The goal of this Fast Track Sprint is to prove that you can quickly get started and successfully fundraise for your fund. You will optimize your track record, refine your fund Thesis, and secure a new commitment from a Limited Partner, called a PACT in less than a month.
If you can secure a PACT in under a month, then you gain initial proof that you can raise and close a fund. This is one of the most important things to validate when starting a new venture capital firm. Successful completion will help secure you a position in the upcoming VC Lab program. Good luck!
Getting Started
(Set Up for Success) Get set up to succeed. First, read about the VC Lab Way here (https://vcl.to/hcf). Next, review all of the work in this Sprint and allocate approximately an hour per day in your calendar to accomplish the Activities. Then, make a copy of this Google Doc (https://vcl.to/fast-track) to complete the work for the Sprint, renaming the fast Track Doc to include your first and last names. Lastly, update the sharing permissions of the Fast Track Doc to anyone with the link.
(Access Decile Hub) Secure an Invitation Code to Decile Hub, the leading VC operating system. First, draft an email titled, “{First_Name Last_Name} Fast Track”, and include your LinkedIn, a couple of sentences on your fund, and an accessible link to the Fast Track Doc. Next, send the email to admissions@vclab-team.com so that VC Lab can check your progress. Then, wait for a reply with the Invitation Code to Decile Hub. Lastly, go to Decile Hub and login with the Invitation Code and complete the first five onboarding steps, writing “DONE” when complete.
Next Steps
(Build Your LinkedIn) Work to expand and curate your LinkedIn network. First, write the total number of LinkedIn connections that you have. Next, go through your education, your professional background, your hobbies, and your other interests to add any notable individuals that are not in your contacts as connections on Linkedin. Then, review LinkedIn suggestions for people that you may know and connect with everyone that you missed through this process. Lastly, identify influencers or notable individuals related to your Thesis and add them as connections, writing the total number of LinkedIn connections after this process with a couple of sentences for ideas on how to expand your LinkedIn reach further.
(Quantify Your Track Record) Collect impressive data about your accomplishments for a fund Thesis. First, read this article (https://vcl.to/b6f) about quantifying your Track Record. Next, pick two of the Track Record Metrics that are best aligned with your background. Then, collect a few sets of impressive data from your background for each of the two Track Record Metrics. Next, write a couple bullet points about why a Limited Partner will choose to invest in your fund instead of a similar one. Lastly, write a couple short sentences focused with one piece of data in each of the Track Record Metrics that you identified.
(Draft a Thesis) Refine the Thesis for the fund. First, read through all components of the Pre-Curriculum here (https://govclab.com/curriculum). Next, on Decile Hub, go to AI Toolkits and use the AI Thesis Generator, which will suggest multiple Thesis options and advice. Then, after working with the AI Toolkit, tell the AI which Thesis you want and save it to your profile. Lastly, write your final Thesis using this template: “[Fund Name] is launching a [$x MM] [Stage] venture fund in [Country / City] to back [Geography] [Sector / Market Companies] [with Secret Sauce].”
(Define LP Archetypes) Identify LP Archetypes to target. First, read these articles about how to target LP Archetypes (https://vcl.to/3u3 & https://vcl.to/9e9). Next, go to the AI Toolkit in Hub and select the LP Archetype Advisor, which will use your Thesis to generate target LPs for you. Then, click on the search link for relevant LP Archetypes, and then browse 1st degree LPs on LinkedIn for LP Leads that you know well. Lastly, when you find a good LP Lead, click the “Contact info” link on their profile and use the Chrome Plugin to instantly import them to the Fundraising pipeline.
NOTE: Ensure that you have the Chrome Plugin installed from the Dashboard to research and add LPs.
(Validate the Thesis) Share your Thesis to solicit feedback. First, move the most relevant LP Leads to from the Added Stage to the Outreach Stage in Decile Hub. Next, click the Next Task in Hub to send an intro email, and click the generative AI customization checkbox to help quickly customize the email. Then, send outreach to a handful of Lead LPs with the goal of getting feedback on your Thesis. Lastly, for Lead LPs that engage, set up a meeting to discuss your newest project, using Hub to help and track with Stages and email templates.
IMPORTANT: Read the VC Lab General Solicitation guidelines (https://vcl.to/gensol) prior to beginning outreach.
(Secure a PACT) Work with interested LP Leads to secure a non-binding commitment letter to invest, a PACT. First, read the following articles to better understand fundraising from Limited Partners and the PACT (https://vcl.to/vwx, https://vcl.to/paw, https://vcl.to/PACT_agreement, https://vcl.to/vab). Next, go to the Fundraising pipeline in Decile Hub, and click on PACT to customize the signing experience for your LP Leads. Then, when a LP Lead expresses interest in your Thesis, ask them to sign a PACT. Lastly. send all engaged LP Leads a link to sign a PACT through Hub, and follow up with the LP Lead up to five times to get the PACT signed.
NOTE: If your Thesis is strong, 1 in 5 LP Leads should sign a PACT without a presentation or other materials, whereas any lesser rate indicates that the Thesis still needs significant work.
(Completion) Provide VC Lab with an update. First, email admissions@vclab-team.com and notify the VC Lab team that your Sprint is complete with any feedback on the experience. We are here to help!