22 Quotes
"First, most VC funds are failures. In fact, much like startups, I’ve heard that 9 in 10 VCs will not even get to 1x returns!"
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"If it’s work you enjoy, then it doesn’t feel like work."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"most people don’t do enough homework before deciding to start their funds. I would talk with at least 10 micro VCs before deciding to do this."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"If you are not in a solid financial situation to do that, this business can be terrible for your personal life."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"Even if you have, say, a $10m fund, most of that money needs to be used for investing – not for your livelihood or for other things."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"If your fund is, say, $10m, then that means you have a yearly budget of $200k. To be clear, this isn’t your salary; this is your budget to run your company."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"my salary today is less than what I made at my first job out of college… in 2004."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"It actually is very hard to bootstrap a micro VC because on one hand, you get virtually no salary but are also mostly prohibited from making money outside of your work."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"At most funds, you will also invest in your fund as well."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"In many cases, fund managers invest 1-5% of the fund size."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"Typically, capital calls are done over the course of 3 years."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"The “gold standard” for profitable VCs is a “3x return” benchmark. If you’re above it, you’re considered excellent."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"you risk so much, much like a startup, but your upside is equivalent to working a steady job at Google for 10 years!"
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"The average time for a microfund manager to raise a fund is ~2 years."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"Per SEC rules, you can only accept 99 accredited investors into your fund."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"In other words, you cannot just accept $5k here and there from friends and claw your way to momentum."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"I don’t believe the early stage fundraising landscape is a meritocracy, and I want the future of funding to be much more about speed of execution rather than about what you look like or how you talk."
— Elizabeth Yin
11 Things I’ve learned from running a micro VC in the last year"While many VCs pontificate about high level things, he looked at problems from a bottom’s up approach which made his thinking often unique from others."
— Elizabeth Yin
Thank you, Tony"In hindsight, when they ended up needing to hire tons of people, being the BEST internet company in the Las Vegas area allowed them to swoop up talent that would have been a huge war to win in San Francisco."
— Elizabeth Yin
Thank you, Tony"Tony’s attention to culture and cultivating an open and welcoming work family left a lasting impact on me, and he started doing this well before it became a trend."
— Elizabeth Yin
Thank you, Tony"In a very Tony-like way, he basically told us to do what we thought was best. I remember feeling frustrated at the time, because…I didn’t know what was best! I had wanted him to tell me what he thought was best! But a good mentor helps you find your own answer – he/she doesn’t tell you the answer."
— Elizabeth Yin
Thank you, Tony"We aren’t just capital deployers. We are trying to create a movement and a philosophy."
— Elizabeth Yin
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