Funding Tips and Random Advice from STIRR’s DealHacks

Sanford Barr and the folks over at STIRR held another Founders’ Hacks night back in May. I finally got around to seeing the DealHacks writeup on their website, and it’s awesome.

Rob Hayes, a partner at First Round Capital and one of Xobni’s main investors, actually gave one of the talks. His main points:

• “I am often wrong but never in doubt.” – ok…
• “Can I work with these people for the next five years?” – founders should also ask this question
• PowerPoint: first – what you do, second – who are you, cover what’s your business model – which slide covers the mutual friendships?
• 1-2 founders, 3 is rough, no more than that
• “don’t ask for $3-5MM just because you hear that’s what you’re supposed to do” – this seems like it’s a response to the rise of angel investors and seeding groups like ycombinator

He goes on to mention angels who want a “restaurant” deal. What do you call VCs who don’t want to be lead investors?

Of course, you have to watch Adeo Ressi’s response – he’s the guy behind The Funded and a great counter-balance to the fluff VCs come up with. I’d pay to hear the stories he’s privy to. The idea of opening up the closed data loop VCs have is one I’m behind 100%.