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Harry Briggs - On the Psychiatrist’s Couch: Founders vs. Funders

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A data-driven exploration of the thoughts, motivations and fears on both sides of the table.

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Harry Briggs - On the Psychiatrist’s Couch: Founders vs. Funders

  1. 1. “On the psychiatrist’s couch: Founders vs. Funders” 2nd August 2017 Harry Briggs, BGF Ventures @H4ryB / @BGFVentures Annie Hall / Alamy
  2. 2. a caveat…
  3. 3. So what’s going through the head of Founders Funders Vs.
  4. 4. LET’S START WITH THE FOUNDERS…
  5. 5. Streetbees asked 500 entrepreneurs from across the UK...
  6. 6. And here’s what they said...
  7. 7. 41% feel stressed “pretty much every day”
  8. 8. CASHFLOW 43%RAISING FUNDING 55% MANAGING TEAM 33%HIRING 33% SPIRALLING COSTS 19%CO-FOUNDER RELATIONSHIP 17%
  9. 9. 49%: personal finances suffer
  10. 10. 53% “never” switch off…
  11. 11. 39%: relationships / family suffer
  12. 12. 20%: sex life suffers
  13. 13. 39% suffer mental health issues - 49% in a US entrepreneur study
  14. 14. Entrepreneurs vs. control group... 2x Depression 6x ADHD 3x Substance abuse 11x Bipolar
  15. 15. Everyone else is “killing it”
  16. 16. Friends don’t really understand
  17. 17. You have to go “all in”...
  18. 18. The winner often takes it all...
  19. 19. You risk looking “stupid”
  20. 20. And having little to show for all that work
  21. 21. You’re expected to be perfect...
  22. 22. And you’ve got to look “strong” for these people…
  23. 23. ...who’ve got it easy, right? Or...
  24. 24. Investing is very subjective…
  25. 25. With loads of biases to overcome… Source: McKinsey / Tversky & Kahneman
  26. 26. Near-inifinite opportunities...
  27. 27. Limited time / Decision fatigue...
  28. 28. Crises in the portfolio...
  29. 29. Trying to raise their next fund?
  30. 30. Constant fear of missing one of these...
  31. 31. → “FOMO”
  32. 32. Better DealFlow & Win-Rate Better Investment Team Better chance of success for companies More investments in “Star” companies Top Tier Returns Success begets success...
  33. 33. Why so insecure..?
  34. 34. Each investment they risk looking “stupid”
  35. 35. For years they don’t know if they’re any good
  36. 36. How much of it is luck?
  37. 37. Money is a commodity...
  38. 38. The best companies choose their investor
  39. 39. Investors have to stay ahead...
  40. 40. Build their “brand”...
  41. 41. Work hard for their founders...
  42. 42. They’re “all in”...
  43. 43. Because after 5 years in VC…
  44. 44. And whatever happens, they have to look “strong” for these people…
  45. 45. So, founders & funders…
  46. 46. So founders & funders…Perhaps you have more in common than you think… INSECURITYRaising next fund WINNER TAKES ALLFOMO Risk TakingFear of Looking Stupid Pretending everything’s awesome A.D.H.D.
  47. 47. So let’s be more honest about the challenges...
  48. 48. CASHFLOW 43%RAISING FUNDING 55% MANAGING TEAM 33%HIRING 33% SPIRALLING COSTS 19%CO-FOUNDER RELATIONSHIP 17% “Be more Oprah” for the founders in your life...
  49. 49. Ultimately relationships matter more than numbers...
  50. 50. And when all is said and done, 99% of founders would do it all again...
  51. 51. Thank you @H4ryB @BGFVentures

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