Roman Tsunder

My Journey: The Pursuit of Credibility and Reality I thought UCLA would be a crucial stepping stone in my pursuit of credibility as a Latina screenwriter. With years of hard work and some excellent credits in the industry, I believed an MFA in Film, TV, and Digital Media would validate my experience and allow me to teach in a university setting what I knew firsthand as an accredited professional writer. Enrolling was fueled by hope; I envisioned a collaborative, nurturing environment filled with colleagues who had industry experience like mine. Instead, I found myself in a program marked by favoritism, mediocrity, and a lack of resources. Professors, wrapped in their own sense of entitlement, spent more time tooting their own horns than mentoring aspiring filmmakers. The result? My work went unsupported and unnoticed, leaving me feeling alienated in a space where I thought I would find community. Graduating with my MFA brought a wave of profound disappointment. I emerged without the professional confidence I once had and—worse still—unemployed. The degree that was supposed to open doors felt like an expensive piece of paper that did little to advance my career. After years of struggling with the fallout from this experience, I reached out to the Department of Education to share how UCLA’s failure to deliver on its promises had detrimental effects on my career. Ultimately, my loans were discharged due to "university misconduct." However, this small victory left me grappling with lingering questions: Where did this leave me, and how would I move forward? Through this process, I realized my journey wasn’t about seeking validation from an institution; it was about reclaiming my narrative. While UCLA failed to provide the credibility I sought, I refused to let it define my worth. I’m carving my own path, driven by the stories only I can tell. My journey continues—authentic, unapologetic, and on my terms—as I remain dedicated to teaching in a university setting, eager to share the lessons I’ve learned along the way and empower future storytellers with the knowledge I gained through years of hard work and experience in the industry.

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How are Venture Builders the equivalent to Producers in the Film Industry? What is a Producer in the Film Industry? The title "producer" suggests leadership, but the various producer roles—such as executive producer, co-producer, and associate producer—can be confusing to those unfamiliar with the film industry, leading to misconceptions about their responsibilities. “Producers tend to be jack-of-all-trade types, with no clear distinction between titles” Producers are versatile, often blurring the lines between different titles. At their core, they're problem-solvers overseeing film production, be it a movie, TV show, online series, or commercial. While involved in creative decisions, they aren't part of the primary creative or film crew. Instead, they ensure resources, logistics, and infrastructure are in place for everyone else. They're central to idea development, scriptwriting, funding, talent acquisition, contract negotiations, and scheduling. https://lnkd.in/gCJJqm6n

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🐺🚨🚀Three years ago, we launched Pack Fund I. Today, we launch Fund II with some big news from U.W.!🚨🚀🐺 We are now a Preferred Venture Partner of the University of Washington and CoMotion at University of Washington! After three years of hard work, during which we backed 29 startups, mentored on campus, and sponsored entrepreneurship clubs and competitions in the UW Foster School of Business and Paul G. Allen School of Computer Science & Engineering, we are thrilled to be taking our collaboration with U.W. to the next level! On the back of this news and early successes, we are hosting a webinar for accredited and interested L.P.s to learn about joining Fund II - https://lu.ma/pbwih7xa What Is the Latest On Fund I? - 26 companies backed in 3 years - 12 have raised additional funding at higher valuations - $135M+ in additional funding and grants - Invested alongside Madrona, FUSE, Khosla Ventures, Y Combinator, Pioneer Square Labs, Trilogy Equity Partners, Cercano, Washington Research Foundation, and dozens of other top investors. - Supported founders in Software, Life Sciences - Recognized as a top 5 most active life science investor in the PNW in 2022 - 80+ L.P.s supported our vision How is Pack Fund II Starting? - Ti Zhao joined full-time - let's go!!!! - Agreement (M.O.U) signed with U.W., making us a preferred venture partner - 2 investments alongside top VCs - 50+ L.P.s already joined - Fund II is larger than Fund I already - Hundreds of companies reviewed already See the news from U.W. here -https://lnkd.in/girhA3BM GeekWire and Taylor Soper covered our vision masterfully here - https://lnkd.in/gHYFAxzY Thanks to all of the Pack members and founders who have been on this journey with us!

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🌟Innovative VC Firm Overcomes Exits Drought with Secondary Sales🌟 ⛵Navigating a challenging landscape where exits are scarce, Santa Barbara Venture Partners (SBVP) has pioneered a novel approach to sustain its growth and attract investors for its second fund: secondary sales. Instead of waiting for traditional exits like IPOs or acquisitions, SBVP opted to sell shares of its portfolio companies, demonstrating its ability to generate returns for investors and stand out in a competitive market. 🎤According to Dan Engel, founder and managing partner of SBVP, these secondary transactions have been a game-changer, sparking investor interest and bolstering the firm's credibility. By leveraging its recent successes, including a lucrative stake in sports-betting company DraftKings Inc.' acquisition of digital lottery app Jackpocket, SBVP seized the opportunity to return profits to its limited partners (LPs) and pave the way for its second fund. 💡Engel highlighted the challenges faced by young VC firms in raising subsequent funds, particularly amid a downturn in exit activity and heightened investor scrutiny. With traditional exit routes becoming increasingly elusive, the pressure is on for firms to demonstrate tangible returns and establish a track record of success. ✨"For us, secondary sales have been a game-changer. They've helped us return profits to our LPs and attract investors for our second fund," said Dan Engel. 💰For SBVP, the decision to pursue secondary sales was driven by the need to provide liquidity to LPs and validate its investment thesis in the eyes of prospective investors. By strategically offloading portions of its holdings in high-performing portfolio companies like Bark Technologies and Rad AI, SBVP not only generated substantial returns but also bolstered investor confidence in its ability to deliver results. ⚠Despite the complexities and potential stigma associated with early share sales, Engel emphasized the importance of prioritizing investor returns and seizing opportunities to unlock value for stakeholders. With a focus on profitability and transparency, SBVP remains committed to its mission of delivering sustainable growth and maximizing returns for its LPs. 🔍 "Returning profits to our investors is our top priority. By strategically selling shares, we're proving our commitment to delivering results and driving value for our stakeholders," added Engel. As SBVP continues to explore secondary transactions and expand its investor base, the firm stands as a testament to innovation and resilience in the face of market challenges. 🚀 ✅ Looking to raise capital for your #fund and increase the international pool of your LP #investors?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VCInnovation #SecondarySalesSuccess #InvestorReturns #ValueCreation 

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Investing in a venture studio is different than investing into a VC, so the diligence process should be different, as well. Venture studios create companies; VC's typically invest in companies that have already identified their product market fit and have a core team in place. So, when we diligence a studio, we need to look at the venture building operation, the team leading that operation, and get a strong sense of their financial plan and understanding of the market. Matthew Burris's post from earlier today does a really nice job of identifying the common missteps investors make when evaluating a studio investment.

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Venture Bench is here! Why did I do this? Businesses can’t afford full time deep global expertise when they need it most. When you’re expanding overseas, conducting M&A, in the middle of integration, or raising capital: too often, businesses are making do, and making costly mistakes. I’ve seen this happen too many times to count and it is completely avoidable. Leaders tasked with the impossible need an on-call expert, to crystallise their vision, build a clear plan, identify the unexpected risks and opportunities, develop the plan, and immeasurably improve their chances of achieving their biggest goals. They need experience they can trust. What is the solution? Venture Bench is an on tap consulting practice. We provide flexible resourcing support - full time/part time/ fractional short and long term support. We custom fit solutions to support businesses, leaders and teams at their time of greatest need. Seamlessly integrating into existing teams and external advisors. Your ultimate secret weapon. How are we different? We know how costly it is to hire externally and how long it takes for new resources to ramp up. Top tier legal or management consulting firms are experts in their field - but their sphere of insight becomes narrower as their careers go on. To hire them, you need a pay a large team to solve a business problem and this is expensive. Venture Bench is different. We specialise in business-focussed support catered to supporting high growth, high complexity activities that requires deep business nous, lived experience and broad issue spotting abilities - legal, tax, finance, accounting, tech, product, operations. To do this well, you need it all. We bridge that gap, in a cost efficient, highly skilled way to unlock high growth faster than the competition. We can work alone or partner with your existing advisors to make sure the job is done well. We come off the bench, when you need it - on call. To build the plan for the changes ahead, to enable fierce prioritisation, do more with less and identify the must haves needed to bring your plan to life. How do I know if I’m the right type of client for Venture Bench? - Are you part of a team that doesn’t have sufficient resources to do the job well? - Are you expanding overseas and don’t know where to start? - Are you a CEO preparing for a big fundraising or presenting your big goals to your investors or board and want to make sure you have a winning plan that incorporates unexpected blockers and challenges? - Are you in the middle of an M&A or integration project and need someone to be your trusted hand to ensure the project runs smoothly, end to end? - Are you in scaling mode and need help? - Do you need legal expertise you don’t have and you need a law firm with deep in-house experience that can advise across areas of practice to look at your project/issue from a cross-functional lens beyond the law? Want to hear more? Get in touch today. Venture Bench is here to help.

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Billion-dollar PE buyouts are ramping, just see today's Squarespace news. Investors in media x agency deals should pay attention... Global deal activity is up 24% for 2024 YTD, with a total deal volume of $726B. Could be the beginning of a cyclical M&A rally, since deal volume was super depressed over the past couple years... ...and investors need to put money to work! Below are some recent public-to-private highlights, including a large media co deal where I did a deep analysis 👇 May 13 • Permira buying website builder Squarespace • Went public in 2021, closed 1st trading day at $5.9B valuation • $6.6 billion May 6 • EQT Group buying US digital consultancy Perficient • EQT also backs UTA, which has grown through M&A • $3 billion April 2 • Silver Lake buying diversified media co Endeavor • WME / UFC parent co TKO Global will stay public • $13 billion April 1 • Advent International buying payments processor Nuvei • Nuvie backed by celeb Ryan Reynolds • $6.3 billion Similarities across these recent deals include... - founder / CEOs staying on post deal - belief that targets are undervalued in public mkts - desire for more flexibility to grow, do M&A, and drive ent value for new owners That last point is key, as I think there's a strong desire to grow through M&A in a market where there are many sellers who can get picked up at good/fair prices VS the crazyness of 2020/2021. This is timely because... Last month I wrote about public-to-private deal dynamics in my Silver Lake / Endeavor analysis, check it out here --> https://lnkd.in/gtprBx7U I'm also working on an active client deal with similar characteristics, and it's important to know where capital is flowing, and why. Are you all seeing a similar trend?? -- I'm the founder of RockWater Industries. We do M&A and strategy advisory for media, agencies, and creator economy. My DMs are open. #media #agency #creatoreconomy

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Participation Reward “I founded Participant with the mission of creating world-class content that inspires positive social change, prioritizing impact alongside commercial sustainability. Since then, the entertainment industry has seen revolutionary changes in how content is created, distributed and consumed.” - Jeffrey Skoll, Founder, Participant I was fortunate to work at Participant for Jeff Skoll for two years. I’ve never met anyone who cares what happens to our world more than Jeff. Excellence and mission were truly the foundations of his Participant culture. “Participant co-produced or co-financed notable movies including best picture Oscar winners “Spotlight” and “Green Book,” as well as Steven Spielberg’s “Lincoln” and the breakthrough documentary “An Inconvenient Truth.” Participant’s twenty year track record included producing movies and shows that earned strong reviews and won 21 Academy Awards out of 86 nominations, and 18 Emmy nods across five television series. Its titles grossed more than $3.3 billion at the worldwide box office.” https://lnkd.in/ebK_8kxs A huge share of the legend of Participant belongs to Diane Weyermann, one of the most important artist/executives in documentary history. https://lnkd.in/eAzkwFWa I will always remember the mini revolution of Pivot with my fellow insurgents. It was a special place to work. it’s unsurprising that a small, entirely independently financed, mission driven studio could not find a sustainable model in this time of media chaos - HUGE media companies are in the same exact spot. Still, I can’t help but mourn the loss. All of the team at Participant was focused on creating great art in service of the people who saw it. There is definitely a market for what Participant made. What Diane created. What Jeff produced. What independent and documentary filmmakers do. That team is now out of work. The streamers have pulled their plugs on the kinds of the films those artists make. The market for this kind of art lives outside the Hollywood where Jeff founded Participant two decades ago - which still runs Hollywood today. The new market will be built around the community who most care about that art and those artists. See: Angel Studios Jeff’s vision was realized. His work at Participant set a standard of excellence in Hollywood. It generated actual change. It will have a lasting impact. Everyone who ever participated in that work should be incredibly proud. IF we want the kind of art Participant championed, then WE - as creators and audiences - will need to make it happen. The times they have a changed. Visionary art must be ahead of that change.

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Night bought Bottle Rocket Management. Yup, more M&A consolidation amongst talent rep companies! BIG congrats to Chas Lacaillade, BRM’s founder and a close friend of mine. Chas is a shrewd operator, and over the years I enjoyed watching him build a high-performing creator management company. Awesome to see him pick a strategic partner that aligns with his plan for future growth and improved client servicing. RockWater Industries served as financial advisor to BRM. I therefore can’t go into deal specifics due to the NDA between our companies. Let's break it down… ---TARGET: Bottle Rocket Management--- OVERVIEW • Talent management firm for digital content creators • Founded 2015 by Chas Lacaillade • Bootstrapped, no outside capital • Focus on YouTube creators • Reps ~40 talent clients • Based in Austin, TX TALENT HIGHLIGHTS • Austin Evans • BroScienceLife • JerryRigEverything • UrAvgConsumer ---BUYER: Night--- OVERVIEW • Next-gen representation platform for artists • Founded 2015 by Reed Duchscher • 75-100+ team per LinkedIn • Reps 100+ talent clients • Based in Austin, TX BIZ UNITS • Talent - management, focused on digital creators being entertainers and entrepreneurs • Studios - content studio, helps digital creators create and package shows for TV, streaming • Labs - venture studio, pairs operators with creators to build companies e.g. Feastables • Capital - TCG-backed fund to invest in / acquire profitable creator-led businesses • Ventures - early stage venture fund, focused on tech OPERATING HIGHLIGHTS • Reps world’s largest Twitch streamer, Kai Cenat • First manager of MrBeast, helped catapult his growth • Launched Feastables in 2022, est $100M+ 2024 revenue CAPITAL MARKETS HISTORY • 2022 raised an est high 7 to low 8 figures from TCG • 2022 raised $100M from TCG for Night Capital • 2023 bought mgmt co LFM • 2024 bought The Roost Podcast Network ---DEAL DETAILS--- OVERVIEW • Announced 11.25.24 • Deal terms undisclosed DEAL ORIGINS • Night and BRM leadership have known one another for years • Lacaillade and Night President Ezra Cooperstein both worked at Fullscreen, an early YouTube MCN VALUE PROP • Bring a top digital manager into Night’s leadership team • Deliver larger and more exciting opportunities to BRM clients • Scale talent roster and offerings for Night’s brand and client partners • Scale Night’s seasoned digital talent team via BRM team additions • More leverage to recruit more digital-native clients ...I'll write more about the deal in my Friday M&A newsletter, signup link in comments 👇 -- I'm the founder of RockWater. We do M&A and strategy advisory for media, agencies, and creator economy. My DMs are open.

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