NewDayVentures-investment-criteria-web.jpg

Founder, Product, and Company Investment Criteria:

Founder Criteria— Personal Qualities:

  • Passion for the business

  • Exemplifies a life of resilience, exceeding expectations, and resourcefulness and a compelling personal story

  • Exhibits empathy, integrity, perseverance, accountability, and decisiveness

  • Strong and well-honed networking skills (ideally)

  • Demonstrated success & long-term commitment to a passion or hobby: music, art, competitive sports (current and/or former NCAA & Pro athletes are especially encouraged to apply), Crossfit, volunteer work, writing, dance, coding, martial arts, etc.

  • Dedication to lifelong learning, reading, & travel (either in person or vicariously through books, movies, & music)

  • Ability to embrace ambiguity & uncertainty

  • A career and life experience that demonstrates your commitment to the success of those around you (i.e., success begets success)

  • Person of Color co-founder (ideally) or the meaningful presence of at least one Person of Color on the cap table (e.g., executive team, investor, advisory board member, etc.)

  • Originally from or currently living in an “overlooked” U.S. city or region (e.g., outside of Silicon Valley & New York City)

  • Shared Values with New Day Ventures

  • Women of Color, U.S. Military Veterans, and Immigrants to the U.S. are especially encouraged to apply

Founder Criteria— Work Experience Qualifications & Philosophical Approach:

  • Relevant experience in the enterprise software industry (ideally)

  • Deep domain expertise

  • Previous company founder (ideally)

  • Proactively seek constructive feedback and then leverage it to make their companies “better every day”

  • Seek a collaborative & strategic partner from initial investment to exit

  • Commitment to avoiding the “traditional” VC/moonshot path: We celebrate successful “early exits” and building profitable businesses. We are not interested in moonshots or how much VC money our portfolio companies raise. Since this path often comes part and parcel with “kicking the founders out” and with an uncertain, lengthy exit timeline that often includes misaligned funders (e.g., Pre-Seed, Seed Stage, and “Early Exit” Series A funders often have much different goals and objectives than Series B, C. D, E… funders)

Product Criteria:

  • Address a gap/need in the current enterprise software landscape

  • Working prototype (ideally)

  • Product roll out or sales (ideally)

  • Intellectual Property including patents & trademarks (if applicable)

Company Criteria:

  • Acquisition goal ranging from 18 months to 6 years

  • Quality & resilient founder(s)/management team

  • A U.S. Delaware C-corporation or agreement to establish itself as one

  • Located in an “overlooked” U.S. city or region (e.g., outside of Silicon Valley & New York City) (ideally)

  • Shared values with New Day Ventures (And, yes, we repeat this since we feel that this a prerequisite for both the founder(s) and the “company”)

  • Commitment to offer competitive employee pay and benefits

  • Commitment to a vibrant and supportive culture that encourages and fosters direct and “no nonsense” communication

  • Commitment to New Day Equity: help expand the People of Color ecosystem in Enterprise Software (i.e., “drink our own champagne”)

  • Strategic, thoughtful, and data/evidence-driven approach to employee recruitment, training, retention, and promotion

  • Pledge 1%: 1+1+1 Philanthropic Model = Donate 1% equity, 1% of employees time, and 1% of product (Salesforce.com Model)

  • Agreement to G.I.V.E.: The Four Pillars of the Founders’ Commitment (Kapor Capital Framework)

    G.I.V.E. represents the four actions that all Founders’ Commitment companies agree to carry out:

    1. Goals – Establish diversity and inclusion goals that are appropriate for your company’s funding stage, employee size, customer base, and core business. Include progress on diversity and inclusion in quarterly investor updates.

    2. Invest – Invest in people ops technology (POT), voluntary training programs, and/or resources that assist with mitigating bias in the employment life cycle (e.g. sourcing, hiring, promotion).

    3. Volunteer – Organize voluntary opportunities for your employees to volunteer and engage with underrepresented communities, especially those that reflect the company’s employee and customer base.

    4. Educate – Opportunities to voluntarily participate in diversity and inclusion sessions to learn what works and what doesn’t. These sessions may be hosted by Kapor Capital or others and will be made available for virtual participation as needed.

This is neither a complete list nor a compulsory list of check boxes. If you think you might be a good fit, we welcome the opportunity to review your company/idea so please feel free to submit your pitch deck!