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A Venture Capital History Perspective From Jack Tankersley

Feld Thoughts

In January, Jerry Neumann wrote a long and detailed analysis of his view of the VC industry in the 1980’s titled Heat Death: Venture Capital in the 1980’s. So contrary to the piece, it wasn’t VC were good at early stage technology, it was that they had newfound capital and a big exit window. Total. 1,250,000. Total.

Love and Venture Capital

Feld Thoughts

eThread was acquired by Melita International in 1999 after a crazy ride that included a midnight negotiating session on the 173rd floor of some building in midtown Manhattan to try to merge with iChat. Welcome to 1999. The post Love and Venture Capital appeared first on Feld Thoughts.

It’s Morning in Venture Capital

Both Sides of the Table

Many observers of the venture capital industry have questioned whether its best days are behind it. This article originally ran on PEHub.

Are Things Moving Faster Than In 1999?

Feld Thoughts

After I sold my first company, I started a company called Intensity Ventures to make all my personal investments from. When I started making venture capital investments in 1997, the pace of things, and the amount of work I did, was massive. In 1999 things were moving so theoretically quickly that everything was a total blur.

The Great Internet Stock Correction of 1997, or 1999, or …

Feld Thoughts

We were in the middle of fundraising for Softbank Venture Capital (which became Mobius Venture Capital.) In 1999 we filed an S-1 to take Sage Networks public. The post The Great Internet Stock Correction of 1997, or 1999, or … appeared first on Feld Thoughts. The Truth Is Nobody Knows.

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B is for BUBBLE: Venture Capital in 2013

VC Cafe

Last year, the VC industry partied like its 1999. New data from research firm Pitchbook makes it official: valuations are at an all-time high.

Why Venture Capital No Longer Defines Innovation


Today’s venture capital deal flow to innovative new companies looks a lot like a fat man trying to squeeze into a slim Italian suit.

Bubble watch: a comparison of 1999 and 2013

The Equity Kicker

The data points below show that in terms of the IPO market at least the heat is nothing like what it was in 1999. Median sales of company at time of IPO — $12m in 1999 vs. $106m in 2013. in 1999 vs. 5.5x Total # of tech IPOs — 369 in 1999 vs 45 in 2013. billion in 1999 vs $8.5 in 2013. billion in 2013.

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What if it’s 1996, not 1999?

Seeing Both Sides

billion market capitalization. The average venture capital fund raised between 1995 and 1997 returned more than 50% per year.

IRR 30

History Doesn’t Repeat Itself, But It Does Rhyme

Feld Thoughts

The questions were great, but some of what they were hearing about venture capital was scary as s**t. A handful of them had jobs in venture capital firms and we talked about how to be effective as a freshly minted associated. Venture Investing Just Had Its Biggest Q1 in 15 Years, Says PwC Report. Surprise.

More Advice from Class of 1999 MBA Entrepreneurs

Launching Tech Ventures

In 1999, Joel Silve r launched, which provided incentive programs for sales reps. The first is sales. It is exhausting. Take it.

Lean 14

Founders – Use Your Down Round To Clean Up Your Cap Table

Feld Thoughts

I started investing in 1994 and while there was some bumpiness in 1997 and again in 1999, the real pain happened between 2000 and 2005. I watched, participated, and suffered through every type of creative financing as companies were struggling to raise capital in this time frame. Second, keep your capital structure simple.

When VCs Don’t B t You

Feld Thoughts

This LP is also a long time investor in Union Square Ventures and was one of the first people Fred introduced us to when we started raising the first Foundry Group fund in 2007. The prior fund that I had co-founded – Mobius Venture Capital – had blown up after having a very successful first fund in 1997.

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The State of Cleantech Venture Capital, Part 1: The Money

Secret Formula

During each, cleantech start-up investment had a different driver: 1995 to 1999: Baseline. (A version of this post also appeared at GigaOM.).

No Regrets (Mostly): Reflections from Class of 1999 MBA Entrepreneurs

Launching Tech Ventures

One is searching for a role in a new venture after a hiatus to start a family. Venture Hacks VentureBeat Watching Websites Simple template.

Lean 15

Partners Forever (or close to it)

A VC : Venture Capital and Technology

Mitt Romney is taking some flack for continuing to have ongoing involvement in Bain Capital well after he supposedly left the firm for good in 1999. I am still technically a partner in a venture capital firm (Euclid Partners) that I left in early 1996. Politics Venture Capital and Technology


A VC : Venture Capital and Technology

Later on in our conversation on wednesday night, I got a question about lean and venture capital. Brad and I set it up that way because we talked about all the things we didn't like about venture capital firms when we were setting USV up in late 2003. I do not believe that venture capital scales.

Lean 75

Andreessen Horowitz: No bubble but rebalancing from IPO to late stage venture

The Equity Kicker

Firstly this table comparing 1999 and 2014 on key bubble-related metrics. Venture CapitalI think that’s largely true.

Worthless Stock Certificates

A VC : Venture Capital and Technology

They are a reminder that we make mistakes in the venture business. Venture Capital and Technology

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On the Road to Recap:

In February of last year, Fortune magazine writers Erin Griffith and Dan Primack declared 2015 “ The Age of the Unicorns ” noting — “Fortune counts more than 80 startups that have been valued at $1 billion or more by venture capitalists.” In 1999, record valuations coexisted with record IPOs and shareholder liquidity. Emotional Biases.

On Bubbles …

And the venture capital firms that pulled back in 1996 missed the best three years of return in the history of venture capital industry.

Stock Market Bubble? Venture Capital Numbers Tell Another Story

Fresh Inc.: The Staff Blog

Venture capital investment helped drive the last stock market bubble. Broadly, the stock market is influenced by monetary policy," John Backus, founder and managing partner at venture capital firm New Atlantic Ventures, says. But venture capital investment tells another story entirely.

Tonight We're Going To Party Like It's 1999

Launching Tech Ventures

The firms had an aggregate market value of $99 billion at the end of 2001, and they had raised $85 billion of capital. and WebMD. Valuations.

Lean 18

How Do VCs Mitigate Risk In Their Investment Portfolios?

Ask The VC

Most VCs who have been investing since the mid-1990′s understand this well as many funds raised in 1999 and 2000 were fully committed in one year. As a result, the funds were invested during the rapid rise and peak of the Internet bubble, resulting in horrible performance for 1999 vintage funds due to their lack of time diversity.

How to Develop Your Fund Raising Strategy

Both Sides of the Table

There is all sorts of advice on the Internet about how to raise capital. So why would raising venture capital be any different.

China’s Torch Program – the glow that can light the world (Part 2 of 5)

Steve Blank

Torch has four major parts: Innovation Clusters , Technology Business Incubators (TBIs), Seed Funding (Innofund) and Venture Guiding Fund.

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Want to Know How VC’s Calculate Valuation Differently from Founders?

Both Sides of the Table

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.

The Word Bubble

A VC : Venture Capital and Technology

For me Bubble will always be inexorably linked to what went down in 1999 and 2000 in the internet sector. But deals are actually companies and most venture investments are held for five to seven years. Venture Capital and TechnologyIt is intentional. And I agree with Mike Arrington that what is going on now is different.

Stitch Fix: Reinventing Retail Through Personalization

In addition to market concerns, I had the unique experience of working with Dan Nordstrom and the team at in August of 1999.

FuturePerfect Ventures: A 2015 Recap


New York City : NYC is growing as a startup hub; yet early stage (seed, small A rounds) institutional capital has not kept up with the local growth. This global reach is a new model of early stage venture, one that we believe we will see more of in the future. “Be the change you want to see in the world”. . Below is a recap.

How Many Investors are Too Many?

Both Sides of the Table

There are ones I’ve worked with like True Ventures, First Round Capital, Greycroft, Rincon Ventures … just to name a few.

Governance Models That Don’t Scale: The World According to Charles T. Munger and Jean Jacques Rousseau

Pascal's View

The disgraced former directors of Tyco International (vintage 1999) , seemingly highly trustworthy and accomplished men and women, also come to mind.

Tonight We're Going to Party Like It's 1999

Platforms and Networks

The firms had an aggregate market value of $99 billion at the end of 2001, and they had raised $85 billion of capital. and WebMD. Valuations.

Where are the Deals? How VCs Identify the Next Generation of Startups

David Teten

You’ve probably read dozens of articles about how to raise capital from venture capitalists. Prior to joining ff Venture Capital , I published the first-ever study of how private equity and venture capital funds originate new investments, with my coauthor Chris Farmer , CEO of SignalFire and an experienced VC.

10+ Trends: Recap of 2011 and What’s Next…


As a venture capitalist, I am privy to innovations long before they become mainstream, one of the things I love about my job. This will continue as more role models, mentors and capital are created from the resulting success stories, thereby creating more support for the next generation of entrepreneurs. What We Saw in 2011….

Complete Flip Flop

Force of Good: a blog by Lance Weatherby

They spent a lot of time talking about how the current time is much different than 1999. Current Affairs Startups Venture Capital

I’m joining ff Venture Capital

David Teten

I am delighted to announce that I’m joining ff Venture Capital as a Partner. Career Venture Capital

Best of Breed


Whereas I may have seen a dozen companies in 1999 with a point solution in a particular area, now I see multiples. Entrepreneurship Startups Technology Uncategorized Venture Capital cloud computing enterprise IBM internet Salesforce SAP software startups Fast forward to 2013. – DO A COMPETITIVE LANDSCAPE. – TIMING.

Who Else Wants to Raise Venture Capital?

Growthink Blog

How can I raise venture capital?" And when it comes to venture capital in particular, the vast, VAST majority of entrepreneurs go about it the wrong way. And if you go about raising venture capital like MOST entrepreneurs do, then you'll probably get the same results that most entrepreneurs do.

Brad Feld Drops Knowledge. Here’s What He Said …

Both Sides of the Table

Yeah, that was when I changed for me…” “…there was so much positive feedback on demystifying this one element of venture capital. Mobius.