I have been replaced.
Not just getting fired like a Twitter employee, not just being pushed aside like a gas-guzzling car by an electric car, not just being herded because I can’t remember my last name. No sir, I met the future, the old columnist No Kingdom and ChatGPT — Open AI’s new artificial intelligence chatbot.
I’ve been writing about entrepreneurship, start-ups, venture capital, and behavioral economics for this paper for 11 years, but it’s time to meet the newest author, I’m There For You Baby.
Raising money from venture capitalists can be a challenging process, but it can also be a great way to fund the growth of your startup. Here are some steps you can take to increase your chances of success:
1. Develop a solid business plan: Venture capitalists want to see a clear vision for your company and how it will generate revenue. Make sure you have a solid business plan outlining your target market, competitive advantages and financial projections.
2. Build a strong team: Venture capitalists often invest as much in the team as they do in the idea. Show that you have a diverse and experienced team that can execute on your vision.
3. Network and make connections: Venture capitalists typically invest in companies through their personal and professional networks. Attend industry events, join a startup accelerator or incubator, and reach out to potential investors to build relationships and raise awareness.
4. Understand the venture capital process: Research the venture capital firms that are suitable for your company and understand their investment criteria and process. Be prepared to present your company and answer tough questions during the due diligence process.
5. Be persistent: Raising money from venture capitalists can be a long and competitive process. Stay focused and keep working on improving your business and your advocacy, and don’t be discouraged if you experience setbacks or rejections.
I hope these tips are helpful to you. Good luck with your fundraising efforts!
Well, now that we have an investor, how much of the company are we willing to give away?
Pre-money valuation is a term used to describe a company’s value before it receives any outside investment. It is often used in the context of venture capital or private equity financing where an investor is considering an investment in a start-up or small business. A pre-money valuation is used to determine the ownership stake in a company that investors will receive in exchange for their investment.
For example, if an investor agrees to invest $2 million in a company with a pre-money valuation of $10 million, the investor will receive 20% of the company. The company’s post-money valuation, which is the value of the company after the investment closes, will be $12 million.
Pre-money valuations can be determined using a variety of methods, including comparable company analysis, discounted cash flow analysis, and the venture capital approach. The specific method used will depend on the company’s circumstances and the investment under consideration.
Now, let’s be honest. While this information seems relatively accurate, it seems to me that it lacks your real panache, wit, and charm. But to be fair, for an AI software robot from Silicon Valley, it’s pretty awesome.
Artificial intelligence is an exciting and dangerous new field. It feels a bit like fusion – powerful, valuable and a little bit wild. “If ChatGPT’s accuracy and data improve, we’ll have the literal equivalent of a scientific calculator,” said Sam Altman, Open AI’s CEO.
For what it’s worth, I learned to use a slide rule in high school. Then I learned how to use the HP RPN (Reverse Polish Notation) 12C calculator. Now I ask Siri and she calculates my mortgage payment at the speed of light.
All I’m saying is, be careful what you want because you might just get it. I’m not one to bury my head in the sand, but the Common Core standards for high school education don’t even require students to be proficient in cursive anymore. Who needs that? We have DocuSign.
Rule #744: Wisdom is not the same as knowledge.
Senturia is a serial entrepreneur investing in early-stage technology companies. Listen to his weekly podcast on innovation and entrepreneurship at www.imthereforyoubaby.com. Please email ideas to Neil at neil@blackbirdv.com.