New York City based FirstMark Capital recently announced FirstSteps, the firm's new seed-funding program.
FirstMark has always been involved in seed rounds, but the new program represents a greater emphasis on very early stage companies, which FirstMark thinks will increasingly be necessary to bring in the huge returns that venture capitalists are accustomed to.
Lawrence Lenihan, CEO and Managing Director of FirstMark Capital, explains the thinking thus:
Companies can now be developed for a fraction of the cost than they could just a few years ago and get to market in a fraction of the time. The impact of this dynamic is that companies develop sooner and grow faster with less capital. That means that we venture capitalists have to adjust our business model and be able to invest earlier and in smaller amounts.
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FirstSteps, FirstMark Capital's Seed Program
Author:Nick Saint
