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www.theangelvc.net
@chrija
Bonjour :-)
SaaS& Marketplaces
www.theangelvc.net
@chrija
www.theangelvc.net
@chrija
@louicop
@clemnt
www.theangelvc.net
@chrija
www.theangelvc.net
@chrija
9 things I’ve learned about SaaS
… and startups and venture capital in general …
… in the last 10-20 years …
www.theangelvc.net
@chrija
www.theangelvc.net
@chrija
1. Raising Capital
www.theangelvc.net
@chrija
You get a
Term Sheet
nobody wants
to invest
everybody wants

to invest
Time
Investor interest
www.theangelvc.net
@chrija
2. „Sweat Equity“
www.theangelvc.net
@chrija
Is it Marc
Benioff?
F**k no!
YES
No
Hell yes!
Should I give 10% of the

company to an advisor?
www.theangelvc.net
@chrija
3. Product/Market Fit
www.theangelvc.net
@chrija
Getting to PMF
Time
PMF
How you

get to PMF
How it’s probably
gonna look like
think you’ll
www.theangelvc.net
@chrija
4. Pricing
www.theangelvc.net
@chrija
SMB vs. Enterprise Pricing
How you’re
pricing
Price
How you should

be pricing
SMBs
Enterprises
www.theangelvc.net
@chrija
5. Rebuilding
www.theangelvc.net
@chrija
Rebuilding your product
How long you estimate it will take
How long it
will actually
take
0 1 2 3 4 5
0
2
4
6
8
10
www.theangelvc.net
@chrija
6. Scaling paid acquisition
www.theangelvc.net
@chrija
Scaling paid marketing
Marketing spend
CACs
Your projections
Your actuals
www.theangelvc.net
@chrija
7. Hiring a VP of Sales
www.theangelvc.net
@chrija
„The 48 Types of VP Sales“
www.theangelvc.net
@chrija
8. Unicorns
www.theangelvc.net
@chrija
Which animal are you hunting?
ARPA
(in $ per year)
# of customers
(in 1,000s)
10 100 1,000 10,000 100,000
10
1
100
1,000
10,000
www.theangelvc.net
@chrija
www.5waysto100.com
christoph@pointnine.vc
www.theangelvc.net
@chrija
Escaping startup graveyard
CACs
LTV
www.theangelvc.net
@chrija
9. Venture Capital
www.theangelvc.net
@chrija
Company rank
Return
How you think
What it really
looks like
Power Law
301 15
Power Law looks like
www.theangelvc.net
@chrija
Thank you!
christoph@pointnine.vc
PS: Thanks for the inspiration ===>
www.theangelvc.net
@chrija
Bonus slides
www.theangelvc.net
@chrija
Poor market
„Team vs. Market“
Great market
PoorteamGreatteam
0x 0-1x
1-5x 10x
EXCELLENT
team
EXCELLENT
market
100x
www.theangelvc.net
@chrija
Meeting #
1 2 3 4 5 6 7 8
Investor excitement
SUPER excited
mmpff … nope
„We REALLY
need a decision“
www.theangelvc.net
@chrija
Should I go through an accelerator?
Is it YC? YES
No
Go for it!
Do they
want

> 6%?
YES RUN AWAY!!!
No
Think
about it
www.theangelvc.net
@chrija
Finding good engineers
engineers looking
for a new job
open positions
www.theangelvc.net
@chrija
Contracts
Number of pages
% of pages with a
>0 chance of ever
becoming relevant.
100%
0%
50%
1 200100
Legal fees
¤5k
¤100k
www.theangelvc.net
@chrija
When corporates discover „entrepreneurship“
We need more innovation!
Let’s start a
Corporate VC.
Let’s spin.-off the VC.
oops, we’re not attracting the
best and the brightest.
Let’s start an incubator.
Let’s do an
„intrapreneur program“
oops, we’re not attracting the
best and the brightest.
oops, we’re not attracting the
best and the brightest.

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9 things I've learned about SaaS