Both Sides of the Table

APRIL 2, 2010

It’s also meaningless if they had four $200 million funds and the last one they closed was in 2000. Unfortunately over the period of 2000-2010 the VC industry hasn’t performed well and therefore the number of funds going forward is likely to reduce greatly. GRP’s last fund was in 2000. What is a VC fund?

Venture Capital 269

Venture Capital Balance Sheet Early Stage Software Review 269

Both Sides of the Table

JUNE 22, 2011

I know that most people who are close to them tend to deny their existence, as we saw in the great housing bubble of 2002-2007 and the dot com bubble of 1997-2000. And this is happening in mezzanine (pre-IPO) deals as well. And post IPO deals, although these tend to correct more quickly. Why does all this matter?

Saudi Arabia 309

Saudi Arabia Valuation IPO Technical Review 309

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. The former is much more likely than the latter. The risk wouldn’t be appropriate. That was market.

Pre-Money Valuation 336

Pre-Money Valuation Valuation Silicon Valley Stock 336

The Equity Kicker

JANUARY 28, 2015

With IPOs like this European venture funds must be performing better, and that will bring more money into the market. It has taken us a long time to get over the 1999/2000 bubble and build a sustainable ecosystem. These are two great charts!

IPO 60

IPO Marketing 60

Both Sides of the Table

JULY 16, 2010

But VC is an “illiquid asset&# so funds didn’t disappear quickly - In 2000/01 the stock market quickly adjusted punishing investors in the NASDAQ and in individual public technology stocks. side note: our last fund at GRP Partners is currently ranked as the 5th best performing fund of the year 2000.

LP 311

LP Technical Review Early Stage Silicon Valley 311

Both Sides of the Table

AUGUST 12, 2010

Retail investors were burned in IPOs in 2000, Consumers getting burned by services disappearing) Minutes 31-35. Too many people have been burned in past and if angels get burned that will kill a lot of needed early investors. Angel investors need to be smart and not just follow-along. (ie. Is there a gap in Series B funding? (10-12mm

Seed Stage 232

Seed Stage Valuation Private Equity Venture Capital 232

Steve Blank

JULY 15, 2010

The collapse of the IPO market and dysfunctional math in the venture capital community has stacked the odds against you. The two decades from 1979 when pension funds fueled the expansion of venture capital to 2000 when the dot-com bubble burst were the Golden Age for entrepreneurs and venture capital firms. Here’s why. Source: NVCA.).

Venture Capital 297

Venture Capital IPO Liquidity Event Entrepreneur 297

Ben's Blog

OCTOBER 29, 2020

Since then, the debate over IPOs has continued, with a particular focus on allegedly underpriced offerings that jump shortly after opening — the dreaded “pop.” ” As some criticism has it, this supposedly deprives companies of millions of dollars that should have been theirs if not for underpricing the IPO.

IPO 36

IPO Securities and Exchange Commission Demand SEC 36

Gust

JANUARY 31, 2013

Before the commercial Internet, the primary tools of disclosure included: Prospectus and related registration statement (“S-1″) for an IPO. In 2000, the SEC adopted Regulation FD in response to growing concerns regarding “ selective disclosure.”

SEC 158

SEC Prospectus United States Technical Review 158

Up and Running

AUGUST 18, 2014

If you’d still like to be running the company in 10 years time, you’re probably going to want to ensure that exit plan comes in the form of a steady revenue stream that allows you to pay off investors; an IPO instead of a buy-out; or simply opt for a different strategy – your own funds or private/government loans and grants.

Small Business 154

Small Business Exit Strategy Cofounder Angel Investor 154

Both Sides of the Table

APRIL 15, 2010

I don’t believe that search is the only answer in 2010 as it was in 2000. In the former case many people scoffed at paying up for Google at IPO. money off the table) given the dearth of IPO’s and M&A over the past few years? - There is also another inherent weakness. Time will tell. So far it seems the former.

Venture Capital 271

Venture Capital Affiliate Valuation San Francisco 271

Steve Blank

MARCH 18, 2011

Dot.com Bubble ( 1995-2000): “ Anything goes” as public markets clamor for ideas, vague promises of future growth, and IPOs happen absent regard for history or profitability. August 1995 – March 2000: The Dot.Com Bubble. With Netscape’s IPO , there was suddenly a public market for companies with limited revenue and no profit.

Internet 334

Internet IPO Silicon Valley Agile 334

Babbling VC

MAY 19, 2012

Without sounding all grim, I want to just reiterate what I told a ton of my portfolio companies back in 2000. Hiccups in terms of regulations and roadblocks came up along the way en route to IPO. Nor should you make any major decisions based on what Facebook did. Learn where you can but do not consider them your peer. .

Silicon Valley 81

Silicon Valley Technical Review IPO Social Network 81

Both Sides of the Table

AUGUST 28, 2009

Goldman Sachs (an investor in our company) told us we’d IPO within 18 months for $1 billion so not to take any offers. My competitors from those days STILL love to talk about how much money we raised in February 2000 (get over it already!). We had one of the largest US software companies talk about buying us. We were hot.

PR 331

PR Software Review Ireland Germany 331

Feld Thoughts

AUGUST 14, 2018

I spent the weekend with a friend from the last 1990s who was the lead banker on the Interliant IPO (I was a co-founder and co-chairman.) If you like to read IPO prospectuses, here’s the final S-1 filing after INIT went effective and started trading on July 8, 1999. My first moment with this was Black Monday in 1987.

Prospectus 80

Prospectus IPO Cofounder Internet 80

Feld Thoughts

JANUARY 16, 2018

” In 2000 I was co-chairman of a public company called Interliant. The company had gone public in 1999 and the market cap rose to just under $3 billion ($55 / share, up from $10 / share at the IPO). By the end of 2000, the stock price was at $13.

Stock 134

Stock IPO Finance Technology 134

crowdSPRING Blog

JANUARY 18, 2013

Thanks To Facebook, Strongest Year For IPOs Since 2000 With $21.5 Why You Should Give Yourself Permission to Screw Up - [link]. Good discussion about the tension between being a maker and manager … Becoming A Boss - [link]. Billion Raised | TechCrunch - [link]. Zero notifications (by Joel Gascoigne) - [link].

Social Media 94

Social Media Small Business Design Media 94

Both Sides of the Table

JULY 27, 2014

Mark pointed out that on the one hand 6 months ago one of Silicon Valley’s best known ibankers told him that SaaS public valuations were the most over-valued since the dot com bubble in 2000. Yet Mark also pointed out that the recent corrections in the public market valuations and the scrutiny new IPOs have undergone is a health sign.

Valuation 309

Valuation Pre-Money Valuation Later Stage Non-Compete 309

Genuine VC

MARCH 26, 2012

Over the past decade, VCs have been lamenting about the poor state of the IPO markets and that the number of real potential acquirers for consumer internet startups has dwindled down to a handful, if that. That optimism, even, can extend beyond the IPO markets to M&A as well.

Acquisition 128

Acquisition Internet IPO Venture Capital 128

Pascal's View

AUGUST 28, 2010

6) The most efficient fuel for this IPO engine is venture capital. v) “Since 1999, over 60% of IPOs have been VC-backed. Of the 85 IPOs priced so far this year, only 28 are up. Conclusion: If we don’t fix the IPO problem in America, we will not fix the job problem in America. GDP growth, the U.S. ” (ix) The U.S.

Venture Capital 56

Venture Capital America Initial Public Offering IPO 56

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). VCs tend to carry their partners much longer, in hopes of a big public offering (IPO) that could produce a windfall.

Angel Investor 260

Angel Investor Silicon Valley Startup Portfolio 260

Ben's Blog

OCTOBER 7, 2018

The period from 2000-2016 was one of the best of times and worst of times for tech and the Valley (dotcom, financial crisis, Google IPO, Facebook founded, unprecedented growth, and so on), and John Hennessy — current chairman of Alphabet, …

IPO 61

IPO Startup China Leadership 61

Startup Professionals Musings

FEBRUARY 19, 2012

Initial Public Offering (IPO). But since the Internet bubble burst in the year 2000, the IPO rate has declined every year until 2010, and is now at about 15%. For bigger companies, it’s a more efficient and quicker way to grow their revenue than creating new products organically.

Exit Strategy 241

Exit Strategy Initial Public Offering IPO Startup 241

Pascal's View

SEPTEMBER 7, 2009

I believe that, if he understood the reality of the venture capital industry today and its inextricable link to the Initial Public Offering (IPO) drought, his otherwise well-written article would have taken a markedly different direction. But from 2000 to the end of 2007, the rate plunged to 900,000 a year. In the 1990s the U.S.

IPO 38

IPO Venture Capital America Marketing 38

Agile VC

MAY 26, 2011

Google is still a private company (their IPO was Aug 2004). Silicon Valley is still emerging from the tech bubble and massive downturn of late 2000-2002. And obviously all the liq prefs went away in the IPO when pref stock converted to common. is the leading consumer internet company with Terry Semel as CEO.

Term Sheet 178

Term Sheet Silicon Valley Technical Review Social Network 178

Both Sides of the Table

SEPTEMBER 29, 2009

Just ask anybody who was trying to close funding the fateful week of September 11, 2001 or even March 2000. Three reasons: There is a relative valuation between the price a VC pays and their expectations of what it will exit for in an IPO or trade sale. Short answer – yes.

Burn Rate 263

Burn Rate Valuation Pre-Money Valuation Private Equity 263

A Smart Bear: Startups and Marketing for Geeks

OCTOBER 23, 2012

.” Here’s the summary of his track record (excerpted from the Fast Company article): Forefront — IPO’ed in 1995 by CBT — CBT stock fell 85% in 1998 and prompted class-action lawsuits. invested, IPO’ed in 2000 for $32/share — stock price now $2. from an IPO under a year ago of $10.

IPO 240

IPO Flash Bootstrapping Private Equity 240

Genuine VC

MARCH 26, 2012

Over the past decade, VCs have been lamenting about the poor state of the IPO markets and that the number of real potential acquirers for consumer internet startups has dwindled down to a handful, if that. That optimism, even, can extend beyond the IPO markets to M&A as well.

Acquisition 100

Acquisition Internet IPO Venture Capital 100

Pascal's View

AUGUST 12, 2009

It boggles the mind that Washington would enact new policies sure to prolong this (IPO) drought and strike at the heart of American innovation.” IPO drought testifies to a systemic liquidity crisis for emerging growth companies that is putting at risk an entire generation of innovative American companies. from the WSJ editorial).

IPO 28

IPO Silicon Valley Merger Sweat Equity 28

Version One Ventures

JULY 22, 2014

More money is flowing in from a new crop of angels, newly wealthy from a number of tech IPOs. We have all heard about the Series A crunch in the Valley (there might actually be up to 2000 companies in the Series A pipeline right now), and perhaps there’s a Series B crunch now too.

Finance 167

Finance Seed Money Bootstrapping Angel Investor 167

Startup Professionals Musings

JANUARY 5, 2011

Initial Public Offering (IPO). But since the Internet bubble burst in the year 2000, the IPO rate has declined every year until 2010, and is now at about 15%. For bigger companies, it’s a more efficient and quicker way to grow their revenue than creating new products organically.

Exit Strategy 231

Exit Strategy Initial Public Offering Startup IPO 231

This is going to be BIG.

AUGUST 21, 2023

In other words, you’re one of dozens, perhaps 100’s of companies getting the same exact e-mail where the VC says they’re really excited about what you’re doing and they work with such and such partner and the firm has done such and such IPOs, etc. All they’re doing is filling a database. Do you know how I know? of people in that race.

Cap Table 78

Cap Table Term Sheet Database Option Pool 78

Feld Thoughts

JANUARY 11, 2021

I remember clearly a phone call on 12/1/2000 where Len called me from NYC. I remember signing document after document with him at Interliant and remember sitting at the Interliant office in Purchase after the IPO roadshow, waiting for the SEC to clear our filing so we could price. Under the terms, he signed his name.

SEC 164

SEC Cofounder Boston New York 164

Scalable Startup

DECEMBER 15, 2011

amazing shining examples of success and IPOs, even though they a 1 in a thousand. when many vaporware and vapor-businesses crash or fade away they leave damage, possibly fueling the recession (remember 1999-2000? funding is more prevalent than ever for early early (read “ideas”) stage companies. micro funding ($25K).

Angel Investor 24

Angel Investor Startup IPO Software Developers 24

David Teten

APRIL 1, 2011

I hope that you can join us Monday night, April 4, midtown NYC, at a panel on “Innovation in Private Company Liquidity-Online Merger Markets, Social Media, Secondary Markets, Non-US Markets, Private Equity, and the Disappearing IPO” The program is sponsored by the HBS Club of New York and the HBS Angels of NY. the 1990s.

Private Equity 68

Private Equity Merger IPO Equity 68

thebarefootvc

JANUARY 15, 2020

I had seen the beginning of this evolution during the Internet boom…my first venture investment, in 2000, was in a company called Yodlee, which later went on to IPO and was eventually bought by Envestnet.

Disintermediation 69

Disintermediation Aggregator China API 69

abovethecrowd.com

AUGUST 23, 2020

But in light of where we are in 2020, especially with regard to the degrading efficiency and sky-rocketing cost of capital through the structurally broken IPO process, SPACs may emerge as a legitimate third option for helping Silicon Valley companies efficiently and cost-effectively transition into the public markets.

IPO 118

IPO Silicon Valley Warrant Matching 118