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. President Bieto, Dean Sauquet, members of the faculty, distinguished guests, and ladies and gentlemen….Thank Thank you for the kind introduction. Now look around.

Private Equity 326

Private Equity Metrics China Intellectual Property 326

Both Sides of the Table

MAY 25, 2013

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. 33% of the world is on the Internet on average of 3.1 Here the data is not always kind to VCs.

LP 374

LP Later Stage IRR Term Sheet 374

Seeing Both Sides

APRIL 10, 2011

But if that observation led them to refrain from investing in the Internet sector, they would have missed one of the most stunning legal creations of wealth in history. Matrix had a fund in 1998 that yielded an eye-popping 514+% IRR. The average venture capital fund raised between 1995 and 1997 returned more than 50% per year.

IPO 48

IPO IRR Brazil Government 48