Ted Serbinski 🦖
6.9K posts
@tedserbinski
Building lifelong relationships with founders. Startup founder and investor in 100+ startups. Single rad dad to 4 energetic kids: 🦖🦈🦄🐳
The Midwest Fund launches, brings The Fund's innovative investment strategy to a fifth market tcrn.ch/3uo3oIv by @mjburnsy
how to re-align VC GPs & LPs: 1) cut mgmt fees in half (1%/yr, or 2% for only 5 yrs), esp for larger funds 2) increase carry to 25-30% after 2-3X net and/or 15-20% IRR (on realized DPI), esp for smaller funds don’t let GPs earn mgmt fees for just sitting on their ass for 10-12 yrs reward GPs with more carry if they clear 2-3x net DPI hurdles and/or 15-20% net IRR (on realized DPI)
So I'm a: @techstars Boulder alumni, a Techstars LP, and I've "given first" to Techstars by doing 17 free speaking engagements for the programs since graduating in 2019. I have a few things to say about the announcement. Buckle in. 1. Any leader undergoing the experience of Change Management 101 understands that you don't ask the people impacted by the change to do the communication and be the main point of contact for that change. The fact that senior leadership didn't communicate with alumni, but sent an army of MD's to go out and communicate this massive change is just a literal abdication of leadership. 2. If you are leaving the city that built you - you do that with care. And you take it seriously. If Ford was exiting Detroit, they wouldn't send the factory manager to do the announcement. 3. I've exited a market before (sorry, Seattle) and I know that it's not easy to make those calls. But the thing you don't do is call it "bittersweet." It's just bitter for those that are most closely impacted in the community. 4. If you are closing locations, be explicit what is closing and be explicit what is staying open. 5. Great leaders own their decisions with ALL stakeholders. Not just investors. It's shocking to me that alumni haven't heard from leadership directly, but investors did. (I got both comms.) 6. There is literally nothing dorkier on earth than calling something "2.0" in 2024. The fact that this was the best they could do and then they expect to compete in the largest markets in the world is fucking ridiculous. Am I disappointed, sure. But am I mostly surprised by how poorly this was handled? That's the one.
