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Warp Speed: Investing in Internet Time

Warp Speed: Investing in Internet Time. Christine Comaford Managing Director. Bio. Engineer, entrepreneur, venture catalyst, VC 5x entrepreneur, 2 IPOs, 3 M&A, $100 million raised in last 5 years Seed stage VC fund specializing in business to business software/services

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Warp Speed: Investing in Internet Time

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  1. Warp Speed: Investing in Internet Time Christine Comaford Managing Director Artemis Ventures, LLC 1999

  2. Bio • Engineer, entrepreneur, venture catalyst, VC • 5x entrepreneur, 2 IPOs, 3 M&A, $100 million raised in last 5 years • Seed stage VC fund specializing in business to business software/services • 1 other partner, Kimball Atwood Artemis Ventures, LLC 1999

  3. Agenda • How to screen deals faster • How to make investments faster • How to grow companies faster • Q & A Artemis Ventures, LLC 1999

  4. Rapid Deal Screening • DANGER: Avoid cycle-suckers! • Determine investment criteria and post on site • Encourage entrepreneurs to pre-screen themselves Artemis Ventures, LLC 1999

  5. Screening Criteria • Team (incomplete is ok, but SME is key) • Market (are there multiple multi-billion markets they are chasing?) • Stage (is concept ok or is pre-beta required?) • Referral source (who from and shameless name drop or true relationship?) Artemis Ventures, LLC 1999

  6. Via Web Site Artemis Ventures, LLC 1999

  7. Via Screening Sheet Artemis Ventures, LLC 1999

  8. Rapid Screening Tips • Funnel to pipeline in 24 hours • Clear calendar for rapid due diligence if need be • Make sure CEO is: • Execution-oriented • Humble, listener, not OVER-confident • Opportunistic • Has focused vision Artemis Ventures, LLC 1999

  9. Rapid Investing • DANGER: Invest now, due diligence later • Once screened, either invest or bail – avoid bridge loans!!! • Use standard, fair term sheets – let entrepreneur see template in advance • Set valuation expectations upfront – can be very revealing Artemis Ventures, LLC 1999

  10. Deal Flow Workflow Referral Email Bio, Exec. Summary, Biz Plan Mail 1.0 Investment Opportunities Collection & Distribution 2.0 Initial Screening Investment of Interest 3.0 Preliminary Investigation Phone Potential Investment Rejects Rejects 4.0 Due Diligence Rejects 6.0 Rejection Investment Email 5.0 Deal Finalization Phone Artemis Ventures, LLC 1999

  11. Assessment Scorecards • Team • Revenue Model • Market • Technology • Summary • Standard due diligence and interview forms Artemis Ventures, LLC 1999

  12. Rapid Investment Tips • Have 2 attorneys: • High profile general attorney • Fast moving, deal-oriented attorney • Term sheet doesn’t mean tons more due diligence – give one with 90%+ confidence • If your gut is uncertain, move on! Artemis Ventures, LLC 1999

  13. Rapid Company Building • DANGER: VCs and CEOS can be slackers… • You Need: • Killer Team (always be in recruiting mode for all types of team members!) • Killer Buzz (work it, baby!) • Killer Velocity (pull personal favors… often often often) Artemis Ventures, LLC 1999

  14. Rapid Company Building Tips • Monthly sessions with board • Alternate board meetings and working sessions • Each board member should leave with follow up items • VCs should provide “office hours”, do special projects • Velocity requires the right CEO Artemis Ventures, LLC 1999

  15. Have and Live By Values • Add Massive Value • Make and Keep Commitments • Take Ownership • Respect One Another • Be Positive • Seek Balance - Artemis Ventures Values, version 1.1 Artemis Ventures, LLC 1999

  16. Do/Does You/Your Portfolio Have These? • Right market • Right product/service • Right timing • Right info • Right priority • Right connections • Right team Artemis Ventures, LLC 1999

  17. The Net-Net • Minimize Risk • Maximize Return • What Are You Doing To Ensure These? Artemis Ventures, LLC 1999

  18. Thank You! Christine Comaford Managing Director Artemis Ventures, LLC 1999

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