Adam Fisher
1 min readApr 15, 2020

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Thanks for your response Sergey. I will try to briefly answer your two questions:

  1. Early stage companies can’t be expected to reach profitablity on a single financing. The right question is what length of runway should an early stage financing provide a startup? Since you can’t time the markets, you need to provide sufficient runway to allow the company to achieve accretive milestones on the business side. This can’t be a handful of customers or users, but something meaningful that will allow the company not only raise a follow-in financing, but a financing at a step-up.
  2. LPs should be in this for the longterm too. If they are not, they need to get out of the business. Some poorly managed offices may have a liquidity issue in times like this, but that can’t alter how a VC conducts himself/herself, unless this investor is your main LP.

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Adam Fisher
Adam Fisher

Written by Adam Fisher

Israel-based partner at BVP (http://www.bvp.com); Dual American-Israeli citizen

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