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Michael Ho
Director of Photography - Maven Artists - MILE 44
Michael Ho is a seasoned entrepreneur, former venture capitalist, and startup advisor with over 20 years of experience in the tech industry.13 He has held several notable positions throughout his career:
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Founder of Ventures Cubed, where he specializes in preparing early-stage companies for Series A success.2
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Investment Director at MaRS Investment Accelerator Fund.3
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Founder of Bering Media, which he led to acquisition.2
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CTO at Audience Partners, which was acquired by Altice USA.2
Michael's experience also includes roles in venture investing at Presight Capital and investment banking at Goldman Sachs.1 He holds a Bachelor of Arts in Business Administration with a focus on Finance from the University of California, Irvine.1
Throughout his career, Michael has demonstrated expertise in helping founders scale their businesses, secure funding, and navigate critical growth stages.2 He is known for providing valuable insights on topics such as scaling from seed to Series A, preparing companies for growth, and attracting top-tier investors.24
Highlights
Everyone has a different definition for Seed, Series A, B, C…
So here’s my complete guide to Venture Milestones 🙌
All jammed into one image 😃
I started with the ideal definition of Venture Scale → Going from $1M to $100M in 7 years → Then added Use of Funds + PMF milestones → But also included funding rounds for context
That being said…
I recommend just focusing on the milestones
Which also happens to be the basis for the Priority Mapping framework 1️⃣ Find something that works 2️⃣ Do it more often (and keep getting better) 3️⃣ Then keep finding more things that work 💪
Okay, let’s go…
1️⃣ Find something that works
EXPERIMENTS
To find something that works, you’ll need to do discovery and run experiments
First to validate and/or find a problem worth solving → this will usually unlock your pre-seed round
Then to find a solution that’ll deliver value → this is your pre-seed use of funds
PROBLEM SOLUTION FIT
Now it’d be nice if each experiment is a clean pass/fail
But in my experience you’re often left with a bunch of things that 'almost' work
So you’re looking for repeatability around 1 use cases, 1 model and a minimum lovable set of features → this will usually unlock your seed round
And now that you can prove happy customers...
It’s time to build a factory to find more happy customers → which is your seed use of funds
2️⃣ Do it more often (and keep getting better)
GO TO MARKET FIT
Now happy customers don't bring venture scale
So you’ll need to run different gtm experiments until you find a repeatable & scalable motion that works → and this will usually unlock your series A round
Meaning you could now spend $10M to add $10M in net new (logo) revenues in less than 24 months → which is your series A use of funds → and the definition of early venture scale
SCALE MARKET FIT
Now all that’s left on PMF 1 is to show that you can execute and stay on the venture scale path → which will usually unlock your series B
But unfortunately PMF 1 won’t last forever...
So you’ll want to de-risking your second product/market → which will usually also be part of unlocking your series B
Now you’ll want to keep scaling PMF 1 + prove out a 2nd GTM motion → this is your series B use of funds (part 1)
3️⃣ Then keep finding more things that work 💪
PRODUCT MARKET FIT 2 & 3
Ideally you have PMF 2 de-risked so you'll want to prove it can also scale → which is your series B use of funds (part 2)
Scaling PMF 1, 2 + experiments to find PMF 3, will give you all the foundations needed to get to $40M, then $80M and past $100M → and usually unlocks your series C
Now at this point, valuations can start limiting your options
So being clear on what’s the future exit potential and continuing to scale → will usually unlock your series D+
Then repeat 1️⃣2️⃣3️⃣ with each new PMF 🚀
-- ♻️ Repost to help a founder in your network
Click 'visit my website' at the top of this post to register for my Seed to Series A session
Horizontal and Vertical Startups are the SAME thing...
Let's look at Slack vs Service Titan to see why 🤔
Slack is the quintessential Horizontal Startup and Service Titan is the quintessential Vertical Startup but... → Both are tackling markets of the same size → Both struggled with the exact same issues → Both used the exact same initial strategy
And both scaled by looking at the market the same way...
-- ♻️ Repost to help a founder in your network
Click 'visit my website' at the top of this post to register for my Seed to Series A session
