Gaurab Bansal

In a good fundraising environment, Q4 is typically the most active quarter for closing rounds. Both anecdotal evidence and hard data I've come across recently indicate the fundraising environment is improving, so I'm optimistic about Q4 '24. If you are raising capital for your startup and you are fortunate enough to get a term sheet for a priced round, it is essential you understand terms so you can effectively negotiate. Most of the terms can be divided into two categories: Economic Terms and Control Terms. Economic Terms focus on how money gets distributed, especially during exits or liquidation events. This includes pre-money valuation, liquidation preferences, dividends, and anti-dilution provisions. Control Terms determine who makes decisions—covering voting rights, board structure, protective provisions, and management roles. Founders should balance these two carefully. Over-focusing on valuation without paying attention to control can leave you sidelined in future decisions about your company! For more information on terms and how to negotiate them, and some great tips from a dozen VCs, check out "A Founder's Guide to Negotiating VC Term Sheets" in the "Featured" section of my LinkedIn profile. And thanks to Carta and Peter Walker for the chart below. Follow Peter for more great data and insights. ⚖️ #StartupStrategy #FounderTips

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I've seen countless startups stumble on regulatory strategy - it's painful, expensive, and often avoidable. The seminar shared by David Pudwill and Geetha Rao hosted by UCSF Innovation Ventures, absolutely nailed what matters most. Here are my key takeaways that every founder should know: 1. Understand your scope - this is where it all starts or stops You've got to nail this foundation: --Map out ALL potential clinical uses (yes, all of them) --Find your "regulatory siblings" (similar approved devices) --Get crystal clear on your impact level: 1)Wellness management (easiest route) 2)Screening/monitoring (middle ground) 3)Diagnostics/therapy (time to bring your A-game) 2. Pick your lane: regulatory pathways from "Easy" to "Buckle Up" Here's what you're looking at: --510(k) Exempt: The startup favorite (for good reason!) --510(k): Tried and true path --De Novo: The road less traveled (but sometimes necessary) --PMA: The regulatory marathon (pack your endurance) 3. Strategic roadmap: This part separates winners from the pack Smart execution is everything: --Start minimal, but make it smart --Grow strategically (think chess, not checkers) --Nail the execution sequence: Define → Design → Test → Produce → Sell Pro tips from the investor seat - know your audience and speak their language: --Investors need that solid IP story --Clinicians want real-world outcomes --Regulators love familiar territory (use it) --Claims strategy (this is crucial) Three rules to live by: --Start small (seriously, resist the temptation) --Expand methodically (no shortcuts) --Document everything (future you will thank you) Why this matters to investors - here's the bottom line: "Your regulatory strategy IS your market strategy. Plain and simple - you'll only get to sell what you get approved for. Plan accordingly." (Full credit goes to David and Geetha for sharing their invaluable insights)

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CRV's recent decision to return $275M from its later-stage Select Fund highlights the growing caution around inflated valuations. As capital becomes more selective, this move signals a recalibration, especially for late-stage startups where liquidity is tighter and exits are delayed. While this news centers on a later-stage fund, we may also see new early-stage funds raising less capital going forward. With a more conservative approach across the board, founders at all stages should expect increased scrutiny and a more measured funding environment in the near term. https://lnkd.in/grG7u_KK

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A big part of making AI usable is enabling testing to provide the necessary assurance that outputs make sense. Distributional is leading this capability.

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Awesome new initiative Aviel Ginzburg!! When Sean Sternbach and I launched Venture Out, Aviel and Pablo Brown-Rodriguez were silent cofounders. Aviel freely shared his words of wisdom from years of building community in Seattle. He and Chris DeVore were the first money into our community, followed quickly by Flying Fish Partners, Liquid 2 Ventures, M12, Microsoft's Venture Fund, and a huge list of Seattle angels. After growing to 1200+ members in <3 years, running multiple pre-preseed accelerators, a few learnings about building great community and the Seattle Founder Ecosystem: In the early days, no one knows what they are doing. Seek outside advice and guidance from people just ahead of you. Unicorn founders and tech moguls have great stories, but the woman who left amazon six months ago, launched an MVP, and crashed through her first 2 dozen investor discussions will have golden advice. Be open, honest, and vulnerable. Our best events and discussions happened when people let their guard down. No one will spend their life (which a startup requires) to build your idea. They might build something similar and tackle the same problem, but only your life experience and decision-making will make the difference. Share ideas often. Give first. As a ~10 year Techstars mentor, I saw this as the best part of the community. In my opinion, they have lost this completely. Don't come into a community and take. Give all you can, even when it feels counterproductive. Something might eventually come back that changes your life and direction. Even if it never does, you will 1000% feel great about the decision. Play long-term games with long-term people. Naval Ravikant was the first person I heard say this. Surround yourself with committed doers, makers, and visionaries. There are a lot of want-entrepreneurs in the world (which is a good thing; we need more people to take risks), but spend the most time with people in the ring, putting their time behind what they are doing. Learn how to give advice and direction without being evangelical, condescending, or a jerk. Learn to be direct but helpful. It's what you want on your journey, so invest in being a great thought partner for others. A final few notes: 1) No, you likely will never get paid the same amount or make as much money as a founder as you would as an L7/L8 at Amazon. If that is why you are starting a company, you're already in trouble. But knowing Aviel, he is already filtering for this 😂 2) You will likely learn in 6-18 months in the ring as a founder, than the rest of your life combined. Start to write, share your experience, find a therapist, and get ready to unpack a LOT as you go. The only way to make space for new information is to process it, store it, and then let it go. 3) The relationships are the most important part of the journey. I will always remember meetings with Matt Ehrlichman, Asha Sharma, Kyle Sandburg, and Matthew Neagle and the rest of the Porch Group team. Go Aviel!!!

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We have spent too much time and money on education interventions that don’t work. Despite hundreds of new edtech companies and billions of private and public funds flowing in each year, our educators and students remain sorely underserved. With budgets tightening and imminent federal policy changes, there is simply too much at stake to continue supporting companies and policies that don’t make a tangible difference. That’s why, at Learn Capital, I’ve helped develop the Learning Impact Index (LII): a robust way to measure the impact of education interventions and channel resources accordingly. The LII provides a standardized framework to translate company data into clear outcomes– like cost savings or learner lifetime earning increases as a result of interventions. I’m hopeful that the LII will serve not just as an outcomes ROI tool, but as an accountability mechanism for key education decision-makers to deliver on our mission and be relentless in our service to learners and educators alike. This week, I presented the LII at The Foundation for Research on Equal Opportunity conference panel on Progress in Education Reform. If you’re curious about how the LII works in specific contexts and the kinds of impact it can measure, check out our joint white paper here: https://lnkd.in/d2huB2n6 I’ve also shared more about the LII in our newsletter, Venture to Learn. Would love for you to check it out and subscribe! https://lnkd.in/dgRiSNkR Thank you to Matthew Barry Charles Miele and Dan Lips for the amazing collaboration here!

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Excited to announce Frist Cressey Ventures' investment in Qualified Health and privileged to partner w/ SignalFire, Healthier Capital, Town Hall Ventures and others!   Healthcare costs are increasing at a faster rate than ever before, with the US spending nearly twice as other wealthy countries and still ranking bottom in outcomes. It's a story you've all heard - - US healthcare is known for astronomical inefficiencies, waste, workforce supply constraints, fragmented access, appalling patient experiences, and driving patients and businesses into debt.   Yes these problems present opportunities. But opportunities are limited to the system's appetite for change, desire and incentive to try something new and the innovation available. At FCV we believe we've hit the trifecta with Generative AI. Generative AI has given us truly transformational tools in the toolkit and the healthcare ecosystem is demanding to absorb its benefits. This perfect collision of supply and demand means healthcare is poised for big change.   Generative AI is everywhere, it's buzzy, it dangles hope and opportunity. But many things need to be true for the Gen AI transformation in healthcare to take hold, such as but not limited to:   💡 Patient lives and data need to remain safe: We believe in a highly regulated and human life-touching sector such as healthcare we must ensure Gen AI can drive to unrivalled savings and improvements in the quality of care WHILE not putting patient lives or data at risk.   💡 Systems need to own their utilization of Gen AI: We believe systems will use some hybrid of external partners and homegrown solutions but importantly will want full control of data provisioning and utilization as well as the ability to solve an unlimited number of nuanced issues and not cookie cutter algorithms.   💡 Costs need to be looked at on an enterprise level: We believe the speed of innovation in Gen AI means costs will continue decreasing dramatically but at an enterprise level this will still not be a small detail. Systems will want the ability to understand costs and delegate as needed for the outcomes desired at the organizational level.   Enter Qualified.   We knew when we met Justin Norden, MD, MBA, MPhil and team we were standing in front of changemakers. These individuals have lived and breathed the true application and implementation of Generative AI far before we were asking ChatGPT to write our emails. In fact, if you’ve ever driven in a Waymo you’ve benefited from past products this team has built.   Qualified Health is on a mission to enforce governance in Gen AI, allow systems to rapidly build for their needs, monitor and make decisions for all GenAI (homegrown and external) and accelerate the value the sector can glean from these new technologies.   Huge shout out to William T., Tommaso Auerbach and Jamie Kuntz for their hard work!

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I've been in countless board meetings for early and late stage start-ups as well as public companies. This is how I’ve seen founders and management teams get what they want out of their board meetings: I’ve shared 5 strategies to help you get what you want out of board meetings with investor directors. I did this because I want to help founders navigate their board meetings with confidence and achieve their desired outcomes. Below, I’ve compiled these strategies together for you to reference before your next board meeting.  Remember, you're the expert on your company. With the right preparation and mindset, you can steer these discussions effectively. Swipe through for the full breakdown, and let me know in the comments which strategy you find most helpful or challenging. What other topics would you like to learn more about from a startup lawyer’s perspective?  #BoardMeetings #VC #FounderTips #Founder #Entrepreneur

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There’s a major gap in access to top legal resources for diverse founders and mission-driven investors. Big law firms often overlook smaller startups, and boutique firms --while they do a great job -- rely on referrals, which limits who finds them. This leaves incredible founders without the support they need to clear the unique hurdles in their path. I believe the world of tech needs more diverse voices. One way to make that happen is by giving founders and investors better access to high-quality legal support. I’m committed to helping change the face of tech and supporting those with the potential to do amazing things. #Startups #Founders #LegalSupport #DiversityInTech #MissionDriven #InclusiveBusiness #InvestorSupport #AccessToOpportunity

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Not all of the investments that Kindred Capital VC makes can be a 13 year sourcing process.... but... this is one of those very fortunate moments in which a relationship that started over a decade ago in the Bay Area where the brilliant A-H. Hleileh and I overlapped has now turned into an incredibly exciting opportunity for Kindred to lead his and Ron Holifield's first institutional round at Civic Marketplace. We believe: 1. Local government procurement is one of the most underserved areas in technology today, and has failed to keep pace with the private sector. They deserve better. 2. This is a huge opportunity, with US local governments spending alone amounting to over $1.5 trillion in annual spend, which is only going in one direction... 3. As the brilliant Kip Harkness shared with me in our diligence phase, "this industry moves at the speed of trust." And this is a unique founding team with A-H. Hleileh and Ron Holifield at the helm who bring together two critical ingredients: 1) decades of trust-building within this domain, and 2) a team who can build beautiful and scalable technology platforms. Onwards!! 🚀

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Lexington Books managed to release my book Disagreeing despite the Data before the election. It argues the belief segregation underway in the US may be irreversible. Today's battles over climate change, disease mitigation, and election results run deep -- they're cognitive, not just strategic. Here's the gist of it. 20th-century revolutions in the philosophy of mind, meaning, and matter uncover three surprising requirements for widespread factual agreement. Critical thinking and community building have the potential to reverse two of them -- the growing refusal to test assumptions and individual isolation. Factual agreement between groups is impossible without the third one, though -- shared projects or other meaningful interaction. And a large part of American society has insulated itself from the rest. Without shared projects, communities gradually lose the ability to tell whether they agree or not regardless of the words they use. Belief segregation with similar roots has led several developing countries to the brink of failure. We'd better watch out. The attached flyer gives a discount code that makes the book -- priced in this initial run for academic libraries -- a little more affordable. Please feel free to forward it and, if you're connected to any libraries or book stores, pass it on!

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To my amazing network - I am thrilled to announce the launch of Pave Health Ventures, an early-stage venture fund dedicated to broadening access to healthcare and improving the overall well-being of our communities. I’ve been very fortunate in my healthcare career. As the Founder & CEO of MedPilot, we capped off a seven-year journey with a successful exit when we were acquired by Vytalize Health. For the last three years, serving as Chief Innovation Officer, I’ve had the honor to contribute to the remarkable growth at Vytalize, impacting the lives of hundreds of thousands of patients by enhancing the quality of care they receive. I am immensely grateful to Matt Buder Shapiro, not only for being the perfect partner and co-founder but also for being an incredible friend. Additionally, I extend my heartfelt appreciation to Faris Ghawi, Amer Alnajar, and Jordan Brown for their outstanding leadership and for broadening my perspective on the significance of value-based care. This journey has not only provided me with industry expertise but has allowed me to cultivate invaluable relationships and an incredible network. As I embark on this new chapter, I am profoundly grateful to be supported by top executives and thought leaders in the investment, wellness, and healthcare industries. Within the healthcare ecosystem, we are represented by key stakeholders from health systems, insurers, governmental organizations, retail health businesses, provider groups, and value-based care organizations. At Pave Health Ventures, we believe the timing couldn't be more opportune to help support health-focused startups. With the growing prevalence of illness and chronic health conditions impacting our communities, consumers and key Healthcare Stakeholders are increasingly prioritizing proactive and preventative care. This shift in focus is fueling demand for technology, products, and services aimed at improving health outcomes, unlocking trillions of dollars in growth potential within the healthcare landscape. Pave Health Ventures is all-in. We are actively seeking solutions that tackle the root causes of illness, manage chronic conditions, and optimize care and care teams. Please support us in our mission by opening your networks and introducing us to amazing founders and entrepreneurs. Together, let's help pave the way to a healthier tomorrow. Jacob Myers

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An interesting article below, that demonstrates out how San Diego is punching above its weight.  And how Connect's strategy and execution over time, contintues to be central to that success. The article describes the current state of the market in Seattle.  (And i love Seattle.) It's a market that we tend to track with relative to venture fundings.  They used to kick our butts, we outraised them each of the last three years.  This despite the fact they have 3x as many funds there, and 9x the amount of resident capital there. (per pitchbook) Some key takeaways:  * They continue to compare themselves to SIlicon Valley. Instead, we leverage our proximity. *They whine there's not enough local investors (see note above - they have more than us). We bring over 200 VCs to SD annually! * They say founders are not connected with one another. We bring CEOs together regularly, in a variety of ways - private dinners and through our Springboard program. * They say they need to elevate their image on a national & international stage. Why we created and continue to build Five.Ten.Thirty (aka Inno Day).  * And the last paragraph - they need to concentrate on making their region a great place to live. Our mantra: "It's about Better, not Bigger." (See XEO, TL Fund). THANK YOU FOR ALL OF YOUR SUPPORT. WE ARE ON A MISSION TOGETHER!!!  (Comments, whining, suggestions on SD always welcome.) https://lnkd.in/g6Rq_f2Y

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Data security safety concerns with using GenAI: Vets BEWARE Any, in fact ALL, #veterinary #clinicians using any #LLM large language models #AI for any part of clinical work (this includes scribing software) need to be aware of this. If models can memorise and regurgitate copyrighted information, they sure as hell can do the same with confidential medical information and owner personal information. Before you use any software, find out what happens to the data you give it!

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At Costanoa Ventures, we pride ourselves on identifying and supporting exceptional founders poised to create impactful, lasting change. Hona is a shining example, driven by a trio of extremely talented founders: Manny Griffiths, Joshua Christensen, and Matt McClellan. They each bring unique, differentiated expertise to the table, and Amy Cheetham and I are extremely excited to partner with them. There are approximately 450,000 law firms in the United States, with half of those firms being B2C - think personal injury, mass tort, or immigration law as opposed to BigLaw. One of the reasons we love how Hona is tackling this market is their focus on B2C law firms and product excellence - B2B firms are historically difficult to sell brand new software products into, but B2C firms are completely different buyers. Oftentimes there's just a handful of lawyers and paralegals in a partnership, and any piece of technology they can use to give them an edge would be valuable. 44% of negative Google reviews on law firms directly reference poor communication as the reason for a negative experience, and the number 1 reason for Attorney Bar complaints in the U.S. is "lack of communication". On the lawyer's side, attorneys, paralegals and legal assistants spend an average of 7.4 hours per week on unnecessary updates, redundant communication, and activities that aren't directly contributing towards getting a client's case solved. Manny and the team at Hona are working to change all of that. Hona delivers a tightly-integrated communications platform to help facilitate better communication between law firms and their clients. During legal proceedings, client communications tend to be a large resource-stressor for law firms. Clients will frequently call firms for case updates, legal explanations, or general administrative questions that tend to eat away at firm resources without providing any additional progress toward case resolution. Hona exists to ease that burden - it’s a platform that allows law firms to efficiently communicate with their clients over text, easily build customizable web pages and embed videos, and share information on case status and basic legal process education. This crucial communication processes allow attorneys to focus on their job – moving cases forward, while keeping their clients informed and educated. If you're a lawyer dealing with these problems - don't hesitate to reach out to us or the Hona team! It's a privilege to work with Hona on this journey. The company has been growing at a rapid pace, and they're delivering meaningful technology to help people get through legal proceedings in a much more fluid, transparent, and easy process. Manny, Joshua, and Matt are exceptional founders whose combined skills and dedication to continuous learning position them perfectly to lead Hona to success. They're just getting started, and we can't wait to see what they'll achieve.

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"When my Bonobos cofounder, Brian Spaly, and I had a falling-out in 2009, two years after starting the company, we made a strange decision. We decided that we would share the details of how our partnership fell apart with the community where our friendship and our company were forged: Stanford Business School." Read more about "3 key questions to ask before you start a company with a friend" #questions #company #CoFounders

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Thank you, and kudos, Laura Rath, the rest of the team at Archstone Foundation, and the folks at RAND for putting together an action framework that not only helps us better understand the drivers of older adult health by providing a detailed picture of the current health and well-being of the state’s older population, including data and trends over time, but also points the way toward meaningful change. This type of tool is precisely what organizations like Bet Tzedek Legal Services need to make meaningful, strategic decisions on how best to deploy our limited services to improve the lives of older and dependent adults. Check out the full article below regarding this incredible advocacy tool, and check out the framework itself here: https://lnkd.in/ggybiwBX

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