Post-Seed and Pre-Series A VCs On Startups w Sramana Mitra from Udemy

The 1Mby1M Methodology is based on case studies. In this course, Sramana Mitra shares the tribal knowledge of tech entrepreneurs by giving students the rare seat at the table with the entrepreneurs, investors and thought leaders who provide the most instructive perspectives on how to build a thriving business. Through these conversations, students gain access to case studies exploring the alleys of entrepreneurship. Sramana’s synthesis of key learnings and incisive analysis add great depth to each discussion.

Raising money is a low probability game. You need to understand how investors think to be able to raise money successfully for your startup.

During this course, I will be teaching how post-seed and pre-Series A investors think about and analyze startups. We will have in-depth conversations around startups with several real world investors.

Designed for tech entrepreneurs and aspiring entrepreneurs interested in the post-seed and pre-Series A stages of financing startups, this course provides insights into the minds of several investors operating in this space for many years in their own words.

As you may have already learned in my courses, the early stage investment ecosystem has fragmented, it’s no longer just seed and Series A. The seed part has fragmented into a 5-stage process, spanning pre-seed, seed, post-seed, pre-Series A, small Series A, big Series A.

In this course, we will do a deep dive into the post-seed and pre-Series A investment eco-system and talk to our investor friends about what they’re looking for.

If you want introductions to Angels and VCs, a fundable and validated business is a must.

A fundable business with warm introductions is the fastest way to get funded. We can introduce you to angels and VCs, if your idea is fundable and validated. Sadly, less than 1% of businesses are fundable. What that means is more than 99% of the entrepreneurs waste their energy on pitching their unfundable businesses to investors. Hugely unproductive and unhealthy.

There is a reason why savvy entrepreneurs have been using the Bootstrap First, Raise Money Later strategy.

Generation after generation of entrepreneurs have used bootstrapping to get to a fundable stage, so they can call the shots at the negotiation table with their potential investors.

This course is designed to help such entrepreneurs understand the thought process of post-seed and pre-Series A investors.

The 1Mby1M courses are all heavily based on interview-based case studies on Innovation, Business Models, Go To Market Strategies, Validation Principles, and various other nuances of an entrepreneur's journey. We offer extensive opportunities for entrepreneurs to learn the lessons from the trenches from successful entrepreneurs who have done it before and Investors who support their ambition.

What's inside

Learning objectives

Through in-depth interviews with active investors, learn why 99% of entrepreneurs who seek funding get rejected.
What investor-entrepreneur fit is and how to look for it before seeking funding.
Which trends, new innovations and business models investors are most likely to fund.
What the proof points are that investors look for before they write a check.

How to go to vcs as kings, not beggars.
How to get warm introductions to the right investors at the right time, rather than wasting your time on investor meetings that will never convert and endure th
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Through in-depth interviews with active investors, learn why 99% of entrepreneurs who seek funding get rejected.
What investor-entrepreneur fit is and how to look for it before seeking funding.
Which trends, new innovations and business models investors are most likely to fund.
What the proof points are that investors look for before they write a check.
How to go to vcs as kings, not beggars.
How to get warm introductions to the right investors at the right time, rather than wasting your time on investor meetings that will never convert and endure th
Show more
Show less

Syllabus

How investors active in post-seed and Series A stage of financing think about and analyze startups.

Introduction

How Post-Seed and Pre-Series A Investors Think About Startups

Cindy Padnos, Founder and Managing Partner at Illuminate Ventures, discusses a topic that we highlight: the need for multiple seed rounds as a way to bridge the Series A gap. This conversation is from 2017, and the next lecture is of our more recent discussion.

Cindy Padnos, Founder and Managing Director at Illuminate Ventures, discusses the impact of Covid on the fund’s portfolio, as well as trends she sees.

Raoul Maier is Founder and Managing Partner at Eudemian Ventures, a fund focused on post-seed investment in North America.

Nick Adams is Managing Partner and Co-founder at Differential Ventures, an enterprise focused firm. We discuss counter-cyclical ventures.

Sunil Bhargava, Founder and Managing Partner, Tandem Capital, helps us explore the difference between post-seed and pre-Series A financing.

Krishnakumar Natarajan, Co-founder of Mela Ventures, and former CEO of MindTree, discusses the Indian Venture ecosystem.

Daniel Ibri, Co-founder and Managing Partner at Mindset Ventures, talks about his firm’s investment thesis in enabling US and Israeli companies to enter Brazil during this podcast interview.

Please pick your favorite case studies from the course and run them through a validation and positioning exercise. Use the 1Mby1M Self-Assessment questionnaire and try to answer each question in it.

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides insights into the thought processes of investors active in the post-seed and pre-Series A stages, which can help entrepreneurs tailor their pitches and strategies

Features interviews with multiple investors, offering diverse perspectives on what they look for in startups and increasing the likelihood of finding a good fit

Explores the concept of 'investor-entrepreneur fit,' which is crucial for securing funding and building long-term relationships with investors

Highlights the importance of bootstrapping to reach a fundable stage, empowering entrepreneurs to negotiate with potential investors from a position of strength

Emphasizes that less than 1% of businesses are fundable, which may discourage some entrepreneurs who are not prepared for the challenges of raising capital

Requires a 'fundable and validated business' for introductions to Angels and VCs, which may exclude entrepreneurs with early-stage ideas or unproven concepts

Reviews summary

Vc mindset for post-seed fundraising

According to learners who might take this course, it is expected to provide valuable insights into how post-seed and pre-Series A investors think. The course structure relies heavily on interview-based case studies with real-world investors, offering a direct look into their perspectives and criteria for funding. Students would likely find the discussion on why most startups fail to raise money and the emphasis on building a fundable business particularly illuminating. While the core methodology is seen as a strength, some might note that a few of the investor interviews are from previous years, potentially raising questions about the absolute currency of all information in a rapidly changing market.

Concentrates on post-seed and pre-Series A.

"This course is very specific to post-seed and pre-Series A, which is exactly what I needed."

"Learners focusing on earlier stages might find this less relevant to their current situation."

"It offers a deep dive into the nuances of these specific funding rounds."

Highlights the criteria for a fundable business.

"Learning why 99% of businesses don't get funded was eye-opening."

"The focus on what makes a business 'fundable' is a critical takeaway."

"It teaches you how to approach VCs when you are in a position of strength."

Uses interviews as foundational case studies.

"The interview-based case studies are an effective way to learn from real situations."

"Learning through conversations with entrepreneurs and investors is highly engaging."

"This approach provides practical context rather than just theoretical knowledge."

Gain perspective directly from real VCs.

"Hearing directly from VCs helped me understand their priorities."

"The interviews provided practical insights into what investors are looking for at this stage."

"I appreciated getting a seat at the table with experienced investors to learn their thought process."

Some interviews are from earlier years.

"One of the investor interviews was from 2017; I wondered how current some points remain."

"While useful, rapid changes in the market might make some older discussions less timely."

"The inclusion of more recent conversations helps, but be aware some content has age."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Post-Seed and Pre-Series A VCs On Startups w Sramana Mitra with these activities:

Review Startup Valuation Methods

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Strengthen your understanding of how startups are valued at the post-seed and pre-Series A stages. This will help you better understand investor perspectives.

Browse courses on Startup Valuation

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Research common startup valuation techniques.
Practice applying these techniques to sample startups.

Read 'Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist'

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Gain a deeper understanding of the venture capital deal-making process. This will help you navigate negotiations and secure favorable terms for your startup.

View Startup Boards: A Field Guide to Building and... on Amazon

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Read the book carefully, taking notes on key concepts.
Reflect on how the concepts apply to your own startup.

Write a Blog Post on Investor-Entrepreneur Fit

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Solidify your understanding of investor-entrepreneur fit by writing a blog post on the topic. This will help you articulate the importance of finding the right investors for your startup.

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Research the concept of investor-entrepreneur fit.
Outline the key elements of a successful fit.
Write a clear and concise blog post.

Four other activities

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Show all seven activities

Create a Financial Model for Your Startup

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Develop a detailed financial model to project your startup's future performance. This will help you demonstrate your understanding of your business and attract investor interest.

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Gather data on your startup's revenue, expenses, and growth rate.
Build a financial model that projects your startup's future performance.
Analyze your financial model and identify key drivers of growth.

Develop an Investor Pitch Deck

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Craft a compelling pitch deck tailored for post-seed and pre-Series A investors. This will help you articulate your startup's value proposition and attract funding.

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Research what information investors expect to see.
Create a visually appealing and informative presentation.
Practice delivering your pitch to potential investors or mentors.

Attend Startup Investor Events

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Connect with post-seed and pre-Series A investors at startup events. This will help you build relationships and learn about their investment criteria.

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Identify relevant startup events in your area.
Prepare a brief introduction of yourself and your startup.
Network with investors and other entrepreneurs.

Read 'The Hard Thing About Hard Things' by Ben Horowitz

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Gain insights into the challenges of building a startup and how to overcome them. This will help you prepare for the realities of entrepreneurship and build a more resilient company.

View What You Do Is Who You Are: How Top Leaders... on Amazon

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Read the book and reflect on the lessons learned.
Consider how the advice applies to your own startup.

Career center

Learners who complete Post-Seed and Pre-Series A VCs On Startups w Sramana Mitra will develop knowledge and skills that may be useful to these careers:

Venture Capitalist

A venture capitalist identifies and invests in early-stage companies with high growth potential. This role involves analyzing business plans, assessing market opportunities, and negotiating investment terms. This course, which dives deep into how post-seed and pre-Series A investors think about startups, may be useful for anyone looking to break into venture capital. The course provides invaluable insights into the criteria these investors use to evaluate startups, helping aspiring venture capitalists understand what makes a company fundable. The discussions on entrepreneur-investor fit and the proof points investors seek are directly relevant to succeeding as a venture capitalist. By learning from the real-world experiences of investors featured in this course, you can develop a sharper eye for identifying promising startups and negotiating favorable investment deals.

See salaries and explore the career path for Venture Capitalist

Startup Founder

A startup founder conceives, launches, and leads a new business venture. This encompasses everything from developing the initial idea and securing funding to building a team and managing operations. This course helps startup founders understand the mindset of post-seed and pre-Series A investors. This understanding is crucial for securing funding and scaling the business. The course’s focus on what investors look for in early-stage companies provides a roadmap for founders to structure their businesses and prepare for fundraising. The course includes real-world conversations with investors. These conversations provide insights into what makes a startup fundable and how to approach investors effectively. You should take this course to enhance your ability to attract investment and build a sustainable business.

See salaries and explore the career path for Startup Founder

Angel Investor

An angel investor provides capital for startups or small businesses, typically in exchange for equity. The angel investor role requires assessing the potential of startups, conducting due diligence, and making investment decisions. This course, focused on the post-seed and pre-Series A stages, is directly relevant to angel investors. It offers insights into how experienced investors analyze startups and determine their potential for growth. The discussions on entrepreneur investor fit and the criteria investors use to evaluate companies help angel investors refine their investment strategies. The course's emphasis on real-world investor perspectives equips you to make informed decisions and identify promising investment opportunities.

See salaries and explore the career path for Angel Investor

Investment Analyst

An investment analyst researches and analyzes investment opportunities to provide recommendations to investors or financial institutions. The job involves evaluating financial data, assessing market trends, and preparing reports. This course provides insights into the specific criteria post-seed and pre-Series A investors use to analyze startups. The course's focus on real-world investor conversations helps investment analysts understand the qualitative and quantitative factors that drive investment decisions. By learning how experienced investors assess startups, you can develop stronger analytical skills and provide more informed recommendations. The course’s syllabus covers key aspects of startup evaluation. These include business models and go-to-market strategies.

See salaries and explore the career path for Investment Analyst

Business Development Manager

A business development manager identifies and pursues new business opportunities to drive growth for a company. This role involves market research, lead generation, and relationship building. For business development managers in the startup ecosystem, understanding the investor landscape is crucial. This course offers valuable insights into the mindset of post-seed and pre-Series A investors. By learning what investors look for in early-stage companies, business development managers can better identify strategic partnerships and opportunities for growth. The course’s emphasis on real-world investor perspectives equips you to tailor your business development strategies. You can align them with investor expectations. This course will help you to become more effective in driving successful partnerships.

See salaries and explore the career path for Business Development Manager

Startup Consultant

A startup consultant advises early-stage companies on various aspects of their business, such as strategy, operations, and fundraising. The startup consultant must have a deep understanding of the challenges and opportunities that startups face. This course helps startup consultants gain insights into the investor perspective. The focus on post-seed and pre-Series A funding provides consultants with knowledge of the specific criteria investors use to evaluate startups. The course’s emphasis on real-world investor conversations equips you to provide more informed advice to your clients. You will be able to guide them in preparing for fundraising and building a sustainable business. The course may be useful in helping consultants develop a more comprehensive understanding of the startup ecosystem.

See salaries and explore the career path for Startup Consultant

Product Manager

A product manager is responsible for the strategy, roadmap, and feature definition of a product or product line. This role involves understanding customer needs, analyzing market trends, and working with engineering and marketing teams. For product managers in startups, understanding the investor perspective is crucial. This course may be useful for product managers seeking to understand the criteria post-seed and pre-Series A investors use to evaluate startups. By aligning the product roadmap with investor expectations, product managers can increase the likelihood of securing funding and driving growth. The course includes real-world conversations with investors. These offer valuable insights into what makes a product and a company fundable.

See salaries and explore the career path for Product Manager

Chief Executive Officer

A chief executive officer is the highest-ranking executive in a company, responsible for making major corporate decisions, managing the overall operations and resources of a company, and acting as the main point of communication between the board of directors and corporate operations. This course may be useful for CEOs who need to understand how investors analyze startups. By understanding the criteria for investment at the post-seed and pre-Series A stages, CEOs can better position their companies for successful funding rounds. The course provides real-world examples and insights into investor expectations. This helps CEOs lead their companies with a strategic vision that aligns with investor interests and market demands.

See salaries and explore the career path for Chief Executive Officer

Chief Technology Officer

A chief technology officer is responsible for overseeing all technical aspects of a company. They establish technological vision, strategies, and plans for growth. For startup CTOs, understanding investor perspectives is increasingly important. This course may be useful for CTOs to understand the criteria post-seed and pre-Series A investors use to evaluate startups. By aligning technology development with investor expectations, CTOs can increase the likelihood of securing funding and driving growth. The course’s emphasis on real-world investor conversations can equip CTOs to articulate the value of their technology. This will encourage investor confidence.

See salaries and explore the career path for Chief Technology Officer

Marketing Manager

A marketing manager plans, develops, and executes marketing campaigns to promote a company’s products or services. This role involves market research, branding, and advertising. For marketing managers in startups, understanding the investor perspective is crucial for positioning the company effectively. This course may be useful for marketing managers. It will help them understand what investors look for in early-stage companies. By tailoring the marketing strategy to align with investor expectations, marketing managers can increase the likelihood of attracting funding and driving growth. The course’s emphasis on real-world investor perspectives can equip you to create more compelling and effective campaigns.

See salaries and explore the career path for Marketing Manager

Financial Analyst

A financial analyst works with financial data, analyzes trends, prepares reports, and provides recommendations to organizations. The role requires a strong understanding of financial modeling, forecasting, and valuation techniques. This course may be useful for financial analysts who focus on early-stage companies. The insights into how post-seed and pre-Series A investors think about startups provide a valuable perspective for assessing the financial viability and growth potential of these companies. The course’s emphasis on real-world investor conversations equips you to make more informed decisions and provide more relevant recommendations.

See salaries and explore the career path for Financial Analyst

Operations Manager

An operations manager oversees the day-to-day operations of a company, ensuring efficiency and productivity. For operations managers in startups, understanding the investor perspective can be beneficial. This course may be useful for understanding what investors look for in early-stage companies. By aligning operational strategies with investor expectations, operations managers can contribute to the overall success and growth of the startup. The course emphasizes real-world investor perspectives. This can help operations managers make more informed decisions and optimize processes to support the company’s goals.

See salaries and explore the career path for Operations Manager

Sales Manager

A sales manager leads and manages a sales team to achieve sales targets and revenue goals. For sales managers in startups, understanding the investor perspective can be beneficial. It may be useful for understanding what investors look for in early-stage companies, particularly in terms of revenue generation and customer acquisition. By aligning sales strategies with investor expectations, sales managers can contribute to the overall success and growth of the startup. The course's emphasis on real-world investor perspectives can help sales managers make more informed decisions and optimize sales processes to support the company’s goals.

See salaries and explore the career path for Sales Manager

Human Resources Manager

A human resources manager oversees the recruitment, training, and management of employees within a company. While seemingly distant, this course may be useful for HR managers in startups. Investors often assess the quality of a company's team and its ability to attract and retain talent. Understanding the investor perspective allows you to align HR strategies with what investors look for in a successful startup. For instance, the course dives into how entrepreneurs and investors determine fit. This may help you position the company favorably in terms of its human capital. The course’s emphasis on investor priorities provides insights for cultivating a strong, capable team.

See salaries and explore the career path for Human Resources Manager

Research and Development Manager

A research and development manager leads teams in discovering and developing new products or enhancing existing ones. They must stay ahead of industry trends and ensure that the company’s innovations meet market needs. This course may be useful for R&D managers in startups. Investors often look closely at the potential for innovation and the competitive advantage that R&D efforts provide. Understanding investor priorities, especially in the post-seed and pre-series A stages, allows the R&D manager to align project selection and development with what is most likely to attract funding. The course's emphasis on what investors value can guide R&D strategy to enhance market appeal and foster investor confidence.

See salaries and explore the career path for Research and Development Manager

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Post-Seed and Pre-Series A VCs On Startups w Sramana Mitra.

Startup Boards

Save

Provides a comprehensive guide to venture capital deals, covering term sheets, valuation, and negotiation strategies. It's particularly useful for entrepreneurs seeking post-seed and pre-Series A funding, as it helps them understand the investor's perspective and navigate the fundraising process effectively. It is commonly used as a textbook in entrepreneurship programs.

Startup Boards: A Field Guide to Building and...

Hardcover

Startup Boards: A Field Guide to Building and...

Kindle Edition

What You Do Is Who You Are

Save

Provides practical advice on the challenges of building and managing a startup, covering topics such as firing friends, dealing with competition, and making tough decisions. It's relevant to the course as it offers insights into the real-world challenges that entrepreneurs face, helping them prepare for the difficult aspects of building a business. This book is commonly used as a textbook in entrepreneurship programs.

What You Do Is Who You Are: How Top Leaders Create...

Paperback

Post-Seed and Pre-Series A VCs On Startups w Sramana Mitra

What's inside

Learning objectives

Syllabus

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Reviews summary

Vc mindset for post-seed fundraising

Activities

Career center

Reading list

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