VC10X - VENTURE CAPITAL PODCAST
Venture Capitalists (VCs) & Angel Investors share their investing thesis, screening process, value-add, exits, and more. Hosted by Prashant Choubey (@ChoubeySahab on Twitter)
Steph Nass is the co-founder of OpenVC. He is on a mission to create an open gateway between founders and investors across the world. I interviewed Steph to talk about how OpenVC drives deal flow from 1200+ VCs, Angel networks, and Corporate funds.
We talk about:
What is OpenVC?
OpenVC is an open resource (think Wikipedia) that helps investors and founders find each other in a more efficient way. We are a 2-person team.
What problem did you see and how did you come up with a solution?
When I used to work at Microsoft Accelerator, I would get pitched by startups all the time. What was curious was every one of them kept their own VC list. It felt very inefficient. With OpenVC, we are trying to make this more collaborative and more efficient for everybody so anyone can find the right investor for them.
How do you prepare this list?
It's a collaborative effort. Like Wikipedia, an investor can come in and create a profile for their fund and enter their data if there isn't one already. We don't have the problem of folks entering bad data. We do however have a verification process where the data updated by the fund itself will be tagged as 'Verified' and show higher up in the results.
How do you maintain quality on OpenVC given the nature of the VC business?
For VCs, we reduce spam. VCs have a ton of founders reaching out to them. Most of the communications tend to be low quality. We personally review every message sent through OpenVC for quality. Only a well formatted message gets through. This ensures that the dealflow sent to the VCs is not wasting their time. For founders, we provide them feedback on their pitch decks and emails. Founders often get almost no feedback from VCs. They just don't have the time. Our platform gives real time feedback as you're typing your pitch email. Once a message is sent, sometimes I will send them a detailed feedback Loom video to show where they can improve.
How can founders write better pitch emails?
Write short emails with a clear subject line and a specific ask at the end. OpenVC limits you to 1400 characters. Another thing I would say is don't misrepresent numbers. Growing from 1 sale to 2 over 1 month doesn't mean 100% growth. The numbers need to be consistent for at least 6 months.
OpenVC website: https://www.openvc.app/
Follow Steph on Twitter: https://twitter.com/StephNass
To get your pitch deck roasted: DM @StephNass on Twitter
Hosted by: Prashant Choubey