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By guest authors Irina Patterson and Candice Arnold Irina: What are some character traits that you look for in entrepreneurs? Mike: You know, if we had to generalize, the things that most likely to get us excited, that correlate to success are extraordinary product abilities, in terms of functional expertise, and then that intangible but
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Sramana: Are contractors starting to hire other people and build their own agencies? Gary Swart: That is the real entrepreneur empowerment we have. One of our favorite contractors started on oDesk for $6 an hour three years ago. Today he bills at $33 dollars an hour. He has worked 3,000 hours this year with a perfect
By guest authors Irina Patterson and Candice Arnold Mike: For seed deals, typically we get a small amount of the ownership. In many instances, we’re less sensitive than angel investors for whom the seed is . . . that’s when they buy shares. That’s their investment. For us, maybe we’ll invest $100,000 or $200,000 in
By guest authors Irina Patterson and Candice Arnold Eric: We’re very efficient with the way we work with our attorneys; we can typically on our side, do an investment for $20,000 to $25,000 in legal fees. A lot of the documents are fairly templated. You know, you amortize that over $1 million, it’s not a
Sramana: After you had raised your initial rounds with Sigma, how much money had you raised? Gary Swart: We raised additional funds with Benchmark. We took $6 million in our A round, $8 million in a B round, and $15 million in our C round. We have raised $29 million total. We have essentially not
By guest authors Irina Patterson and Candice Arnold Irina: We were talking about one of your investments, Columbia Power Technologies. Eric: It’s a pretty early stage based on how far they have to go to get to where they want to be for us. They have not finished some of the designs on the turbine,