Margot Schmorak

As a founder and CEO, I’ve learned that true founder-market fit isn’t just about understanding your industry, it’s about the tenacity to push through when the inevitable challenges hit. Budget freezes, talent moves, customer churn, investor pullback, lost sales, and product or service quality issues are all part of the journey. Startups aren’t linear; the road is bumpy, and you need to be ready to navigate the unexpected. Building startup businesses in any sector is difficult but surviving and thriving in the technology arena is not for the faint of heart. You can have the best product-market fit in the world, but without the grit to keep going when constant change is afoot, key talent departs, or when you lose a big deal you thought was in the bag, it won’t matter. Your deep understanding, experience, expertise and comfort of the market gives you an edge, but it’s the ability to adapt, stay committed and push forward every day that ultimately drives success. Tenacity isn’t just a trait... it’s the backbone of every successful founder. It’s waking up every day, hungry to improve, iterate, and win. A results and outcomes disposition is key. Founders who embrace the uncertainty and keep the faith are the ones who move industries forward.

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One of my proudest moments as an investor occurred today as Alaffia Health announced its series A because it shows how the Aperture® Venture Capital vision of multi-level, multi-generational #impactinvesting is succeeding in the marketplace. Here’s the model in its most basic form : ✅As diverse fund managers with meaningful capital to allocate, we are changing the VC landscape every day just by doing our day jobs. ✅As Black/Brown investors with ~40 years experience collectively, Aperture GPs have access to talent /excellence that others do not, so our portfolio *organically* is more inclusive by race, gender and geography even while optimizing for financial outcomes (all about the alpha). ✅Our most successful portco’s are using financial #innovation to solve market problems that impact underrepresented demographics and underserved communities. Alaffia Health is a shining example of the impact portion of our overall fund thesis, and we couldn’t be prouder of TJ Ademiluyi and Adun Akanni, MPH, PMP - the dynamic brother-sister founder duo whose vision we have steadfastly supported on their journey. Congratulations to TJ and Adun from William Crowder and myself, as well as the whole Aperture team- Marjorie King Philip McKenzie Yves Louis-Jacques Tanvi Lal Michelle Dhansinghani Lisha Bell Katie Kelly Amy Chung Cindy Chong, CFA Brian Fernandes-Halloran Monroe France Jayden Pantel Darren Herman Evan Wladis Neal Triplett Thomas Scriven Peter Ammon Irina Bit-Babik Tim Milanich Rob Rahbari

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Today, GTMfund’s is excited to announce to launch of Operator, its first incubated company. Max Altschuler (founder of GTMfund) teamed up with co-founder Adam M. (design engineer and 0-1 builder) and co-founder Mark Kosoglow (Outreach employee #1 and former SVP of Global Sales) to create Operator.ai alongside an insanely talented team Pleasant Middelhof, Jeremy Jonas, Carl Gunderson. We've entered a period called “The Great Ignore”. Spam and irrelevant, poorly-automated outbound campaigns are running rampant.   Operator gives you an easy-to-use Growth Engineer that allows you to build and enrich lists with accurate data, and run experiments and queries using AI to generate highly targeted outreach.    Check out their website to get updates, early access, and see how they are taking the world back to 2 touches meant to attract buyers into conversations that convert, instead of 20 touches meant to make sure you hit your activity number: https://www.operator.ai/

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I recently sat down with a group of Forum Ventures founders about to go out to fundraise and the topic of SAFE rounds came up. The context focused on the pros/cons of raising a priced vs a SAFE round and the conversation notably shifted toward the dilution implications of a SAFE round. Founders are keenly aware of the top line dilution of any funding round - ie selling 20% of their startup for $3M at a $15M cap - but very few fully grasp the implications of doing a SAFE round vs a priced round. The universal standard for institutional VC investors is a post money SAFE. This document essentially outlines ownership that an investor will have in a startup just prior to the execution of a priced round. Most importantly though, it is structured so that an investor in that SAFE will not be diluted by subsequent SAFE's that are issued. This is where founder education around the implications of this structure are not fully appreciated. In a situation where a founder continues to stack subsequent SAFEs, they don't actually convert until the first priced round and the net dilution they are taking is actually more than they realize. Here is a practical example - take a situation where a founder has already sold 15% of their business on a post money SAFE in a pre-seed round, and is now choosing to sell another 20% in a seed round. If the founder opts to raise this money on SAFEs, the dilution of that additional 20% will come entirely from common equity holders- meaning they will now own 65%. If SAFE holders were also diluted by that round, as they would be in a priced round, the founder would own 68%. This dynamic becomes more dramatic the more capital a founder raises on SAFEs. Note - this is a high level example and does not include an option pool carve out or other round nuances. Almost universally, when a founder raises their first priced round, there is some degree of sticker shock at the outright dilution on their cap table, particularly when options pools are factored in. This pain is even more acute when a founder has raised a fair amount of capital on SAFEs along the way. There are certainly benefits to raising SAFE round, mainly cash in hand 6-8 weeks faster and not having to decide on board seats too early, but I encourage all of our founders to run through cap table modeling and correctly account for the implications of SAFE rounds before they make fundraising decisions.

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One thing that I, as an entrepreneur, would never, ever do. And that's... investing in a "surefire" business idea pitched to me by my cousin's friend's neighbor's dog walker's uncle's nephew. Because no matter how charming Fido's uncle's nephew might be, basing my entrepreneurial efforts on his golden advice is a recipe for *you know it*. Sorry, Fido! I mean, can you imagine the business plan meeting? "So, what's your market analysis?" "Uh, well, my neighbor's dog seems really excited about this tennis ball delivery service, so I figured it's a goldmine." Insert collective facepalm here. As entrepreneurs, we've got to trust our instincts. We've all heard those tales of someone who knows someone who had this groundbreaking idea that's bound to make millions, right? As tempting as it may sound, I firmly believe in due diligence and investing in ideas that I've thoroughly researched and understand inside out. Taking risks is part of the game, but taking advice from someone who hasn't walked the entrepreneurial walk? Not so much. Entrepreneurship is already risky. The last thing we need is to add an extra layer of uncertainty by hitching our wagon to a business idea endorsed by someone several degrees removed from the entrepreneurial world. Stick with what you know and believe in. There are no shortcuts to success ---> only smart decisions and hard work. #entrepreneurship #startup #business #lessons

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"If you need to be told what to do, don't buy a company-" This is just one of many unfiltered insights from my chat with M&A expert Chelsea Wood. Join us for this profound & unapologetic discussion on The Expertise Economy. Thinking about acquiring a business? Before you do, ask yourself this: When faced with a challenge, do you wait for instructions or take action? According to Chelsea, your answer could make or break your success as a business owner. "If you're somebody that's always just figured stuff out and you'll be fine, then you'll be fine as a business owner too." But if you're not? "Don't buy a company," she warns. Whether you're actively looking to buy or just curious about this wealth-building strategy, this episode is a must-listen. Tune in now. It might just change your entrepreneurial trajectory. #TheExpertiseEconomy #MandA #Entrepreneurship #WealthBuilding

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📈 Demand for fertility services is rising -> 💼 PE recognizes this and wants in -> 🏜 but opportunities are scarce (https://lnkd.in/g6zXEVZh). Highly recommend anyone who wants a deeper understanding of what's going with fertility and fertility tech read Aya Spencer's *2024 State of fertility tech report* (https://lnkd.in/gVjK_UpX) - it's a great summary

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“Do things that don’t scale” is advice that sticks with many Y Combinator founders, but it means more than simply rolling up your sleeves. Early on at Simplifine (YC S24), we chose to work directly with researchers—getting on calls, testing workflows, and uncovering their specific challenges. Those hours spent in detailed conversations and hands-on support weren’t efficient, but they gave us insights data alone couldn’t provide. This approach may seem counterintuitive, yet it’s helped us understand the deeper, often overlooked needs that drive our product direction. Taking this non-scalable route has led to surprising breakthroughs. By focusing on direct feedback and support, we’ve identified critical patterns and quickly adapted our platform based on real-world use, rather than assumptions. This clarity in direction means we aren’t investing in features or workflows that don’t have real impact. Instead, we’re building exactly what researchers need, helping us keep Simplifine focused and practical. Ultimately, our commitment to “doing things that don’t scale” is more than just a startup tactic; it’s our way of staying aligned with our users. The temptation to grow fast is real, but by choosing to engage personally with researchers, we’ve grounded Simplifine in what truly matters. These early, authentic connections have shaped our product and guide us as we scale—ensuring that Simplifine continues to serve the research community in ways that are both meaningful and impactful. #dothingsthatdontscale

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Congratulations to Roland Reynolds and the team at Industry Ventures on the raise of its latest $900M hybrid fund (split three ways, 40% backing VC funds, 40% directly investing in promising Series B startups from their existing partnerships, and 20% acquiring stakes in emerging investment firms from other LPs looking to exit). Read more from Marina Temkin, CFA at TechCrunch below. #VC #venturecapital #fundraising #startups #investing #news #technews #startupnews

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Hey folks, I think you might be aware that what we're building at DeepCast includes a podcast discovery and exploration platform for listeners at www.deepcast.fm. We also recently unveiled www.deepcast.pro -- a promotions, marketing, and monetization platform for podcasters (and folks like networks and agencies who support them). "You make the shows, let us help you with what comes after." Shows claimed and processed via DeepCast Pro are also published for listener consumption on DeepCast. High value all around! If you're a podcaster, claim your show at www.deepcast.pro to get started. Free speaker-labeled transcripts for all your episodes as well as generated insights for each (key takeaways, quotes, topic & keyword sets, summaries, and more) plus many more features—and growing daily! We're shipping fast over here! (Thanks to Rachel Perez Hosna Qasmei Kim Burgaard Benjamin Moon Rachel Magana Hari Ramachandran!)

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The talent market is about as disjointed right now as I’ve ever seen it... There is a incredible amount of tier 1 venture talent (multiple exits - real enterprise value creation and outcomes) opting for advisory, fractional or time on the “Beach” or “bench” right now. It’s not that they don’t want to find their next thing that they can sink their teeth into and go all in - many do - and candidate sentiment on the market has taken a 180 degree turn from Q1 2023 from negative to positive. It’s that the right next thing is incredibly hard to find right now. Messy cap tables, egregious valuations, lopsided preference stacks, limited run way, unclear ways to drive consistent growth (or even if product market fit exists) in a world that rode tailwinds for years, complex cultures, and more. Many of the “Clean” opportunities are still in seed / early series A. Many of the growth stage opportunities are plagued with cultural challenges or require a hard reset across the board. If I was in PE, or a large company looking for innovative talent, I would be doing my best to capitalize on this market. If I was in a clean VC backed company, I’d be going hard at courting the creme of the crop right no. If I was in a complex VC backed company, I’d get creative on management carve outs, outsized offers, and do what it takes to move the ball downfield. I think we’re about 9-12 months away from tech/tech enabled findings it’s way back to being at the top of tier 1 candidates list. It won't be 2021 again.... But I do think the market is going to be way less available. Move now.

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As we dive into 2024, the Series A fundraising landscape is becoming increasingly daunting. Investment standards are soaring, and fewer startups are making the cut. Series A investors are finding many seed stage companies too premature. The median valuation jump from seed to Series A skyrocketed from $19.5 million in Q1 2022 to $28.7 million in Q1 2024. Investors now demand stronger revenue performance, targeting $2 million to $3 million in ARR, up from $1 million to $2 million. Alarmingly, only 12% of Q1 2022 seed startups secured Series A funding within two years, down from 31.8% in Q1 2020. #venture #earlystage #seedtoseriesa #seed #seriesa #inspireglobalventures https://lnkd.in/gW4bkcNy

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Rolling into another day of the Primary Summit. Hit me up if we should connect onsite. Kudos to the Primary Ventures team so far, as yesterday’s Pre-Seed Summit was on point. Mar Hershenson, Benjamin Sun, Chris Douvos, Zach Weinberg, and Graham Pingree all dropping helpful nuggets for fund managers. Some paraphrased highlights: - Chris Douvos (AHOY Capital) - Most fund decks are terrible. Start with your people (not your strategy) and know you have about 6 slides of his attention. - Zach Weinberg (Curie.Bio ) - beleives SF’s AI talent is a significant advantage over NY, wouldn’t build AI in NY. Also questions if VC exits can keep up with VC expansion (generally hilarious and smart Twitter follow) - Mar Hershenson (Pear VC) - VC is so much more competitive now. It’s not enough to be an ex-founder with a great network and domain expertise. Have a better “why you are different” or do something else! - Benjamin Sun (Primary Venture Partners)- still sees arbitrage in going long NY venture (vs. SF). Do the work to keep various influential networking nodes aware of what you’re doing and how you think.

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Wei D. (Founder and CEO of unicorn Clipboard Health) dropped some major 💎 gems of wisdom during her fireside chat with PearX founders at Pear VC SF Studio yesterday. These really resonated: 💎 PMF isn't something you achieve once - staying relevant to your market is an ongoing pursuit 💯 (Wei shared that to date she still LOVES talking with customers and - even at 1000+ employees and with all the success already achieved - she continues to chase unlocks for the business and recently obtained her nursing assistant certification in order to stay close to users and unlock new insights with them 🥇) 💎 If you're scared of sales, don't think of it as sales -- you're just talking to someone who you're trying to help. Approach your customers with care and listen to them as you would a friend. The moment it's an actual conversation with a friend, that's probably where you're going to get your first sale. If it feels "salesy" you're probably not doing it the right way. 🤝 💎 Do whatever it takes to get in front of your customers! (For Wei this meant driving around at 8 months pregnant and walking up to DMs at nursing homes!) 🚗 💎 The users you speak with in your market will give you the key jargon you need to use to speak back to your market. Listen intently and adopt their language! 🗣 💎 There is little you decide that can't be undone. Be smart, make calculated decisions, but don't overthink things --- err on the side of action and quick decision making. 🏃‍♀️ 💎 Iterate until your users feel passionately about what you're doing (ie. they get angry when the product is down or doesn't work). You want your users to care A LOT about the problem you're solving. 😡 Wei's resilience, grit and work ethic are off the charts. What an inspiration! 👏 #femalefounders #inspiration #techfounder #unicornfounder #hero

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🚀 Are you a new #VC Head of Platform? 📈 A fund making its first Platform, Talent or Operations hire? Getro powers introductions for more than 600 VCs, and Ted has brought together some tips that can help as you get started. Shout out to our partners at the VC Platform Global Community for bringing together the leaders in this space 🙏 Joshua Goodfield and Cory Bolotsky #vc #vcfund #vcoperations #headoftalent #headofplatform

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Imagine you’re meeting a VC today and pitching your company. Now, also imagine the VC goes home tonight and tells his or her spouse about the meeting with you. How do you think the VC would (or should) describe your product to the spouse? Remember, this is for someone who doesn’t have any context, and probably doesn’t have time to listen the whole story. If you can think of a story version that's plain and simple -- how you want the VC to describe your product to the spouse -- perhaps that version should be your pitch in the first place?

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After 20+ years as a Founder, CEO, and Investor, with over $100M in exits, here's what I’ve learned about pricing SaaS products. Pricing is one of the most critical elements in SaaS success—and it can make or break your company. Across multiple exits and working with dozens of high-growth SaaS businesses, I’ve seen firsthand how getting this right sets the foundation for scalability and market dominance. Ready to optimize your pricing for long-term growth and market traction? Take action now—pricing isn’t just about numbers, it’s about strategy. ♻️ REPOST and teach your network something new 👋 Liked this post? 👉Follow me, Greg Moran, for more 👉 Join the Founder's Collective Newsletter https://bit.ly/49NZKei

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Starting a new fun project with Victor Lee - an AMA series with early stage founders. There are many podcast shows featuring successful, famous entrepreneurs. But what about those who are still relatively early in their journey, perhaps just one step ahead? The zero-to-one founders who have recently cracked the product-market fit and raised Seed or Series A capital. They may not have figured out everything yet, but they have fresh, relatable tips and advice to share. We’ll invite early-stage founders for a one-hour AMA session. Afterwards, we’ll create a public webpage featuring each Q&A session with media clips and transcriptions. This will be 100% free and open to the public. Our first AMA (June 11 1pm PST) will feature Will Drewery, whose company (Diagon) recently raised $5.1 million in Seed funding. We’ll get to know Will better and cover topics such as tips on raising funding in this tough environment. It will be a fun AMA, and you can register for free using the link below. RSVP now!

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💼 Ready to take your startup to the next level? Explore our extensive list of 220 #VCfirms in New York! Get all the details you need to connect with potential investors. Dive in: https://lnkd.in/d_mb-2n9 #startup #startups #venturecapital #funding #vc #managementconsulting

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