, during your time at Stanford, you built a $50k/mo business. #3 Leverage Social Proof: Boost your credibility by sharing achievements like customer numbers, growth rates, and notable investors backing your venture. Give investors solid reasons to believe in your potential. Use whatever you have available. Example: Famous investor? Great. Famous employee? Great. Notable experience on your founding team? Great. Investors have no idea who you are, in most cases—give them a reason to care. For a detailed look into fundraising advice, check out my essay. https://lnkd.in/g6B6kSdN

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If we've had real conversation in the last month, at some point I urged you to start using #AI. My favorite prescription is "daily." That's certainly how we role at Valor, with our team using one of the coolest applied AI's in #VC built by operating partner and recovering entrepreneur Jean-Luc Vanhulst, Vic. (See this: https://lnkd.in/eWZgBWuj) 🎯 This article-- https://lnkd.in/e626fn3G --is one of the best "overview" arcs of AI for lay people I've had the pleasure to read. I think you'll like it. Author Leopold Aschenbrenner shares how only a few hundred people have deep "situational awareness" on the speed of growth in AI. One of the ripple effects of that is everyday professionals, who in many ways have the MOST to gain from AI in the short term, don't use it today because this time last year, it wasn't that useful. 💡 This week isn't last week in AI. This week IS next year in AI from a development pace perspective. [Pic of me last Wednesday at the Recast Capital summit for sense of immediacy--surprisingly, in one of the AI sessions, someone who invests for a living (in healthcare) asked "what is a LLM?" I'm glad they asked--no dumb questions--but it gives you a sense of just how fast this space is moving, even for those engaging it as investors.]

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Fundraising founders, don’t be too hard on yourself—it’s a tough fundraising environment, and that’s no secret. But remember to keep raising your standards because the bar for VC funding is getting higher, and you’ve got to meet it. As the venture capital landscape tightens, competition for dollars is fiercer than ever. At Startup Ignition Ventures, we’re seeing this shift firsthand, every day more and more apparent. In 2021 and 2022, many startups could secure VC checks despite being loosely thrown together and rough around the edges. Fast forward to 2024, and those same startups wouldn’t make the cut. That's not a knock on yesterday's startups as much as it is a contrast to today’s fundraising environment being completely different. Today, the founders getting funded are buttoned-up, detail-oriented, and operating at a much higher level. Everything has to be top-notch to catch a VC’s attention. Why the change? The number of active investors has dropped by 38% from 2022 to 2024 (PitchBook), meaning fewer deals are being made. VC funding is also down over 30% year-over-year (GlobalData). This means the standard has tightened, and startups must rise well above the average “2022 or 2023 fundability status” to secure 2024 investment. Startups now need to show exceptional business models, traction, products, and teams to stand out in a shrinking pool of opportunities. The landscape may be tough, but it’s also ripe for startups that prove they’re exceptional. Now is the time to build, to gear up, and then be ready for further opportunity as the market begins to turn. Which I personally think is around the corner in 2025.

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