The COVID-19 pandemic has presented entrepreneurs with a set of unique challenges. As the investment landscape shifts to online fundraising, business owners are met with the task of finding funds during a global crisis. At M13, we believe in the entrepreneurial spirit to adapt and pivot in unprecedented times.
Peter H. Diamandis, founder and executive chairman of the XPRIZE Foundation, chats with three venture capitalists about raising funds during the coronavirus pandemic.
- Courtney Reum, M13 Co-founder
- Teymour Boutros-Ghali, Managing Partner, BOLD Capital
- Dakin Sloss, Founder & General Partner, Prime Movers Lab
These seasoned VCs walk entrepreneurs through the process of building and growing companies during COVID-19. Below we’ve recapped their discussion, followed by the full webinar video.
What’s your best advice for those who are pitching over Zoom?
Tech is at a level that makes it I won't say the same as being in the room but pretty damn close.
Teymour Boutros-Ghali
Is now a good time to start a company?
- It’s always a good time to start a company. You should start a company because you're passionate. You want to use that company to make a dent in the universe.
- If you break through, it forces discipline may be not on the ideation, but on the execution.
- This time is just one of many walls you’re going to encounter. Now is the time to figure out how to slam through or go around it.
- Periods of difficulty tend to bring the best out of entrepreneurs, or at least the ones who truly have a belief.
- Teymour Boutros-Ghali
What are venture capitalists looking for in a company?
- In addition to your enthusiasm, VCs are also looking for an ability to be realistic about your milestones. You won’t always be able to raise money easily. You must be clear on your milestones.
- It's important to be able to speak to investors about current trends and how you can capitalize on them. Articulate how you’re working with what’s happening in the world. You must be able to speak to how the company can benefit from what’s going on.
- Think long-term with your company. Focusing on the short term is ineffective when no one knows what the medium or long term looks like.
Periods of difficulty tend to bring the best out of entrepreneurs, or at least the ones who truly have a belief.
Teymour Boutros-Ghali
How important is revenue right now?
You're going to see a lot more people focused on revenue from an investment perspective who previously were kind of comfortable letting it ride for a while.
Dakin Sloss
What new ways of interacting will come from this pandemic?
- Potentially expect the dissolution of traditional offices. Many companies are getting rid of some or all of their real estate holdings. It allows for companies to operate diversified.
- Slack and Zoom are just the beginning. There’s a new generation of Wi-Fi coming out, 5G, VR systems, and so on.
- Venture capitalists may now have to get comfortable investing in someone they’ve never met. Entrepreneurs must make sure their passion and enthusiasm comes across virtually.
I'm really excited for someone to start something right now … if you're someone who gets people's attention in this climate, it means you really have something compelling.
Teymour Boutros-Ghali
Watch the full conversation with Courtney, Teymour, Dakin, and Peter below.
Want to keep learning about venture capital investments? Subscribe to our newsletter.
The COVID-19 pandemic has presented entrepreneurs with a set of unique challenges. As the investment landscape shifts to online fundraising, business owners are met with the task of finding funds during a global crisis. At M13, we believe in the entrepreneurial spirit to adapt and pivot in unprecedented times.
Peter H. Diamandis, founder and executive chairman of the XPRIZE Foundation, chats with three venture capitalists about raising funds during the coronavirus pandemic.
- Courtney Reum, M13 Co-founder
- Teymour Boutros-Ghali, Managing Partner, BOLD Capital
- Dakin Sloss, Founder & General Partner, Prime Movers Lab
These seasoned VCs walk entrepreneurs through the process of building and growing companies during COVID-19. Below we’ve recapped their discussion, followed by the full webinar video.
What’s your best advice for those who are pitching over Zoom?
Tech is at a level that makes it I won't say the same as being in the room but pretty damn close.
Teymour Boutros-Ghali
Is now a good time to start a company?
- It’s always a good time to start a company. You should start a company because you're passionate. You want to use that company to make a dent in the universe.
- If you break through, it forces discipline may be not on the ideation, but on the execution.
- This time is just one of many walls you’re going to encounter. Now is the time to figure out how to slam through or go around it.
- Periods of difficulty tend to bring the best out of entrepreneurs, or at least the ones who truly have a belief.
- Teymour Boutros-Ghali
What are venture capitalists looking for in a company?
- In addition to your enthusiasm, VCs are also looking for an ability to be realistic about your milestones. You won’t always be able to raise money easily. You must be clear on your milestones.
- It's important to be able to speak to investors about current trends and how you can capitalize on them. Articulate how you’re working with what’s happening in the world. You must be able to speak to how the company can benefit from what’s going on.
- Think long-term with your company. Focusing on the short term is ineffective when no one knows what the medium or long term looks like.
Periods of difficulty tend to bring the best out of entrepreneurs, or at least the ones who truly have a belief.
Teymour Boutros-Ghali
How important is revenue right now?
You're going to see a lot more people focused on revenue from an investment perspective who previously were kind of comfortable letting it ride for a while.
Dakin Sloss
What new ways of interacting will come from this pandemic?
- Potentially expect the dissolution of traditional offices. Many companies are getting rid of some or all of their real estate holdings. It allows for companies to operate diversified.
- Slack and Zoom are just the beginning. There’s a new generation of Wi-Fi coming out, 5G, VR systems, and so on.
- Venture capitalists may now have to get comfortable investing in someone they’ve never met. Entrepreneurs must make sure their passion and enthusiasm comes across virtually.
I'm really excited for someone to start something right now … if you're someone who gets people's attention in this climate, it means you really have something compelling.
Teymour Boutros-Ghali
Watch the full conversation with Courtney, Teymour, Dakin, and Peter below.
Want to keep learning about venture capital investments? Subscribe to our newsletter.
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The views expressed here are those of the individual M13 personnel quoted and are not the views of M13 Holdings Company, LLC (“M13”) or its affiliates. This content is for general informational purposes only and does not and is not intended to constitute legal, business, investment, tax or other advice. You should consult your own advisers as to those matters and should not act or refrain from acting on the basis of this content. This content is not directed to any investors or potential investors, is not an offer or solicitation and may not be used or relied upon in connection with any offer or solicitation with respect to any current or future M13 investment partnership. Past performance is not indicative of future results. Unless otherwise noted, this content is intended to be current only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in funds managed by M13, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by M13 is available at m13.co/portfolio.