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Archive for Wil Schroter

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Capital (59)
June 23, 2009
Experienced entrepreneurs know that when it comes to slicing up the equity in their new startup companies, the longer you wait to hand out big slices, the better.That’s because a startup company can create a ton of value in a very short period of time, and in many cases, with relatively little effort. It’s exciting to get others wrapped into your new idea, and their willingness to bet on your idea may feel like something you want to reward with shares of the company. The issue isn’t whethe ...view entire post
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January 6, 2009
Turn People into Money For any startup, raising money to hire people is always a problem. There’s a lot to be done, and inevitably it takes people – who are very expensive – to do it. But how do you get the money to hire the people if you don’t have the people to create the money in the first place? The key is to reverse the trend – turn people into money.Finding out how to bring staff members on board before you have a chance to pay them in real dollars will allow you to ...view entire post
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December 11, 2008
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September 3, 2008
Any entrepreneur or stockholder that’s had a chance to cash out their stock has had to ask themselves one question – is it enough? We wonder if we held out longer for a bigger offer whether that larger sum would make a much more significant impact on our lives. The truth is, it’s not the multi millions that will change your life forever – it’s the first million (or less) than really makes the difference. You see, most of our lives a ...view entire post
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August 21, 2008
Experienced entrepreneurs know that when it comes to slicing up the equity in their new startup companies, the longer you wait to hand out big slices, the better. That’s because a startup company can create a ton of value in a very short period of time, and in many cases, with relatively little effort. It’s exciting to get others wrapped into your new idea, and their willingness to bet on your idea may feel like something you want to reward with shares of the company. The issue isn’t whether ...view entire post
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May 1, 2008
In this episode, Wil discusses with Jim of MyPersonalBrilliance.com his formula to create an innovate company. Wil also explains how questioning your business decisions and the answers can guide entrepreneurs to a better company. You can listen to the second interview with Wil here. ...view entire post
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April 30, 2008
Hello there young entrepreneur, I’m your investor.  Remember me?I’m the guy that sat in front of your heartfelt and emotional presentation to raise capital for your business.  I listened closely to your entire plan, and made a few comments about what I didn’t think would work.  You of course ignored my comments and assured me that with the right amount of my money, you’d be able to solve all of your problems.I wrote you a check, you spent the money, and those problems haven’t gone away. So asid ...view entire post
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February 20, 2008
There’s a lot of talk among entrepreneurs about the value of an idea.  Many entrepreneurs believe that a brilliant idea will spawn a great company.  We read about companies like eBay that took one simple idea – online auctions – and turned it into a powerhouse company. Yet ideas alone aren’t worth much.  Very few companies, including eBay, became successful based on just an idea.  Unless your idea turns into a patent that no one can replicate, it’s worth nothing until you can add  ...view entire post
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January 10, 2008
Getting some seed funding for your startup company isn't like trying to apply for a mortgage.  You can't just fill out enough of the right paperwork and get "approved".  Even your business plan, while an important exercise, doesn't guarantee funding is on it's way. Finding an investor that will write a check has a lot to do with who is pitching the plan and how well it's communicated.  If the investor is saying "no", it may not be because your idea sucks.  It could s ...view entire post
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November 28, 2007
The most common question entrepreneurs ask about raising capital is “How much equity should I give up to an investor?” There’s a really simple answer “As little as humanly possible!”Sitting across the table from an investor doesn’t have to feel like a game of Texas Hold’em.  You don’t need to bluff your way into a great deal and hope to “beat” the investor.  There are some easier ways to determine how much equity to hand over to investor in a way that makes you both feel great about the deal.Num ...view entire post
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November 6, 2007
If you feel like your "quest for capital" is taking every last ounce of energy out of you, then you're probably right where you should be (like it or not). Raising money isn't a side business - it's a fulltime job! Unfortunately that fulltime job is both necessary and completely distracting at the same time.  While you jump through hoops to satisfy half-interested investors and partners, the people that you should be jumping through hoops for (your customers!) a ...view entire post
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October 11, 2007
Most entrepreneurs have never raised capital before (why would you have?) so they don't really know what investors want to see.  As such, they typically walk into investor meetings totally unprepared for what investors want to see. Aside from a great presentation, there are some basic documents you should always have ready if you expect a deal to get closed. A Good, Short, Executive Summary A good two page doc that quickly outlines the problem you're solving, how you solve it, and how you'l ...view entire post
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October 2, 2007
Not every startup company needs a big wad of investment cash in order to get started. What many companies need is some basic operating capital to cover expenses until they can start generating some cash.  The weapon of choice in this instance is a Line of Credit (LOC). What is a Line of Credit? Think of a line of credit the same way you think of a credit card.  You are offered a credit limit of a certain amount (let's say $25,000) and you draw down on that limit as you need it.  At the end o ...view entire post
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September 5, 2007
The Benefits of Not Raising Capital Any entrepreneur trying to fund their startup is well aware of the benefits of raising capital.  Large cash infusions enable you to reach the market quicker, add more resources, and launch with a burst of speed.But are there any benefits to not raising capital?  What happens when you avoid taking on capital and take your time to build a company?There are lots of hidden benefits to building slowly, although that doesn’t necessarily mean that it’s the ...view entire post
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August 28, 2007
Entrepreneurs are used to getting grilled by investors about their startup ideas.  So much so, that they rarely seem to ask any questions themselves. Yet if you really started asking some hard questions, you may be surprised at how lame some of the answers you get are. Here are three that may have you wondering whether or not the guy across the table knows what he's talking about: 1.  How many exits have you had? Investors, particularly venture capital investors, are all about the "exi ...view entire post
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August 21, 2007
As you anxiously await the phone to ring for that important investor conference call, you review your notes: 1.  Don't tell the investors we're totally broke. 2.  Don't mention the problems with our product. 3.  Use our best day/week/month/quarter of sales to gauge our sales projections. 4.  Don't mention the new competitor that just launched. 5.  Pray. Sound familiar?  It should if you're like every single startup company on the planet. Let's face it folks, we're all in the same boat.  Whe ...view entire post
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June 11, 2007
In running a site that gets people funded, I get a lot of questions from people about how to forecast the finances of a startup company.  Many people think there is some secret formula that seasoned entrepreneurs use and VC's require that make your forecasts completely reasonable and reliable. There isn't.  Entrepreneurs, even the seasoned ones, basically take a stab in the dark at forecasting and hope like hell it's accurate. Of course over time you get a l ...view entire post
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May 14, 2007
Investors are a picky bunch.  They want your company to grow, but they aren't necessarily willing to pay for everything that the company needs, including you. Here are 3 things investors are not looking to write a check for: Ideas - Investors aren't going to write a check to you just because you have an idea.  Millions of people have ideas and most of them are bad.  What makes a good idea is not it's novelty, it's the ability to actually run with it and make it successful in ...view entire post
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May 1, 2007
I interviewed Guy Kawasaki to get some first-hand feedback about how investors look at entrepreneurs going into a pitch.  Often you hear a lopsided argument from either the entrepreneur (complaining about the investors) or the investors (complaining about the entrepreneurs.) Guy attacks the problem from both sides, which provides a much more balanced and actionable response.  His books and blog are required reading for any entrepreneur looking to understand how startups really work!  ...view entire post
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April 26, 2007
Venture Hacks - A great site for learning how to manage and prepare for an investor Term Sheet. If you're not familiar with Term Sheets, they are the equivalent of a proposal that an investor will give to you that outlines the terms of the deal. Most entrepreneurs have never seen a Term Sheet before, and therefore can get easily duped on complex terms.  The site is chock full of solid advice for avoiding the many pitfalls of a term sheet. Here are some of my favorites - Create a board that ...view entire post
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April 25, 2007
If the Go BIG Network were a singles bar, there would be some Billy Dee Williams smooth operators and then there would be some flat-out Glenn Quagmire cheeseballs (giggety, giggety). As I listen to and read a ton of pitches every day, I'm amazed at how many cheesy pickup lines I've heard entrepreneurs use on investors.  Here are my all time favorites, which are not only bad, but used way too often. 1.  This will make you rich.  I'm an investor with money, I'm already rich, r ...view entire post
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April 19, 2007
I give the venture guys a lot of crap, being from the entrepreneur's side of the table, but this time around I have to give major kudos to the boys at Bessemer Venture Partners.  Instead of the obligatory self-aggrandizing monument to their own success page (read: "our portfolio") these guys added a long list of deals that they passed on which went on to become huge hits! Here's Bessemer's Anti-Portfolio Here are some responses to three of my favorite companies - eBay"Stamps? Coins? Comic ...view entire post
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April 17, 2007
I have been listening to my fellow entrepreneurs get real excited about raising vast sums of money in the last few months, many by using Go BIG, which I'm real happy about. What I'm less excited about is their overall feeling that raising capital is some sort of destination or end game. Raising capital is a milestone at best, but it's a band-aid, not a cure for growing a company. If you have read my columns before, you know that I'm a big fan of not raising money and bootstrapping wherever poss ...view entire post
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April 13, 2007
It's always fun to talk to entrepreneurs that we've helped get funded at Go BIG. Ben Lieblich, the CFO of ProPractica, was kind enough to share his funding story with us.  What I like about Ben's story is that it's not about a multi-million dollar venture capital deal.  It's about finding $125,000, which is along the lines of what far more startups are initially looking for. Below are a few questions I asked Ben about his deal and the lessons he's learned: Who is ProPractica? ProPracti ...view entire post
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April 12, 2007
Very few (and I mean less than 1%) of new startups take on funding to get started.  There is an old myth that you have a great idea, write a business plan, and some investor writes you a check to help you see if it works. The reality is that most startups fund themselves by bootstrapping it. You raise capital for a handful of reasons - to hire people, do some marketing, and develop your product.  Yet you don't necessarily need a stack of cash from an investor to do these things. Here's ...view entire post
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April 10, 2007
Go BIG Network Reports Decreasing Demands of Funding from Startup Companies in the First Quarter of 2007. The Go BIG Network Small Business Funding ReviewCOLUMBUS, Ohio – April 10, 2007 – The Go BIG Network, the world’s largest community of startup companies, has witnessed a slight decrease in demand for small business funding in the first quarter of 2007. California, Florida and Texas as well as the Entertainment, Real Estate and Retail industries were the most active in the first quarter.The ...view entire post
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April 2, 2007
Now this one may be a first. Jason Caplain of Southern Capital Ventures (great guy) is biting the bullet and inviting all tech-related entrepreneurs to come out to their offices in Raleigh-Durham on April 20th to pitch. Jason details the concept in this blog post. I've known Jason now for a few years and among VC's, he's just an easy to talk to regular kinda guy.  If you are anywhere near the Raleigh area I would highly encourage you to box up your stuff and go visit him ( ...view entire post
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March 27, 2007
Everyone makes a big deal about getting venture capital investments, but frankly, they are not that big of a deal.You hear about companies like Google, YouTube, and Yahoo getting investments from big venture capitalists and doing big deals.  Those are the types of deals that make headlines and inspire us all to go do big things.Yet when you put it all in perspective, VC's capture an inordinately small percentage of investments in the startup market.Less than 0.1% of StartupsTo put the role of V ...view entire post
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March 22, 2007
I was reading Seth Godin's latest missive on the realities of Venture Capital investments and couldn't help but think it sounded exactly like one of our Go BIG rants about capital. Note that what Seth is talking about is not necessarily the same for Angel Investors as it is for Venture Capitalists. VC's have the luxury of doing very few deals at very high values and can only afford to do a few deals at those values.  Because of this, they need to operate under strict investing criteria.  ...view entire post
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March 19, 2007
A great way to solicit your first round of investors (your "angel investors") is to begin building a Board of Advisors that is comprised of your potential investors. Building a Board of Advisors is relatively easy to do, since what you're really doing is enlisting the advice (not governance) of some outside individuals to help you along. The Investment Litmus Test Unlike soliciting investors directly, soliciting advisors is a nice way to estimate the interest someone may have in your venture.&nb ...view entire post
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March 15, 2007
Posted my first column on Venture Beat, which is probably the most cited blog for new start-up funding and activity today.The post was a call for investors to take a fresh and measured approach to their pitch process, giving us entrepreneurs a little bit more guidance in the process.There are a few references for how the top-tier VC's do it right, which some of you may appreciate if you've been overwhelmed by crappy investors.You can view the post here -Click Here ...view entire post
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March 14, 2007
Raising money from investors isn't like asking to borrow money from a friend.  A bigger number doesn't make them more nervous. If anything, you want to ask for more money than you need, not less. Investors value prospective deals by their likelihood to produce a profit, not simply by the amount of money that is required to invest.  If your company is doing well, there will always be more money available to you. Double Down If you're asking for $500,000 to get your company started, consider d ...view entire post
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March 2, 2007
Ask any salesperson how much they make per year and they'll instantly use this math: (My best ever Month / Quarter / Year)x (As far as I can see it lasting) = How much I make. This "best possible case math" is often used to calculate extraordinary figures that represent the best possible forecast for revenues, and of course, are totally inaccurate.  Although they do make us feel good. While the math is the favorite weapon of salespeople, it unfortunately plagues entrepreneurs as well.  ...view entire post
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February 1, 2007
There's been a lot of talk on Go BIG about the role of Capital Brokers in the fundraising process.  I wanted to take some time to explain their role and give you some advice about how to use them.What does a Capital Broker do? A Capital Broker works with a company looking to raise money almost like their agent.  They take the fundraising opportunity to their network of investors to see if someone wants to invest in that deal.The idea is that they are saving you time and money by directly introd ...view entire post
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January 29, 2007
There you are, showing off your incredible presentation to an investor - "Look, for only a $500,000 investment we can grow to over $3 million per year in revenue in only four years!"<investor begins to nod off... entrepreneur presses on> "And we can achieve profitability with a 30% margin, generating nearly a million dollars in profit every year!"<investor's head is pointing at the ceiling - he has fallen asleep... entrepreneur presses on> "This is an incredible deal!  So if you cou ...view entire post
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January 22, 2007
Do you need an investor to help float some of your personal expenses (like paying a salary) while you get your new idea up and running? Well forget it - investors have no interest in paying your salary.Founders get paid last, that's the way it works. Although there are some instances where a Founder can draw a small salary in a going concern, the idea of getting paid to build your business is a complete farce.3 Reasons Why Investors Won't Pay Your Salary:1 . They don't have to - Investors can f ...view entire post
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January 22, 2007
There continues to be a lot of debate about Government's role in small business. I'm a big fan of keeping Government OUT of small business. I'm not convinced the U.S. Government can help us in any meaningful way other than lowering our tax burden. To that end, I have a proposal - the Entrepreneurial Tax Credit In my opinion Entrepreneurs get screwed when they start a company. There are only two potential outcomes for me if I start a company - both of them suck: If m ...view entire post
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January 19, 2007
A common "mistake" among entrepreneurs is thinking that they need to have investors sign NDA's (non-disclosure agreements) before talking about their company.Generally speaking, investors don't sign NDA's.  It's not even worth asking for one.By asking an investor to sign an NDA one of two things will happen:1.  You turn the investor away - what's the point in killing the deal before you've even had a chance to talk about it?2.  The investor signs it and you have a useless agreement - what are yo ...view entire post
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January 12, 2007
  On a quick trip to San Fran to meet with some VC's and catch up with a few people.My first day involves a visit to the famous Sand Hill Road to see two of the most powerful VC shops - Sequoia Capital and Benchmark Capital. It's an "update pitch" for Go BIG, meaning we're not asking for money, we're just staying on their radar. And it's best to talk to investors when you're not really looking for money.Big Names in Tiny OfficesSand Hill Road in and of itself is about the furthest thing from Wal ...view entire post
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January 5, 2007
Most people have no idea what it takes to own a piece of a startup. They think that simply showing up for work entitles them to an ownership stake in the business, just because it’s a startup company. Others think they should be handed stock options like candy because they seem to have no cost. I’m here to put a stop to all the madness. In a startup company there are only two ways to get a piece of the company – you either write a big check or you forgo your paycheck! The only other way a ...view entire post
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January 5, 2007
If I hear one more entrepreneur say “I'll tell you about my idea, but I need you to sign a Non-Disclosure Agreement first,” I think I’m going to hurl myself out of a window! I can’t think of a bigger red flag to a new business than an entrepreneur unable to share his idea. If someone can sink your new company just because they’ve heard about your idea, it’s probably a pretty lame idea. If you have a great idea and stash it under your pillow – the entrepreneur fairy doesn't ...view entire post
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January 5, 2007
For any startup, raising money for to hire people is always a problem. There’s a lot to be done, and inevitably it takes people – who are very expensive – to do it. But how do you get the money to hire the people if you don’t have the people to create the money in the first place? The key is to reverse the trend – turn people into money. Finding out how to bring staff members on board before you have a chance to pay them in real dollars will allow you to convert their  ...view entire post
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January 5, 2007
The equity in your startup company, often distributed in the form of stock options, is the most valuable asset you will ever part with. They are like the organs in your body – you only start with a limited amount and at first they seem like they are free. But like the organs in your body, you only get one chance to give them away, so you had better be real careful about giving them away. It all starts innocently enough. We have a great idea. We need people to implement and support ...view entire post
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January 5, 2007
I don’t know if there is some sort of mathematical equation you can put to this, but it would certainly appear that the smaller the investor’s check, the bigger the headache they become to an entrepreneur. You might think the opposite would be true, that smaller investors would only expect to play a minor role in the business while the larger investors would make all of the important calls. What you’ll find in practice, though, is that raising and managing small chunks of capital from small inve ...view entire post
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January 5, 2007
If you’ve ever received a service today and paid for it in 30 days you’ve experienced the concept of “float” – the time difference between when you receive a service and when you paid for it. In most cases this time period is a convenience to you as a customer, but in the world of business marketing it can absolutely transform your business. In the last 18 months we’ve grown our marketing budget at Swapalease.com (the company that owns me) by more than 1000% by simply leveraging the concept  ...view entire post
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January 5, 2007
When a startup company is ringing doorbells for capital, investors will often ask what their “exit strategy” looks like. An exit strategy is your plan to turn your startup company into some sort of payday for investors. Two common means of cashing your investors out are getting acquired or going public. While we’d all love to believe our company will list on the NASDAQ and become an S&P 500 industry-shouldering stalwart, let’s face it – that rarely happens. The road to be ...view entire post
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January 5, 2007
Recognizing when your stock is hot is vital to the success of a startup or high growth company. I’m not talking about after you’ve gone public and you’re trading at some insane multiple of earnings. I’m talking about long before you ever take on your first investment, or get to a critical mass, or even before the media gets a hold of your incredible story. Your stock is hottest when it looks like your business is just about to take off. I call this the “Startup Law of Trajectory”. The trajectory ...view entire post
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January 5, 2007
 Most startups get so hung up on the idea of trying to hit a home run with their new business that they never even get to first base. They spend months writing complicated business plans that speculate how the company is going to get to millions of dollars in revenue in 3 to 5 years. Lofty end goal keep us inspired and give us incentives to start businesses. However, what we should be immediately concerned about is how the company is going to get the first $50,000 of revenue through the door. I  ...view entire post
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January 5, 2007
If you’re an entrepreneur with a startup idea and big hopes for the future, I have one wish for you – I hope you don’t find capital. Don’t get me wrong, I certainly hope you go on to become wildly successful. I just hope you don’t go find capital before you’re really ready to be a startup company. The hallmark of a startup company is its ability to fight through the early stages of development with nothing but an idea and a few nickels in the bank. I call this ...view entire post
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January 5, 2007
Ask any experienced entrepreneur who’s been through the startup ringer what the most basic formula for a successful startup company is, and she’ll likely give you this response: “Revenue minus expense equals profit.” This may sound like an overwhelmingly obvious point, but you’d be surprised how many startups screw up this formula from the start. And you may be one of them. While no startup succeeds without revenue, plenty of startups fail because they can’t  ...view entire post
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January 5, 2007
Entrepreneurs are constantly looking for new ways to increase revenues. They develop more products, expand their operations, and hire new salespeople in hopes of adding a few more dollars to the bottom line. Yet the fastest way to really make more money is much simpler – just raise the price of the product. Nothing creates more profit, more revenue and fewer headaches than an upward adjustment of your product price. While this seems incredibly intuitive, it’s amazing h ...view entire post
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January 5, 2007
If you’re still dreaming about raising outside capital for your business before you have any paying customers, I’ve got a nice big bucket of ice water to throw on you. Wake up! The cold reality is that investors aren’t interested in your business idea unless you can demonstrate that you’ve got customers who are actually willing to buy. Before you try raising outside capital, you should focus on building your Customer Capital. Customer capital is the value you create for your compa ...view entire post
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January 5, 2007
If you’ve ever pitched your new business idea to an investor, only to be tortured with an endless list of reasons your idea will never work, my sympathies go out to you. The rejection of being told your business idea sucks can be incredibly painful. That said, I think you need to keep one thing in mind while you’re being told what a buffoon you are for presenting your idea – maybe this investor has no idea what they hell he’s talking about! It’s true, most investors do ...view entire post
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January 5, 2007
People often ask me why I’m so passionate about launching startup companies versus working for a regular paycheck like everyone else. Certainly the lure of a big salary at an established company must have some sort of merit. To that I simply reply, “Why bother? There’s no money in a paycheck!” Let’s face it, the fastest way to create extraordinary wealth is to get involved at the ground floor in a startup company. That’s because startup companies provide an opportunity to make exp ...view entire post
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January 5, 2007
Startup companies often get frustrated when they can’t find investors willing to fund their new idea. What they don’t realize is that in order to get an investment, they need more than just a good idea and the promise of future profits. What investors are looking for is a “silver bullet” in the business that ensures their small investment will yield a huge return. You need a silver bullet The silver bullet is the aspect of your business plan that proves your c ...view entire post
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January 5, 2007
Picture this scenario and let me know if it sounds familiar. You’ve met with a potential investor about your new startup opportunity. During the meeting the investor told you that the business plan “sounded interesting” and they “really liked the opportunity”. They enthusiastically shook your hand on your way out the door and you left feeling elated. Days later you waited patiently by the phone for a follow-up call, but the phone didn’t ring. You checked your e-mail, your instant messenger, and  ...view entire post
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January 5, 2007
As an employer, I hate what I’m about to tell you. The best way to fund your startup company is to stay at your current job. I’m not suggesting you stay employed so you can steal office supplies and clients. What I’m telling you is that you can make starting a business significantly less burdensome if you’re still pulling down a regular paycheck. As long as you’re willing to invest your moonlight hours to develop your business, continuing to take a s ...view entire post
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December 18, 2006
If you’re on your way to the next big pitch (or coming back from one), let me assure you there are probably at least five reasons that this one is going to go horribly wrong. 1. You told investors what you wanted them to know Investors don’t care that you tell them every last bit about your industry or big idea. They care about a few things that matter – like how they are going to make a lot of money on this deal. Sitting around telling investors about the inner workings of your software (witho ...view entire post
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December 18, 2006
I hear this a lot from entrepreneurs saddled with debt:“I’m just looking for an investor to come in, bail us out of debt, and create some expansion capital to help grow the business.” I don’t want to freak you out, but I have to be straight with you - investors have no interest in bailing you out of debt. Investors are sharks, not lifeguards – they’ll eat you alive long before they’ll save your life.Every startup is different, but the fact remains that no matter how sweet your opportunity is, n ...view entire post
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