In my opinion, one of the most promising threads in the Portland startup community as of late has been the whole conversation about financing startups. Because not every startup is right for an equity based investment from venture capital. And even if they are, VC brings with it some pressures that can be less than positive for many companies and founders.
So it should come as little surprise that I was drawn to the efforts around Indie VC, a rethinking of the typical VC investment model. Because I thought it had some potential with the types of companies I was encountering here in town.
And while I don’t believe that Indie VC has any money at work here, yet, I still remain hopeful that they’ll find some potential candidates here. Which is why I was happy to see that they were planning to swing by Portland for a visit on January 22, 2019.
Over the last few years, we’ve had the chance to host many events that expose founders to an alternative universe where companies they’ve been told can’t be built without massive amounts of VC funding are thriving with little, to no, outside investment. We often start these events by warning attendees that they won’t be able to unsee what they’re about to see. Many leave these events with a whole new perspective on not only what is possible, but why limiting exposure the traditional venture business model is beneficial for founders, employees and the cultures and values they’re hoping to embody with their businesses.
Even better? They’re taking applications for their next cohort. Which means there’s a chance for a promising Portland company to join their portfolio.
A note: Indie.vc is for post-revenue companies. We do not have a minimum revenue number for applicants, but the companies we’ve funded averaged around $250k in revenue the year prior to taking investment from us. We do not have a fixed check size and have funded companies with checks between $100k and $1M (our average check size is $285k). 50% of the companies we’ve backed are led by female founders. Nearly 20% are led by black founders. The vast majority of them are based outside of the Bay Area or NYC. Indie.vc is probably not a great fit for products that require significant investment and extended periods of R&D prior to commercialization. Winner takes all, land grab, style markets. Teams who don’t like to sell. Founders who enjoy owning single-digit percentages of their businesses.
If your company fits that description, you can apply to be part of the Indie VC family before March 1, 2019. Or, if you’d like a little more context before you apply, visit Indie VC or read some of the endorsements from current portfolio companies.