Responding to a popular request, we are now sharing transcripts of our investor podcast interviews in this new series. The following interview with Nilanjana Bhowmik was recorded in March 2018.
Nilanjana Bhowmik, Co-Founder and General Partner at Converge, a new fund started after serving as the long-time General Partner at Longworth Capital. Their focus is B-to-B tech on the East Coast.
Sramana Mitra: Let’s get to know you and your venture capital associations. What is your background. Let’s help our audience of entrepreneurs get to know you. >>>
During this week’s roundtable, we had as our guest Brock Pierce, CoFounder at Blockchain Capital, who discussed his worldview of the Blockchain investment opportunity. Brock is one of the pioneers of investing in Blockchain companies.
As for the pitches, first up, we had Paulius Vegele from Copenhagen, Denmark, pitching RVLhub.com, a platform where buyers specify what they want to buy and for what budget level, and sellers can make bids to sell them those goods and services.
Then Eileen Merriman from Australia pitched MyHomeBuy, an app to educate first-time home buyers.
Sramana Mitra: In a lot of cases, businesses that are selling into the enterprise have the structure of a big deal. When you have larger ASPs, often, it is easier to build companies for less money because the cash flows differently.
Tim Guleri: When I was a CEO, I used to say to my sales guys and my company in general that revenues are really good deodorants. I don’t care what shape or size you bring me revenue in. I really encourage my portfolio companies saying that venture capital is interesting just to stabilize your business, but you can’t depend on that. You have to ultimately get revenues from customers. That’s what it’s all about.
Sramana Mitra: What about geography? You started by saying that you’re on the Board of a company that is an Indian-market >>>
Today’s 415th FREE online 1Mby1M roundtable for entrepreneurs is starting NOW, on Wednesday, September 19, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join. All are welcome!
Sramana Mitra: In terms of stage, you said you do seed, Series A, and Series B, your sweet spot being Series A. What is your definition of Series A? What do you like to see if you’re ready to do a Series A investment? What do you like to see in the project?
Patricia Nakache: Ideally, we would want to see some product-market fit. It might just be an initial target market. The product roadmap might leave room for a lot of evolution. We, at least, want to see some initial product-market fit. There’s this rule of thumb that to get Series A funding, you need to be a million dollars in ARR. It is true that that could be meaningful for us, but that’s a bit of a blunt instrument. We do take things like quality >>>
Today’s 415th FREE online 1Mby1M roundtable for entrepreneurs is starting in 30 minutes, on Wednesday, September 19, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join. All are welcome!
Billion Dollar Unicorn and event management and ticketing website Eventbrite has been trying to stay independent for a while now. It preferred its private status so that it could have more control over its functioning and to stay away from the numbers driven approach of analysts. But the company recently decided to go public and has provided more insight into its financials. >>>
Erich Litch: As you get to smaller companies, they tend to make company-wide decisions and want simplification. They want something that’s cheap, quick, and easy and doesn’t over complicate their lives so that they can spend most of their time focused on the business. They don’t have the liberty of hiring teams of people to do specific functions. They need a lean operation. They’re right for something like an all-in-one monetization platform.
If you’re doing anywhere from a $100,000 in sales all the way up to $200 million, you might be one of those kinds of businesses which we call small to medium. Then there’s the microsegment. If you have an antivirus solution or some kind of endpoint security product that is applicable >>>