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The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified
Investor Stories 311: Why I Passed (Biederman, Kaul, Susan)
Aug 31, 2023
Investors Rob Biederman, Samir Kaul, and Lior Susan discuss situations where they decided not to invest, why they passed, and how it played out. They reflect on missed opportunities, emphasizing the value of being open to being proven wrong and maintaining relationships with founders.
06:50
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Quick takeaways
- Passing on startups with founders they like but ideas they don't is a challenge for VCs who typically work with founders to improve their core areas.
- Valuation should not be the main factor when considering an investment; belief in the entrepreneur and the potential upside matter more.
Deep dives
Passing Based on Idea vs. Founder
Rob Biederman of asymmetric partners discusses the difficulty of passing on startups when they like the founder but not the idea. Despite the popular VC belief that the person matters more than the business, they usually work with founders to improve the idea in their core areas. However, for startups in industries they don't invest in, it's hard to pass when they have a strong desire to work with the founder.
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