A deck of slides and a spreadsheet are usually sufficient to raise a seed round. The deck has received a lot of attention; there is a great variety of quality resources out there on how to go after it. Here, I’ll focus on the spreadsheet, which has mostly gone unnoticed. This is an attempt to provide a rough guide on how to structure it.
The public discourse in startup land has recently focused on the value add an investor can bring to the table. Value add indeed does make a difference; at the same time though, we tend to neglect the original value an early stage investor contributes to a company. This post is an attempt to bring the discussion back to the basics.