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We moved into the legal process and final duediligence in January and February of 2000. It quickly became impossible to raise venturecapital. Many deals – VC or otherwise – didn’t close. It isn’t even a story about raising venturecapital or M&A. VC, sales, biz dev, M&A or otherwise.
In these kinds of businesses I’m on the record as advising “ Ring the Freakin Cash Register.” ” Stay lean and only raise a big round if you DO find product / market fit and which point you want to loosen the belt quickly and raise the capital to do so. .” Valuation.
I spent nearly a decade building software for large companies and then advising companies on the same. Most of them are completely mundane such as choosing which: bank, office space, 1-year lease vs. 2-year lease, logo, URL, pricing structure or which VC. The technology team disagrees on direction and wants resolutions.
For some aspiring to be tech entrepreneurs, I often suggest a two-step process, as I argued in this post that “ The First Startup Founder You Need to Invest in Is You.” He or she has worked at some very successful big technology or media companies and went to a great school.
I always advise software startups to file patents to protect their “secret sauce” from competitors, and to increase their valuation. original essay, and the “ Enough is Enough ” emotional Lodsys article by VC Fred Wilson. Even after your application is accepted, the issuing process takes a lifetime in today’s technology (4-5 years).
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