By guest authors Irina Patterson and Candice Arnold Irina: On average, how many pitches do you receive per month? Dave: From 50 to 75. Irina: And out of those, how many deserve a closer look? Dave: Every year we typically make, per investing partner – there are two of us [another partner is Dafina Toncheva]
By guest authors Irina Patterson and Candice Arnold Lewis: We are co-investing alongside the existing funds that have been successful in doing this in this space, and we really do rely on them to be the drivers of agreeable terms and knowing what is best for the investment, which ultimately is best for our prospective
By guest authors Irina Patterson and Candice Arnold This is the thirty-second interview in our series on financing for entrepreneurs. I am talking to Dave Whorton, the founder of Tugboat Ventures, an organization of investors who see themselves as not “venture capitalists” but rather as “mentor capitalists,” closer in spirit to the approach pioneered by
By guest authors Irina Patterson and Candice Arnold Irina: What other character traits are you looking for in an entrepreneur? Lewis: I certainly look for somebody who possesses the fundamental, rudimentary business skills and also has the undeniable passion and commitment to the cause that they are trying to be a player in or whatever
By Sramana Mitra and guest author Shaloo Shalini SM: Can you describe more the case of your HR application going from $100,000 a year to $20,000 a year? How did you accomplish that? Could you take through the changes you made that resulted in those kind of savings?
By guest authors Irina Patterson and Candice Arnold Irina: What do you think angels could do to improve the entire entrepreneurial ecosystem? Dave: It seems the most important thing is providing small amounts of capital early on when companies are getting started and providing advice and support, either in business or product development or marketing.
By guest authors Irina Patterson and Candice Arnold Irina: Any more thoughts on funding at different stages of business’ development? Lewis: If we are looking at something that’s a little more established, such as something related to microfinance or SME funding, we will look to fund at the later stage when there is more volume
By Sramana Mitra and guest author Shaloo Shalini SM: And how do you select vendors for cloud solutions? PS: In certain cases, we have vendors we already know because we are moving from an on-premise hosting to a hosted environment, so the selection of the vendors has already been made. SM: So, all the vendors