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Paul Jozefak

Hamburg, Germany

I am building companies from our base in Hamburg, Germany.

Recent Activity

Definitely agree with a lot of the things Max said!

Commented Apr 30, 2013 on Folks Have Figured Out Finance...What About Insurance? at Babbling VC

1 reply

Folks Have Figured Out Finance...What About Insurance?

Since we're focused on FinTech at our company, we love to see that the markets have finally realized that the finance sector is absolutely ripe for disruption. Be it in payments, invoicing, international money transfers, banking software, you name it....the start-ups are popping up. VC's too have seen that this space is hot and are piling in. You simply have to attend a conference such as Finovate to see how much is happening (and it's not all that recent a development). On the other hand, so little seems to be evolving in the insurance sector. Think of the hassle you... Continue reading

Posted Apr 30, 2013 at Babbling VC

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Skin In The Game and Other Games VC's Play

I was reminded of one pet peeve I had from my past in venture capital when reading about Spark's newest development. I highly recommend that you read the article about these guys picking up their own legal fees. I too felt that it was always quite ridiculous to charge legal fees of a VC fund back to the portfolio company after you financed them. I hated this almost as much as VC's who used to charge closing fees on top of this. That was an absolute crime if you really think about how it was the VC fund taking their... Continue reading

Posted Apr 29, 2013 at Babbling VC

0

Marco, sometimes it's all just a matter of perception.

Commented Apr 25, 2013 on Why You Should be Raising Money NOW at Babbling VC

1 reply

Why You Should be Raising Money NOW

I've been watching in amusement some recent financings and realized the getting has never been so good when it comes to venture capital. If as a startup you're even remotely considering raising money, you should be out in the market. If for no other reason than to see what your business may be worth, get a business plan banged together and send it to some VC's. Why do I think this is the case? Well, very simply put, it's all about desperation and full accounts. At one end of the spectrum you have the funds flush with capital. They have... Continue reading

Posted Apr 22, 2013 at Babbling VC

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Thanks, appreciate it. Agree that it's very obvious but I definitely felt the need to say it!

Commented Apr 15, 2013 on Back to Being An Entrepreneur at Babbling VC

1 reply

Back to Being An Entrepreneur

I had a bunch of discussions recently with folks asking me how things were going since I've left the VC space. I had originally planned to write about this down the road.....a couple years down the road but maybe now is an opportune time. It's been over a year now that I left the VC gig and went back to being operational. You may find my thoughts interesting, regardless of whether you are in the VC space or considering your own startup. What's the main difference between being a VC and being an entrepreneur? Well it's hard to pinpoint one... Continue reading

Posted Apr 15, 2013 at Babbling VC

3

Always Go Prepared

Today I'm quite pissed at myself. I made an amateur mistake of going into a meeting this week where I wasn't properly prepared. I didn't do enough homework on what had happened to date before said meeting and I didn't prepare a list of goals or things I wanted to achieve with this meeting. I'm using myself as an example because I shouldn't of made this mistake. It's one of those things where you have no one but yourself to blame for most likely being lazy or not putting enough weight on a meeting. The meeting itself was a typical... Continue reading

Posted Apr 10, 2013 at Babbling VC

1

You Have to Move

Nope, this is not a post about excercise. It's about relocation. I was reading an article this morning about JC Penny's CEO who didn't relocate to Texas and continues to commute weekly from Palo Alto via Gulfstream. Not only does he parachute in, so does most of his executive team. Yet people ask themselves why the turnaround at JC Penny isn't going as planned? Although I have to admit I've never had an executive who flew in regularly via Gulfstream......nor will I ever but I've had my share of remote execs in positions at startups or in my teams. One... Continue reading

Posted Mar 21, 2013 at Babbling VC

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Career Advice: Seek Out A$$holes and Go Work For Them

You just "haven't lived" as an employee if you have yet to work for an asshole. I don't need to define how an asshole behaves when he's your boss. You've either had that type of boss......and you know exactly what I mean.....or you haven't. It's as easy as that. So you now wonder why in the world you should work for an asshole? Pretty simple......it hardens you and teaches you how to deal with crap (pun intended!) This is essential to become good at what you do, work for a successful company or run your own. The current crop of... Continue reading

Posted Mar 17, 2013 at Babbling VC

2

Why I Believe More in an iWatch vs Google Glass

This is a tough comparison to make considering that an iWatch is only a rumor at this point. Google Glass has already launched and people have started using the product. Nevertheless, I believe Apple will launch an iWatch or something along those lines because it simply makes far more sense in terms of company strategy. First, why am I skeptical of Google Glass? Well it's an extension of your smartphone. It also works in conjunction with your smartphone and requires you to continually touch your face to do certain tasks. Further, when wearing the device, it's always on....why would you... Continue reading

Posted Mar 13, 2013 at Babbling VC

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How I Spend My Weekends

Chris Dixon had an interesting post up about what the smartest people do on the weekends. It's quite short but had me thinking as well about what I spend my time on. Further, it had me wondering what other people were doing and how my weekend activities have changed over the years. In addition to my regular routine, which tends to be the same most days, my weekends aren't about "relaxing". My almost daily routine, including weekends, always involves sports of some sort as well as walking the dog nowadays. This still leaves a ton of time to get other... Continue reading

Posted Mar 12, 2013 at Babbling VC

0

As an entrepreneur, if you have options, you should never take crap terms. The reality though is usually otherwise and you don't have options, outside of throwing in the towel. Further, the terms you often get in the situation I am alluding to are non-negotiable. You've probably already tried and have a take-it-or-leave-it offer on the table. Like I said, if you have options or are willing to do whatever it takes, you can always search for alternatives. Sometimes though it just makes sense to get a deal done, live for another day and hopefully be in a better situation at that point. P.S. Most VC terms are crap terms unless you outperform. That's the reality of the game and has nothing to do with VC's wanting to be "good guys". It's business!

Commented Feb 28, 2013 on Crap Deal Terms: How to Decide Whether to Take Them at Babbling VC

1 reply

Crap Deal Terms: How to Decide Whether to Take Them

I had a fairly short conversation today with an entrepreneur friend. He has been bootstrapping his startup for some time and wanted my advice. He received a deal put on the table by an early stage VC and in my opinion the terms stink. They weren't criminal but damn near it when you know what is standard in the market. At the same time, he told me he's soon to run out of money, his CTO hasn't been paid for a couple of months and he's already financing some things with a loan. I've heard at least twenty variations of... Continue reading

Posted Feb 25, 2013 at Babbling VC

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Ok, on the days when I'm super lazy, all you're...

Ok, on the days when I'm super lazy, all you're getting are some pics! Call it my "creative side"! Continue reading

Posted Feb 21, 2013 at Babbling VC

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It's Not About the Tools

I'll be the first to admit that I often invest a disproportionate amount of time analyzing hardware and software. I've recently caught myself dicking around with Android for a couple days. Seriously, a couple days....hours spent trying to see if I "like" an OS. I've been the first to jump on bandwagons of apps too and spent time analyzing which email or calendar or messaging app is best. I'm getting really tired of this (my wife even more so) and have recently stepped back and asked myself why bother. Furthermore, I realized it was extending my workdays and wasn't the... Continue reading

Posted Feb 20, 2013 at Babbling VC

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Sales Positions at Device Ident

Please excuse this commercial break on BabblingVC. We've recently launched Device Ident out of Liquid Labs and are looking to quickly build out the team. Due to very positive market resonance, we're looking to quickly ramp up a sales team of two to three people. Initially, we need a Head of Sales to help us get going. If you or anyone you know has some start-up experience, comes out of the sales space and wants to be part of a quickly growing, financed business let us know. Below is the actual job description which will eventually be online but right... Continue reading

Posted Feb 17, 2013 at Babbling VC

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Hiring Advisors or Finding Mentors

As a VC and even now, I have a pet peeve about hired advisers (or board members) at very early stage businesses. In general, start-ups should not be paying for advice up until a certain point. Sure, there comes a time when you have to pay external professionals. Early on you're most likely going to need legal advice and here I urge you to work with the best. Do pay for their services as you probably won't get them for free. Same goes for bookkeepers or real estate agents and so forth. More importantly though, surround yourself with mentors. I... Continue reading

Posted Feb 6, 2013 at Babbling VC

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Apple's iOS (iPhone 5) vs Android (Nexus 4) - My Thoughts

I just received the Nexus 4 from Google last week as I felt it was time to get to know Android a bit. I'm so accustomed to the iPhone that I felt technology may be passing me by on iOS. I had played with various devices running different flavors of Android in the past. I wasn't impressed. What basically made me feel that it was time to change my mind was the raving reviews the Nexus 4 was getting. There were multiple reports about how FINALLY, Android was competitive with the iPhone. Many even went as far as to claim... Continue reading

Posted Feb 4, 2013 at Babbling VC

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Popularity & Personality

One of the mistakes that I often see people make when hiring is mistaking popularity and personality. This leads to disaster after people have been on your team for a while. Someone who may have seemed like a great hire ends up causing all kinds of problems with the rest of your team. Or vice verse, is never able to become a part of it and ends up leaving. Unfortunately, the reality of hiring, especially in the tech sector and start-up world, is that a lot of people who may be great colleagues aren't necessarily people you'd be friends with.... Continue reading

Posted Jan 8, 2013 at Babbling VC

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Don't Ever Use Fundraising Advisors

I was on stage this weekend at the Slovak Startup Awards and was asked a question I've heard many times. A founder asked whether they should use an advisor to help raise their first round of external money and if so, whom? My fellow panel member answered positively, recommending advisors and specifically if trying to raise money internationally. Then I chimed in and said "Hell No!" You should NEVER use an external advisor to raise money. The reason is that most of them suck! Sure, there are exceptions to the rule and I do know of a few guys who... Continue reading

Posted Nov 26, 2012 at Babbling VC

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Why I'm Not Buying Apple's iPad Mini

Being the Apple fanboy that I am, I find it hard to type that title. It's true though that I will be passing on the iPad Mini. I had actually decided this even before I had a chance to play with the device. After having the opportunity to fondle it, my mind hasn't changed. Don't get me wrong....it's a great device. There is a scenario in which I would even consider buying it but right now, it's a pass. So, most importantly, in what scenario would I actually buy the iPad Mini. Well for one, if I didn't already have... Continue reading

Posted Nov 15, 2012 at Babbling VC

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Spend Your Time Wisely: Conferences & Marriages

It is not money that you need to be most careful of when running a start-up. It's time! No matter how much money you are able to raise (or how's-this-for-novel, earn) time is always working against you. Unfortunately, I recently made the mistake of wasting my own time. Don't misunderstand the term "wasting time" as being completely derogatory. Let me explain! I went to London to attend an event. Many people whom I know had mentioned that it was good and that they would be there again. I let myself get caught up in the "trend" of everyone going. I... Continue reading

Posted Nov 13, 2012 at Babbling VC

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Changing of the EU VC Guard

Mike has a nice post up about the "new kids" in the VC scene. I'm seeing the same thing but do have one very important point to add to what he wrote. Take a look at the following quote from his post: The fact that Teli left the venerable DHTV for what is effectively a startup VC speaks volumes. As well as Amadeus, other VCs that have seen people depart and not be replaced include Eden Ventures – which shed two junior associates last year – and Balderton Capital. Partner Dharmash Mistry recently left Balderton to pursue his own investing.... Continue reading

Posted Oct 13, 2012 at Babbling VC

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Your Track Record Probably Sucks

Let me phrase that otherwise: "if I have to ask you about your track record, you probably don't have one." There's a huge difference between a CV and a track record. Don't mistake one for the other. A CV lists what you have done without necessarily proving that you are good at anything. A track record shows that you are really good at something. Sure, you could have a track record of robbing banks (not necessarily a "good" thing but you're probably good at it if you've gotten away with it a couple times!) Understand what I am getting at?... Continue reading

Posted Sep 27, 2012 at Babbling VC

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