📶 Seeding the next era of fund managers with Mike Suprovici (Head of Acceleration @ VC Lab)

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• Guest: Mike Suprovici (@msuprovici)

• Company: VC Lab

• Role: Head of Acceleration

• Background: VC Lab is the leading venture capital accelerator for fund managers. The program is 16 weeks, it's free for participants (once accepted), and the goal is to help participants reach their first close.

• The types of people that are most-likely to become emerging managers

• The most challenging parts about starting your first fund

• Non-obvious things about pitching LPs

Key takeaways (30-second version):

• The number one thing that VCs can do to help early stage companies is help them raise capital. If you’re an early-stage VC, build a capital network so you can connect your founders to that capital base.

• Before a closing, a fund just an idea and a deck. After a closing, you cross the threshold of people taking you seriously.

• Word of mouth only happens to great products. If you’re not seeing the growth you want to see, it probably means your product isn’t as good as you think yet.

• A good thesis is a sentence you tell LPs. If this sentence doesn’t get LPs excited, they’ll never back you.

• Venture is a network business, and if you don’t have a large network, it’s hard for you to get a first close.People with large networks are the most-likely to launch a new fund.

• The hardest-to-close LPs are the easiest to find. The tier one, institutional investors will not invest in first-time managers; you’re better off pitching others who will.

• Talking to lawyers early in the process is a waste of money. Don’t talk to lawyers until you have at least 20% of your first close hard circled.

Full talk (33-minute version):

Links we like:

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