Helping Entrepreneurs Succeed: Don Dodge, Joe Kraus, Paul Buchheit & Seth Priebatsch

by Scott Edward Walker on June 1st, 2011

To Our Clients & Friends: Welcome to our weekly series entitled “Helping Entrepreneurs Succeed.”  Each week, we post a short video of a successful entrepreneur, investor or business leader on a variety of topics.

This week, we present a panel of extraordinary entrepreneurs and investors moderated by Don Dodge: Joe Kraus, currently a partner at Google Ventures;  Paul Buchheit, currently a partner at Y Combinator; and Seth Priebatsch, the founder of SCVNGR.  You can follow them on Twitter at @DonDodge, @jkraus, @paultoo and @sethpriebatsch, respectively.

In this very interesting, one-hour video (which includes a solid Q&A), the panel discusses “How to Get Your Startup Idea Funded by Venture Capitalists” and specifically notes the following:

  • the importance of persistence (“the number one characteristic of amazing entrepreneurs”);
  • two or three founders seem to be the “sweet spot” (“one is difficult”; “four, five or six is bad”);
  • if founders have worked together in the past, there is a greater likelihood that they will succeed;
  • in the early stage (seed or A round), the key to success is “all team”;
  • find an investor you really want to work with (that you’re so “excited” to work with that you look forward to their calls);
  • competitive dynamics increase your company’s valuation dramatically (investors have a “herd mentality”);
  • “if you’re a technology company and you outsource the coding, you’re basically outsourcing the thing that you do”;
  • you want a mind-meld among the team;
  • “VC’s are pattern matchers”; and
  • bootstrapping is “for real” and allows for small acquisitions/exit options.

I hope you enjoy it.  Many thanks, Scott


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