Warp Speed:
Investing in Internet Time
Christine Comaford
Managing Director
Artemis Ventures, LLC 1999
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Bio
 Engineer, entrepreneur, venture catalyst, VC
 5x entrepreneur, 2 IPOs, 3 M&A, $100
million raised in last 5 years
 Seed stage VC fund specializing in business
to business software/services
 1 other partner, Kimball Atwood
Artemis Ventures, LLC 1999
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Agenda
 How to screen deals faster
 How to make investments faster
 How to grow companies faster
 Q&A
Artemis Ventures, LLC 1999
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Rapid Deal Screening
 DANGER: Avoid cycle-suckers!
 Determine investment criteria and post on
site
 Encourage entrepreneurs to pre-screen
themselves
Artemis Ventures, LLC 1999
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Screening Criteria
 Team (incomplete is ok, but SME is key)
 Market (are there multiple multi-billion
markets they are chasing?)
 Stage (is concept ok or is pre-beta
required?)
 Referral source (who from and shameless
name drop or true relationship?)
Artemis Ventures, LLC 1999
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Via Web Site
Artemis Ventures, LLC 1999
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Via Screening Sheet
Artemis Ventures, LLC 1999
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Rapid Screening Tips
 Funnel to pipeline in 24 hours
 Clear calendar for rapid due diligence if
need be
 Make sure CEO is:
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Execution-oriented
Humble, listener, not OVER-confident
Opportunistic
Has focused vision
Artemis Ventures, LLC 1999
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Rapid Investing
 DANGER: Invest now, due diligence later
 Once screened, either invest or bail – avoid
bridge loans!!!
 Use standard, fair term sheets – let
entrepreneur see template in advance
 Set valuation expectations upfront – can be
very revealing
Artemis Ventures, LLC 1999
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Deal Flow Workflow
Email
Mail
Referral
1.0
Investment Opportunities
Collection & Distribution
Bio, Exec.
Summary,
Biz Plan
2.0
Investment of
Interest
Initial Screening
3.0
Preliminary Investigation
Phone
Potential Investment
Rejects
Rejects
4.0
Rejects
6.0
Due Diligence
Rejection
Investment
Email
5.0
Phone
Artemis Ventures, LLC 1999
Deal Finalization
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Assessment Scorecards
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Team
Revenue Model
Market
Technology
Summary
Standard due diligence and interview forms
Artemis Ventures, LLC 1999
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Rapid Investment Tips
 Have 2 attorneys:
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High profile general attorney
Fast moving, deal-oriented attorney
 Term sheet doesn’t mean tons more due
diligence – give one with 90%+ confidence
 If your gut is uncertain, move on!
Artemis Ventures, LLC 1999
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Rapid Company Building
 DANGER: VCs and CEOS can be
slackers…
 You Need:
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Killer Team (always be in recruiting mode for
all types of team members!)
Killer Buzz (work it, baby!)
Killer Velocity (pull personal favors… often
often often)
Artemis Ventures, LLC 1999
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Rapid Company Building Tips
 Monthly sessions with board
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Alternate board meetings and working sessions
Each board member should leave with follow
up items
VCs should provide “office hours”, do special
projects
 Velocity requires the right CEO
Artemis Ventures, LLC 1999
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Have and Live By Values
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Add Massive Value
Make and Keep Commitments
Take Ownership
Respect One Another
Be Positive
Seek Balance
- Artemis Ventures Values, version 1.1
Artemis Ventures, LLC 1999
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Do/Does You/Your Portfolio
Have These?
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Right market
Right product/service
Right timing
Right info
Right priority
Right connections
Right team
Artemis Ventures, LLC 1999
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The Net-Net
 Minimize Risk
 Maximize Return
 What Are You Doing To Ensure These?
Artemis Ventures, LLC 1999
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Thank You!
Christine Comaford
Managing Director
Artemis Ventures, LLC 1999
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