Seeding the next era of fund managers with Mike Suprovici (Head of Acceleration @ VC Lab)

  • The number one thing that VCs can do to help early stage companies is help them raise capital. If youโ€™re an early-stage VC, build a capital network so you can connect your founders to that capital base.
  • Before a closing, a fund just an idea and a deck. After a closing, you cross the threshold of people taking you seriously.
  • Word of mouth only happens to great products. If youโ€™re not seeing the growth you want to see, it probably means your product isnโ€™t as good as you think yet.
  • A good thesis is a sentence you tell LPs. If this sentence doesnโ€™t get LPs excited, theyโ€™ll never back you.
  • Venture is a network business, and if you donโ€™t have a large network, itโ€™s hard for you to get a first close. People with large networks are the most-likely to launch a new fund.
  • The hardest-to-close LPs are the easiest to find. The tier one, institutional investors will not invest in first-time managers; youโ€™re better off pitching others who will.
  • Talking to lawyers early in the process is a waste of money. Donโ€™t talk to lawyers until you have at least 20% of your first close hard circled.