Mike Maples Jr. Floodgate

What Mike Maples Jr., Floodgate says about topics vital to entrepreneurs

Mike Maples Jr. Posts – Titles

Mike Maples Jr.  Posts  – Titles  (5 posts)

 

When a Team Meets a Market

Develop Customers while Developing Product

Mike Maples Jr.: What I Look For

Must Have Massively Huge Markets to be Great

Great Startups Have a Simple Elegance

 

Great Startups Have a Simple Elegance

Mike Maples Jr. Founding Partner Floodgate and former entrepreneur

“[Great] startups have a simple elegance to them where you just immediately say, That’s a great idea and I think it’s going to work, and I think this entrepreneur can pull it off.” Mike Maples, Seed Capital From Angel Investors: Mike Maples, Founder And Managing Partner, Floodgate, July, 2010; http://www.sramanamitra.com/2010/07/13/seed-capital-from-angel-investors-mike-maples-founder-and-managing-partner-floodgate

Must Have Massively Huge Markets to be Great

Mike Maples Jr. Founding Partner Floodgate and former entrepreneur

“[It’s] important to have massively huge markets and that without a great market, a startup has almost no chance of being great.

[] [We] don’t talk in terms of available markets. The reason is when I can analyze the total available market, the market’s too obvious, and if the market’s obvious, then big companies are probably already going after it.

So, we like to talk about the total potential market. [] [The] market is ambiguous, but it’s potentially huge.

[That’s] the hardest challenge for us as investors, evaluating a market’s potential. All the other things that we look for are pretty easy to spot early on, but assessing the market’s potential is really, really hard.  I think it’s as much black art as it is science.” Mike Maples, Seed Capital From Angel Investors: Mike Maples, Founder And Managing Partner, Floodgate, July, 2010; http://www.sramanamitra.com/2010/07/13/seed-capital-from-angel-investors-mike-maples-founder-and-managing-partner-floodgate

Mike Maples Jr.: What I Look For

Mike Maples Jr. Founding Partner Floodgate and former entrepreneur

“We just love the companies where the entrepreneurs have a really authentic, passionate understanding of the area and they want to just do something massive.

[] [The] first thing that we look for [in people] is authenticity.[] [The] term serial entrepreneur is not always a positive virtue. We like people who say to us, This is the only company I ever want to do.

The second thing that we look for is completeness in the team. Experience and completeness aren’t necessarily the same thing.  A complete team has a combination of business and technical vision and business and technical execution. If you have all four of those bases covered, the probability that you will be stopped by something where you had a blind spot goes down [].

[The] third thing that we look for is how experienced is the team. [] [Those] first two things matter to us more. Execution can be hired; vision can’t. So, it’s that authentic voice and a team that meshes well together in a special way . . . that’s the stuff you can’t hire and fix later. If you get it right when the company starts, then you have a better chance, in our view.”  Mike Maples, Seed Capital From Angel Investors: Mike Maples, Founder And Managing Partner, Floodgate, July, 2010; http://www.sramanamitra.com/2010/07/13/seed-capital-from-angel-investors-mike-maples-founder-and-managing-partner-floodgate

Develop Customers while Developing Product

Mike Maples Jr. Founding Partner Floodgate and former entrepreneur

 “[The] most important thing that angel-backed founders could do to increase their chances of success [is to] do customer development in parallel with product development. [] [Businesses] don’t just create products, they create customers. [I’ll] ask an entrepreneur, What’s your customer creation road map [and how many customers will you have created this time next year?] [] A lot of people think customer development is interviewing customers or spending time with customers.  In my view, you’re trying to create customers just like you’re trying to create product, and you create them at the same time.”  Mike Maples, Founder And Managing Partner, Floodgate, July, 2010; http://www.sramanamitra.com/2010/07/13/seed-capital-from-angel-investors-mike-maples-founder-and-managing-partner-floodgate

When a Team Meets a Market

Mike Maples Jr. Founding Partner Floodgate and former entrepreneur

 “[] we just fundamentally believe that when a great team meets a bad market, the market wins. [] sometimes when a lousy team meets a great market, the market doesn’t win and the company does really well. [] When a great team meets a great market, that’s when everything goes right.”    Mike Maples Jr., Seed Capital From Angel Investors: Mike Maples, Founder And Managing Partner, Floodgate (Part 10); http://www.sramanamitra.com/2010/07/13/seed-capital-from-angel-investors-mike-maples-founder-and-managing-partner-floodgate