Most large, traditional VCs prefer startups with a somewhat proven model that has clear "home run" exit potential. Our focus is different. We prefer startups that haven't achieved product-market fit and we're happy with "base hits".
We had an exciting first year, closing almost 80 investments in 2012!
Most of them were through our TechStars funding alliance that offers $100K to every TechStars company.
But we ramped up our direct channel in the second half of the year, doing 5 deals alone in December, through relationships with incubators like Founder Institute, angel groups across the country, and referrals from thought leaders.
We've managed to find the vast majority of our portfolio companies outside the traditional startup powerhouses of the San Francisco Bay Area and Manhattan, ensuring that our portfolio is positioned to take advantage of diverse entrepreneurial talent.
We look forward to making even more progress in 2013!
Blog post summarizing our investment approach
Blog post that tracks current volume of seed dollars in the US
Our review of the relevant academic research on volume
Shows job growth would be negative without startups
Reveals the impact of highly unlikely events