Steve Blank

MARCH 18, 2011

Dot.com Bubble ( 1995-2000): “ Anything goes” as public markets clamor for ideas, vague promises of future growth, and IPOs happen absent regard for history or profitability. August 1995 – March 2000: The Dot.Com Bubble. With Netscape’s IPO , there was suddenly a public market for companies with limited revenue and no profit.

Internet 334

Internet IPO Silicon Valley Agile 334

Agile VC

MAY 26, 2011

Google is still a private company (their IPO was Aug 2004). Silicon Valley is still emerging from the tech bubble and massive downturn of late 2000-2002. And obviously all the liq prefs went away in the IPO when pref stock converted to common. is the leading consumer internet company with Terry Semel as CEO. A lot has changed.

Term Sheet 178

Term Sheet Silicon Valley Technical Review Social Network 178

Ben's Blog

OCTOBER 29, 2020

Since then, the debate over IPOs has continued, with a particular focus on allegedly underpriced offerings that jump shortly after opening — the dreaded “pop.” ” As some criticism has it, this supposedly deprives companies of millions of dollars that should have been theirs if not for underpricing the IPO.

IPO 36

IPO Securities and Exchange Commission Demand SEC 36

Startup Professionals Musings

FEBRUARY 19, 2012

So here are the most common exit strategies and considerations these days for planning purposes: Merger & Acquisition (M&A). Initial Public Offering (IPO). But since the Internet bubble burst in the year 2000, the IPO rate has declined every year until 2010, and is now at about 15%.

Exit Strategy 241

Exit Strategy Initial Public Offering IPO Startup 241

Pascal's View

AUGUST 12, 2009

It boggles the mind that Washington would enact new policies sure to prolong this (IPO) drought and strike at the heart of American innovation.” IPO drought testifies to a systemic liquidity crisis for emerging growth companies that is putting at risk an entire generation of innovative American companies. from the WSJ editorial).

Silicon Valley 28

Silicon Valley IPO Merger Sweat Equity 28

Startup Professionals Musings

JANUARY 5, 2011

So here are the most common exit strategies and considerations these days for planning purposes: Merger & Acquisition (M&A). Initial Public Offering (IPO). But since the Internet bubble burst in the year 2000, the IPO rate has declined every year until 2010, and is now at about 15%.

Exit Strategy 231

Exit Strategy Initial Public Offering Startup IPO 231

Feld Thoughts

SEPTEMBER 8, 2011

Today one of our portfolio companies BigDoor announced the acquisition of San Francisco-based OneTrueFan , a community and web check-in company. When there is a great fit, I love seeing our portfolio companies make acquisitions. Todd and Eric have been friends of mine for a long time.

San Francisco 115

San Francisco Cofounder Acquisition IPO 115

Feld Thoughts

JANUARY 11, 2021

I remember clearly a phone call on 12/1/2000 where Len called me from NYC. He told me that Cable & Wireless wasn’t moving forward with the acquisition of Interliant – the deal was all but done. We ended that morning with a big hug like we started and ended all of our days together. Under the terms, he signed his name.

SEC 164

SEC Cofounder Boston New York 164

thebarefootvc

JANUARY 15, 2020

acquisition of Plaid by Visa, in a highly competitive deal, shows how even the largest incumbents are feeling pressure to innovate and need to think outside of their current business models. Along those lines, I have been spending time thinking of the the continued digitization of the financial services sector. The recently announced $5.3B

Disintermediation 69

Disintermediation Aggregator China API 69

Growthink Blog

APRIL 2, 2014

Well, if you don’t, try on these IPO, M&A, and financing stats from 1st Quarter 2014: Initial Public Offerings: 72 companies went public in the U.S. in the 1st quarter - the largest number of new issuers since 2000 -raising a total of 11.1 And, as of Monday 54 of the 72 of them were trading above their IPO price.

Private Equity 69

Private Equity Merger IPO Initial Public Offering 69

View from Seed

JANUARY 11, 2017

I was an early employee at PayPal and back in the 2000-2001 timeframe, and we ended up taking a fairly significant amount of strategic investment (tens of millions of $) from various banks in the US, Europe, and Asia. It doesn’t mean it can’t be done, but having say Google as an investor can make it tricky to work with say Apple.

Strategic Investors 120

Strategic Investors Post-Money Valuation Seed Stage Cofounder 120

The Equity Kicker

AUGUST 24, 2012

The reality is that we have been dealing with a market failure to provide liquidity to investors in late-stage companies for most of the time since the internet bubble burst in March 2000. These funders were providing liquidity to early investors and additional capital for growth, just like the IPO markets used to. With its $1.5

IPO 101

IPO Valuation Silicon Valley Venture Capital 101

David Teten

MAY 16, 2011

Kevin Barhydt, Head of Acquisitions, RPX. Geleerd began his career at Arthur Andersen in tax consulting before leaving to join Sam Zell’s Equity Group where he underwrote the acquisition of over $2 billion of real estate acquired by the Zell-Merrill Lynch Opportunity Funds (which ultimately went public as Equity Office Properties, LLC).

Naming 122

Naming Government Intellectual Property LLC 122

Both Sides of the Table

MAY 23, 2012

In 1998 there were around 850 VC funds and by 2000 there were 2,300. By 2000 the total LP commitments had mushroomed to more than $100 billion. IPO markets had burned an entire cycle of retail stock investors and many institutional investors to boot. So of course returns from 2000-2010 were subpar on average for the industry.

Venture Capital 347

Venture Capital Technical Review LP Mobile 347

David Teten

APRIL 1, 2011

I hope that you can join us Monday night, April 4, midtown NYC, at a panel on “Innovation in Private Company Liquidity-Online Merger Markets, Social Media, Secondary Markets, Non-US Markets, Private Equity, and the Disappearing IPO” The program is sponsored by the HBS Club of New York and the HBS Angels of NY. the 1990s.

Private Equity 68

Private Equity Merger IPO Equity 68

abovethecrowd.com

AUGUST 23, 2020

If you are looking past or through Covid — and why not, all of Wall Street is — the topic du jour in Silicon Valley is Special Purpose Acquisition Companies, or SPACs. So while the underpricing and true cost of capital of a traditional IPO is trending worse, the economics behind SPACs are actually improving.

IPO 118

IPO Silicon Valley Warrant Matching 118

This is going to be BIG.

MARCH 21, 2011

If there’s a jobs startup within 2000 miles of NYC, I will see it. After a recent talent acquisition in the mobile space, a friend of mine said, “That’s what you get for building in a good neighborhood.” I’m sure… but if you’re looking to exit into a market where the players are flush with acquisitive cash, this isn’t it.

Acquisition 110

Acquisition Database IPO Mobile 110

This is going to be BIG.

MARCH 30, 2015

It took the NASDAQ fifteen years to get back to it''s March 2000 peak--and I think that it''s possible we''re looking ahead at the same kind of period, but one without the huge trough. Instead of paid acquisition fueling an up and to the right hockey stick, these companies would grow organically. They''ll be around 10 years from now.

Hockey Stick 60

Hockey Stick Valuation Startup Maryland 60

Pascal's View

AUGUST 21, 2011

This time, the debate centers on the “favored few” Social Media venture backed companies that have brought tremendous windfalls to a select group of venture funds and management teams, both pre- and post-IPO. For me Bubble will always be inexorably linked to what went down in 1999 and 2000 in the internet sector. It is intentional.

Valuation 50

Valuation Social Media Media IPO 50

Cracking the Code

MARCH 28, 2022

One of the 2020 giants also left this select club: Zoom, which was impacted by the failed acquisition of Five9 and people’s gradual return to offices. The cloud IPO market has also been very active with 32 IPOs vs. 17 in 2020. 60% of the cloud IPOs had a market cap of $5B+ vs. only 28% this year. in Sept 2020. In 2020, c.

Global 62

Global Europe Software Review 62

Pascal's View

MAY 13, 2011

ii. Bubble period 1996-2000 totals $243.6 Number of IPO’s has shrunk while average size has increased. i. Pre-bubble average 520 IPO’s per year. 80% of IPO’s <$50MM. And let’s remember that, at the time of these IPO’s, few if any of these companies were household names. cents or 6.25

Securities and Exchange Commission 31

Securities and Exchange Commission Equity IPO Marketing 31

ReadWriteStart

NOVEMBER 16, 2010

The big enterprise software companies almost all bootstrapped their way to profitability before they got their first external investors (typically via an IPO). You cannot use freemium strategies without this type of user experience (and freemium is the first fundamental change to the cost of customer acquisition).

Software 127

Software Startup Architecture Bootstrapping 127

VC Cafe

OCTOBER 2, 2020

There were many Israeli startup transactions north of $1 billion in the early 2000s. in 2000, M-Systems, inventor the disk-on-key, was acquired for $1.6 It wasn’t easy for me to pinpoint the first Israeli Unicorn. Lucent acquired Chromatis for $4.8b Billion by Sandisk in 2006, etc.

Venture Capital 183

Venture Capital Acquisition IPO 183

Agile VC

NOVEMBER 13, 2012

Sarah also points to the vast global wealth that has to get allocated somewhere as well as a small bump in long term average returns, now that the generally terrible performance of funds from the 2000-2002 time frame (after the tech bubble of the late 90s crashed) no longer factor in to 10 year returns.

LP 154

LP Portfolio Venture Capital IRR 154

VC Cafe

JANUARY 20, 2014

last year, more than any other major index), and the IPO market is booming. 222 firms held initial public offerings last year, raising $55 Billion, the most since 406 companies went public for $97 million in 2000. The bull market will celebrate its 5 th anniversary in March (NASDAQ grew 38.3% Seed-stage deals now require $5.1

Venture Capital 155

Venture Capital Pre-Money Valuation IPO 155

Agile VC

APRIL 13, 2012

And going even further back there have been a few random ones have been built before like Salesforce.com and e-tailer RedEnvelope (IPO’d in 2003 though now defunct as a company). If my memory serves me, <10% of our pre-IPO employees at PayPal lived in SF and literally 1 of the first 40-50 folks at LinkedIn were city-dwellers.

Silicon Valley 185

Silicon Valley San Francisco San Jose Startup 185

Ben's Blog

MAY 24, 2021

IPO market. There are a number of trends concerning IPOs and capital formation to note: First, the raw number of IPOs has declined significantly: From 1980-2000, the US averaged roughly 300 IPOs per year; from 2001-2016, the average fell to 108 per year. In the first quarter of 2021 alone, SPACs raised $87.9

SEC 36

SEC IPO Accredited Investor Technical Review 36

online.wsj.com

SEPTEMBER 23, 2012

The results were similar when he examined data for companies funded from 2000 to 2010, he says. In early 2011 an acquisition by a Fortune 500 company fell apart. Less than 1% are currently in IPO registration. DJVentureWire : Friday IPOs Fail to Price as Thursdays Rally Doesnt Carry [link]. All Rights Reserved.

Venture Capital 107

Venture Capital Software Review North Dakota Rhode Island 107