Comments on: If I Started an Investment Fund http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/ Tue, 07 Sep 2010 20:29:00 -0700 hourly 1 http://wordpress.org/?v=3.0.1 By: Warcraft Accessories http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-84708 Warcraft Accessories Fri, 27 Aug 2010 21:29:33 +0000 http://www.mikekarnj.com/blog/?p=515#comment-84708 Hello!I am following your blog for many weeks now. I have to say that it is very informative. It is already added in my bookmarks and i will make sure that i will follow it frequently. Thanks for the nice posts . Hello!I am following your blog for many weeks now. I have to say that it is very informative. It is already added in my bookmarks and i will make sure that i will follow it frequently. Thanks for the nice posts .

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]]> By: Ken Moreano http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-82381 Ken Moreano Thu, 24 Dec 2009 19:53:58 +0000 http://www.mikekarnj.com/blog/?p=515#comment-82381 I think that this is well intended and building community / culture around innovation and entrepreneurship is important however I believe we fail to recognize a few issues:<br>1. Who invests in the "small $50M fund", when the funds states that of the 4 categories for capital deployment, only one is in companies?<br>2. The slog that it is to be an entrepreneur. Specifically high growth entrepreneur. These are the ones that receive the investment and are expected to turn that into anywhere from a 6X to 20X return.<br>3. While the slog is taking place, there is much in the way of assisting the companies that the fund needs to provide (assuming that the fund has the expertise and ability). If not there, more than likely the portfolio will struggle. <br>4. If the strategy is to leverage each of the 4 categories to assist the fund's portfolio, it may be helpful but the points above are likely issues. I think that this is well intended and building community / culture around innovation and entrepreneurship is important however I believe we fail to recognize a few issues:
1. Who invests in the “small $50M fund”, when the funds states that of the 4 categories for capital deployment, only one is in companies?
2. The slog that it is to be an entrepreneur. Specifically high growth entrepreneur. These are the ones that receive the investment and are expected to turn that into anywhere from a 6X to 20X return.
3. While the slog is taking place, there is much in the way of assisting the companies that the fund needs to provide (assuming that the fund has the expertise and ability). If not there, more than likely the portfolio will struggle.
4. If the strategy is to leverage each of the 4 categories to assist the fund's portfolio, it may be helpful but the points above are likely issues.

]]> By: Why social innovators will lead the next generation of business / what consumes me, bud caddell http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-82021 Why social innovators will lead the next generation of business / what consumes me, bud caddell Tue, 01 Dec 2009 21:34:01 +0000 http://www.mikekarnj.com/blog/?p=515#comment-82021 [...] partner recently wrote a great post about the start ups he would invest in, but I figured I would blow out his thoughts into where I [...] [...] partner recently wrote a great post about the start ups he would invest in, but I figured I would blow out his thoughts into where I [...]

]]> By: Why social innovators will lead the next generation of business http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-82014 Why social innovators will lead the next generation of business Tue, 01 Dec 2009 16:55:22 +0000 http://www.mikekarnj.com/blog/?p=515#comment-82014 [...] partner recently wrote a great post about the start ups he would invest in, but I figured I would blow out his thoughts into where I [...] [...] partner recently wrote a great post about the start ups he would invest in, but I figured I would blow out his thoughts into where I [...]

]]> By: An Investment Thesis | Taylor Davidson http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-81975 An Investment Thesis | Taylor Davidson Mon, 30 Nov 2009 10:28:17 +0000 http://www.mikekarnj.com/blog/?p=515#comment-81975 [...] Michael Karnjanaprakorn, If I Started an Investment Fund [...] [...] Michael Karnjanaprakorn, If I Started an Investment Fund [...]

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]]> By: Ken Moreano http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-81808 Ken Moreano Tue, 24 Nov 2009 16:22:10 +0000 http://www.mikekarnj.com/blog/?p=515#comment-81808 1. Understood. The issue becomes clear that less than $10M is likely insufficient as the fund will likely need to provide follow on funding for any specific portfolio deal. Also, industry focus will likely determine who much capital will be needed for each deal. 2. I do not disagree on the landscape of VC funds and their performance however this is the expectation. We can debate as to the why and the various factors but these comments are not for debate, more for conversation. 4. If a fund is successful in your local community, there will likely be inherent value and community benefit. There are examples of a strong financial return for a single deal in a community creating a much greater social impact. Just imagine if Google had been established in your community. The wealth creation, M&A activity, attraction of talent and spin offs that have occurred as a result all impact the community as well as the X prize they started. 1. Understood. The issue becomes clear that less than $10M is likely insufficient as the fund will likely need to provide follow on funding for any specific portfolio deal. Also, industry focus will likely determine who much capital will be needed for each deal.
2. I do not disagree on the landscape of VC funds and their performance however this is the expectation. We can debate as to the why and the various factors but these comments are not for debate, more for conversation.
4. If a fund is successful in your local community, there will likely be inherent value and community benefit. There are examples of a strong financial return for a single deal in a community creating a much greater social impact. Just imagine if Google had been established in your community. The wealth creation, M&A activity, attraction of talent and spin offs that have occurred as a result all impact the community as well as the X prize they started.

]]> By: Michael http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-81807 Michael Tue, 24 Nov 2009 15:50:32 +0000 http://www.mikekarnj.com/blog/?p=515#comment-81807 Ken, Great points. 1) $50M is an arbitrary number. It could be $10M. It could be $100M. I looked at the fund as if we had no Limited Partner's and I had somehow struck it rich to invest my own money : ) 2) Very true but how often does that happen? Theoretically, that makes sense. Realistically, VC returns have dipped below zero. You have a better chance of throwing darts to pick companies or stocks that would outperform most VC funds. http://bits.blogs.nytimes.com/2009/02/02/venture-capital-returns-dip-below-zero/ 3) Agree as well. I think this is an essential key ingredient to ensure success of startups and entrepreneurs. 4) My goal would be a mix between profits and social benefit. I think the two go hand-in-hand. The return from building a community/culture around entrepreneurship is tremendous outweighing any financial return from a single company. Ken,

Great points.

1) $50M is an arbitrary number. It could be $10M. It could be $100M. I looked at the fund as if we had no Limited Partner’s and I had somehow struck it rich to invest my own money : )

2) Very true but how often does that happen? Theoretically, that makes sense. Realistically, VC returns have dipped below zero. You have a better chance of throwing darts to pick companies or stocks that would outperform most VC funds.

http://bits.blogs.nytimes.com/2009/02/02/venture-capital-returns-dip-below-zero/

3) Agree as well. I think this is an essential key ingredient to ensure success of startups and entrepreneurs.

4) My goal would be a mix between profits and social benefit. I think the two go hand-in-hand. The return from building a community/culture around entrepreneurship is tremendous outweighing any financial return from a single company.

]]> By: Ken Moreano http://www.mikekarnj.com/blog/2009/11/22/if-i-started-an-investment-fund/comment-page-1/#comment-81806 Ken Moreano Tue, 24 Nov 2009 15:44:16 +0000 http://www.mikekarnj.com/blog/?p=515#comment-81806 I think that this is well intended and building community / culture around innovation and entrepreneurship is important however I believe we fail to recognize a few issues: 1. Who invests in the "small $50M fund", when the funds states that of the 4 categories for capital deployment, only one is in companies? 2. The slog that it is to be an entrepreneur. Specifically high growth entrepreneur. These are the ones that receive the investment and are expected to turn that into anywhere from a 6X to 20X return. 3. While the slog is taking place, there is much in the way of assisting the companies that the fund needs to provide (assuming that the fund has the expertise and ability). If not there, more than likely the portfolio will struggle. 4. If the strategy is to leverage each of the 4 categories to assist the fund's portfolio, it may be helpful but the points above are likely issues. I think that this is well intended and building community / culture around innovation and entrepreneurship is important however I believe we fail to recognize a few issues:
1. Who invests in the “small $50M fund”, when the funds states that of the 4 categories for capital deployment, only one is in companies?
2. The slog that it is to be an entrepreneur. Specifically high growth entrepreneur. These are the ones that receive the investment and are expected to turn that into anywhere from a 6X to 20X return.
3. While the slog is taking place, there is much in the way of assisting the companies that the fund needs to provide (assuming that the fund has the expertise and ability). If not there, more than likely the portfolio will struggle.
4. If the strategy is to leverage each of the 4 categories to assist the fund’s portfolio, it may be helpful but the points above are likely issues.

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