Navigating Pre-Seed Investing: A Conversation with Anabel Lippincott Paksoy

First Cheque

Summary

Anabel Lippincott Paksoy, partner at 43, discusses the importance of building communities and their role in early-stage investing.

She shares her experience creating the council, a female-first investing group, and emphasises the need for a deep understanding of founders and their motivations.

Anabel also highlights the value of professionalising angel investing and finding founders with a strong sense of purpose and followership.

She concludes by discussing her investment preferences, focusing on niche communities and founders with a deep understanding of unsexy problems.

About The Guest

Anabel Lippincott Paksoy is a partner at 43, a pre-seed fund based in the Bay Area. She is also a partner at The Council, a female-first investing group. Anabel has a background in people operations and has a passion for building communities and supporting early-stage founders.

Key Takeaways

• Building a community is about creating a space for like-minded individuals to connect and share deal flow.
• Investing in early-stage startups is a high-risk asset class and should not be undertaken unless one is aware of the risks and willing to lose the money.
• Angel investing can be treated as a learning budget, focusing on maximising learning and gaining experience rather than making immediate financial gains.
• When evaluating founders, looking for a deep, authentic “why” behind their venture and a strong sense of purpose is essential.
• The ability to pivot and adapt is crucial for founders, as it demonstrates a willingness to learn and iterate based on feedback and market conditions.
• Successful founders' ability to attract top talent and inspire followership is a crucial trait.

Quotes

• “I think the thing that I needed, and again, it’s interesting how trends have shifted, too. Even in 2018, five years ago, it was a little new for operators. These female operators were not already super independently wealthy, to think about deploying capital as independent investors into startups.” - Anabel Lippincott Paksoy.
• “I think the thing that I know that I look for in people is some kind of deep, deep, deep, deep why that they’re doing what they’re doing.” - Anabel Lippincott Paksoy.
• “I want to feel that conviction, and there’s no way to vet that. That’s where it gets super personal. I want to ask, could I fall in love with this founder, and I don’t mean romantically? I mean, would I go work for them?” - Anabel Lippincott Paksoy

Resources

• Anabel Lippincott Paksoy
• 43
• The Council
• The Assembly

Timestamps

0:00:00 - Introduction to the podcast and guest.

0:01:57 - Discussion about Anabel’s first investment.

0:05:04 - Conversation about nostalgia and fashion trends.

0:06:12 - Exploring the concept of building communities.

0:09:48 - Challenges and principles of community design.

0:10:30 - Constructing a community for sharing investment deals.

0:11:55 - Creating a learning platform through a consortium of investors.

0:13:14 - Frustration with lack of conversation about deals in the peer group.

0:15:15 - Directing new angel investors to be aware of high risk.

0:17:31 - Treating angel investing as a learning budget.

0:18:48 - Normalising lower entry prices for angel investing in Australia.

0:19:24 - Contributing to the founder’s

Mentioned in this episode:

June 2024 – Vanta First Cheque

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