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. Your time at ESADE has trained you to become a global business leader. Thank you for the kind introduction. I’d like to start with a request. Now look around.

Private Equity 326

Private Equity Metrics China Intellectual Property 326

Seeing Both Sides

APRIL 10, 2011

In 1997, a Charles River Ventures fund yielded a stunning 15x return, backing such superstars as Ciena, Vignette and Flycast. Matrix had a fund in 1998 that yielded an eye-popping 514+% IRR. The Internet bull market continued to run for four more years after the Open Market IPO, finally ending in the spring of 2000.

IPO 48

IPO IRR Brazil Government 48

VC Cafe

MARCH 8, 2010

Only three Israeli venture capital funds completed their fund raising efforts in 2009: Sequoia Capital Israel , announced final closing of Sequoia IV, a $200 million vintage 2009 fund. These losses have reduced capital available for investments. Capital Raised by Israeli VC funds by Vintage Year* ($B) 2000-2010(E).

IRR 74

IRR Venture Capital Institutional Investors 74

Agile VC

NOVEMBER 13, 2012

There are some obvious structural reasons why a shakeout in the venture capital industry takes a long time. There was a healthy amount of capital ($20-30B annually) invested in VC funds during the 2003-2008 timeframe. In the mid 2000′s VC’s were largely prospering. So at a fund level (e.g.

LP 154

LP Portfolio Venture Capital IRR 154