152 karma · joined March 17, 2007
Imagine this pitch (a VC pitching a founder):
"Hello, we’re Founder Friendly Capital. We
• Give you a quick and clear answer. 3 meetings, 2 weeks, yes or no. • Sign up to a plain-English, Founder-Friendly Termsheet. We pay our own legal costs. • 1x Liquidation Preference, no veto on Arms Length transactions. Four weeks to decide. No one-way NDAs. • We’ll always do our pro-rata in the future or sell you back our stake. • Will never bring in an outside CEO without at least 50% Founder consent. • You’ll get access to the following resources. X hours of our recruiter time. Access to Y network. Office hours with your Partner. • Board Seat above $X, Board Observer below that, no Board Control • No Option Pool Shuffle – the Pre-Money is the true Pre-Money • Minimum investment amount is $__; Minimum ownership percentage is __% • Choose your Partner – don’t be embarrassed to ask • 10% of the Round can be used for Founder Liquidity …"
Well said, Naval.
I'm impressed. Would like some words of advice from you, as I am attempting something similar but less ambitious. Ok to contact you via email?
If you ship a lot of high value items, just save some of your profits for such a rare eventuality (also called "self-insurance").
Do you have an idea (or know someone who does) as to
1. How is the Shipping Label (with tracking# if that's feasible) generated?
2. Which are the major couriers picking up the packages from the small ecommerce shop locations and delivering them?
3. Is the Indian Post Office a major player at all (in the US, the USPS is the largest ecommerce delivery company...bigger than UPS, FedEx and DHL combined)
I doubt you will get great developers that way.
Yahoo stores, once the pioneer that unleashed ecommerce in US, is a joke in ecommerce inner circles. It could have dominated ecommerce, had it not been for Yahoo management's complete and utter neglect of the platform after acquisition.
The main reason Yahoo Stores is in business today is because it's difficult to move your ecommerce platforms, once you are beginning to grow. Despite that stickiness, there is a daily bloodletting of Yahoo Stores defecting to the new, nimbler and customer-centric enablers such as Shopify. Users are frustrated at the zero innovation at Yahoo Stores.
Marissa Meyer has never brought up Yahoo Stores as one of Yahoo's key properties. I suspect it's because Yahoo Stores is so small today that it just doesn't register at her level. That should not be. There are probably only 40,000 Yahoo stores today (the business started 18 years ago). Compare that with Shopify (started 9 years ago), which is slated to sail past 80,000 stores this year.
I should have our dev build this report, but don't get me started on that rant :-)