Catching the Tail of Unicorn Tales

I recently caught a glimpse of two unicorn tails, in that I heard part of "Mythical Creatures: The Tales of Unicorns" panel discussion. This was an online event co-hosted and presented by Forward31 | by Porsche Digital, with a panel featuring Joerg Rheinboldt alongside guests Emmanuel Thomassin, Assaf Wand, and Sigalit Klimovsky.

Since according to CB Insights there are only about 400 unicorns in the world, it was a pretty cool opportunity to hear from two of them together. So what I'll do here is briefly share some panelist insights from the second half that might be helpful to people who did or didn't attend. (If you have thoughts to share from the first half, let us know!)

I'm highlighting three main topics from the event, raised by moderators Katy Campbell and Hadar Pode from Porsche Digital: 1) Decision-making, 2) Advice to Founders, and 3) Designed Networks. Let's go.

1) What decisions do you think led to your unicorn status?

Emmanuel Thomassin, Chief Financial Officer of Delivery Hero, offered these reflections: a) Go to markets where no one else is: like in Delivery Hero's case, the Middle East and South America.

b) Adjust and make tough decisions even if they require a harder path or more knowledge, ie. Delivery Hero chose On Delivery, or "OD" vs marketplace.

"Startups are fragile...but you build IP by doing the tough stuff." - Assaf Wand

Assaf Wand, CEO and Co-Founder from Hippo Insurance says: "Startups are fragile...but you build IP by doing the tough stuff." He shared at least two key learnings:

a) They decided to go to a regulated industry because it provided a quantifiable risk.

b) They realized that everything that was dependent on a third party could break, so it would be better to move things in-house (claims, data warehouse, etc.) and really own the whole vertical and build something valuable.

2) What's the best advice to founders regarding pitching to a VC?

Moderator Katy Campbell started with a reminder to keep it short and compelling.

Sigalit Klimovsky, Partner from Grove Ventures, advises:

• Actually listen to feedback from investors.
• Be mindful of the dynamic between your founders; investors are looking for the 'glue' that binds the founders. Is there apparent respect among the team?
• Be aware that even via Zoom, investors look for the 'space' where the founders can express themselves.
• Present a massive purpose, share your big vision, and vocalize the huge potential that your startup offers or addresses.

Joerg Rheinboldt, Managing Director from APX, says to keep in mind that the pitch is an opportunity for a deeper conversation with an investor, so be open to that but also know that some investors may need to turn it down right there if it's not a match; that actually saves everyone time. 

3) Be Outgoing and Specific on Networks and Meetings

Assaf ran the numbers on encounters with investors and sees a certain correlation: the way in which you came to a meeting with a VC (say a reference from another investor who knows your startup well) can directly impact the likelihood of 'conversion' from that meeting, conversion defined as a new investment decision. So the right intro enhances your chances.

That said, Joerg believes people tend to "design their networks." By attending sessions like these through APX or by reaching out with a very specific need (say like searching for a male co-founder or a female CMO), you can direct where you wish to grow your network.

Hope this is helpful! Feel free to let me know or share insights from the first half. ????

Thanks to all hosts & panelists! Follow me on Medium for more on innovation & diversity.