How to get on First Round Capital's radar - Technical.ly Philly

Business

Apr. 19, 2017 7:40 am

How to get on First Round Capital’s radar

A warm intro goes a long way, said partner operations manager Chris Brown at the University City Science Center's Coffee and Capital.

Chris Brown, Partner Operations Manager at First Round Capital speaks at Coffee and Capital.

(Photo by Roberto Torres)

When asked how startups could go about putting themselves in front of the famed venture capital firm, First Round Capital’s partner operations manager Chris Brown shared one “do” and one big “don’t.”

“Getting warm intros are paramount in the business,” said Brown. “The ability of a founder to make their way to the radar and having the drive to making that happen is a good sign. I’ve also seen founders ask investors who have passed on them for investment to introduce them to other investors. I generally think that that’s something to avoid.”

Brown, formerly with New York financial services firm The Blackstone Group, joined First Round in September of last year and is based out of the company’s Philly office. He spent Tuesday morning chatting with eager startup founders at University City Science Center’s Coffee and Capital event series.

Though he does not refer to himself as a venture capitalist, he does work alongside OG investor Josh Kopelman and the team in evaluating possible deals.

So, it’s fair to ask Brown, what kind of team gets approval from the firm, which, at least in Philadelphia, has a reputation for being a kingmaker?

As usual, serial entrepreneurs and founders with an extensive background working in the field they’re tackling goes a long way. “If there are 20 LinkedIn entries within a specific space, a move to a new space is something that’s worthy of an explanation,” said Brown.

On founding team relations: an established, longterm working relationship with a proven track record of success immediately checks the box. But for family teams, Brown hinted at trouble.

“Let’s just say that family businesses, brother/sister founding teams and the like, can get super interesting later down the line,” he said.

Still, there’s not one specific formula that gets the OK every single time. “It’s about pulling four to five different levers at once.”

Advertisement

But once all initial hurdles have been cleared, disagreement on the economics (valuation of the company, investment size, etc.) is something that, according to the manager, most frequently kills deals on the table.

P.S: Have more questions about venture capital? Head to this fireside chat between Kopelman and Apu Gupta of First Round portfolio company Curalate on May 1 during Philly Tech Week 2017 presented by Comcast.

Organizations: First Round Capital
-30-
LEAVE A COMMENT

Advertisement

Meet the Army vet leading Dreamit’s new SecureTech vertical

The bar is set high for Philly’s first NorthStar Conference

Design the commute of the future and win $10,000 in prizes

SPONSORED

Philly

Vistar Media’s tech stack is not for the faint-of-heart

Philadelphia

Perpay

Product Designer

Apply Now
Philadelphia

Practice

Director of Sales

Apply Now
Philadelphia, PA - Old City

WebLinc

Agile Project Manager

Apply Now

These 14 investors have urgent tips for your first meeting

GDPR and you: It’s time to get a primer on the new European privacy law

What does ‘smart city’ mean to Philadelphia?

SPONSORED

Philly

Grow your small business with Salesforce at this Jan. 10 event

Conshohocken, Pa

ShopRunner

Lead UI Engineer

Apply Now
Conshohocken, Pa

ShopRunner

Lead Product Designer

Apply Now
Center City, Philadelphia

IntegriChain

Senior Business Analyst

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!