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Authors: Ransom Stephens
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table.
Gloria cleared her throat like an indulgent kindergarten teacher. She waited for each person’s eyes to turn to her, and as they did, she rewarded them with a gentle smile.
Farley said, “The battle of a sperm whale and a colossal squid is definitively the greatest competition on earth. Comparing this epic battle to a NASCAR VR is like comparing
Call of Duty
to
Pong
.”
“If we choose to invest in your company,” the bald man said, “we have some conditions. Series A funding is for development and prototyping. Series B funding will be contingent on evaluation of those results.”
“Yes,” Bupin said with a toothy smile. “Entertainment products require hype and buzz. You have the one chance to make first impression. Maybe you have one too many horses in this rodeo.”
Farley had no idea what he was talking about.
“This road map, your destinations are upside down. This horse may not float. You have VR helmet and gloves first, you call it a beta release, followed by the complete product, the arcade with bathtubs. This approach will dilute hype, reduce marketing opportunity, drown buzz, dull sting. You have in this thick document a development road map, not a product road map. Do you understand why your dog will have trouble hunting in this rodeo?”
Farley felt as if this eccentric man were speaking a different language. He appealed to Gloria. She rolled her eyes.
“Let me translate,” Gloria said. “Bupin, stop me if I’m wrong. You recommend that we do one full launch for Moby-Dick, our strongest product, featuring the VirtExReality Arcades. Then, on the heels of that buzz, release the take-home version consisting of the VirtExReality helmet and gloves. Is that correct?”
“Yes, this is what I said.” Bupin nodded his head, more of a bobble than a nod, really. “You should have your first rodeo
before
your second. Was I unclear?”
Farley shifted his attention back to Gloria. She’d said something that he had been hoping to hear since the day they met. She’d come close before, but this was the first time she’d said “we.” That “we” would change the road map.
The woman said, “Product production in twelve months and launch in eighteen.”
Farley nodded. He had to give something, but he also understood the nature of negotiation. “No problem reworking the road map, but core technology has to be developed. We can’t complete the product in less than twenty-four months.”
“There is another modification,” McKay said. “Since we are essentially buying forty-nine percent interest in your company, we require the right to license your intellectual property.”
“No,” Farley said. “We will not yield the right to license our ideas to other developers.”
McKay shook his head behind steepled fingers and was about to speak when Bupin said, “You will change your mind. Your ceiling will grow higher.” He smiled, as though he were the VC version of a grandfather. “You push harder. Hire people. You do in twelve months instead of eighteen.”
Farley left his statement on the table and maintained his slightly aggressive pose, but he could feel his dreams emerging from the womb of doubt.
McKay stood, made a point of looking at his watch, and said, “Excellent. We’re down to working out details. Thank you for coming in.” He walked around the table to the door, looking every inch the executive late for his tee time. He stopped behind Farley and gripped his shoulder. Farley pasted a submissive grin on his face and looked up at the man. McKay’s grip tightened and the two men made eye contact.
“Twelve months,” McKay said, “and you’ll change your mind on licensing.”
PART 2
S aying these words made Gloria feel like a fairy godmother: “I have the Series A contract. Congratulations, your first-round funding has been granted.”
“Thank you, Gloria,” Farley said in his measured way. “You are a VC goddess.” He put his right arm around Chopper’s neck and
Gloria cleared her throat like an indulgent kindergarten teacher. She waited for each person’s eyes to turn to her, and as they did, she rewarded them with a gentle smile.
Farley said, “The battle of a sperm whale and a colossal squid is definitively the greatest competition on earth. Comparing this epic battle to a NASCAR VR is like comparing
Call of Duty
to
Pong
.”
“If we choose to invest in your company,” the bald man said, “we have some conditions. Series A funding is for development and prototyping. Series B funding will be contingent on evaluation of those results.”
“Yes,” Bupin said with a toothy smile. “Entertainment products require hype and buzz. You have the one chance to make first impression. Maybe you have one too many horses in this rodeo.”
Farley had no idea what he was talking about.
“This road map, your destinations are upside down. This horse may not float. You have VR helmet and gloves first, you call it a beta release, followed by the complete product, the arcade with bathtubs. This approach will dilute hype, reduce marketing opportunity, drown buzz, dull sting. You have in this thick document a development road map, not a product road map. Do you understand why your dog will have trouble hunting in this rodeo?”
Farley felt as if this eccentric man were speaking a different language. He appealed to Gloria. She rolled her eyes.
“Let me translate,” Gloria said. “Bupin, stop me if I’m wrong. You recommend that we do one full launch for Moby-Dick, our strongest product, featuring the VirtExReality Arcades. Then, on the heels of that buzz, release the take-home version consisting of the VirtExReality helmet and gloves. Is that correct?”
“Yes, this is what I said.” Bupin nodded his head, more of a bobble than a nod, really. “You should have your first rodeo
before
your second. Was I unclear?”
Farley shifted his attention back to Gloria. She’d said something that he had been hoping to hear since the day they met. She’d come close before, but this was the first time she’d said “we.” That “we” would change the road map.
The woman said, “Product production in twelve months and launch in eighteen.”
Farley nodded. He had to give something, but he also understood the nature of negotiation. “No problem reworking the road map, but core technology has to be developed. We can’t complete the product in less than twenty-four months.”
“There is another modification,” McKay said. “Since we are essentially buying forty-nine percent interest in your company, we require the right to license your intellectual property.”
“No,” Farley said. “We will not yield the right to license our ideas to other developers.”
McKay shook his head behind steepled fingers and was about to speak when Bupin said, “You will change your mind. Your ceiling will grow higher.” He smiled, as though he were the VC version of a grandfather. “You push harder. Hire people. You do in twelve months instead of eighteen.”
Farley left his statement on the table and maintained his slightly aggressive pose, but he could feel his dreams emerging from the womb of doubt.
McKay stood, made a point of looking at his watch, and said, “Excellent. We’re down to working out details. Thank you for coming in.” He walked around the table to the door, looking every inch the executive late for his tee time. He stopped behind Farley and gripped his shoulder. Farley pasted a submissive grin on his face and looked up at the man. McKay’s grip tightened and the two men made eye contact.
“Twelve months,” McKay said, “and you’ll change your mind on licensing.”
PART 2
S aying these words made Gloria feel like a fairy godmother: “I have the Series A contract. Congratulations, your first-round funding has been granted.”
“Thank you, Gloria,” Farley said in his measured way. “You are a VC goddess.” He put his right arm around Chopper’s neck and
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