Steve Blank

FEBRUARY 23, 2009

Alone in a ski cabin with the snow coming down outside, and my wife and daughters out on the slopes all day, I started collecting my thoughts by writing a series of “lessons learned” stories that I had hoped would become my memoirs.

Redemption 126

Redemption Silicon Valley RSS California 126

Both Sides of the Table

JULY 22, 2010

Back in 1999 when I first raised venture capital I had zero knowledge of what a fair term sheet looked like or how to value my company. After valuation in the video we went through Liquidation Preferences, Board Seats, Protective Provision, Voting Rights, Drag Along Rights, Redemption, Anti-Dilution and a few other key terms.

Valuation 405

Valuation Liquidation Preference Pre-Money Valuation Term Sheet 405

Both Sides of the Table

JULY 25, 2011

When I first started as a startup CEO in 1999 there were no guides on raising venture capital. Redemption rights? This article originally ran on TechCrunch. tl;dr version: If you’re an entrepreneur or VC or will be working in this industry - buy this. Drag along rights? That sounds fine to me. Sounds harmless enough.

Liquidation Preference 304

Liquidation Preference Term Sheet Cap Table Participating Preferred 304

Steve Blank

MAY 17, 2011

My third story is about Failure and Redemption. In 1999… with the company’s revenue north of $100 million…I handed the keys to a new CEO and left. The world is run by those who show up…not those who wait to be asked. Eighteen months after arriving in Thailand, I was managing a group of 15 electronics technicians.

Philadelphia 335

Philadelphia Miami Thailand Silicon Valley 335

Professor VC

DECEMBER 8, 2015

I do wonder if we will being to see the rarely used redemption clauses triggered where early investors may be happy to take their money back plus accrued preferential return to close out a fund. It takes time for the business to catch up to these market expectations and valuation. Most never make it there. Back to that PayPal merger.

Merger 28

Merger LP IPO Redemption 28

Ben's Blog

MAY 24, 2021

In fact, if you exclude the Dot Com Bubble of 1999-2000, they have been steady for nearly thirty years. 1999-2000 51.6% Time Period IPO Pop % Above IFR 1999-2000 51.6% 1999-2000 37.5% We have published some research on this topic elsewhere, which I will summarize briefly below. Time Period IPO Pop* 1980-1989 6.1%

SEC 36

SEC Accredited Investor IPO Technical Review 36