Last month Brad wrote a series of posts on the things we look for in our investments. Those posts are archived here. As Brad said in his introduction to those posts:
A year ago when we first re-launched our web site as a blog, we did so because we felt that the environment was too volatile for a fixed investment thesis. Instead we suggested that our thesis evolves in a dialogue with the market and that it made more sense for us to publish the conversation.Over the past year we have realized that some of the characteristics we look for in an investment opportunity have remained constant even as the market has continued to evolve. We though we would list those characteristics on separate posts over the next few days with an eye to reexamining them.
Brad's posts focus on the market and business dynamics we look for; things like technology leverage, dispruptive potential, scalability, differentiation. And these are critical issues for us, we won't make an investment if we can't get comfortable in these areas.
But there are other things we look for that are more related to the structural and people side of the investment. They are also critical to us and we feel it's important to discuss them as well.
So I plan on posting on things like our approach to deal size, board seats, lead investor status, management/founder background, valuation, stage of business development, exit strategies, co-investors, and geographic location.
I do not plan on doing a post every day like Brad did. It will be more like one per week for the next couple months. I hope you enjoy them.
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