How to pitch me: 10 investors discuss what they’re looking for in June 2023

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By Walter Thompson

Tuesday, June 13, 2023

Welcome to TechCrunch+ Tuesday

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Image Credits: ligora / Getty Images

There's a direct correlation between the size and strength of your network and your chances of success.

In fact, it's relatively easy to connect with reputable investors — most firms' websites have email addresses and contact forms.

There are a myriad of reasons why startups fail to get off the ground, but it generally boils down to three things:

  • you don't have a billion-dollar idea.
  • you're pitching the wrong investors.
  • they're not sure if you can execute against the plan.

This month, all ten "How to pitch me" participants shared their investment thesis, along with tactical advice for nontechnical founders and the questions they expect entrepreneurs to ask them during pitch meetings:

  • Vivek Ramaswami, partner, Madrona
  • Monique Woodard, founding partner and managing director, Cake Ventures
  • Adam Struck, founder and managing partner, Struck Capital
  • Jenny Lefcourt, general partner, Freestyle Capital
  • Champ Suthipongchai, general partner, Creative Ventures
  • Latif Peracha, general partner, M13
  • Rich Maloy, managing partner, SpringTime Ventures
  • Harley Miller, co-founder and managing partner, Left Lane Capital
  • Blair Garrou, co-founder and managing director, Mercury Fund
  • Kristin Wilson, venture partner, Oui Capital

Thanks very much to everyone who took the time to respond!

If you're an early-stage investor who'd like to be included in future columns, email guestcolumns@techcrunch.com with "How to pitch me" in the subject line.

Have a great week,

Walter Thompson
Editorial Manager, TechCrunch+
@yourprotagonist

Read More

Paid acquisition: The #1 way to find product-market fit

Paid acquisition: The #1 way to find product-market fit image

Image Credits: c-foto / Getty Images

Spending money on Google AdWords, Meta, or with an influencer takes some getting used to.

Paid acquisition takes time to generate positive returns, but growth expert Jonathan Martinez says it’s still “the most efficient and frictionless way possible” to achieve product-market fit.

In this week’s column, he explains how to determine which channels work best with your offerings and breaks down his “battle-tested waitlist method” for capturing and leveraging user interest using tools like Canva and Leadpages.

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TechCrunch mixer at VivaTech Paris: June 15

Sponsored by TechCrunch

We're hosting an invitation-only cocktail hour — if you'll be around, apply now for a chance to join us!

À bientôt!

The 'AI arms race' is about more than who will lead the industry

The 'AI arms race' is about more than who will lead the industry image

Gaingels Managing Director Lorenzo Thione talked to Dominic Madori-Davis about his work leading sustainability and AI investments for the syndicate and his journey as an openly gay investor.

In a wide-ranging conversation, Thione shared his views on today’s frothy AI market, spoke about where the sector is headed, and emphasized why it’s important to support founders who identify as LGBTQ+.

“They simply were not getting any access to the venture engine because of who they were,” he said.

Read More

Here are the most richly valued startup types in today's early-stage venture market

Here are the most richly valued startup types in today's early-stage venture market image

Image Credits: z_wei / Getty Images

I am not an early-stage investor, which is why I was so surprised to learn that video-game startups led the pack with regard to the median amount of seed money raised in Q1 2023.

“Transportation came in second, followed by food, biotech, data analytics, and then CRM and SaaS,” reports Alex Wilhelm, who reviewed numbers from Carta.

At the Series A level, renewables, logistics and hardware startups topped the list.

“Don't worry, the answer here is not just ‘build an AI startup,’ even if that does appear to be pretty solid advice for avoiding a down round.”

Read More

Venture firm Black Seed raises £5M inaugural fund to invest in Black founders

Venture firm Black Seed raises £5M inaugural fund to invest in Black founders image

Image Credits: Black Seed

Between 2009 and 2019, VCs operating in the U.K. directed 0.24% of their funding to Black founders.

“That's worse in some ways than in the United States,” writes Dominic Madori-Davis. London-based Black Seed, an early-stage VC firm, recently raised £5 million to support Black entrepreneurs.

“We exist as a tech fund and a community,” said founder Karl Lokko. "We exist to bridge that gap and give Black founders inclusion.”

Read More

Deal Dive: Finally, a startup building a network for those who could benefit the most

Deal Dive: Finally, a startup building a network for those who could benefit the most image

Image Credits: Getty Images

A decade ago, Porter Braswell started Jopwell, an online community for people in tech “from underrepresented communities and backgrounds,” reports Rebecca Szkutak.

But expanding access doesn’t solve every problem.

“Retention is a major challenge and still remains so," says Braswell, who’s now launching 2045, a career platform that will support workers between 30 and 45 years old with coaching, advice and events.

"It's very taxing to be a professional of color in this country," he said.

“If you're a professional in the middle stage of your career and you look up and don't see someone who looks like you, it is exhausting.”

Read More

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Trump faces the music in Miami

Presented by The Coalition to Protect America's Regional Airports: POLITICO's must-read briefing on what's driving the afternoon in Washington.
Jun 13, 2023 View in browser
 
Playbook PM

By Garrett Ross

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The Coalition to Protect America's Regional Airports

Members the media and others watch as former President Donald Trump arrives at Trump National Doral resort.

The media circus has descended on Miami as Donald Trump prepares to be arraigned on federal charges Tuesday afternoon. | Gerald Herbert/AP Photo

SCENES FROM MIAMI — Former President DONALD TRUMP is set to be arraigned in Florida this afternoon over a host of federal felony charges relating to his possession of classified documents at Mar-a-Lago after he left the White House.

Our colleagues Kyle Cheney, Josh Gerstein and Andrew Atterbury have the report from Miami: “In the hours leading up to Trump’s arrival, a familiar tension was in the air, as security forces and police ramped up patrols around the courthouse and warned against street clashes and other potential dangers. The atmosphere was reminiscent of Trump’s other criminal arraignment, just 10 weeks ago in a separate case brought by New York prosecutors who say he falsified business records in connection to hush money payments.”

Miami Police Department officers prepare at the Wilkie D. Ferguson Jr. U.S. Courthouse, Tuesday, June 13, 2023, in Miami, before former President Donald Trump makes a federal court appearance on dozens of felony charges accusing him of illegally hoarding classified documents and thwarting the Justice Department's efforts to get the records back.

Miami Police Department officers secure the area surrounding the Wilkie D. Ferguson Jr. U.S. Courthouse on Tuesday, June 13. | Gerald Herbert/AP Photo

More from Miami …

  • “Reporters and TV crews outnumbered supporters of former President Donald Trump outside the courthouse” this morning, reports the Miami Herald
  • “National television networks are teeing up wall-to-wall arraignment coverage. CBS, ABC and NBC will all cut into their afternoon programming and go into special report mode at some point after 2 p.m.,” per the NYT.
  • Perhaps sensing the opportunity for free media, GOP hopeful VIVEK RAMASWAMY showed up at the courthouse and “challenged every other GOP presidential candidate to commit to pardoning Donald Trump if elected,” per WaPo.
  • Trump’s “fingerprints will be taken digitally — not with ink. But no mugshot will be taken,” CNN reports, citing a “a law enforcement source.” “The US Marshals do not take DNA as part of this process.”

Meanwhile, in New York: “Tish James says she’s received death threats amidst Trump prosecutions,” by Julia Marsh and Kierra Frazier

INSIDE THE HOUSE GOP — Drama erupted from a closed door meeting of House Republicans today over GOP hardliners' blockade of floor action last week. Rep. DERRICK VAN ORDEN (R-Wis.) criticized the move in a “heated, expletive-laden speech,” CNN’s Melanie Zanona reports, with Van Orden stating that “his daughter is dying of cancer, and yet he still ‘shows up to work every f*cking day.’”

Van Orden added that while he’s been introducing bills to save lives, “it’s not shit that gets on Fox News,” while Rep. CHIP ROY (R-Texas) pushed back, arguing that he came to Washington “to shrink” the government.

Others backed up the exchange, with one anonymous member telling Axios’ Juliegrace Brufke: “I left when Van Orden started dropping multiple F bombs about the 11 who are holding people hostage.”

Still, Rep. DON BACON (R-Neb.) noted during the meeting that there’s “a little bit of slugging going on” inside, but that “95% of the conference is on the speaker’s side,” per CNN’s Haley Talbot.

Meanwhile, Republican Conference Chair ELISE STEFANIK (R-N.Y.) went after the press asking about the party’s internal strife, telling reporters, “The media, every week you guys underestimate us.”

Good Tuesday afternoon. Thanks for reading Playbook PM. Drop me a line at gross@politico.com.

 

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THE ECONOMY

INFLATION NATION — The latest reading of the consumer price index dropped this morning, showing yet another month in which inflation abated — though the full picture still shows an economy under intense pressure.

The topline number: “Measured year over year, inflation slowed to just 4% in May — the lowest 12-month figure in over two years and well below April’s 4.9% annual rise. The pullback was driven by tumbling gas prices, a much smaller rise in grocery prices than in previous months and less expensive furniture, air fares and appliances,” AP’s Christopher Rugaber writes.

The less-rosy picture: “Excluding volatile food and energy prices, the picture wasn’t as optimistic. So-called core inflation rose 0.4% on the month and was still up 5.3% from a year ago, indicating that while price pressures have eased somewhat, consumers are still under fire,” CNBC’s Jeff Cox writes.

Reminder: The Fed is meeting this week to discuss interest rates, and today’s figures were expected to offer a little bit of wiggle room for officials.

2024 WATCH

GREAT SCOTT — NBC’s Peter Nicholas and Alex Seitz-Wald are up with a look at how Sen. TIM SCOTT’s (R-S.C.) presidential bid is playing among the Democratic side of the aisle. Despite Scott’s relative long shot status, “Democrats worry that as a Black man, Scott, who was elected to the Senate in 2012, would peel away voters who are crucial to Biden’s re-election,” Nicholas and Seitz-Wald write. “That, at age 57, Scott’s mere presence on the debate stage would call attention to the inconvenient fact that Biden is the oldest president ever. And that with an upbeat message, Scott might appeal to an electorate disenchanted with the sour state of American politics.”

Nice numbers: “In home state flex, Tim Scott shares names of 69 donors on SC finance committee,” by the Post & Courier’s Caitlin Byrd

MORE POLITICS

THE NEW GOP — The New Republic’s Grace Segers is up with a new profile on Arkansas Gov. SARAH HUCKABEE SANDERS, whom she tabs as a key part of the future of the Republican Party. “Establishment Republicans and the political commentariat have been wringing their hands over who could possibly lead the party after Donald Trump, wishcasting into the void for a successor capable of appealing to his base. Sanders may be a viable contender to step into that vacuum, as her prominence, knack for partisan warfare and early legislative successes have cemented her as the Republican governor to watch in the not-quite-post-Trump era.”

 

STEP INSIDE THE WEST WING: What's really happening in West Wing offices? Find out who's up, who's down, and who really has the president’s ear in our West Wing Playbook newsletter, the insider's guide to the Biden White House and Cabinet. For buzzy nuggets and details that you won't find anywhere else, subscribe today.

 
 

CONGRESS

LIV AND LET DIE — The furor over the merger between the PGA Tour and LIV Golf is settling in on the Hill as all corners of D.C. turn their attention to the controversy. “Whether the commotion will amount to anything beyond a few news cycles of fussing — a successful assault on the PGA Tour’s tax-exempt status comes to mind — may not be clear for months. But a week into golf’s latest maelstrom, a deal that could eventually prove lucrative for players and executives is already promising a booming era for lawyers, lobbyists and political sound bites, too,” NYT’s Alan Blinder and Kevin Draper write.

Related read: “Congress Prepares to Tee Off on the PGA Tour’s Saudi Deal,” by WSJ’s Louise Radnofsky and Andrew Beaton

GUNS IN AMERICA — Reps. LUCY McBATH (D-Ga.), JAMES CLYBURN (D-S.C.) and MIKE THOMPSON (D-Calif.) filed three discharge petitions today that would override Republican objections and force votes on bills bolstering background checks and banning assault weapons, WaPo’s Marianna Sotomayor reports. The long-shot procedural move means that “[i]f all Democrats sign on to each bill, the minority party would only need the support of five Republicans to force a vote,” though “the task of shepherding all these bills through a politically divisive Congress has already proven difficult.”

POLICY CORNER

FOR YOUR RADAR — As the White House pushes for the reauthorization of Section 702 of the Foreign Intelligence Surveillance Act — which is set to expire at the end of the year — it is declassifying and touting the program’s success in catching a range of nefarious actors, from fentanyl trafficking, foreign cyberattacks and Beijing’s persecution of dissidents, our colleague John Sakellariadis writes. “But the disclosures are not likely to sway lawmakers who argue the spy tool presents an unacceptable privacy risk to Americans.”

THE FUTURE IS NOW OR NEVER — “The digital dollar’s bipartisan problem,” by Ben Schreckinger: “Though a potential U.S. [Central Bank Digital Currency] remains merely a subject of government study, mainstream Republicans, Silicon Valley libertarians and anti-establishment leftists have all converged in their opposition to the idea, citing concerns over privacy and government control. These domestic political obstacles leave a lane open for other monetary authorities to influence the design of digital money systems.”

THE CRYPTO CRISIS CONTINUES — “Binance Emergency Fund Dwindles as SEC Takes Aim at the Crypto Exchange,” by WSJ’s Caitlin Ostroff and Patricia Kowsmann: “The fund was valued at nearly $950 million at the start of the month, according to blockchain addresses that Binance says hold the assets. After the Securities and Exchange Commission sued Binance last week, it fell to some $840 million.”

 

GET READY FOR GLOBAL TECH DAY: Join POLITICO Live as we launch our first Global Tech Day alongside London Tech Week on Thursday, June 15. Register now for continuing updates and to be a part of this momentous and program-packed day! From the blockchain, to AI, and autonomous vehicles, technology is changing how power is exercised around the world, so who will write the rules? REGISTER HERE.

 
 

AMERICA AND THE WORLD

FOR YOUR RADAR — “U.S. military says helicopter accident in northeastern Syria left 22 American troops injured,” by AP’s Bassem Mroue in Beirut: “The military statement said the service members were receiving treatment and 10 were moved to ‘higher care facilities’ outside the region.”

MORE AID ON THE WAY — “U.S. Set to Approve Depleted-Uranium Tank Rounds for Ukraine,” by WSJ’s Michael Gordon and Gordon Lubold: “The Pentagon has urged that the Abrams tanks the U.S. is providing Ukraine be armed with depleted-uranium rounds, which are regularly used by the U.S. Army and are highly effective against Russian tanks. Fired at a high rate of speed, the rounds are capable of penetrating the frontal armor of a Russian tank from a distance.”

DOD ON ARRIVAL — “Pentagon Trying to Get Weapons to Allies Faster,” by WSJ’s Gordon Lubold

DANCE OF THE SUPERPOWERS — “Yuan Under Pressure as U.S., China Rates Set to Diverge Further,” by WSJ’s Weilun Soon and Matthew Thomas: “The Chinese yuan has weakened against the U.S. dollar over the past three months, and went past 7.16 per dollar in mainland China’s tightly controlled currency market on Tuesday.”

Related read: “Chinese Businesses Look to New Frontiers in Middle East,” by WSJ’s Stephen Kalin

PLAYBOOKERS

SPOTTED last night at opening day of the Chamber of Commerce’s 48th Annual General Meeting and India Ideas Summit at the Renwick Gallery: Secretary of State Antony Blinken, Indian Ambassador Taranjit Singh Sandhu, Ned Price, Atul Keshap, Scott Nathan, Anne Neuberger and Ed Knight.

MEDIA MOVE — Max Greenwood is joining The Miami Herald to cover Ron DeSantis, Donald Trump and the 2024 GOP primary. He previously was a national politics reporter at The Hill.

NAMES TO KNOW — “NBC News Announces Campaign Embeds For 2024 Election Cycle,” by Deadline’s Ted Johnson

FIRST IN PLAYBOOK — Mela Louise Norman, the current deputy chief of staff for Defense Secretary Lloyd Austin, is leaving her post at the end of June. Caroline Zier, longtime senior adviser to Austin, will succeed her as deputy chief.

TRANSITIONS — Eva Kemp is joining American Bridge 21st Century as VP of campaigns. She most recently was senior VP of paid media at Precision Strategies and is a Biden White House alum. … Sidney Johnson is now press secretary for Rep. Jahana Hayes (D-Conn.). She most recently was press assistant for Senate Majority Leader Chuck Schumer. … Aaron Guiterman will be executive VP and market leader for Washington, D.C., at BCW. He previously was chair for energy and industrials policy at Edelman Global Advisory. …

Joe Radosevich is now VP of campaigns and outreach at Center for American Progress Action Fund. He was previously chief of staff to then-Pennsylvania AG Josh Shapiro and is an Amy Klobuchar alum. … LaVontae Brooks will be a foreign service officer with State. He currently is deputy chief of staff for Rep. Steven Horsford (D-Nev.) and is a Dianne Feinstein and Congressional Black Caucus alum.

ENGAGED — Jonah Goldman, a co-founder and director of marketing at the vegan restaurant chain PLNT Burger, and Sara Pearl Kenigsberg, supervising producer for progressive production company HardPin, where she leads up political clients, recently got engaged after they closed on their new house. When they walked in for the first time with their keys, Jonah got down on one knee in the living room. The couple, who grew up in the same area, met the first week PLNT Burger opened in September 2019 and then the two matched a few weeks later on Bumble. Pics by Margaret WroblewskiAnother pic

WEEKEND WEDDINGS — Mallory Blount, deputy comms director for the Senate Republican Conference, and Brendan Jaspers, director of campaigns at Club for Growth, got married Saturday in Alpharetta, Ga. They were set up on a blind date by Herschel Walker’s Senate campaign manager Scott Paradise when Blount worked on the campaign. PicAnother pic

— Holly Geffs, policy adviser for emerging capabilities in the Office of the Secretary of Defense, and Garth Holden, analyst at Brydell Partners, got married Friday at the Riverside Yacht Club in Greenwich, Conn. They met in undergrad at Yale. Pic, via Melani Lust PhotographyAnother pic

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California Today: Inside a remarkable dance program at a California prison

A conversation with Brian Seibert, a dance critic for The New York Times who wrote about a dance class freeing men's bodies in a place meant to contain them.
Author Headshot

By Soumya Karlamangla

California Today, Writer

It's Tuesday. Inside a remarkable dance program at a California prison. Plus, a Sacramento skatepark has been named for Tyre Nichols.

Dance, one of the men in Chino said, goes against prison-culture codes of masculinity.Michael Tyrone Delaney for The New York Times

To dance is to be vulnerable, to feel free. To trust the people around you.

It's perhaps the least likely art form to show up in a prison, an environment designed around confinement and structure.

Brian Seibert, a dance critic for The New York Times, recently wrote about an inmate dance program that's flourishing at the California Institution for Men in Chino, roughly 35 miles east of downtown Los Angeles. Brian spent months reporting on the program's history and development, and he watched the students put on a graduation ceremony for their class, performing a dance, he writes, that allowed "the men to be seen, and to see themselves, differently."

After a funding drought in the 2000s, art programs at California prisons have been expanding lately, with programs in all state facilities since 2017. The growth of these efforts reflects a broader national movement away from punishment and toward inmate rehabilitation.

The program that Brian focused on, Embodied Narrative Healing, is unusual even within that shifting framework: It isn't state-funded, but run by volunteers and supported by private donations. And it's about dance, which is rarer than visual arts, theater or music in prison art programs.

"It's such an anomaly, and an accident really, that there is a dance program," Brian told me. "What all the guys told me is that in their world, touching other people is not allowed, or it's allowed but it's violent."

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That means that even things as simple as trust exercises, a mainstay of high school drama classes, become "profound inside of this environment," he said.

Even more remarkably, the Chino program is taught by Dimitri Chamblas, a highly acclaimed French choreographer. At an event in Los Angeles, he happened to meet Bidhan Chandra Roy, an English professor at Cal State Los Angeles, who had started an organization offering restorative justice art classes at Southern California prisons.

Chamblas was quickly captivated by working with the prisoners, Brian told me, and they by him.

It's unusual for someone of Chamblas's stature to teach a prison arts program. At least once, he has stopped in the middle of directing a fashion video in Paris and flown back to Los Angeles so he wouldn't miss the weekly class at the prison.

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"Chamblas knows nothing about prisons or about teaching in prisons, and of course there's a whole industry of people who specialize in this and all kinds of scholarship," Brian said. "He just goes in there with this big heart and his postmodern ideas, and they respond to it."

For more:

The New York Times

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Why the U.S. electric grid isn't ready for the energy transition.

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Josep Almar Pujol on the roof of a structure he had been building for decades near Spain's border with France.Samuel Aranda for The New York Times

The rest of the news

SOUTHERN CALIFORNIA
  • Joshua Tree fire: A blaze that ignited in Joshua Tree National Park over the weekend burned more than 1,000 acres and was 50 percent contained as of Monday afternoon, The Desert Sun reported.
  • Mother lode: A man cleaning a crawl space in a Los Angeles house last fall stumbled upon an estimated one million pennies stored in dozens of bags and boxes. Nine months later, the family is still trying to find a way to cash in the hoard of coins.
CENTRAL CALIFORNIA
  • Fresno canal: A body was pulled from a canal by machinery that automatically clears the waterway, The Fresno Bee reports.
NORTHERN CALIFORNIA
The Windy Oaks Estate Vineyard & Winery in the foothills of the Santa Cruz Mountains offers guests pinot noir and quiet picnics.Drew Kelly for The New York Times

Where we're traveling

A growing patchwork of bucolic wineries an hour's drive south of Silicon Valley.

What we're recommending

Twenty-four works of fiction to read this summer.

Tell us

After our very wet winter, a glorious summer is finally upon us. What's the best part of the season in California?

Email me at CAToday@nytimes.com. Please include your name and the city where you live.

And before you go, some good news

When Bruce Richardson saw a man collapse in a parking lot in Los Gatos, he immediately began performing CPR while a bystander called 911. The man survived, had quadruple bypass surgery and is now recovering, Bay Area News Group reports.

For his efforts, Richardson received the Red Cross certificate of extraordinary personal action last month. The honor was particularly meaningful for Richardson, who saw his father die of a heart attack when he was 15 years old.

"That left a big mark on me," he said.

Thanks for reading. I'll be back tomorrow. — Soumya

Briana Scalia and Geordon Wollner contributed to California Today. You can reach the team at CAtoday@nytimes.com.

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