Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Andreas Helbig, Partner of Atomico.
(psst: the notes were automatically generated with Wudpecker's AI notetaking tool. If you'd like to check these notes + transcript + audio recording without needing to log in, press here.)
Introduction and Background of Speaker 1 (Andreas)
- Andreas introduces himself as a venture capitalist with experience in early-stage funding.
- He shares his background in industrial engineering and his journey in the VC industry, including his time at Project A, an early-stage fund out of Berlin, and his current role at Atomiko.
- Speaker 2 asks about the number of pitches Andreas hears per year. He reveals that he has met with around 500 organizations this year, with a significant portion being startups.
Impressing a VC
- Andreas emphasizes the importance of authenticity in founders' stories and presentations, encouraging honesty about their challenges and a good understanding of their business.
- He suggests that being authentic, humble, and honest leaves a great impression on VCs.
- When asked by Speaker 2 about the effectiveness of showcasing authenticity online or in person, Andreas responds that consistency between online and offline personas is important.
Nurturing the Investor Relationship
- Andreas advises founders to nurture relationships with investors by regularly updating them on the progress of their business.
- He suggests setting aside time for weekly check-ins with investors and building a book of excited investors who are interested in the founder's business.
- He highlights the importance of being honest about challenges and progress during these check-ins.
Maintaining Investor Relations
- Andreas explains that misbehaving or misleading investors can damage the relationship. Misconduct and investor fraud should be avoided.
- He clarifies that not meeting growth targets is not necessarily misbehaving, but true misconduct is a red flag.
Benefits of Working with a VC
- Andreas mentions the core competencies of investors, such as providing strategic advice, connections, and governance.
- He also highlights the value of a VC's platform team, which can provide operational and functional advice.
Building and Managing a Board
- Andreas suggests having a board size of around 5 people, including founders and investors.
- He emphasizes the importance of trust and mutual appreciation when selecting board members.
- Andreas mentions the possibility of adding independent board directors, depending on the stage of the company.
Board Meetings and Preparation
- Andreas recommends sharing pre-read materials with investors before board meetings.
- He suggests discussing key achievements, challenges, and strategic topics during board meetings.
- Andreas advises holding quarterly board meetings and regular catch-ups outside of the formal meetings.
- He encourages founders to put their investors to the test and ask for input and assistance.