Investing in B2B SaaS Companies with Michael Cardamone from Forum Ventures

In this podcast, Michael Cardamone, founder of Forum Ventures, shares his valuable insights on the startup world and his journey in founding and running a leading seed-stage SaaS venture VC firm. He talks about the importance of building relationships and being transparent about your track record when raising funds. He also provides insights on investing in startups, moving upmarket into enterprise, and building channel partnerships. Additionally, he discusses the topic of diversity in venture capital and the future of the venture capital landscape, and much more!TimestampsHow Michael got into startups [00:00:22] Michael talks about his transition from working for a family business to getting into tech and venture startups.Partnerships and KPIs at Box [00:02:01] Michael discusses the partnership goals and KPIs at Box, including building credibility in certain industries and driving more sales.Founding Forum Ventures [00:04:59] Michael talks about founding Forum Ventures, including his idea for a differentiated accelerator and how he raised his first $1 million.Fundraising Challenges [00:08:15] Michael talks about the challenges of fundraising for his accelerator and seed funds, including finding early believers and building top of funnel.Founder Characteristics [00:11:23] Michael discusses the qualities and characteristics he looks for in founders and companies, including founder-market fit, ability to recruit, and obsession with the business.Investment Strategies [00:14:05] Michael explains the three different ways Forum Ventures engages with founders, including the accelerator, studio, and seed fund, and the ticket sizes and follow-up strategies for each.Investing in SaaS Startups [00:16:43] Michael talks about investing in a SaaS startup and the importance of building relationships with founders.Moving Upmarket into Enterprise [00:17:37] Michael discusses when it's the right time for a startup to move upmarket into enterprise and how to navigate the transition.Building Channel Partnerships [00:19:20] Michael shares his experience with building channel partnerships and advises startups to be thoughtful and build real relationships with partners.Analyzing Competition [00:25:17] Michael discusses the mistakes investors make when analyzing competition, including overindexing on competition and not considering market dynamics.Total Addressable Market [00:27:13] Michael talks about the mistakes founders make when presenting the total addressable market, including taking a generic approach instead of a nuanced, bottoms-up approach.Venture Capital Landscape [00:31:11] Michael discusses the changes he sees coming in the venture capital landscape in the next 5 to 10 years, including a decline in the number of small funds and a potential shift towards more emerging manager funds.Building a brand [00:34:43] Michael talks about how he underinvested in building a brand for Forum Ventures and how he focused on founder experience instead. He shares how he rebranded and invested more in building the brand over the last couple of years.Favorite online tools [00:35:49] Michael shares his favorite online tools, including Gmail, Slack, and a product from a company he invested in called Hyper. Key LinksForum Ventures - https://www.forumvc.com/LinkedIn – https://www.linkedin.com/in/michaelcardamone/ Twitter - https://twitter.com/MGCardamone