Startup Funding Interview with Bill Reichert of Garage
Bill Reichert, Managing Director at Garage Technology Ventures, didn’t speak at the Funding Forum that I organized, but I think he’s an investor that startups need to hear, so we scheduled a phone call–which you can listen to below.
Bill Reichert is the Managing Director at Garage Technology Ventures, a seed and early-stage venture capital fund.
Mixergy-Interview-Bill-Reichert
Andrew: Hi everyone. It’s Andrew Warner of mixergy.com and bill Reichert, managing director of garage technology ventures. Wasn’t able to speak at the Mixergy forum on how to get your startup funded. So instead, I asked him to do an interview. He agreed, and this is a recording of that phone call. Uh, one note before we get started, we talk at the end of this interview about guy.
And I don’t think we, we say which guy it is. It’s guy Kawasaki, who co-founded garage technology ventures. Here’s the interview. Enjoy. Maybe we could start with a little bit about your background. I read, uh, I’d read your bio on garage.com, but I thought you could tell us again a little bit more about it and about Greg garages background.
I remember them as a company that helped, uh, startups get funding and now your VCs. And then we could talk about some of the, some of the ideas that entrepreneurs need to know...
Continue reading the transcript...
A few lessons from this program
Here are two of my notes.
The Trouble With Your Roommate
So you have an idea for a business and you partner up with your roommate (or cousin or best friend or whatever) and because he’s around and you like him, you make him your CTO. Your business grows and it’s time for you to get funding. The trouble is your roommate/partner isn’t capable of being CTO of a big company. He’s good, but not that good.
Now you have a problem.
And it’s a mistake that Bill says a lot of entrepreneurs make.
The Trouble With Your Uncle
You launch your business and need money, so you go to your uncle because you know he believes in you and has some money. To make it official, you have your family’s lawyer put together the paperwork.
The trouble is your family’s lawyer doesn’t know the venture business. So when it’s time for you to get venture funding, the agreement you have in place with your uncle might keep you from putting together an agreement with a serious VC. (I think Napster had a situation like that, according to a book I read.)
Use a lawyer that knows how to do business with the venture community.
[Thank you Guy Kawasaki for introducing me to Bill.]