Y Combinator Startup Podcast #17 - Aileen Lee and Kirsty Nathoo at the Female Founders Conference
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Jul 12, 2017 
Aileen Lee, founder of Cowboy Ventures and a pioneer in early-stage investing, joins Kirsty Nathoo, CFO and partner at Y Combinator. They discuss the crucial differences between small and large funds, emphasizing the hands-on support that seed-stage founders need. Aileen shares insights on what traits attract investors, how to pitch effectively, and ways to project confidence during fundraising. The conversation also addresses the importance of building inclusive cultures in response to industry misconduct, and offers practical advice for women entrepreneurs navigating the investment landscape.
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Why Smaller Funds Beat Large Ones
- Aileen Lee left a large firm to run a smaller, hands-on seed fund focused on founder support and low overhead.
- She argues smaller funds align better with entrepreneurs and the economics of returning capital.
Prioritize High-Impact Seed Activities
- Prioritize hiring, financial planning, product positioning, and customer introductions at seed stage.
- Ask investors for introductions, roadmap feedback, and PR help to maximize scarce time and resources.
What Seed Investors Look For
- Show integrity, intelligence, scrappiness, and a credible 18–24 month plan for your seed capital.
- Present an ambitious mission plus a clear 12–18 month roadmap tied to measurable milestones.