A data-driven exploration of the thoughts, motivations and fears on both sides of the table.

1. “On the psychiatrist’s couch:
Founders vs. Funders”
2nd
August 2017
Harry Briggs, BGF Ventures
@H4ryB / @BGFVentures
Annie Hall / Alamy

2. a caveat…

3. So what’s going through the head of
Founders Funders
Vs.

4. LET’S START
WITH THE
FOUNDERS…

5. Streetbees asked 500 entrepreneurs from across the UK...

6. And here’s what
they said...

7. 41% feel stressed “pretty much
every day”

8. CASHFLOW 43%RAISING FUNDING 55%
MANAGING TEAM 33%HIRING 33%
SPIRALLING COSTS 19%CO-FOUNDER
RELATIONSHIP 17%

9. 49%: personal finances suffer

10. 53% “never” switch off…

11. 39%: relationships / family suffer

12. 20%: sex life suffers

13. 39% suffer mental health issues
- 49% in a US entrepreneur study

14. Entrepreneurs vs. control group...
2x Depression
6x ADHD
3x Substance abuse
11x Bipolar

16. Everyone else is “killing it”

17. Friends don’t really understand

18. You have to go “all in”...

19. The winner often takes it all...

20. You risk looking “stupid”

21. And having little to show for all
that work

22. You’re expected to be perfect...

23. And you’ve got to look
“strong” for these people…

24. ...who’ve got it easy, right?
Or...

25. Investing is very subjective…

26. With loads of biases to overcome…
Source: McKinsey / Tversky & Kahneman

27. Near-inifinite opportunities...

28. Limited time /
Decision fatigue...

29. Crises in the portfolio...

30. Trying to raise their next fund?

31. Constant fear of missing one of these...

32. → “FOMO”

33. Better
DealFlow &
Win-Rate
Better
Investment Team
Better
chance of
success for
companies
More
investments in
“Star”
companies
Top Tier
Returns
Success begets success...

34. Why so insecure..?

35. Each investment they risk
looking “stupid”

36. For years they don’t know if
they’re any good

37. How much of it is luck?

38. Money is a commodity...

39. The best companies choose their investor

40. Investors have to stay ahead...

41. Build their “brand”...

42. Work hard for their founders...

43. They’re “all in”...

44. Because after 5 years in VC…

45. And whatever happens,
they have to look “strong”
for these people…

46. So, founders & funders…

47. So founders & funders…Perhaps you have more in
common than you think…
INSECURITYRaising next fund
WINNER TAKES ALLFOMO
Risk TakingFear of Looking Stupid
Pretending everything’s
awesome
A.D.H.D.

48. So let’s be more honest
about the challenges...

49. CASHFLOW 43%RAISING FUNDING 55%
MANAGING TEAM 33%HIRING 33%
SPIRALLING COSTS 19%CO-FOUNDER
RELATIONSHIP 17%
“Be more Oprah” for the
founders in your life...

50. Ultimately relationships
matter more than numbers...

51. And when all is said and
done, 99% of founders
would do it all again...

52. Thank
you
@H4ryB
@BGFVentures