The Gospel of a Lean VC

Title: The Gospel of a Lean VC
Date: 2014-01-22
Speaker: Dave McClure (500 Startups)
Link: Entrepreneurial Thought Leaders
Experience is what you get when you don’t get what you want.
Microfunds are less than $100 million.
Less than $10 million funds are typically angel funds.
Product development and marketing development are pretty inexpensive.
Now is the best of times but it will probably keep getting better.
There is really high friction in payments and web capable devices in some geographies.
First stage ($25k-$100k) enough to cycle for six months for 2-3 founders.
Your job is to minimally solve the worst case problem.
Be functional where there are no competitors.
With competitors you need to be great. Much better than the nearest incumbent.
When you are doing product development you need as tight a use case as possible.
Product is the mirror to the soul of the team.
Most innovative companies are small. Most global GDP is produced by small companies.
Fun is mission number one.
A lot of venture capital is over-glorified.
The economics of international startups are going to be as good as the U.S. in the next five to ten years.