Ask an Angel with Zach Coelius: practical advice for founders and investors in a downturn | E1512

This Week in Startups

Jason Calacanis

Technology

4.4 • 1.3K Ratings

🗓️ 20 July 2022

⏱️ 100 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Molly had a big board meeting today, so we had our guy Zach Coelius join for another version of Ask an Angel (1:32). Zach and Jason share their thoughts on remote work (4:40), the downturn (22:10), and then they answer audience questions (41:22). It’s a solid episode for founders and investors!

(0:00) Jason intro’s today’s Ask an Angel episode with Zach Coelius

(1:32) Ask an Angel with Zach Coelius

(4:40) Zach’s thoughts on remote work

(13:19) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/TWIST

(14:37) Managing a company post-COVID

(17:00) Who shines in the remote work era?

(20:51) Notion - Get $250 off by using code TWIST at https://notion.so

(22:10) The downturn: will people cancel or review their SaaS bills?

(26:09) How many of Zach’s founders have prepped for the downturn?

(30:50) Odoo - Get your first app free and a $1000 credit at https://odoo.com/twist

(32:02) Don’t try to invest in pre-product market fit companies when you’re first starting out (unless you know the founder’s awesome)

(41:22) Q&A: How do you think about competition in the same market in the early stages?

(46:43) What are the top buzzwords you’re staying away from as investors right now?

(59:00) Would you invest in SF?

(1:04:00) How much dilution after seed rounds turns into a red flag?

(1:06:14) Should the equity grant occur during financings or the board meeting?

(1:09:15) What does Zach focus on in terms of diligence?

(1:19:30) As a founder, when should you provide pro rata to angels and when not?

(1:25:10) Have you ever advised a founder to leave the CEO role?

(1:32:29) How long do you think the down market is going to be and what’s your strategy?

Transcript

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0:00.0	Okay, everybody, it's time for another Ask an Angel.
0:03.2	Myself and Zacholius are going to answer your questions
0:06.9	both on the investor side of the table
0:09.2	and the founder side of the table.
0:10.7	Everything in between, we talk about Prorada,
0:12.5	we talk about the J-curve,
0:14.0	we talk about founders getting fired,
0:15.9	getting screwed by downstream investors.
0:17.6	When Zach's on the program, it's fast paced
0:20.3	and it's absolutely candid, insightful, important knowledge.
0:24.5	Four founders and for investors, we keep it very real.
0:28.0	It's 100 here, stick with us.
0:30.4	This week in startups is brought to you by Squarespace.
0:34.6	Turn your idea into a new website.
0:37.3	Go to squarespace.com slash twist for a free trial.
0:42.0	When you're ready to launch, use offer code twist
0:45.0	to save 10% off your first purchase of a website or domain.
0:49.9	Notion.
0:51.0	Notion is one place for notes, docs, projects,
0:54.6	and everyday work that goes way beyond a wiki.
0:57.7	Go to notion.so and use promo code twist
1:01.6	to get $250 off an annual team plan.
	...

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