EnBW New Ventures is my second Corporate Venture Capital unit. So, in the past 15 years I've learned a lot on how to do CVC right. In 2007, some first-tier US VCs gave me advice on how to set up a CVC fund. I'd like to share how this has affected me and how this advice still sticks with me until today.
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1. Stay away from startups that own great technology but have no product yet
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2. Beware of capital intensity as the valley of death lasts longer than you will stay liquid
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3. Don't trust market analysis but focus on customer traction of the startup
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4. Deploy capital in at least 15 startups
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5. never think you know it better than the entrepreneurs
