Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)

Investment Criteria

Footwork Ventures employs a meticulous approach when evaluating potential investments, focusing on four key elements. Nikhil Trivedi emphasizes the importance of early signs of product-market fit, as seen in their investment in Vea, which demonstrated significant customer engagement and revenue growth with minimal capital expenditure 1. The firm also seeks products with the potential for long-term customer loyalty, large and expanding markets, and founders who are both hungry and humble 2. Mike Smith highlights the need for founders to be talent magnets and deeply knowledgeable about their business operations 2.

   

Fundraising Approach

In raising capital for Footwork Ventures, Mike Smith and Nikhil Trivedi adopted a unique strategy that deviated from conventional advice. They opted for a single, comprehensive closing to ensure a diverse pool of capital sources, including university endowments and family offices, which they believe will prove advantageous in the long run 3. Trivedi notes the importance of demonstrating alignment and intentionality within their partnership, which was crucial in securing commitments from limited partners 4. Despite the challenges of virtual fundraising, they successfully built trust with LPs, many of whom they had not met in person, by emphasizing their core values and the positive impact of their investments 5.