Happy New Year everyone!
It seems a bit of the budget info available online is a bit dated, so would love to get something more up to date for the community.
I'm finalizing my PPM and would like to review and compare my search budget assumptions with other searchers. Ideally, searchers who raised in 2021, or are planning a 2022 raise.
For reference, I'm running partnered search out of a higher cost of living area. (Socal)
If there is enough interest and data, happy to share what I find. (anonymized of course)
Thanks!
2/28/2022 UPDATE:
Hi everyone,
Happy to update you that I'm in the midst of fundraising now. It's a slog, but finding the investor's that believe in you and back you is rewarding.
I had a few folks reach out to me for an update. After speaking to with several folks, here's what I found. Budget's seem to vary quite a bit in how cost's are segmented, but total fund size seems fairly consistent with the materials in the Standford primer +10-20%.
What I did: I used numbers by actually building a budget based on how I want to conduct my search so I could provide an explanation for why the number is what the number is. This has literally never come up during my fundraising conversations. So I wouldn't sweat it too much.
Salaries seem to range from 80k on the low end up to 150K and higher for edge cases. My unqualified opinion: Figure out whatever you need to keep the lights on and QoL high enough so that you can focus your best efforts on the search without being distracted by personal finance issues. You want your economic return incentives to be aligned with your investor's and be the result of purchasing and operating your company excellently, but you don't want to worry about kids having an unexpected trip to the hospital.
Lastly, if anyone new is has questions, feel free to DM me or ask here. I got to where I am because other searcher's generously offered their help, and I'm happy to answer all the silly questions I once had too.
Good Luck and Godspeed!
Happy to update you that I'm in the midst of fundraising now. It's a slog, but finding the investor's that believe in you and back you is rewarding.
I had a few folks reach out to me for an update. After speaking to with several folks, here's what I found. Budget's seem to vary quite a bit in how cost's are segmented, but total fund size seems fairly consistent with the materials in the Standford primer +10-20%.
What I did: I used numbers by actually building a budget based on how I want to conduct my search so I could provide an explanation for why the number is what the number is. This has literally never come up during my fundraising conversations. So I wouldn't sweat it too much.
Salaries seem to range from 80k on the low end up to 150K and higher for edge cases. My unqualified opinion: Figure out whatever you need to keep the lights on and QoL high enough so that you can focus your best efforts on the search without being distracted by personal finance issues. You want your economic return incentives to be aligned with your investor's and be the result of purchasing and operating your company excellently, but you don't want to worry about kids having an unexpected trip to the hospital.
Lastly, if anyone new is has questions, feel free to DM me or ask here. I got to where I am because other searcher's generously offered their help, and I'm happy to answer all the silly questions I once had too.
Good Luck and Godspeed!