I just came back with another presentation to a VC. I don't think he is going to invest in us, but it was an interesting talk.
The most important thing that I've took out of this conversation is that despite a fairly uniform way of measuring revenue and success, each investor likes to divide the data differently.
Some investors, just talk in terms of Page Views as in "How many Page Views you got per day?" and "How many Page Views you expect to have at the end of 2007?". Those are the Ad-business investors. People that are familiar with Web 1.0 and worked on/with Google, MSN, Yahoo.
Then, you have the Web 2.0 investors which always ask you "How many unique users you have?" and "How much revenue do you generate per Unique User per month?".
Finally, there are the investors that understand traditional businesses and ask you questions in terms of "widgets", as in "How many sites do have?", "How much revenue do you generate per site per year?" and "How much does it costs for you to acquire a customer?".
Those are all pretty much the same data, just displayed differently. I like more the "traditional investor" that thinks in terms of widgets. It seems more obvious and less likely to manipulation. Page Views and Unique Users can be easily manipulated upwards. It alwasy depends how you count it. Sites are sites, and they only way to manipulate is if you change your definition of Active Sites. In our case, we use a industry standard definition.
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October, 2007
