Comments on: Charles River Ventures introduces friendly â€œconvertibleâ€ seed round

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By: æ·±åœ³é€Ÿè¾¾

æ·±åœ³é€Ÿè¾¾ — Thu, 22 Mar 2007 14:32:30 +0000

The first time I meet this ideal from your article, so I will try to understand your topoint for it.Sometimes new way to the truth for it. ah. isnâ€™t it?

By: Eric Jackson

Eric Jackson — Sat, 04 Nov 2006 13:19:08 +0000

It’s a very interesting deal that likely will inspire copy-cats, as they smell opportunity at this stage. However, there will be winners and losers here:

Winners:

- The bluest of “blue-chip” VCs. The Sequoias and KPCBs of the world shine brighter when the maddening crowd is rushing to chase the latest trend of VC investing. They’ve been there and done that time-and-again.
- Existing Angel Investors who have a track-record. When a space gets hot (i.e., angel investing), those who have been there for a while are the old wise men. Josh Kopelman, Jeff Clavier, and others will see a rise for their services even as others rush in. There will be a flight to quality.
- Traditional VCs who are able to make the leap and really differentiate from other angel investors. Although CRV is a great firm, their success is not guaranteed. They need dealflow; their GPs needs to be seen as credible by non-nascent entrepreneurs; and they really need to be able to deliver value to their investments (beyond the simple “we love to roll up our shirtsleeves alongside our investee companies” platitudes).
- 2nd and 3rd Time Entrepreneurs: They’re even more sought after following this news than they were before. We are heading for a Hollywood-type star system where Bill Nguyen announces his idea for his next start-up at lunch and the deal is done by dinner.

Losers:

- Stuck-in-the-middle VCs: Those VCs who do a little bit of angel investing and a little bit of traditional are likely to do neither well.
- Former Great VCs who don’t adapt to changing times: Remember when Softbank was king of the hill? Hot VCs who have yet to reach the echelon of Sequoia and KPCB are not assured of long-term success. They are also likely to stick-to-what-they-(think-they-)know-best. Dangerous, when the rules of the game are changing
- Later-stage/Mezzanine Investors: They just got even less relevant.

Thanks,

Eric

http://breakoutperformance.blogspot.com/2006/11/are-angels-new-vcs.html

By: Mission Creek / VCs acting as Angels

Mission Creek / VCs acting as Angels — Sat, 04 Nov 2006 00:57:00 +0000

[...] Though this commentator portrays this as an old dog learning new tricks, Angel investors have been offering this form of investment vehicle for years. Charles River Ventures introduces friendly â€œconvertibleâ€ seed round [...]

By: Ken

Ken — Sat, 04 Nov 2006 00:53:53 +0000

Haven’t Angels been offering this form of investment for years?

By: leafar

leafar — Fri, 03 Nov 2006 20:19:01 +0000

Are they gonna open a french subsidiary ?
I love and will definitely sign for it, it’s better than to think about going to your bank for a personal loan …. and a possible nice move if along with BA investments

By: Jeff

Jeff — Thu, 02 Nov 2006 20:35:01 +0000

Yeah Mark, but I think the marketing of it is the innovation worth talking about. Also, I think it’s fair to say that they are taking this to a level of scale that most venture funds would not have considered.

By: Mark

Mark — Thu, 02 Nov 2006 20:33:19 +0000

convertible debt seed rounds have been around for many years so the investment structure isn’t an innovation – but the way that CRV is marketing this idea is interesting

By: Steven Roussey

Steven Roussey — Thu, 02 Nov 2006 19:52:17 +0000

I think it is a great idea. Having more financial options is always an asset for an entrepreneur.

By: George Zachary

George Zachary — Thu, 02 Nov 2006 06:22:18 +0000

Jeff,

Thanks for the recognition. We are just moving with the direction of the market and responding to what entrepreneurs are telling us they want.

Thank you,
George Zachary
Charles River Ventures
http://www.crv.com
senseandcents.blogspot.com

Comments on: Charles River Ventures introduces friendly â€œconvertibleâ€ seed round