Feld Thoughts
FEBRUARY 28, 2023
However, the lack of a conversion right also has implications for anti-dilution protection: in the U.S., In Germany, anti-dilution protection is achieved by issuing additional preferred shares. The boom years of 1998 (79 IPOs), 1999 (175 IPOs), and 2000 (142 IPOs) are long gone. Hence, the negation is exactly in reverse.
Agile VC
JULY 11, 2012
And while the internet created both tremendous reward and tremendous investment carnage leading up to and after the 2000 tech bubble, it’s created long run disruption of broad sectors of media, advertising, business software & computing, and retail commerce and VCs that missed this shift have faced real struggles.
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View from Seed
SEPTEMBER 19, 2019
When I started out in VC, there was a strong consensus around early stage investors that the “right” level of ownership was 20%. One of the tactical moves that I observed USV employ during the mid 2000’s was targeting a relatively lower percentage than their peers. Pretty much every firm was targeting at least 20% ownership.
Both Sides of the Table
JUNE 5, 2011
Early-stage investors in technology startups are only looking for growth-oriented companies that can achieve an “exit&# someday – either via selling your company to a larger company or via an IPO. It was early 2000. Over time some “norms&# have emerged in pricing based on investors risk / return profile.
The Equity Kicker
MARCH 17, 2015
These days most startups need only a fraction of that to launch – our idea stage partners get to significant traction within a year on a £250k investment – which means there isn’t much money to hire a team and the founders have to cover a lot more of the bases themselves.
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%
Startup Professionals Musings
DECEMBER 27, 2014
Institutional venture capital dispensed thus far in 2014 has been up significantly over the last few years, but is still less than half of the peak hit way back in the year 2000 (over $100 billion). This can cause early investor dilution, lower ultimate returns or leave the startup stranded.
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