Praxis
Other VCs
Concentrated portfolio (6 – 8 companies)
Large portfolios (25+ companies)
“Costco”
“Instacart”
Software & Software-Powered
Hardware, Systems, Software, 3D Printing
ROIC Growth -> Compounding Revenue Growth
Revenue Acceleration
Long-Term Earnings Growth
Short-Term Revenue Ramp
Platforms, Applications, Infrastructure
Hardware, Systems, Equipment, Platforms, Applications
A focused board leader who listens
Distracted, device-addled board members who talk
“What’s best for the company and its shareholders?”
What’s best for my next fund/increasing my AUM?
Early Revenue Quality
Early Revenue Trajectory
“Howard Hughes”
“Willy Wonka”
Dinner at GP’s home, cooked by him
“Drinks at the Battery”
Detailed insights, shared privately
Self-promotional public content, Twitter heroes
An Advisory Board that Serves
“Show & Tell,” clout and status over service
Technology that builds
Technology that disrupts
Carefully develops Partnerships with Founders
“eHarmony”
“No shotgun weddings”
“eHarmony”
“No shotgun weddings”
Quick Decisions
“Tinder”
“Speed Dating”
“Tinder”
“Speed Dating”
Patient and focused solo GP
Broad coverage, big teams, rapid deployment
San Francisco presence, national coverage
Silicon Valley presence, significant Bay Area focus