Steve Blank

MARCH 31, 2014

I’m honored to be at a university noted for knowledge, and in a city with 2000 years of history – home of Gaudí one of the 20 th century’s greatest innovators. Look at the valuations of companies like Tesla, Illumina, and Twitter. Thank you for the kind introduction. I’d like to start with a request. Now look around.

Private Equity 325

Private Equity Metrics China Intellectual Property 325

VC Adventure

APRIL 2, 2020

Everyone is being cautious about valuations. Anecdotally I’ve heard that early stage valuations are already down 30-50%. First, the overall trends, which show both a steady increase of returns post the 2000 bubble and show the specific increases post 9/11 and post the 2008 market crash.

Valuation 118

Valuation Portfolio Database Early Stage 118

Ben's Blog

JUNE 18, 2011

If they have, then we should be able to see some evidence that the dominant public technology companies are moving towards bubble valuations. Apple’s valuation is now a case for business historians to discuss because I don’t think there are modern precedents. In the last bubble, the S&P hit 44x in January 2000.

Technical Review 76

Technical Review Software Review Valuation Internet 76

www.inc.com

SEPTEMBER 24, 2011

Finance | Tuesdays. Financing a Small Business. Financing A Small Business. Personal Finance. Jumpstart was one of Grahams first clients; it signed on shortly after he founded Arizona Bay, in 2000. Theres a huge opportunity cost in not taking equity," he says. Start-up | Mondays. Technology | Thursdays.

Arizona 40

Arizona Equity Iowa Venture Capital 40

Ben's Blog

MAY 24, 2021

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. 1999-2000 51.6% Time Period IPO Pop % Above IFR 1999-2000 51.6% 1999-2000 37.5%

SEC 36

SEC Accredited Investor IPO Technical Review 36

500hats.com

AUGUST 2, 2012

While a flood of new VCs came into existence during the late 90’s internet boom, many had difficulty raising new funds after the crashes of 2000-2001 and 2008 , and as a result significantly fewer fund managers exist now compared to a decade ago. In the past ten years there have been several dramatic changes in venture capital.

Silicon Valley 74

Silicon Valley Early Stage Venture Capital Valuation 74

Austin Startup

AUGUST 20, 2017

Keep the valuations consistent with company progress. Messy cap tables can come back to haunt you when you do a financing or sell the company. The bottom line is that the pedigree of your investors will have much to do with your ultimate valuation and with your enjoyment of the startup experience. Are the logistics manageable?

Technical Review 48

Technical Review Software Review Cap Table Securities and Exchange Commission 48

Feld Thoughts

FEBRUARY 9, 2016

One of my favorite lines in buried in the middle: “I’ve heard enough companies say “we simply can’t cut costs or it will hurt the long-term potential of the business” to get a wry smile. Pragmatic cost cuts are always possible and often productive.” I learned this lesson 127 times between 2000 and 2005.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

abovethecrowd.com

JULY 10, 2014

On June 18, Aswath Damodaran , a finance professor at NYU’s Stern School of Business, published an article on FiveThirtyEight titled “ Uber Isn’t Worth $17 Billion. Financial models, especially valuation models, are interesting in that they can be particularly precise. billion, far short of the value recently determined by the market.

San Francisco 111

San Francisco San Jose Marketing Technical Review 111

Cracking the Code

NOVEMBER 13, 2008

The fact that SaaS valuations are being more affected by the downturn than the Nasdaq can be surprising given the supposed resiliency of the SaaS model (recurring revenues) but it translates the public investors belief that SMB software spend is going to be hit very hard by this recession. So were do we go from here?

Software Review 48

Software Review Technical Review Valuation Portfolio 48

www.inc.com

SEPTEMBER 24, 2011

Finance | Tuesdays. Financing a Small Business. Financing A Small Business. Personal Finance. Before Roving Software could receive its first round of financing from professional investors, in early 1999, he had to put all the stock arrangements in writing. Copyright © 2000 inc.com. Start-up | Mondays.

Fractional CTO 40

Fractional CTO Equity Iowa Technical Cofounder 40

The Equity Kicker

MARCH 21, 2017

There is clearly dysfunction in chasing growth at all costs – inherently unprofitable companies grow to employ thousands of people before going bust, resulting in much personal anguish and not a little wasted capital. Recognise that the system is imperfect, but not broken. Some unicorns are bad, but lots are good.

San Francisco 90

San Francisco Cap Table Angel Investor Valuation 90

David Teten

AUGUST 7, 2019

than comparable companies in the same sector that raised at a higher valuation. In 2000, LPs invested $104b into 638 funds, but by 2003, LPs’ commitment rate had dropped to just $11b into 161 funds. It doesn’t really matter what valuation you pay for the big winners, because the returns are so high in the megacorns.

Venture Capital 60

Venture Capital Valuation Stock NDA 60

Both Sides of the Table

FEBRUARY 14, 2016

I’d like to explain as best I can my opinion on what is going on because most of what I hear from entrepreneurs is not only wrong but is reminiscent of what I heard in 1997-2000. I have been talking about my concerns about valuations for the past couple of years because, well, they’ve been rising very rapidly the past two years!

Valuation 150

Valuation Down Round Startup Later Stage 150

The Equity Kicker

JULY 8, 2019

From around 2000, and perhaps coinciding with the need to work harder to win deals as opportunities dried up after the internet bubble burst, individual partners at VC firms began adding ‘helping CEOs win’ to their job descriptions. . Although it is early days, we’re starting to see some positive data for our own portfolio.

Portfolio 84

Portfolio LP Venture Capital Partner 84

Both Sides of the Table

SEPTEMBER 17, 2017

I believe the massive valuation increases in cryptocurrencies we’ve witnessed of late are not based on any fundamentals other than speculation and a drive for a quick profit by many who have gained from the market hype. This does not mean that all existing intermediaries go away. Regulation will come. It needs to come fast.

Government 280

Government Distribution Stock United States 280

A Smart Bear: Startups and Marketing for Geeks

OCTOBER 23, 2012

invested, IPO’ed in 2000 for $32/share — stock price now $2. So it IPO’ed at a $13b valuation but has dropped month-over-month to one-fourth that value and appears to be in “constant pivot mode” while they try to figure out a new, massive market for which their existing infrastructure is an asset.

IPO 240

IPO Flash Bootstrapping Private Equity 240

David Teten

NOVEMBER 15, 2013

Each new investor tends to raise valuations and lower returns for all the other competitive investors. It is mathematically impossible for the median investor to beat a low-cost index, after expenses. (Of This option-based valuation methodology can also be used to explain the early 2000 internet/telecom bubble in the public markets.

Management 114

Management Pre-Money Valuation Venture Capital New Hampshire 114

finance.fortune.cnn.com

AUGUST 21, 2012

Overall, the portfolio value (including realizations) was being held at around 5% below cost. Accel Partners VII (2000): 122% (97%). ARCH Venture Fund V (2000): 41% (11%). Commonwealth Capital Ventures III (2000): 110% (56%). HIG Venture Partners (2000): 44% (22%). Insight Venture Partners IV (2000): 169% (119%).

Naming 49

Naming Term Sheet Private Equity Equity 49

Both Sides of the Table

JANUARY 31, 2011

And also there are a large number of people who would like to do startups in theory, but have high cost bases (family, real estate, school loans, whatever) that makes it very difficult to take the kinds of risks required. Mostly you read about fundings, product releases, big valuations, and M&A. Nobody really talks about this.

Entrepreneur 384

Entrepreneur Startup Salary Egypt 384

Both Sides of the Table

JANUARY 22, 2011

And also there are a large number of people who would like to do startups in theory, but have high cost bases (family, real estate, school loans, whatever) that makes it very difficult to take the kinds of risks required. Mostly you read about fundings, product releases, big valuations, and M&A. Nobody really talks about this.

Entrepreneur 176

Entrepreneur Startup Salary Egypt 176

www.paulgraham.com

APRIL 28, 2010

One answer to that is obvious: because you need money to live on.Its a fine idea in principle to finance your startup with its ownrevenues, but you cant create instant customers. It costs not justthe time of the actual meeting, but the time getting there and back,and the time preparing for it beforehand and thinking about itafterward.

Bootstrapping 77

Bootstrapping Term Sheet Founder Startup 77