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🚀 Pitch Night: The VC Fundraising Extravaganza! 💰

Hey there, startup superstars and funding aficionados!

🔥 Breaking News: Sam Altman's $6.6B Burning Man... err, Funding Round!

Sam Altman's first Burning Man experience lit a fire under OpenAI's fundraising efforts! 🏜️🔥

OpenAI just closed a mind-bending $6.6 billion funding round, pushing its valuation to a whopping $157 billion. That's not just unicorn territory; we're talking AI centaur status! 🦄🤖

Quick facts:

• Valuation: $150B Pre-Money

• Funding raised: $6.6 billion

• OpenAI's recent funding round saw major contributions from:

  • Thrive Capital: $1.3 billion

  • Microsoft Corp.: $750 million (adding to previous $1.3 billion)

  • SoftBank: $500 million

  • Tiger Global Management: $350 million

  • Altimeter Capital and Coatue Management: $250 million each.

Other notable investors included Khosla Ventures, Fidelity Management & Research Co., and Nvidia Corp. This diverse group of backers highlights the strong confidence in OpenAI's potential in the AI landscape.

🎬 Blast from the Past: Sam's First Pitch

Before Sam Altman was raising billions for AI, he was just another college kid with a big idea. Let's rewind to the early 2000s for a dose of startup inspiration!

🎓 Stanford University, during his freshman year, a research project in Stanford's CS department sparked an idea that would become Loopt, a location-based social networking app.

🌱 Enter Y Combinator. Altman and his co-founders became part of YC's first batch in 2005. That's right, before YC was the kingmaker it is today, it took a chance on bright-eyed kids like Sam.

💰 Altman's pitch skills were on point from the start. As CEO, he secured over $30 million in venture capital funding for Loopt. Not too shabby for a first-time founder! Check out this vintage video of baby-faced Sam pitching Loopt back in the day. It's like watching a superhero origin story but with more PowerPoint slides.

🔮 The grand finale? In March 2012, Green Dot Corporation acquired Loopt for $43.4 million. While it might not have been the unicorn everyone dreams of, it was a solid win for a debut venture.

Key takeaways:

1. Even tech titans started somewhere

2. Practice makes perfect (and leads to billion-dollar ideas)

3. Never underestimate the power of a good pitch

Keep pitching, keep growing!

📊 VC Math: Your Secret Weapon for Funding Success

Now, you might be thinking, "How does OpenAI's mega-round relate to my startup dreams?" Well, it all comes down to one magical concept: Power Law.

In the VC world, Power Law is the secret sauce that makes investors salivate over the next big thing. It's why VCs are always on the hunt for the next unicorn.

Why Should You Care?

1. Speak VC Language: Understanding VC math helps you communicate more effectively with investors. It's like learning their secret code!

2. Strategic Pitching: Knowing how VCs evaluate investments allows you to tailor your pitch for maximum impact. It's not just about your idea; it's about how you fit into their portfolio strategy.

3. Realistic Expectations: Grasp why VCs are obsessed with "unicorns" and how this affects your funding chances. It's time to align your goals with VC realities.

4. Negotiate Better: Armed with knowledge about fund returns, you'll be better equipped to negotiate terms. Knowledge is power, especially in term sheets!

5. Long-term Planning: Understanding concepts like "returning the fund" helps you plan your startup's growth trajectory. Think big, but strategically!

🧠 VC Math 101: Your Crash Course in Funding Fundamentals

Ever wondered why VCs seem obsessed with finding the next big thing? Or why do they keep talking about "returning the fund"? Our latest article, "VC Math 101: Decoding Venture Capital Math for Aspiring Entrepreneurs," breaks it all down.

Here's a sneak peek:

"The power law is a financial concept of distribution where a small number of holdings generate the majority of the returns. In a typical VC portfolio, only about 10% of the portfolio generates approximately 95% of the returns, making up for the losses or low returns of the remaining companies."

Why This Article is a Must-Read:

• Learn why VCs need "home runs" and how to position your startup as one

• Understand the math behind valuations and how it affects your fundraising

• Discover strategies to become the 10% that VCs bet on

• Get insights into fund economics that most founders never hear about

Intrigued? Click here to continue reading and unlock the secrets of VC math! 🔓💡

Stay curious, keep pitching, and who knows? Maybe you'll be the next Sam Altman.

Here’s The Pitch Line Up

Get your bags, we going traveling ✈️

🎉 October Pitch Opportunities 🎉

Whether you're looking to showcase your startup or gain inspiration from others, September is packed with exciting pitch events across the US. Check out these opportunities:

👀 WATCH & LEARN:

October 7th-13th San Fransico Tech Week is presented by a16z with a calendar of events, including demo days and pitch competitions, make sure you check out the calendar for upcoming events.

October 13th-20th LA Tech Week is presented by a16z with a calendar of events, including demo days and pitch competitions, make sure you check out the calendar for upcoming events. There’s still opportunities to apply to pitch!

October 16th ¡CELEBRAR! is a pitch competition and pop-up event hosted by eMerge Americas to celebrate Hispanic Heritage Month. It will feature a startup pitch event, networking, music, light bites, and drinks. The event will also explore the history of Hispanic founders in the Miami tech community

🎭 GET IN ON THE ACTION:

Applications Open All October SXSW Pitch Competition Finalists involved have raised more than $23.2 billion in funding This competition provides an outlet to present their technology across nine categories to a panel of industry experts and venture capitalists/angel investors.

Applications Open SAASTACK USA The Global Pitch Competition is an opportunity to show off your up-and-coming SaaS in front of some of the region’s most influential VCs and funds, generate brand awareness, and position your business as one-to-watch.

Plus, this year’s winner gets $200k investment into their startup from a top SaaS VC

Deadline October 18th St. Louis Tech Week Pitch Competition! This is your chance to venture boldly onto the big screen and compete for a share of a $5,000 prize pool.

Thank you to our Partners

Join in January, grow all year

Take on 2025 with the tools to manage leads, clients, and projects like a pro—and a chance to win a $10,000 prize package for your business.

Start for free for a chance to win

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🤝 PARTNER WITH US 🤝

We have exciting partnership opportunities available.

Contact [email protected] to learn how you can support and be featured at our upcoming events.

Cheers,

The Pitch Night Squad!