Secrets Of Sand Hill Road: Venture Capital And How To Get It By Scott Kupor (Summary)

Secrets Of Sand Hill Road: Venture Capital And How To Get It By Scott Kupor
Hardcover     Also Available Formats :- Kindle, Audiobook, Paperback

The Main Idea

In 2017, US-based venture capital (VC) firms injected around $84 billion into companies and startups. The most prestigious and successful of those VC firms operate in Silicon Valley, and the most influential of those headline VC firms have their offices on Sand Hill Road — not too far away from Stanford University.

So what are the secrets of securing venture capital?

To access venture capital funding, you have to know and take into account:

1. How venture capital works
2. The necessary company formation decisions
3. The process of negotiating with VC firms
4. The constraints you will be working under
5. The plan for how returns will be realized

Align your funding requirements with the VC life cycle, and you have a shot at securing the funding you need to grow a company. Miss that alignment and there's no realistic chance that a venture capitalist will be able to work with you. As in most things in business, timing is everything.

Entrepreneurs and VCs are not on opposing sides, the way one soccer team tries to crush another in the World Cup. Rather, we are partners, and once we agree to work together (and even if we don't), we are on the same side. What we share is a desire to create benign businesses, see them have an impact on and improve the world, and together realize some financial benefit along the way. We need you. We need your ideas and your guts. We need your companies and your commitment to growth. I hope to shine a light on how VC works and why, in order to create more and better company-building opportunities

… Scott Kupor

The Venture Capital Life Cycle

1. Learn how venture capital works . Every VC firm has investors who fund them, and incentives and constraints which are specified by those investors. To understand how VCs make their decisions, start by understanding the motivations of the firm's backers first.

2. Make good formation decisions . Whether or not you can seek VC funding will depend to a large extent on the decisions you make when founding your enterprise. Make sure you make all the right allowances when you form your company, otherwise VC funding won't be an option in the future.

3. Understand the VC finance process . Pitching VC firms is one challenge but ultimately any negotiations will center around the term sheet, the Magna Carta of the VC industry. Know what to include in a good term sheet and you're ready to hunt bear when you talk to VC firms.

4. Operate to agreed constraints . Any funding a VC firm provides will come with a set of economic and governance constraints. Make certain everyone knows and abides by those constraints, particularly your board of directors who will be at the coalface of compliance.

5. Plan how returns will flow back . Money has to ultimately flow back to VC firms (and their backers) in order for the VC cycle to keep operating. Plan how that will happen in your case in great detail. If enough money doesn't make it through the full cycle, the financing hydrant will dry up and disappear.

About The Author

Scott Kupor is managing partner of venture capital firm Andreessen Horowitz. He joined the firm at its inception in 2009 and has overseen the firm's growth from $300 million in assets to more than 150 employees and over $7 billion in assets under management. Scott Kupor also teaches courses in venture capital and corporate governance at Stanford Law School and at UC Berkeley's School of Business and School of Law. Scott Kupor previously worked at Lehman Brothers, Credit Suisse First Boston and as business development manager at LoudCloud. He is a member of the investment committees of several nonprofits. Scott Kupor is a graduate of Stanford Law School and Stanford University.

Summaries.Com Editor's Thoughts

This week's summary focuses squarely on venture capital and what's involved. It's an interesting topic — although admittedly it will appeal more to entrepreneurs than to salespeople or managers. I've always heard great stories of venture capitalists who put $2 or $3 million into early-stage companies like Facebook or Amazon and end up with a stake which is worth $1 billion or more but how that happens has always just been a mystery. Were they just lucky? Do they invest in lots of companies but only talk about their success stories, not their failures?

Secrets of Sand Hill Road fills that gap and talks about venture capital from both sides of the equation. It explains how venture capital funds work and the pressure venture capitalists are in from their limited partners to generate results. I also liked learning about the highly structured way potential investments are negotiated including the written term sheets which put on paper how an investment would work. There are good business practices to pick up on here and run with even if you never come face-to-face with a venture capitalist.

Their track record suggests venture capitalists are doing something right. Secrets of Sand Hill Road is a great insight into the way they think and make investment decisions. Well worth a read.

Amazon.com

A Wall Street Journal Bestseller!

What are venture capitalists saying about your startup behind closed doors? And what can you do to influence that conversation?

If Silicon Valley is the greatest wealth-generating machine in the world, Sand Hill Road is its humming engine. That's where you'll find the biggest names in venture capital, including famed VC firm Andreessen Horowitz, where lawyer-turned-entrepreneur-turned-VC Scott Kupor serves as managing partner.

Whether you're trying to get a new company off the ground or scale an existing business to the next level, you need to understand how VCs think. In Secrets of Sand Hill Road, Kupor explains exactly how VCs decide where and how much to invest, and how entrepreneurs can get the best possible deal and make the most of their relationships with VCs. Kupor explains, for instance:

   • Why most VCs typically invest in only one startup in a given business category.

   • Why the skill you need most when raising venture capital is the ability to tell a compelling story.

   • How to handle a "down round," when startups have to raise funds at a lower valuation than in the previous round.

   • What to do when VCs get too entangled in the day-to-day operations of the business.

   • Why you need to build relationships with potential acquirers long before you decide to sell.

Filled with Kupor's firsthand experiences, insider advice, and practical takeaways, Secrets of Sand Hill Road is the guide every entrepreneur needs to turn their startup into the next unicorn.

Editorial Reviews

"Worth far more than its cover price... I wish I'd had it available to me when I was first looking for startup funding."
Eric Ries, bestselling author of The Lean Startup and The Startup Way, from the foreword

"As someone who’s helped a small company become a huge, valuable company, I know firsthand the power of the startup ecosystem and entrepreneurship. This book is the definitive book on navigating VC as part of that."
Eric Schmidt, former executive chairman and CEO of Google; technical advisor, Alphabet
 
“I’ve observed thousands of founders and thought a lot about what it takes to create something important and to achieve outlier success. Kupor’s book takes founders who want to do both through everything from how VCs raise money and evaluate deals, to how to think about term sheets and set up boards. It’s a valuable resource for any founder who wants to work with VCs.”
Sam Altman, partner and president Y Combinator; co-founder of OpenAI
 
 “As more and more startups consider an IPO, it is exciting for us to play a part in giving millions of new investors the opportunity to share in the value and future growth of these seminal companies. But it all begins with the early investors who ‘venture’ into uncharted territory to help make these companies possible, by backing the entrepreneurs behind them. Secrets of Sand Hill Road is the definitive guide to how to engage the VC community, including governance and other best practices in a startup’s journey to a successful public company.
Adena Friedman, President and CEO of Nasdaq; former managing director and CFO, Carlyle Group
 
 “From acquiring startups, to leading a company, to working to select the next leader of an iconic company, I’ve seen it all. It’s become clear to me that startups drive the kind of innovation that big companies can’t easily do. Secrets of Sand Hill Road provides a useful overview for the next generation of leaders seeking to start such companies.”
John W. Thompson, chairman, Microsoft; former CEO of Symantec
 
“Despite its explosive growth, the world of venture capital remains mysterious to many entrepreneurs seeking funding and to the public more generally. Scott Kupor provides an informative account of the way in which these investors select and nurture young companies.
Josh Lerner, head of the Entrepreneurial Management Unit at Harvard Business School
 
Andreessen Horowitz’ managing partner Scott Kupor has written an indispensable guide for anyone with a big idea and an even bigger dream. Just as important, he gives the best explanation yet for policymakers about how entrepreneurs and venture capital together create the deep magic that generates technological progress, economic growth, and a better world for more people.
James Pethokoukis, fellow at the American Enterprise Institute; former columnist at Reuters Breakingviews

About The Author:- Scott Kupor is the managing partner of Andreessen Horowitz. He has overseen the firm's rapid growth to one hundred fifty employees and more than $7 billion in assets under management. He is also a cofounder and codirector of the Stanford Venture Capital Director's College and teaches venture capital and corporate governance courses at Stanford Law School and the Haas School of Business and Boalt School of Law at UC Berkeley. He is vice-chair of the investment committee for St. Jude Children's Research Hospital and was previously the chairman of the board of the National Venture Capital Association.

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One Million Followers: How I Built A Massive Social Following In 30 Days By Brendan Kane (Summary)

One Million Followers: How I Built A Massive Social Following In 30 Days By Brendan Kane
Hardcover     Also Available Formats :- Kindle

The Main Idea

Each and every day, more than 60 billion messages are sent out on digital platforms. It is now feasible for anybody (not just celebrities) to build an authentic following of one million people or more on digital platforms like Facebook, Instagram, YouTube, Snapchat and LinkedIn.

So how do you build a successful multi-media brand? The key to scaling a massive audience in the shortest time possible is to produce digital content and then test and measure how people are responding to your content in real time. Specifically, your mantra should be:

Hypothesize < --- > Test < --- > Pivot

Pivot < --- > Hypothesize < --- > Test

Hypothesize — what kind of story, format or theme will engage your target audience.

Test — quickly produce a low-cost version of your concept or message and learn everything you can about what does and does not work.

Pivot — invest in it further if your hypothesis turns out to be correct. If it's disproved instead, quickly pivot to a new format, a new story, or a new theme, and repeat the process.

The great point is you don't have to reinvent the wheel when it comes to social media. Look around and borrow ideas from what has worked for other people. Test and learn.

If you have something to offer, and you know how to leverage digital and social platforms, you can reach millions, if not hundreds of millions, of people around the world in no time. It's how social influencers have taken off and in some cases have become bigger than mainstream celebrities in just a matter of years. With the right strategies, nearly anyone can build a massive global audience.

Brendan Kane

After ten years of helping celebrities, brands, and corporations grow big audiences, I started to wonder if my ideas and techniques could be applied to someone starting from scratch. So I came up with an experiment to determine whether a person who had never been on television, in a film, or in print could amass a large following around the world. So in June 2017 I got to work on my little experiment. I put into practice everything I had learned from more than ten years of digital and social media experience. To my amazement, by July — in less than a month — I had generated over one million followers in more than a hundred countries. If I can do it, you can do it. - Brendan Kane

How To Gain One Million Followers

1. Hypothesize - Build Experiments. Develop a format, story, or theme which you think will engage your target audience around a specific message. Do this quickly and then start testing how you can catch & hold people's attention.

2. Test - Validate and Learn. Produce a low-cost version of your concept or message, which can be tested and validated. Learn everything you can about what does and does not work from the tests you run.

3. Pivot - Invest More or Pivot. If your hypothesis is shown to be correct, invest in it further and build more content. If it's disproved, repeat the process all over again with a new format, a new story or a different theme.

About The Author

Brendan Kane is a business and digital growth strategist. He works with Fortune 500 companies, brands and celebrities to help them systematically find and engage new audiences. Brendan Kane has worked with MTV, Skechers, Vice, IKEA and other corporations to advise them on how to grow their digital audiences. He previously managed Lakeshore Entertainment's interactive media strategy where he worked on 16 films, which ultimately generated $685 million at the box office. Brendan Kane has also built platforms for celebrities like Taylor Swift, Rihana, Charles Barkley, Adriana Lim and others. He also served as vice president of digital for Paramount Pictures. Brendan Kane is a graduate of Columbia College Chicago and Augustana College.

Summaries.Com Editor's Thoughts

I must admit, the back story for this book was alluring.

Brendan Kane decided to put his digital marketing expertise to the test by trying to amass one million followers for a no-name with no established following. He realized that he was the ideal candidate for this experiment because he wasn't famous and had never been on TV or done anything society considered especially cool. So he applied his business experience, and lo and behold he generated a million followers in less than a month!

He doesn't spell out how much he spent to achieve that goal, but it's obvious that Facebook advertising was a big chunk of his strategy. Brendan also focused on generating shareable content and getting others to tell their friends — which always has been, after all, the secret sauce of social media marketing.

I was impressed by his suggestion to use Facebook to generate real-time data about how people are responding and then to make changes on the fly. It's almost like building an engine for your jet while you're in the middle of a flight.

Overall, I think this book is worth reading to help you develop the mindset it takes to excel in business today. It's hands-on and specific about the best ways to take advantage of each social media platform.

As Brendan Kane points out: "If I can do it, you can do it". Now that would be the most interesting experiment of all.

Amazon.com

Over 60 billion online messages are sent on digital platforms every day, and only a select few succeed in the mad scramble for customer attention. 

This means that the question for anyone who wants to gain mass exposure for their transformative content, business, or brand or connect with audiences around the globe is no longer if they should use social media but how to best take advantage of the numerous different platforms. 

How can you make a significant impact in the digital world and stand out among all the noise? 

Digital strategist and “growth hacker” Brendan Kane has the answer and will show you how—in 30 days or less. A wizard of the social media sphere, Kane has built online platforms for A-listers including Taylor Swift and Rihanna. He’s advised brands such as MTV, Skechers, Vice and IKEA on how to establish and grow their digital audience and engagement. Kane has spent his career discovering the best tools to turn any no-name into a top influencer simply by speaking into a camera or publishing a popular blog—and now he’ll share his secrets with you. 

In One Million Followers, Kane will teach you how to gain an authentic, dedicated, and diverse online following from scratch; create personal, unique, and valuable content that will engage your core audience; and build a multi-media brand through platforms like Facebook, Instagram, YouTube, Snapchat, and LinkedIn. 

Featuring in-depth interviews with celebrities, influencers, and marketing experts, including: 

• Chris Barton, cofounder and board director of Shazam and former head of Android business development for Google
• Ray Chan, CEO and cofounder of 9GAG
• Julius Dein, internet personality and magician with nearly 16 million Facebook followers
• Mike Jurkovac, Emmy Award–winner and creative director of will.i.am and the Black Eyed Peas
• Phil Ranta, former COO of Studio71 and VP of network at Fullscreen
• Eamonn Carey, managing director at Techstars London
• Jonathan Skogmo, founder and CEO of Jukin Media, Inc.
• Jon Jashni, founder of Raintree Ventures and former president and chief creative officer of Legendary Entertainment

One Million Followers is the ultimate guide to building your worldwide brand and unlocking all the benefits social media has to offer. It’s time to stop being a follower and start being a leader.

Review

“Today, the online world is so cluttered that even truly great content often gets buried or ignored. The good news is that you can take control of your ability to reach a wide audience—and you can start today, with One Million Followers.”

—Katie Couric

“When we needed help releasing a digital series that we knew could do so much good in the world, Brendan was the first person I called. I’m so happy he is writing a book and passing on his research and experience.”

—Justin Baldoni, star of Jane the Virgin, producer of My Last Days, and cofounder and CEO of Wayfarer

“Brendan is an outlier in a crowded market. His strategies are easy to implement and will lead to massive success. Working with him opened my eyes to the power of his ideas. He’s the best at what he does.”

—Luke Wahl, executive producer at Sports Illustrated and Yahoo!

“Brendan has done what most people only dream of doing. We’re so lucky he’s sharing his secrets. This book is a must-read.”

—Julie Moran, former cohost of Entertainment Tonight

“Brendan’s success stories are all the more interesting as they relate to massive global brands like Taylor Swift, Rihanna, Jason Statham, Katie Couric, MTV, Vice, Lionsgate, and Yahoo! As a case study for this book he put his money where his mouth is and amassed one million real followers for himself with very little money over a very short amount of time. Testing and methodology are big parts of Brendan’s success, and he’s incredibly generous for sharing those aspects of his work with the world.”

—Greg Durkin, CEO at Guts + Data, former senior vice president of marketing analytics at Warner Bros. Pictures

“While it may be true that no one can predict what content will go viral, there is a tried-and-true formula experts use to maximize reach and stand out from the rest—and it will work for you, too. Brendan Kane gives you all the tips, tools, and insider secrets you need to make that happen.”

—David Oh, chief product officer at FabFitFun

“Brendan’s focus on understanding how things work is infectious. His curiosity and knowledge will make you want to do better.”

—Latham Arneson, former vice president of digital marketing at Paramount Pictures

“Brendan Kane will guide you through the fog of social media and its strategic application like the seer he is.”

—Jon Jashni, founder of Raintree Ventures, former president and chief creative officer of Legendary Entertainment 

“There’s an insane amount of noise online today—and it’s increasingly difficult to get your content, brand, or message across to the widest possible audience that matters to you. Unless you’ve read this book. Brendan’s done an incredible job of distilling tips, tools, and insider info into actionable advice that’s applicable for everyone.”

—Eamonn Carey, managing director at Techstars London

“Social Media is now a currency you can exchange for monetary gain or exposure. This book allows you to obtain the fundamentals from the greatest minds in the world. Hearing from the experts within each field to arm you with the nuggets you need for social media success!”

—Joivan Wade, founder of the Wall of Comedy and actor in The First Purge

“If you’re looking for a book to help you make a real and lasting impact in the complicated and ever-changing world of social media . . . look no further. Practical, definitive, and easy to read. Brendan Kane has written the bible.”

—Kario Salem, Emmy Award-winning screenwriter

“Brendan gets the value of paid media better than anyone I know . . . and how really good content needs the right ignition and the right platform underneath it to be successful.”

—Erick Brownstein, president and chief strategy officer at Shareability

“In this noisy world, winning a massive following may seem unrealistic. But by following the smart advice in One Million Followers, anyone can build a powerful and passionate fan base, starting now.”

—Dorie Clark, adjunct professor at Duke University’s Fuqua School of Business and author of Entrepreneurial You and Stand Out

“Brendan gives masterful and practical strategies that will help you reach your social media goals and beyond. Whether you want to build a brand, sell a product, or become an influencer, there is wisdom here so you can do just that.”

—Antony Randall, CEO and cofounder of EQ

“I wish I had this book when I started my career as a video-director over a decade ago. I am extremely excited to apply what I learned from One Million Followers to my own social media platforms. Anyone who takes this book seriously and applies the lessons within is on the path to closer achieving their goals.”

—Pedro D. Flores, CEO of CompA Productions

“Brendan was shockingly able to generate a million followers for our nonprofit in less than fourteen days. I have never seen such rapid growth in social in my entire career.”

—Rich German, founder and CEO of JV Insiders

It seems to be an impossible puzzle but it's easy to solve a Rubik' Cube using a few algorithms.

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