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VENTURE51 IS A SEED- & EARLY-
STAGE FUND BUILT FOR
ENTREPRENEURS BY
ENTREPRENEURS.




                     condensed pitch-book
WHY EARLY-STAGE
VENTURE CAPITAL
“The third great wave of the Internet is
mobile and social together, it’s going to
be tectonic.”
                   -John Doerr
FAVORABLE MEGATRENDS
    Disruptive emergence of new media
     and distributed co-creation moves
                   into the mainstream                    Mobile platforms reshaping distribution
                                                          and consumption paradigms



           Internet and new media tools disrupting
  production and consumption patterns of content/
                                                                   Macro knowledge and impact-analyses of global
      media and commerce behavior of consumers
                                                                   consumer trends and mass collaboration at scale



            Tectonic shifts in consumer-facing communication,
                                                                                Global demand for consumer-focused technology products
                             commerce, content & consumption
                                                                                and service, and the the emergence of global languages and
                                                                                geographic arbitrage


   URLs for IRL: enabling the Internet of “things” as the offline world is quickly
  becoming stapled into the future by combining physical representations with              User Experience is the new unfair
                                                                     digital ones          advantage and the growing importance of user
                                                                                           experience and design



                                    Convergence problems creates a variety of cloud/client
                                     opportunities (both business & consumer landscapes)                    Nascent tech startup ecosystems
                                                                                                            beginning to bloom across the globe



                                HTML5, the new web standard that allows to make interactive web pages,
                                           is going to revolutionize the media and advertising industries               The age of the multi-sided
                                                                                                                        business model
FORMED IN VINTAGE MARKET
                                                      Average startup can be launched for under $500K
                                                      (it’s the new $5M)
                                  Tech 2011+
                                                      Unemployment rate is >10% (April 2010)
                                 Build tech faster,
                                 better & cheaper
                                                      Traditional VCs are expected to decrease in the
                                                      early-stage by 60% through 2012. VCs are leaving
                                                      early-stage deals because they are sitting on too
                                                      much capital and will need to focus on legacy
                                                      positions due to the size of exits over the past
                                                      decade. (National Venture Capital Association)




                                                       2011+
     VC                                               Economy
                                                      Companies are earning record-high
   Reboot                                             profits in recent quarters as a result
                                                      of many of the cost-cutting efforts
  Traditional VCs continue                            deployed after the credit crisis and
  to exit early stage as their                        the massive layoffs. These same
  funds are not equipped to                           companies are now looking to
  play in these early rounds                          innovate thru acquiring early-stage
                                                      technology startups.
$500K IS THE NEW $5M

                 Web 1.0 Traditional J-Curve                            Web 2.0 Curve

                                                                                   Web 2.0

                                                                      W ay
                              W ay                                 ld
                                                                                             Web 1.0

                        Old                              Kinda O
                                               Web 1.0




                                                                                                  Traditional


    Date of first cash
     flow positive                                                     Small Dips
                                                                      of Capital




                               Date of cash
                                breakeven
               VC




                                                                                               Source: Web 2.0
                                                                                               Strategy Guide

                Burn
2011 STARTUP CURVE

  The new tech startup costs under $500K to get to market and build value. The
   new tech startup also gets to market 10X faster in todays real-time build.


                                                  Web 2.0

                                                            Web 1.0



                                                                      Tech 2011   Similar to the web 2.0 curve but
                                                                                  with even cheaper startup costs
                                                                                  and more realistic growth
                                                                                  acceleration.

                                                                Traditional

                                   Even Smaller
                                   Dips of
                                   Capital
BUYING POWER
Companies are earning record-high profits in recent quarters as a result of many of the cost-cutting efforts deployed after the credit crisis and the
massive layoffs. These same companies are now looking to innovate thru acquiring early-stage technology startups.



                            Highly Acquisitive
                                  Tech Giants




                         Actively Acquisitive
                    Consumer & Media Giants




                          Actively Acquisitive
                                  Tech Giants




                          Actively Acquisitive
                           Tech Up & Comers




                                                 1000+             privately owned companies, consumer facing brands needing to innovate thru technology, digital media
                                       OTHER COMPANIES             agencies and lower-cap tech companies needing to innovate all have cash on hand.
SEED, DISCOVER, PILE ON & ACCELERATE
(Seed, discover or help achieve P/M Fit thru our shared network & in-house expertise, pile on & buckle up)




                                                                            Acceleration Resources




                                                             Follow-On Placement (back the truck up and pile on)




                                              Lean/Agile Startup Model - Achieving Product/Market Fit thru Customer Development




                                  Advisor &             Startup             App                                 Biz
                                   Mentor                                                    Marketing                         M&A
                                                      Enablement             Dev                                Dev
                                  Network                                                    Resources                       Resources
                                                      Resources           Resources                          Resources




                                                                   Seed-and Early-Stage Capital Placement
THEMATIC BLENDED-THESIS DRIVEN APPROACH
a hybrid philosophy to startup investing in Information Technology (with emerging Intersections)


                                              THEMES                        OUR THEMES ARE THE - WHERE WE INVEST
                                                                            These are the segments we’ve developed themes around for the next 3-5 year
                                                                            period where we will invest. These themes can span categories as they’re often
                                                                            built on standards, protocols, and widely adopted technical viewpoints.
              EMERGING INTERSECTIONS




                                                                            •Native Consumers & Digital Families
                                                                            •Mobile Life
                                                                            •Business “Consumerization”
                                                                            •Real-Time Data
                                                                            •New Commerce
                                                                            •Plumbing


                                       INFORMATION TECHNOLOGY              OUR CORE IS I.T.
                                              THESIS                       OUR THESIS IS THE - HOW WE INVEST
                                                                           What   we look for in founders
                                                                           What   we look for in companies
                                                                           What   we look for in products
                                                                           What   we look for in mind-set & culture
                                                                           What   we look for in extended team
                                                                           What   geographies we look at
INVESTMENT THEMES
       HIGHEST                                                                                                                                                            HIGH
       PRIORITY                                                                                                                                                       PRIORITY




   NATIVE CONSUMERS &                                                               BUSINESS                   REAL-TIME                NEW COMMERCE
                                             MOBILE LIFE                                                                                                                   PLUMBING
     DIGITAL FAMILIES                                                            CONSUMERIZATION                 DATA                   NEW ECONOMICS



 CONSUMER             MOBILE SOFTWARE             MOBILE/SOCIAL                   BUSINESS                 REAL-TIME &                  ECOMMERCE &                  INFRASTRUCTURE &
 INTERNET             & SERVICES                  GAMING                          INTERNET & DATA          SOCIAL INTERNET              DISRUPTIVE MODELS            BACKEND



• Streaming Video     • Location-based           • Virtual Gaming                • Real-time Analytics     • Curation                  • Demand Aggregation          • Cloud
                        Services                 • Multiplayer Online                                      • Big data &                • Game Mechanic               • Application
• Videosharing                                                                   • Enterprise
• Parenting/Safety    • Gaming                     Games                           Applications              Monetization                Commerce                      infrastructure

• Travel & Planning   • Local Discovery          • Social Casual Games           • SMB Consumerization     • Crowd-sourcing            • Mobile - Hyper Local        • Applications software
• Photosharing        • Mobile Payments &        • Mobile Gaming                 • Data Mining             • Time-Relevant Data        • Flash/Group Sales           • Networking, storage &
                        Transactions             • Educational Gaming                                      • Twitter & Facebook        • Micro-transactions            databases (application
• Lifestreaming                                                                  • Mobile Enterprise
                      • Geo Loc                                                                              Ecosystem                                                 layer)
• Adtech                                         • Virtual Worlds                • Storage                                             • Virtual Goods
                      • Mobile APIs              • Game Mechanics                • Events                  • Social Layer              • Virtual Currencies          • Back-end systems
• Edtech                                                                                                                                                             • APIs
                      • ioS, Android, BB &                                                                 • Interest Layer            • Flash Pricing
                        Windows                                                                            • API Platforms             • Group Pricing               • Development tools
                      • Learning                                                                                                       • DaaS
                      • Proximity-Based                                                                                                • Freemium
                        Marketplaces
                                                                                                                                       • API Call Services


                                                       OTHER &           Venture51 will leave open a small percentage for newly identified emerging opportunities.
                                                      EMERGING
INVESTMENT THESIS
     Scalable Information Technology                Founders & Management (with                     Agile Advisory
     While there are many exciting new              Technical & UX/UI/IxD Chops)                    We love getting our hands dirty and
     entrepreneurial opportunities in fields like    We are hugely in favor of the technical         shaking trees. We grow our startups
     energy, transportation and clean, there        founder. We will generally focus on             through active participation, leveraging our
     continues to be a massive opportunity in       companies started by strong technologists       operational expertise (product, marketing
     Information Technology — which is where        who know exactly what they want to build        & distribution) and professional network
     we will focus.                                 and how they are going to build it.


     Business Pivots, Not Business                  Deal Size & Flexible Investment                 Smaller Initial Bets, Bigger
     Plans                                          Structures                                      Follow-On
     Your business plan is wrong. It’s a            As seed and early stage investors, we           Our investment strategy is simple, invest
     prediction of the future that is out of date   often provide a company's first outside          before product/market fit, measure/test to
     as soon as you hit save, print or send.        capital – and typically invest alongside        see if the team is finding it, and if so, then
     Things change. Competition. Timing.            angel investors, angel syndicates or seed       exercise our pro-rata follow-on investment
     Costs. Pricing.                                syndicates.                                     opportunity after they have achieved
                                                                                                    product/ market fit.


     Capital Efficient Startups                      Velocity                                        Grounded in Customer
     The most important factor, however, is the     Velocity is key to faster success or faster     Development
     capital efficiency we are seeing in our and     failure. Arriving at either one of these        We look for product/market fit through the
     partner’s portfolio companies. Startups        outcomes faster is better. The reason to go     lens of Customer Development. We invest
     simply don't need as much money as the         fast is not so much that it's critical to get   smaller amounts of capital prior to product/
     companies did 5 years ago, 10 years ago,       your product to market early, but that you      market fit and double down afterwards.
     or 15 years ago.                               haven't really started working on it till
                                                    you've launched and put it in contact with
                                                    users.


     Product, Market(ing) & Scale                   Addressable Market                              Defensibility
     Marketing is a function of a market, and       We seek to fund companies that provide a        Good companies are built on a valuable
     we deeply believe you can not succeed          unique solution to an existing urgent need      data asset. As these systems the
     without both. However, We believe that the     in an addressable market. And we typically      companies build accumulate data over
     product is the heart of any technology         avoid companies that try to change              time, they increase the value of the
     company. The company gets built around         consumer behavior or create a new               product and make it more difficult for
     the product.                                   consumer need.                                  newer services to deliver an equivalent
                                                                                                    experience. Defensibility lies in the data.
HARDCORE DESIGN-DRIVEN THESIS
                                                                                                       Design
          User Research                                 Front-end Stack (toolset)
  35-5
   0
          Research is interwoven into all user          the collection of front-end web-standards     Founder
   male
          experience roles – the inspiration and        technologies—(X)HTML (of any flavor),
          validation of ideas and designs greatly       CSS, and JavaScript—as “the web stack”
          enhances the chance of success in
          meeting your design objectives.

          Visual Design                                 Backend Knowledge
          Visual design (aka Visual Communication,      to back-end technologies. Those things
          Information Design is primarily concerned     are important, certainly, but not from the
          with clearly communicating the aesthetic,     front-end point of view. A browser doesn’t
          personality and function of a system and      care if your page was generated by PHP,
          to invoke feeling.                            Django, Rails, Perl

          Information Architecture (IA)                 Conversion Metrics/ User Flows
          IA entails designing an information system    Gaining visibility into what’s working and
          and the users’ pathways through it. The       what’s not in your products. Measure
          IA’s goal is to create a system that will     what’s happening and help tune your user
          provide useful information to suit the        experience and help eople understand and
          user’s context.                               create user flows.

          UI/UX                                         Story Telling/Copywriting
          . User experience highlights the              Good writers can effortlessly guide users
          experiential, affective, meaningful and       through an interface with concise
          valuable aspects of human-computer            instructional copy.
          interaction and product ownership, but it
          also includes a person’s perceptions of the
          practical aspects such as utility, ease of
          use and efficiency of the system

          IxD                                           Creative Vision/Business Model
          The Interaction Designer is a story-weaver    While there are many exciting new
          – scripting the narrative between man and     entrepreneurial opportunities in fields like
          machine – the dialogue of system              energy, transportation and clean, there
          response to user action
EMERGING INTERSECTIONS
                                                 CAPITAL
                                                EFFICIENT

                                                            DISTRIBUTION
                                     CROWD FUELED
                                                                    ENTERPRISE
                 CLOUD



                                           SMART DATA


                         CONSUMER
                          INTERNET                                   WEB
        MOBILE

                                        EDUCATION
INVESTMENT STAGE                                                                                                                                           Mezzanine



  Amount of
   Money
                                                                                                                                            Series D
                                                                                                                                          Investment




                                                                                                                      Series C
                                                                                                                    Investment




                                                                                                         Series B
                                                                                                       Investment




                                                                                            Series A
                                                                                          Investment




                                                            Early-Stage / Super
                                                             Seed Investment
                                 Seed/Super Angel/
                                     Micro-VC
               Angel / Friends &    Investment
               Family / Advisory

          Founder
          Funded
                                                                                                                                                                                    Startup
                                                                                                                                                                                     Stage
          Concept /     Customer Discovery                                      First Commercial
                                                     Proof of Concept /                                Business Model            Fully Operational /   Growth          Exit: M&A/
          Prototype        & Validation                                       Success / Marketing /
                                                     Product-Market Fit                                     Scale                       Scale                             IPO
                                                                                   Distribution
GEO AGNOSTIC
                                   Seattle
                                         Vancouver
         Silicon Valley



                                                     Boston

Southern Cal



                                                              New York

        Boulder




                          Austin


                                     Atlanta

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Criteria & Themes (Seed Rounds)

  • 1. VENTURE51 IS A SEED- & EARLY- STAGE FUND BUILT FOR ENTREPRENEURS BY ENTREPRENEURS. condensed pitch-book
  • 3. “The third great wave of the Internet is mobile and social together, it’s going to be tectonic.” -John Doerr
  • 4. FAVORABLE MEGATRENDS Disruptive emergence of new media and distributed co-creation moves into the mainstream Mobile platforms reshaping distribution and consumption paradigms Internet and new media tools disrupting production and consumption patterns of content/ Macro knowledge and impact-analyses of global media and commerce behavior of consumers consumer trends and mass collaboration at scale Tectonic shifts in consumer-facing communication, Global demand for consumer-focused technology products commerce, content & consumption and service, and the the emergence of global languages and geographic arbitrage URLs for IRL: enabling the Internet of “things” as the offline world is quickly becoming stapled into the future by combining physical representations with User Experience is the new unfair digital ones advantage and the growing importance of user experience and design Convergence problems creates a variety of cloud/client opportunities (both business & consumer landscapes) Nascent tech startup ecosystems beginning to bloom across the globe HTML5, the new web standard that allows to make interactive web pages, is going to revolutionize the media and advertising industries The age of the multi-sided business model
  • 5. FORMED IN VINTAGE MARKET Average startup can be launched for under $500K (it’s the new $5M) Tech 2011+ Unemployment rate is >10% (April 2010) Build tech faster, better & cheaper Traditional VCs are expected to decrease in the early-stage by 60% through 2012. VCs are leaving early-stage deals because they are sitting on too much capital and will need to focus on legacy positions due to the size of exits over the past decade. (National Venture Capital Association) 2011+ VC Economy Companies are earning record-high Reboot profits in recent quarters as a result of many of the cost-cutting efforts Traditional VCs continue deployed after the credit crisis and to exit early stage as their the massive layoffs. These same funds are not equipped to companies are now looking to play in these early rounds innovate thru acquiring early-stage technology startups.
  • 6. $500K IS THE NEW $5M Web 1.0 Traditional J-Curve Web 2.0 Curve Web 2.0 W ay W ay ld Web 1.0 Old Kinda O Web 1.0 Traditional Date of first cash flow positive Small Dips of Capital Date of cash breakeven VC Source: Web 2.0 Strategy Guide Burn
  • 7. 2011 STARTUP CURVE The new tech startup costs under $500K to get to market and build value. The new tech startup also gets to market 10X faster in todays real-time build. Web 2.0 Web 1.0 Tech 2011 Similar to the web 2.0 curve but with even cheaper startup costs and more realistic growth acceleration. Traditional Even Smaller Dips of Capital
  • 8. BUYING POWER Companies are earning record-high profits in recent quarters as a result of many of the cost-cutting efforts deployed after the credit crisis and the massive layoffs. These same companies are now looking to innovate thru acquiring early-stage technology startups. Highly Acquisitive Tech Giants Actively Acquisitive Consumer & Media Giants Actively Acquisitive Tech Giants Actively Acquisitive Tech Up & Comers 1000+ privately owned companies, consumer facing brands needing to innovate thru technology, digital media OTHER COMPANIES agencies and lower-cap tech companies needing to innovate all have cash on hand.
  • 9. SEED, DISCOVER, PILE ON & ACCELERATE (Seed, discover or help achieve P/M Fit thru our shared network & in-house expertise, pile on & buckle up) Acceleration Resources Follow-On Placement (back the truck up and pile on) Lean/Agile Startup Model - Achieving Product/Market Fit thru Customer Development Advisor & Startup App Biz Mentor Marketing M&A Enablement Dev Dev Network Resources Resources Resources Resources Resources Seed-and Early-Stage Capital Placement
  • 10. THEMATIC BLENDED-THESIS DRIVEN APPROACH a hybrid philosophy to startup investing in Information Technology (with emerging Intersections) THEMES OUR THEMES ARE THE - WHERE WE INVEST These are the segments we’ve developed themes around for the next 3-5 year period where we will invest. These themes can span categories as they’re often built on standards, protocols, and widely adopted technical viewpoints. EMERGING INTERSECTIONS •Native Consumers & Digital Families •Mobile Life •Business “Consumerization” •Real-Time Data •New Commerce •Plumbing INFORMATION TECHNOLOGY OUR CORE IS I.T. THESIS OUR THESIS IS THE - HOW WE INVEST What we look for in founders What we look for in companies What we look for in products What we look for in mind-set & culture What we look for in extended team What geographies we look at
  • 11. INVESTMENT THEMES HIGHEST HIGH PRIORITY PRIORITY NATIVE CONSUMERS & BUSINESS REAL-TIME NEW COMMERCE MOBILE LIFE PLUMBING DIGITAL FAMILIES CONSUMERIZATION DATA NEW ECONOMICS CONSUMER MOBILE SOFTWARE MOBILE/SOCIAL BUSINESS REAL-TIME & ECOMMERCE & INFRASTRUCTURE & INTERNET & SERVICES GAMING INTERNET & DATA SOCIAL INTERNET DISRUPTIVE MODELS BACKEND • Streaming Video • Location-based • Virtual Gaming • Real-time Analytics • Curation • Demand Aggregation • Cloud Services • Multiplayer Online • Big data & • Game Mechanic • Application • Videosharing • Enterprise • Parenting/Safety • Gaming Games Applications Monetization Commerce infrastructure • Travel & Planning • Local Discovery • Social Casual Games • SMB Consumerization • Crowd-sourcing • Mobile - Hyper Local • Applications software • Photosharing • Mobile Payments & • Mobile Gaming • Data Mining • Time-Relevant Data • Flash/Group Sales • Networking, storage & Transactions • Educational Gaming • Twitter & Facebook • Micro-transactions databases (application • Lifestreaming • Mobile Enterprise • Geo Loc Ecosystem layer) • Adtech • Virtual Worlds • Storage • Virtual Goods • Mobile APIs • Game Mechanics • Events • Social Layer • Virtual Currencies • Back-end systems • Edtech • APIs • ioS, Android, BB & • Interest Layer • Flash Pricing Windows • API Platforms • Group Pricing • Development tools • Learning • DaaS • Proximity-Based • Freemium Marketplaces • API Call Services OTHER & Venture51 will leave open a small percentage for newly identified emerging opportunities. EMERGING
  • 12. INVESTMENT THESIS Scalable Information Technology Founders & Management (with Agile Advisory While there are many exciting new Technical & UX/UI/IxD Chops) We love getting our hands dirty and entrepreneurial opportunities in fields like We are hugely in favor of the technical shaking trees. We grow our startups energy, transportation and clean, there founder. We will generally focus on through active participation, leveraging our continues to be a massive opportunity in companies started by strong technologists operational expertise (product, marketing Information Technology — which is where who know exactly what they want to build & distribution) and professional network we will focus. and how they are going to build it. Business Pivots, Not Business Deal Size & Flexible Investment Smaller Initial Bets, Bigger Plans Structures Follow-On Your business plan is wrong. It’s a As seed and early stage investors, we Our investment strategy is simple, invest prediction of the future that is out of date often provide a company's first outside before product/market fit, measure/test to as soon as you hit save, print or send. capital – and typically invest alongside see if the team is finding it, and if so, then Things change. Competition. Timing. angel investors, angel syndicates or seed exercise our pro-rata follow-on investment Costs. Pricing. syndicates. opportunity after they have achieved product/ market fit. Capital Efficient Startups Velocity Grounded in Customer The most important factor, however, is the Velocity is key to faster success or faster Development capital efficiency we are seeing in our and failure. Arriving at either one of these We look for product/market fit through the partner’s portfolio companies. Startups outcomes faster is better. The reason to go lens of Customer Development. We invest simply don't need as much money as the fast is not so much that it's critical to get smaller amounts of capital prior to product/ companies did 5 years ago, 10 years ago, your product to market early, but that you market fit and double down afterwards. or 15 years ago. haven't really started working on it till you've launched and put it in contact with users. Product, Market(ing) & Scale Addressable Market Defensibility Marketing is a function of a market, and We seek to fund companies that provide a Good companies are built on a valuable we deeply believe you can not succeed unique solution to an existing urgent need data asset. As these systems the without both. However, We believe that the in an addressable market. And we typically companies build accumulate data over product is the heart of any technology avoid companies that try to change time, they increase the value of the company. The company gets built around consumer behavior or create a new product and make it more difficult for the product. consumer need. newer services to deliver an equivalent experience. Defensibility lies in the data.
  • 13. HARDCORE DESIGN-DRIVEN THESIS Design User Research Front-end Stack (toolset) 35-5 0 Research is interwoven into all user the collection of front-end web-standards Founder male experience roles – the inspiration and technologies—(X)HTML (of any flavor), validation of ideas and designs greatly CSS, and JavaScript—as “the web stack” enhances the chance of success in meeting your design objectives. Visual Design Backend Knowledge Visual design (aka Visual Communication, to back-end technologies. Those things Information Design is primarily concerned are important, certainly, but not from the with clearly communicating the aesthetic, front-end point of view. A browser doesn’t personality and function of a system and care if your page was generated by PHP, to invoke feeling. Django, Rails, Perl Information Architecture (IA) Conversion Metrics/ User Flows IA entails designing an information system Gaining visibility into what’s working and and the users’ pathways through it. The what’s not in your products. Measure IA’s goal is to create a system that will what’s happening and help tune your user provide useful information to suit the experience and help eople understand and user’s context. create user flows. UI/UX Story Telling/Copywriting . User experience highlights the Good writers can effortlessly guide users experiential, affective, meaningful and through an interface with concise valuable aspects of human-computer instructional copy. interaction and product ownership, but it also includes a person’s perceptions of the practical aspects such as utility, ease of use and efficiency of the system IxD Creative Vision/Business Model The Interaction Designer is a story-weaver While there are many exciting new – scripting the narrative between man and entrepreneurial opportunities in fields like machine – the dialogue of system energy, transportation and clean, there response to user action
  • 14. EMERGING INTERSECTIONS CAPITAL EFFICIENT DISTRIBUTION CROWD FUELED ENTERPRISE CLOUD SMART DATA CONSUMER INTERNET WEB MOBILE EDUCATION
  • 15. INVESTMENT STAGE Mezzanine Amount of Money Series D Investment Series C Investment Series B Investment Series A Investment Early-Stage / Super Seed Investment Seed/Super Angel/ Micro-VC Angel / Friends & Investment Family / Advisory Founder Funded Startup Stage Concept / Customer Discovery First Commercial Proof of Concept / Business Model Fully Operational / Growth Exit: M&A/ Prototype & Validation Success / Marketing / Product-Market Fit Scale Scale IPO Distribution
  • 16. GEO AGNOSTIC Seattle Vancouver Silicon Valley Boston Southern Cal New York Boulder Austin Atlanta