Photo: praciticalowl via Flickr
This week we met with a former investor, Jordan Elpern-Waxman. He recently left his position at Genacast Ventures, a seed stage firm that partners with Comcast Ventures.We asked him why he resigned. He said he did so for a startup.
In particular, Waxman said he wants to be on the “right side of the market.”
“It’s a seller’s market (meaning the startup equity market), and you want to be on the right side of it,” he said.
Lately, entrepreneurs have had the upper hand. Instead of pitching investors, investors are pitching them, trying to push their way into hot deals. They’re sending catered lunches and coming with term sheets in hand to startup Demo Days. One founder, Josh Miller of Branch, received an investment offer of $500,000 after a 15-minute coffee meeting.
We reminded Waxman that startups won’t always have the upper hand; the market will change. He replied with a quote from Comcast’s founder, Julian Brodsky, about the 90’s:
“We didn’t know when the market would peak, but we knew there was no time to lose.”
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