article thumbnail

ESADE Business School Commencement Speech

Steve Blank

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. And to keep executing large organizations hire employees with a range of skills and competencies. Thank you for the kind introduction. I’d like to start with a request.

article thumbnail

As Populist as it May Feel, 98% of VCs Aren’t Dumb

Both Sides of the Table

The better way to think about VC returns is, do the firms consistently beat alternative asset clases on an IRR basis to adjust for the increased risk and lack of liquidity? In 2000 our industry had more than $100 billion in LP money. It led to hiring Eric Schmidt. Here the data is not always kind to VCs. It is changing.

LP 374