Tom McInerney on Investment Thesis, Saying No, and Valuations

“Be authentic to your abilities, your expertise, and your world. You should start with what you know and then you can expand from there.” -- Tom McInerney In angel investing, there are no overnight success stories. Proven investor Tom McInerney from TGM established himself over the course of making 70 deals in the past 12 years, specializing in early-stage internet companies. Tom calls investing “the get rich slow business,” and says, “best case, your winners take years and years and years to mature.” Despite how difficult succeeding as an investor is, Tom knows that to others, it looks easy. “As...
Tom McInerney on Investment Thesis, Saying No, and Valuations

Jeff Fagnan on Cultivating a Network, Focus, and Conviction

“It's the most important thing to go out there and really build a network of trusted people that you believe in, and that are going to introduce you to other trusted people that they believe in.” -- Jeff Fagnan Cultivating a deep network as an investor is a vital aspect of your potential success. However, putting a significant amount of time and effort into building a strong network won’t turn any investor into a success overnight. “It’s not going to translate into an immediate opportunity, but what it's going to do is it's going to raise an ecosystem or it's...
Jeff Fagnan on Cultivating a Network, Focus, and Conviction

Spearhead Podcast – Elad Gil Show Notes & Transcript

In the interview, Elad Gil and Cory Levy talk about: How Elad got started as an angel investor The three keys to startup survival How Elad works with the companies he’s invested in How to exit a deal And a lot more! Show Notes: Cory begins the interview with Elad Gil by asking him about his history as an investor and when he first decided he wanted to become an angel investor (1:29) Elad shares what his first five investments were, a list that includes Airbnb (2:16) Starting out as an angel investor, it’s often difficult to get into investment...
Spearhead Podcast – Elad Gil Show Notes & Transcript

Elad Gil on the Spearhead Podcast

“When you’re starting out as an investor, the most important thing is to be helpful.” -- Elad Gil When you don’t have a large check to write, or even if you do, you need to find creative ways to add value to a project. “People will make space for you if you’re really helpful,” says Elad. “You should really be focused on helping the founders and doing what's right for them and for the company, versus swapping deals with other investors or doing other things that are really optimizing for you over the company.” On the first episode of the...
Elad Gil on the Spearhead Podcast

Say no to early liquidity

“Compound interest is the eighth wonder of the world; never interrupt it unnecessarily.” – Charlie Munger Summary: Say no to secondary offers to buy your investments unless you can return your fund for a small piece of the stock. Instead, consider doubling down with your pro rata. Offers are a signal to hold onto the investment—not sell it. Selling early eliminates the startups at the head of the power law. If an investment is doing well, people will try to buy it from you. Say ‘no’ unless you can return your fund for a small piece of the stock. The...
Say no to early liquidity

11 Angel Investing Lessons

In the words of Charlie Munger, investing requires a latticework of mental models. Here are 11 lessons to begin filling out your angel investing lattice: If you can’t decide, the answer is no Proprietary dealfow means ‘they want you’ Investing takes years to learn, and longer to see returns Valuation matters Back $0B companies Judgment is important but overrated Invest only in technology Some of the best investors have no opinions Incentives make for bad advice Play fantasy football Power beats contracts Details follow. Apply to Spearhead by Jan 26 to learn more about angel investing and get up to $1M...
11 Angel Investing Lessons

Introducing Spearhead to fund new angel investors

Today we’re announcing Spearhead, a program to fund and mentor new angel investors. Spearhead backs founders with a $200K fund so they can start angel investing. Founders also receive mentorship, including monthly masterclasses from top angel investors and VCs. If they make promising investments, founders receive up to $1M to invest over 2 years. Apply by January 26 to join the first cohort. Founders backing founders Founders are some of the most helpful startup advisors. They help new companies with startup experience and technical expertise. Wealthy founders have been investing in startups since the dawn of venture capital. But most founders don’t...
Introducing Spearhead to fund new angel investors