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1,159
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Where to find trends in the industry?

What are the resources that everyone here uses for staying on top of trends. There are oodles of media out there, which would be most trustworthy for keeping a finger on the pulse? Currently looking at Pitchbook, Carta newsletter, ExecSum Newsletter, and some Fortune Newsletters, anything in particular I should add to this roster?

Top answer:

Pitchbook does not have accurate data for early stage funds or startups. Avoid them. Neither do some of the other sources you mentioned. To get more accurate information on trends, specialize in areas of focus and find industry publicati...

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Getting Started: Lawyer onboarding

My life-long pal is a successful lawyer with a few PE firms on his docket. Since I already have this connection, would it be wise to put down a retainer with his firm for purposes of fund formation et al. before the first day of accelerator?

Top answer:

Avoid this approach. DO NOT WORK with lawyers that don't specialize with VC fund formation. If the lawyer practices fund formation in other areas besides VC, they are not going to be a good partner. Also, do not spend any time speaking w...

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what are the roles in VC?

Can someone explain this to me like I'm five? The more I read heading into the VC Lab Accelerator the more I feel like a dunce. It seems like everyone is a partner, but what are they doing, I know I am the General Partner and will be responsible for the first fund and distribution of capital. and I know that Limited Partners will be my source of capital. But what about everyone else?  Venture Partner? Not a clue Principal? Thinking this is like a GM or a Director of Product? Managing Partner? Thinking this is like a COO Venture Associate? This I can approximate from investment banking associates Similar to IB, are there VPs of the same style in venture capital? I might be putting the horse in front of the cart here but i want to make sure i am talking the talk at all events.  My goal is to really blow this out of the water, so looking down the road to multiple funds with hundreds of millions in AUM what roles should i be considering for proper organizational structure? Are there any case studies on this? How should I go about breaking apart responsibilities so there is collaboration but no toe-stepping.  Cheers, Eager to Succeed

Top answer:

The venture capital roles are: • Managing Partners • Partners • Venture Partners • Principals • Associates   • Analysts • Interns You can learn more about each role in this article: https://govclab.com/2021/10/28/venture-capital-roles/

 -  Mike Suprovici
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Best platforms for starting my VC Tech Stack?

I'm fresh as a baby when it comes to Venture Capital, but I've been in software for the last 25 years. I'm starting the accelerator soon, and want to make sure I'm fully prepared. Should I be starting conversations with any software sales team to increase my efficiency in the program? Would love to be all set up and ready to hit the afterburners when we get to software for fund administration or other tasks. Let me know!

Top answer:

The best approach is to use Decile Hub because it integrates the entire VC stack. Otherwise, you will need to cobble together 10+ different tools with a Zapier integration which is very sub-optimal if you're going to manage millions of d...

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In August, the SEC passed new policy for transparency I believe, does this impact our firms?

Excited to join VC Lab in the accelerator, in my preparation I came across recent policy change at the SEC. Does this impact our proceedings at all? Is this something that is already baked into the curriculum with VC Lab. Feel free to just share a link if you already have something written on the topic. 

Top answer:

The new SEC rules will impact new managers. You can learn more about those rules here: https://govclab.com/2023/08/25/sec-private-fund-adviser-reforms/  In summary: • All side letters will need to be disclosed to other Limited Partners (...

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what if the partners are geographically diverse?

A former colleague and I are looking to get into the accelerator. however, I am in Scotland and she is in Cairo. Is our geographic separation prohibitive to our success in the program? Or heck, looking beyond the program is it prohibitive to our success as VCs?

Top answer:

It's not prohibited for the partners to be in a different geography. However, in order to build an enduring VC firm, there must be a major tangible value-add provided by the different locations. 

 -  Mike Suprovici
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What is the ideal partner mix to bring into VC Lab?

I have 20 years experience in biotech at Genentech, this is where I met my candidate partner. Are we over-indexed in biotech? should we scout in network for someone with experience in a separate industry?

Top answer:

It is critical that founding partners have a long history of working together prior to starting a VC Firm. A VC Firm is a 15+ year endeavor and it's imperative that the founders have tested their relationship prior to this massive challe...

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Is venture institute a pre-requisite to VC Lab?

I'm seeing the two programs Venture Institute and VC Lab Accelerator. I do not have venture capital experience but feel I am a good candidate for the VC Lab program. Is Venture Institute a prereq to success in the primary accelerator?

Top answer:

Venture Institute is not a prerequisite for VC Lab. The Venture Institute program is a program that's designed to help people break into the venture capital industry. VC Lab is a rigorous closing program that's optimized for new and emer...

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Am I too old for VC Lab?

My primary career came to a close as CEO of a public biotech organization. I'm now doing some light angel investing and sit on a few boards, however, the passion isn't there. My wife suggested I look into starting a venture, but I am concerned that - at 57 - I am too old for the program

Top answer:

You're not too old for the program. However, VC Firms are 15-20 year commitments and it's important for you to be realistic with the time comittment required in the coming years.

 -  Mike Suprovici
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i've never worked in venture, would VC lab be right for me

I recently had an exit and am looking for my next raison d'etre. Having taken two startups to acquisition, i'm currently excited about venture capital, but have no experience from the deal side of the table. Would this be a blocker to me joining the VC Lab accelerator?

Top answer:

Most people launching new firms have never worked in venture before, so you're in good company. A number of succesful Alumni had limited experience and succeed regardless. 

 -  Mike Suprovici
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What if my co-GP can't participate in VC Lab?

My co-GP doesn't have the bandwidth to participate in VC Lab, but I would like to get things rolling. They are in agreement with this. Is it an issue if he can't participate in the program? should he apply anyway?

Top answer:

The program has supported many individuals with a partner that has not participated in the program. However, be aware that the progress a partner makes in the program is much faster than partners not in the program. This predicament can ...

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How final does the team need to be to join the cohort? My current partner likely would not leave his full time role

Top answer:

The team does not need to be finalized to join a VC Lab cohort. The program covers best practices on team building and roles as part of the curriculum.

 -  Mike Suprovici
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Are there any caps on your end on how much we can raise?

In other words would your connections only be interested in a $10M size range fund and not interested in a larger fund if we were able to raise more money from our personal networks?

Top answer:

The Limited Partner Agreement (LPA) governs if you can over-subscribe your fund target. Depending on the LPA, managers may need to consult with the Limited Partner Advisory Committee (LPAC) before taking this action. Over-subscribing a f...

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Application Question: We are transitioning next year to an LP GP model through a for-profit subsidiary...

Would it be appropriate for the PACT section for me to list the current earmarked funding/donations that we have managed to get traction on in this period?

Top answer:

PACTs are designed to help managers secure hard circled commitments from Limited Partners. Donations can't be accepted into a VC fund and do not count as LP commitments. However, you can use the PACT upload feature in Hub to attach evide...

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Can I have a first close of $500k with a target fund size of $4 MM?

WIth a target fund size of $4 MM, should I be aiming for more than $500k in my first close? 

Top answer:

The absolute minimum of a 1st closing needs to be $1m+ or 10% of the fund, whichever is larger. We strongly advise against closing on less then $1m because it will be very difficult to get the fund operational upon the first capital call...

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Can I add a partner to my firm after the VC Lab start date?

I just submitted my application on my behalf. I'd like to have a managing partner come on soon, i just haven't finalized those details. Can they come in after the start date?

Top answer:

Yes, they can join as long as it's within the 1st 2 weeks of the accelerator program. If they join after, it will be impossible for them to catch up. To enroll your partner, please email notice@decilegroup.com and the team will work to a...

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I am an angel investor looking to shift to Venture, am I a good fit for VC Lab

I have been providing angel investments to pre-seed startups for the last few years. I only have made 10 investments, and think that what VC Lab offers would help me expand my impact while guiding me in the transition from angel to VC. Would I be accepted into the program? Will the accelerator partners advise me on bifurcating my current investments from my potential VC investments? Is there anyone else in the program who has managed this transition well?

Top answer:

There are a number of succesful Alumni who successfully leveraged the accelerator to transition from angel investing to launching an enduring VC Firm. In fact, succesful angel investors are one of the most common Alumni archetypes. VC La...

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Do we have any obligations to the Founder Institute as alumni of VC Lab?

I saw a close connection between VC Lab and the Founder Institute. Does that mean we are beholden to Founder Institute upon graduation from the program?

Top answer:

No. There is no obligation to the Founder Institute upon graduation from the VC Lab program. 

 -  Mike Suprovici
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Is firm formation part of the VC Lab accelerator?

Does VC Lab provide support and guidance on the legal structuring of our candidate firms? When in the process does this take place?

Top answer:

Yes. VC Lab offers Decile Launch, an application only premium formation program with a 94 nps. We open admissions for Decile Launch to VC Lab participants at various points in the program.

 -  Mike Suprovici
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Who are the experts in VC Lab that we are learning from?

I've seen in a few locations that VC Lab education is given by leading experts in the Venture industry. Who are these experts that we will be learning from? I've signed up for "expert" webinars before and it turned out to be smoke and mirrors. 

Top answer:

During the VC Lab cohort we host a weekly mentoring session with active limited partners, succesful VC Lab alumni, managing partners of enduring VC firms. We also host fund operational experts that specialize in areas such as fund modeli...