Episode #53: The Magic of DTC, Power of Iteration Speed, Secondaries in Term Sheets
We’re digging into three thought-provoking topics shaping the current startup and investing landscape: 🧼 Coterie’s $650M Exit & the Return of DTC M&A – We break down Brian Sugar’s “One Brand is Luck, Two is Strategy,” and why pure-play DTC brands with strong economics and customer devotion are back on the radar for modern acquirers. ⚡️ Iteration Speed & the Path to Series A – Hadley Harris of Eniac Ventures shares why iteration speed is the best predictor of Series A readiness, and how founders can prioritize feedback loops and kill ideas quickly to increase their odds. 💸 Secondaries in Term Sheets – A recent Axios note suggests Menlo Ventures is now pre-negotiating secondary sale conditions into early-stage term sheets. We unpack what this means, why it matters, and whether this becomes a new norm.
Key Points
- Company success is unique and cannot be forced into rigid playbooks, as each successful company is a "snowflake" with its own path.
- Iteration speed, or the ability to test and pivot quickly, is crucial for startups to secure Series A funding and achieve product-market fit.
- Secondary liquidity is becoming a standard feature in venture capital term sheets, reflecting the industry's evolving approach to managing liquidity cycles and founder incentives.
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Transcript
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