A Journey Through Valuations, Ventures, Visions and Vodka | Mike Blake, Ep 06
Episode Summary
Mike Blake, founder of High Score Strategies, discusses business valuation methodology, the changing landscape of patent protection, and his journey from venture capital to running a valuation consultancy from Portugal. He shares insights on helping founders navigate term sheets, the limitations of valuation in early-stage negotiations, and the story of launching Atlanta's Startup Lounge networking events that helped build the city's entrepreneurial ecosystem.
Pull Quotes
“Don't be obsessed with valuation. Go build a great company that lots of people want to invest in, and the valuation will often kind of take care of itself.”
On founders who hire valuators to force investor agreement
“When you get a gold-plated valuation with a Good Housekeeping seal of approval, you're telling investors you're the kind of person who lawyers up the first second that things don't go your way. No investor wants to put money in a company like that.”
“You have to now do the job of the patent examiner for them. The typical patent examiner spends around 20 hours determining whether they're going to issue that patent. How could they possibly cover all of the prior art? They just can't.”
“Don't let your company die over valuation. Is the satisfaction that you held out and didn't get a deal done going to give you consolation that day when you gather everybody on a Zoom call and say you're all fired, we're done?”
On why he created Startup Lounge in Atlanta
“The networking events scare a lot of the fish away. There's so many service providers trying to get business out of startups that it's like what Yogi Berra said—it's so crowded that nobody goes there anymore.”
Transcript
Hi welcome to Tales From The Sky Lounge, a podcast where we talk about business consulting and venture investing. We get out there in the world and talk to people who are making it happen in the tech world and get their stories as we talk through things that made a difference in the tech world.
Today's guest in the Sky Lounge is Mike Blake. Hi Mike, how are you doing? Welcome to Sky Lounge.
Hey Todd, I'm doing great, thanks for having me.
So great to have you here Mike. Why don't you give us a little bit of background? Who are you?
Yeah, I feel like we should have that Who song in the background as I do this. So I'm founder of a company called High Score Strategies. We're a business valuation and strategy consulting firm that helps our clients navigate their multi-million dollar valuation opportunities and challenges. Although adjacent to the accounting industry, I'm literally the worst accountant you'd ever meet and never have met, so I don't even do my own taxes. I'm a recovering venture capitalist and investment banker, general rabble rouser and troublemaker, which is why I fled the country back in July. I'm talking to you outside of our new home about 50 miles north of Lisbon, Portugal.
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