An ambitious founder called me
"We're growing fast, have a great team, and incredible product/market fit. Can I come by and pitch you?"
I paused.
"Did you obtain a Prospective Investor Meeting Permit from the EU Commission on Venture Investments?"
He stuttered.
"Well..I...I..."
"No thanks," I told him, abruptly hanging up.
Typical American founders, trying to circumvent well-established regulatory protocols.
Turns out, that company was Uber, and he called just 3 months after starting the business.
But I wouldn't do anything differently if I had the chance.
I'm glad I stuck to my principles.
"We're growing fast, have a great team, and incredible product/market fit. Can I come by and pitch you?"
I paused.
"Did you obtain a Prospective Investor Meeting Permit from the EU Commission on Venture Investments?"
He stuttered.
"Well..I...I..."
"No thanks," I told him, abruptly hanging up.
Typical American founders, trying to circumvent well-established regulatory protocols.
Turns out, that company was Uber, and he called just 3 months after starting the business.
But I wouldn't do anything differently if I had the chance.
I'm glad I stuck to my principles.
A European founder asked to meet up with me
His startup is only 7 years old but just hit €7,000 MRR
Incredibly fast growth
I applied for a meeting permit with the EU government to ask permission to meet him for coffee
5 months later, the EU government gave the go-ahead and charged a €75 VAT fee
We finally met up yesterday and had an insightful, yet quick 4 hour coffee chat during business hours
I decided to invest €15k into his business
Just got word that it's the 4th-largest venture investment in the EU this year
I expect he'll do great things and turn this startup into one of the EU's largest businesses
I could even imagine it breaking the €500k annual revenue mark someday (yes, it's a long shot, but it could happen)
Never been more excited to be building in the EU
His startup is only 7 years old but just hit €7,000 MRR
Incredibly fast growth
I applied for a meeting permit with the EU government to ask permission to meet him for coffee
5 months later, the EU government gave the go-ahead and charged a €75 VAT fee
We finally met up yesterday and had an insightful, yet quick 4 hour coffee chat during business hours
I decided to invest €15k into his business
Just got word that it's the 4th-largest venture investment in the EU this year
I expect he'll do great things and turn this startup into one of the EU's largest businesses
I could even imagine it breaking the €500k annual revenue mark someday (yes, it's a long shot, but it could happen)
Never been more excited to be building in the EU
Was at a startup networking event in Europe last night
The innovation and energy was off the charts
Just a few of the revolutionary ideas that were pitched:
"Uber but for the Estonia market"
"Airbnb but for locally-owned rentals in Italy"
"Google but GDPR-compliant"
The list goes on and on
You wouldn't see ideas this good at an American networking event
And yes, I did gain express consent and GDPR-compliant waivers to post these ideas publicly
Long Europe!
The innovation and energy was off the charts
Just a few of the revolutionary ideas that were pitched:
"Uber but for the Estonia market"
"Airbnb but for locally-owned rentals in Italy"
"Google but GDPR-compliant"
The list goes on and on
You wouldn't see ideas this good at an American networking event
And yes, I did gain express consent and GDPR-compliant waivers to post these ideas publicly
Long Europe!
Recently invested in an American startup
I was SHOCKED to see how reckless the founder was
Moved too fast
Worked 7 days a week
Didn't wait for regulatory compliance before creating new product features
None of this would fly in Europe
I politely told him that he needed to send my capital back in a GDPR-compliant manner
Last time I ever invest in American startups
I was SHOCKED to see how reckless the founder was
Moved too fast
Worked 7 days a week
Didn't wait for regulatory compliance before creating new product features
None of this would fly in Europe
I politely told him that he needed to send my capital back in a GDPR-compliant manner
Last time I ever invest in American startups
Just met with a young 42-year old European founder at a café
Before asking about my background, he handed over a 90 page GDPR-compliant Data Collection Document, which explained what he would do with the information about my background and how he would keep it safe
I signed it and got it notarized before answering his question
Yep, I am definitely going to invest in this kid (after getting proper approval, of course)
Before asking about my background, he handed over a 90 page GDPR-compliant Data Collection Document, which explained what he would do with the information about my background and how he would keep it safe
I signed it and got it notarized before answering his question
Yep, I am definitely going to invest in this kid (after getting proper approval, of course)
When attending a startup event in Europe, always offer a "verbal cookie" when collecting information from others
For example, if I plan to ask someone what their startup does, I need to give them the chance to accept a verbal cookie first to let them know I plan to collect personal information from them
Remember, GDPR isn't only on the internet. It applies in real life too.
For example, if I plan to ask someone what their startup does, I need to give them the chance to accept a verbal cookie first to let them know I plan to collect personal information from them
Remember, GDPR isn't only on the internet. It applies in real life too.
Meeting with a European founder
His business is brand new (started in 2016) and already has a half-dozen paying customers
Incredible growth
I ask him his MRR
"Sorry, but disclosing that information would violate GDPR," he tells me.
Brilliant response.
That question was a test - and he passed.
I immediately invested the statutory maximum of 20.000€ into his startup
With a lot of hustle and a little bit of luck, by 2050 my investment will hopefully be worth upwards of 35.000€
His business is brand new (started in 2016) and already has a half-dozen paying customers
Incredible growth
I ask him his MRR
"Sorry, but disclosing that information would violate GDPR," he tells me.
Brilliant response.
That question was a test - and he passed.
I immediately invested the statutory maximum of 20.000€ into his startup
With a lot of hustle and a little bit of luck, by 2050 my investment will hopefully be worth upwards of 35.000€
Just spent 3 weeks filling out 750 pages of compliance documents to make a 5.000€ angel investment into a tech startup
The American mind could never comprehend this
The American mind could never comprehend this