Feld Thoughts

AUGUST 25, 2015

The key reason for the explosion in capital flowing into the industry, and therefore the large increase in practitioners, had nothing to do with 1970’s performance, early stage investing, or technology. For many years preceding 1999, the 1982 vintage was known as the industry’s worst vintage year.

Venture Capital 70

Venture Capital SBIC Technical Review Silicon Valley 70

Both Sides of the Table

NOVEMBER 4, 2009

Let’s assume that the company raised it at a normal VC valuation, which means it gave up 33% of the company and thus $5 million / 33% = $15 million post-money valuation. Now … these are stock options and not restricted stock so you’ll likely be taxed at a long-term capital gains rate. It was 1999.

Stock Options 418

Stock Options Stock Liquidation Preference Option Pool 418

Both Sides of the Table

AUGUST 30, 2010

While not 1999 all over again but I am observing first-hand the signs of funding frenzy. VC funding is definitely back from the constipation that was 2009 replete with frothy valuations chasing dreams of the next Facebook, Groupon or Zynga. VCs get paid to “put money to work.&#. I know not everybody agrees.

Entrepreneur 298

Entrepreneur Technical Review Balance Sheet Government 298