Should they have a separate list for “First-Bitcoin invested”?
I was once invited to invest in a film that had a cameo appearance by Woody Allen. Although the completed movie never got picked up for distribution, I missed out on the chance for a “producer credit.” Most early stage investors are hoping for more than a vanity credit in exchange for their money. But for founders, finding the investor to write the first check is half the battle: it provides credibility and comfort for future investors, especially if the first investor has a strong track record with other ventures.
Techcrunch announced the creation of a “First-Check” list a few days ago and already they’ve received over 500 nominations from founders:
“Weighting: We’ve been asked how we are ‘weighting’ the submissions. The simple answer is that we are (mostly) not weighting them. In addition to fact-checking and verifying each submission, our main consideration is a basic assessment of a startup’s quality — what was the size of the round, has it raised any follow-on financing and any other public displays of performance. The TechCrunch List isn’t assessing investor quality (there are plenty of other lists in our industry for that), but rather assessing the willingness of an investor to write a ‘first check.’”
Should be an interesting list once it’s published.