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Entrepreneurs Roundtable With Howard Morgan from First Round Capital – Recap
Allen - January 21st, 2009
Tonight I attended the Entrepreneurs Roundtable monthly event in NYC. If you are an entrepreneur working in the tech sector in NYC, you should attend this event. Murat Aktihanoglu from Unype organizes the event and the law firm of Fulbright & Jaworski host. There’s no charge to attend and there’s free snacks and I thought the discussion was lively and well-received.
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The discussion featured Howard Morgan, Ph.D from First Round Capital. Here are my notes:
- The amount of venture capital needed to go from idea to first shipping customer has continued to drop. Ten years ago one of their companies needed $20 million, five years ago $2 million and many of their companies today need less than $1 million.
- They hired someone in China to design the First Round Capital logo for $30. They use Rent-A-Coder often for development projects.
- They focus on six items when reviewing a company for investment: People, Product, Plans, Profit, Patience and Persistence
- They like when the founders/execs are located in the same city and work out of the same office. It’s ok if the development resources are located elsewhere.
- First Round Capital receives 2,000 plans a year; meet with 500; invest in 20
- Morgan noted that the mobile and enterprise markets are currently exciting; local hasn’t been cracked yet
- Areas that benefit from the current economic downturn: jobsites and retraining organizations
- Morgan noted that many early stage VCs are slowing their pace as many need more money for their existing portfolio. He said it is definitely tougher out there but there is money out there as well.
- One important note: Morgan said that they will not fund unless the funding will last to the 2nd quarter of 2010.
I will have some videos from the startup pitches over the next couple of days.
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This is a great event run by Murat. Really enjoyed the notes and insights that came out of the meeting. It’s going to be part of my Weekend Reading — http://tpgblog.com/2009/01/23/weekend-advertising-entrepreneurs-typepad/
Jeremy Horn
The Product Guy
http://tpgblog.com
very cool thanks – you should attend next month!
Hi Allen,
Where can I find the videos you shot during the meeting?
Thanks,
devrim
The only video I posted was from the one startup already posted. The other 3 — 1 wasn’t really ready to post and the other 2 started before I moved the camera (frankly I don’t get why they didn’t wait) so it’s not worth posting.
Hi Allen, i’m afraid one of those guys who didn’t wait (i guess) was me :( sorry about that.. when the host gives you the chance to speak, and 5 minutes to finish whatever you have.. i didn’t notice you, until towards the end of my speech…
But if you don’t mind, -I don’t know your email – I’d appreciate if you could send me an email..
Greetings,
Devrim