Highlights
Lowlights
- Founders are getting stuck while drafting their memos. I’m taking steps to address this
- I’ve added a step to our deal checklist where founders are encouraged to tag me if they have spent 10m on a section and haven’t completed it
- I’m going to link to previously published deal memos in our template
- I’m adding more helper links. For example, how to define ideal customer personas, etc.
- Deal sourcing has been slow
- Twitter cold DM campaign did not have meaningful response rate
- I’m going to focus on the referral channels (autoSAFE platforms, Reg CF platforms, GP referrals)
Metrics
| Week of |
Auto SAFEs Published |
| 10/10/22/-10/14/22 |
1 |
| 10/3/22-10/7/22 |
2 |
| 9/26/22-9/30/22 |
0 |
| 9/19/22-9/23/22 |
3 |
Musings
- This is our 10th weekly update. Our model has evolved dramatically since I published #1 Weekly Update.
- Deal structure
-
- Alliance run Zero Carry SPVs for SAFEs/equity and 3rd party run secondary SPVs to 2) Founder run AutoSAFEs and Alliance run Zero Carry SPVs
- Monetization
-
- Member Donations to 2) Zero Fee for AutoSAFEs and 2% one time management fee for SPVs into equity rounds
- Deal memo creation
-
- Alliance admin created to 2) founder created
- Sourcing
-
- Demand driven sourcing by admins and referrals to 2) just demand driven sourcing to 3) accepting cold inbound
- Publishing a weekly “investor grade” update has accelerated this group’s evolution. I’m confident all of the above would either have not happened or taken much longer to happen in the absence of my writing these weekly updates.
See Open Startup for previous weekly updates