Ravikant, left, and Fagnan, right. Image via La Capoise Galerie
"Boston is that investor that always has the right of first refusal, but never uses it." So said Naval Ravikant, founder of AngelList and capstone speaker at Thursday evening's State of Innovation Forum, in what was a fitting conclusion to an event that saw well over a thousand attendees gaining knowledge on subjects from robotics to retail, transportation to fitness. And yes, venture capital.
Itching for a recap? See what you missed here.
Ravikant flew 3,000 miles to attend, so it wasn't surprising that he didn't hold back when prodded by interviewee Jeff Fagnan of Atlas Venture. It was a refreshing take on Boston's perceived position within the greater investing landscape.
When asked to impart one piece of wisdom on the audience, Ravikant paused, before offering this: "It's really hard to influence a deal once you invest ... Pick the right companies."
In late 2013, Atlas Ventureannounced a "Boston" AngelList syndicate "as a way to connect startups with more potential angels by allowing any accredited investor to raise money from backers to invest." Atlas pledged $250,000 in deals led by select local angels.
Fagnan and Ravikant were a casual yet formidable duo on stage. In front of a captive audience, their collective experience and expertise was apparent, even for those (including myself) who might be less versed in the venture capital scene in Boston and abroad.
One particularly memorable moment came when Uber – you know,thiswhole thing – was brought into the fray.
Whoa. @naval says @Uber valuation justified, "on its way to becoming a Facebook or Google." #SOIBoston — Alex E. Weaver (@alexeweaver) June 12, 2014
Here's what other attendees were saying about the discussion:
"There's always a number for which I'll prostitute myself...but that said, [Angel List] is a labor of love" @naval #SOIBoston — Leslie (@lesliegarbarino) June 12, 2014
. @naval of @AngelList - "25,000 investors now on AngelList today. 125 companies have raised online only." #SOIBoston #crowdfunding — Fund Wisdom (@fundwisdom) June 12, 2014
Thinking about becoming an angel investor? You can't identify the winners at the seed state, only a good team. @naval at #SOIBoston — Dieter Reuther (@DieterReuther) June 12, 2014
A company is a 10 year commitment...so you better really, really, really love it @naval #SOIBoston ht @lesliegarbarino — Joselin Mane (@JoselinMane) June 12, 2014
"You're entitled to your work... You are not automatically entitled to the rewards of your work" -@AngelList #soiboston — Amanda Fakhreddine (@afakhreddine) June 12, 2014
"Valuation is temporary, control is forever." @atlasventure@naval@AngelList#SOIBoston — Gillis Bernard (@Fern_Gilly) June 12, 2014
For a full rundown of all the panels at State of Innovation, check out our coverage here.
