Raising The Next Round: Five Reasons Not To Think About It Until You Have To

Over the years I've had hundreds of conversations with CEOs about "the next round". This usually takes the form of a question: "What metrics do I need to hit to raise the next round?" In itself the question is rational; what is troublesome is when the question is asked right after a round has been raised, and when business decisions are made based on a theoretical future raise.Here are five concrete reasons to spend little time thinking about the next round in the context of building your business.

Three Reasons I Took The GRE This Week

Earlier this week I took the GRE. I'm middle aged, not going to grad school (well, not any time soon), this is an extraordinarily busy time for me, it's several hours in the middle of the work day, so how did this make any sense? Three reasons (which may still not add up to much sense):

The Three Roles Of A Venture Capitalist

I've been reflecting recently on how the VC-founder relationship evolves with time. As I see it, a VC's job falls into three buckets: 1. Cheerleading; 2. Helping to solve problems ("adding value"); and 3. Holding management accountable. The mix between these changes as companies grow. At the seed stage it's mostly buckets 1 and 2; at the Series A stage it's more of bucket 2, some bucket 3, and a fair dose of bucket 1; and at the Series B stage and beyond, it mostly bucket 2 and 3 with a bit of bucket 1.

Interviewing for Penn

Every year, at about this time, I and over 10,000 of my fellow alumni interview applicants to Penn. Penn seeks to offer alumni interviews to all of its undergraduate applicants -- this year, that number is over 40,000. It's a major logistical exercise, and works only because Penn is committed to it and because alumni freely volunteer their time.