Paige Craig

VC at ArenaVC & former Marine

THIS CHAT HAPPENED ON March 21, 2016

Discussion

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paigecraig
@paigecraig · angel
Hi - I'm Paige Craig, partner at Arena Ventures ($40M seed fund), former angel and US Marine. I invest very early in brilliant, driven founders who 'Think big / Execute Small'. Prior to VC life I was an angel for six years and funded 100 companies including Wish, Lyft, Angellist, Postmates, Gusto and my fave Laurel & Wolf. I have strong, biased opinions so please ask me anything.
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Ben Tossell
@bentossell · Community Lead, Product Hunt
What are your favourite questions to ask founders?
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paigecraig
@paigecraig · angel
@bentossell honestly every discussion is different; I approach each meeting as a unique chance to understand the founders. I have 33 characteristics I want to explore, but I prefer to do it via conversation and reacting to the situation
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paigecraig
@paigecraig · angel
@bentossell some things that really interest me: How did you get here (I love to know the key decisions / pivot points in a person's life back to high school)
GetSmart.org
@getsmartnyc · Jack D / Head of Product
Without getting into your proprietary 33 characteristics, I'm wondering if someone who has not been an entrepreneur previously (but has 10 years of corporate experience) will be disqualified by your screens because it "took too long" for them to pursue a business venture? How would someone with this background prove that they have what it takes in your firm's initial process?
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paigecraig
@paigecraig · angel
@getsmartnyc it doesn't disqualify someone - everybody's path is unique.
Michael Witham
@mgwitham · Traklight
First, thank you for your service to this country. My favorite professor from college, pursuing his PHD, shared his military experiences and the parallels to operating a business/corporation/team. (https://repository.asu.edu/attac...) How has your experience as a Marine impacted your business acumen, specifically from an operations perspective?
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paigecraig
@paigecraig · angel
@mgwitham the Marine Corps taught me a lot; combat taught me even more. I draw a lot of my thoughts and framework from my military studies at West Point and my practical experience in Iraq, Afghanistan. Some of the biggest things are people are your most critical asset, speed is key, focus, lean operations
Frank Allen
@frankdegeorgejr · YouStake.com
@paigecraig @mgwitham what are your thoughts on investing in former military entrepreneurs? are there certain traits they carry you admire?
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Ben Tossell
@bentossell · Community Lead, Product Hunt
Why did you make the move from angel investing to VC and what have been your biggest takeaways?
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paigecraig
@paigecraig · angel
@bentossell investing takes years to know if you're good; after 7 years angel investing I felt confident I could invest successfully AND I realized that I still love it. Starting @arenavc gave me the chance to have a bigger impact and work with an amazing team Jeff Lo, TJ Hennessy and Francis Shih
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paigecraig
@paigecraig · angel
@bentossell biggest takeaway is that VC is a team game - ideally a small team - and the right team holds me accountable to our principles and drives me to be better
Erik Torenberg
@eriktorenberg · Former Product Hunt
Paige! Thank you for joining us :) What's something you used to fervently believe that you now see as fundamentally misguided?
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paigecraig
@paigecraig · angel
@eriktorenberg I used to believe every founder needed a true passion for their specific business model; but I've since met many founders who have a true passion for "the business of business" and theyve built massive companies
Jesse Middleton
@srcasm · VC @Flybridge. Co-founder @WeWorkLabs.
@paigecraig @eriktorenberg I think that's right BUT deep passion for the problem being solved will likely get you through the low points. There are other ways too I'm sure. Just curious, how have you helped founders get through the lowest of the low?
Cy Serrano
@cyserrano · Product Manager
Hey @paigecraig! Big fan. Are there any founders that you initially passed on that have since impressed or surprised you? What advice do you give to folks who don't pass your initial screen, but you see potential in? Or will you invest in potential?
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paigecraig
@paigecraig · angel
@cyserrano Clutter, Thrive, Mobcrush have all surprised me: i passed in the early days for very different reasons but tons of respect for what these folks have pulled off
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paigecraig
@paigecraig · angel
@cyserrano I always wish people success and often acknowledge to them (as well as my team) that we are not in the business of killing dreams. Even if we don't believe in a founder or deal we have to realize that we shouldn't bias other investors. And really investors shouldn't look to other investors for feedback on a deal (unless it's of a technical / true data driven nature)
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paigecraig
@paigecraig · angel
@cyserrano I don't invest in pure potential - I need to see execution/experimentation/creation expressed in a person's life, although that could happen prior to MVP
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Andrew Ettinger
@andrewett · Product Marketing, Twitter (ex-PH)
What's one thing you're scared of?
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paigecraig
@paigecraig · angel
@andrewett im always scared of getting bored and/or not having an impact
Evan Zhou
@evanczhou · Co-Founder, STEEZY
Hey Paige! Any advice for companies in LA and what do you think are some unique advantages for LA companies? Thanks for your time!
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paigecraig
@paigecraig · angel
@evanczhou LA stands out for its creative talent; sales/biz dev hustlers. LA also represents every demographic you'll ever sell into across America. It's one of the best cities to test and scale your business.
Evan Zhou
@evanczhou · Co-Founder, STEEZY
@paigecraig dope, makes sense! Also, TJ was awesome when we met the other week. Great team at Arena. 👍
Jessica Dew
@jessica_dew · Founder & CEO of My Style Authority
Hi Paige! My name is Jessica Dew and I'm the founder and CEO of a beauty matching tech startup called My Style Authority. My questions for you are as follows: How can a startup gain the attention and financial investment from VC like yourself? Also, how should startups approach investors of whom they'd like to partner with?
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paigecraig
@paigecraig · angel
@jessica_dew assuming you have something to show (ie an MVP that's been used by a small but fanatical group of users) : find local investors; hound them relentlessly until they meet with you.
Jessica Dew
@jessica_dew · Founder & CEO of My Style Authority
@paigecraig I appreciate your response. Thanks