Both Sides of the Table

MAY 23, 2012

In 1998 there were around 850 VC funds and by 2000 there were 2,300. By 2000 the total LP commitments had mushroomed to more than $100 billion. For starters we saw a huge influx of inexperienced managers enter the VC industry proving clearly that being a VC is not a purely quantitative job. The Funding Problem. The Exit Problem.

Venture Capital 347

Venture Capital Technical Review LP Mobile 347

Both Sides of the Table

APRIL 2, 2010

It in not uncommon to see a VC talk about “total assets under management&# as in “We have $1.5 billion under management.&# I don’t really understand why VCs do this since it’s mostly a meaningless number. What is total assets under management? - GRP’s last fund was in 2000.

Venture Capital 269

Venture Capital Balance Sheet Early Stage Software Review 269

Steve Blank

SEPTEMBER 14, 2009

On top of all this it was considered very bad form not to have at least four additional consecutive quarters of profits after an IPO.) The IPO Bubble – August 1995 – March 2000 In August 1995 Netscape went public, and the world of start ups turned upside down. billion for a company with less than $50 million in sales.

Silicon Valley 217

Silicon Valley IPO Technical Review Venture Capital 217

Feld Thoughts

FEBRUARY 28, 2023

In addition, there are the managing directors as executive bodies. In the VC sector, it is common to introduce a third body in addition to the shareholders’ meeting and the management. IPO issues: Possibly the biggest problem for German venture-backed companies is the very low number of IPOs in Germany.

Germany 165

Germany Liquidation Preference Option Pool Advisory Board 165

Agile VC

JULY 11, 2012

Burr, Egan, Deleage [Boston] –> Huge wins in the 1980s and early 90s included Continental Cablevision (sold for $5.3B – now a big chunk of what is Comcast), Qwest Communications, Cephalon (biotech IPO, acq by Teva), and Powersoft (Burr, Egan made 35x when it went public and then was acquired by Sybase).

Silicon Valley 240

Silicon Valley Carried Interest Cofounder Boston 240

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

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. I like EdgeCast and spent time with the management team. money off the table) given the dearth of IPO’s and M&A over the past few years? - Time will tell.

Venture Capital 271

Venture Capital Affiliate Valuation San Francisco 271

Ben's Blog

MARCH 24, 2011

In the great bubble of 1998-2000, the boom in public valuations mirrored the boom in private valuations. The inflation-adjusted data from the last bubble tells the story: In the 3-year period from 1998-2000, venture capital firms raised more than $200 billion, which represented about 0.55% of the national GDP. Much better.

Technical Review 78

Technical Review Venture Capital Valuation Database 78

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

Both Sides of the Table

SEPTEMBER 2, 2009

The VCs basically have liquidity in management fees along the way, in the sense they get paid decently along the way. At some point, this breaks if their isn’t an exit or IPO. But the day after you’ll wake up and see yourself more as a manager than an owner. VC’s have diversification and management fees.

Founder 329

Founder Liquidation Preference Term Sheet Participating Preferred 329

crowdSPRING Blog

JANUARY 18, 2013

Good discussion about the tension between being a maker and manager … Becoming A Boss - [link]. Good discussion about the tension between being a maker and manager … Becoming A Boss - [link]. Thanks To Facebook, Strongest Year For IPOs Since 2000 With $21.5 11 Obvious A/B Tests You Should Try - [link].

Social Media 94

Social Media Small Business Design Media 94

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. disclosure: I am thankfully no longer on this board).

Burn Rate 263

Burn Rate Valuation Pre-Money Valuation Private Equity 263

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. A lot has changed.

Term Sheet 178

Term Sheet Silicon Valley Technical Review Social Network 178

SoCal CTO

AUGUST 3, 2010

Welcome to the Lost Decade (for Entrepreneurs, IPO’s and VC’s) - Steve Blank , July 15, 2010 If you take funding from a venture capital firm or angel investor and want to build a large, enduring company (rather than sell it to the highest bidder), this isn’t the decade to do it. Here’s why. Take a look at the chart below. 10 Blogging Tips.

Software Review 217

Software Review Startup Venture Capital Technical Review 217

Both Sides of the Table

JUNE 29, 2017

This brings our combined funds under management to nearly $2 billion. Our goal is to fund you from your earliest stages and as you scale on your way to an IPO. Dating back to Upfront II in 2000 (the single best performing fund in the US for that vintage) 2 of our 3 best returns were driven by companies with female founders / CEOs.

Los Angeles 287

Los Angeles Las Vegas Venture Capital San Francisco 287

Pascal's View

SEPTEMBER 7, 2009

” Mr. Slywotzky is an “author of several books on profitability and growth” and currently a partner at the management consulting firm Oliver Wyman. But from 2000 to the end of 2007, the rate plunged to 900,000 a year. business model that drives job growth in emerging growth companies is IPOs. million a year.

IPO 38

IPO Venture Capital America Marketing 38

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

500hats.com

AUGUST 2, 2012

While a flood of new VCs came into existence during the late 90’s internet boom, many had difficulty raising new funds after the crashes of 2000-2001 and 2008 , and as a result significantly fewer fund managers exist now compared to a decade ago. note: apologies in advance for the west coast bias; i’m in silicon valley).

Silicon Valley 74

Silicon Valley Early Stage Venture Capital Valuation 74

Both Sides of the Table

SEPTEMBER 6, 2010

I freely admit this (along with nearly everything between 1999-2000) was a mistake. We set our sites on our IPO price and then worked back to our current valuation and showed potential employees what we thought they could earn (with all legal caveats) if the company was successful. I think they believed it, too.

Stock Options 294

Stock Options Stock Valuation Liquidation Preference 294

VC Cafe

NOVEMBER 9, 2011

There were over 2000 participants and around 100 speakers from all over the world. The host was William Bowmer, a Managing Director at Barclays Capital. Extremely important for companies to plan their IPOs during a “strategic window” that will increase their odds of success. October 2011 was the worst month for IPOs since 2008.

IPO 92

IPO Cofounder Europe 92

Agile VC

NOVEMBER 13, 2012

Sarah also points to the vast global wealth that has to get allocated somewhere as well as a small bump in long term average returns, now that the generally terrible performance of funds from the 2000-2002 time frame (after the tech bubble of the late 90s crashed) no longer factor in to 10 year returns. So at a fund level (e.g.

LP 154

LP Portfolio Venture Capital IRR 154

Feld Thoughts

JULY 28, 2014

Each of the SBIC funds were raised in the 2000 – 2002 time period. The booming IPO market proved the model of investing in new companies, as some SBICs cash out at attractive levels. Rather, it’s an example of the difference between signal and noise in any kind of reporting around the VC industry.

SBIC 142

SBIC Venture Capital Colorado SBA 142

Duct Tape Marketing

JANUARY 25, 2023

Um, he and his partner took Red Hat to an IPO early days, and Bob found himself with a lot of time and a lot of money, and a lot of people wanted to hear his story. So it's time management, like everybody listening to your podcast, you and I both we're all challenged by it, especially these days. And so he wanted to publish a book.

Audience 88

Audience Revenue Distribution Differentiation 88

BeyondVC

NOVEMBER 17, 2006

I am not sure if you saw the news , but Salary.com recently filed for an IPO to raise up to $50 million. According to the S-1 filing: Salary.com is a leading provider of on-demand compensation management solutions. If the IPO markets open up again, it would give investors and entrepreneurs another option to create value.

IPO 60

IPO Investment Bankers Demand Revenue 60

Steve Blank

JUNE 17, 2011

Ben offers that as Apple, Google and Amazon survived the dot.com crash, we can ignore the fate of the thousands of failed public and private dot.com companies when the bubble burst in March of 2000. The issue is whether the next 100+ tech IPO’s carried by this bubble will be worth their offering price in 8 years.

Investment Bankers 310

Investment Bankers Valuation Stock Venture Capital 310

The Equity Kicker

JANUARY 19, 2016

The papers are full of stories about IPOs and big exits and it seems like every private company is able to raise money, even the ones that have obvious flaws. I’ve seen that happen to angels, entrepreneurs, and corporate VCs. Moreover, even experienced and successful venture capitalists are investing in companies that look stupid.

LP 60

LP IPO Europe Venture Capital 60

Agile VC

JUNE 17, 2015

My first startup job was as an early employee at PayPal, where I took a job at the end of ‘1999 and started a few months later in 2000. I started off as a product manager and while I never actually slept over at the office, there were frequently late nights. When we started LinkedIn, it was a similar situation.

Startup 188

Startup Cofounder Seed Stage Boston 188

online.wsj.com

SEPTEMBER 23, 2012

Management. The results were similar when he examined data for companies funded from 2000 to 2010, he says. How well a failed entrepreneur has managed his company, and how well he worked with his previous investors, makes a difference in his ability to persuade U.S. Less than 1% are currently in IPO registration.

Venture Capital 107

Venture Capital Software Review Rhode Island North Dakota 107

David Teten

MAY 16, 2011

Joe Chernesky, Vice President and General Manager of Global Licensing Sales, Intellectual Ventures. Kupietzky held a variety of management roles in marketing, sales and product management at world-class technology companies: Digital Insight (Intuit), Loudcloud/Opsware (Hewlett-Packard) and Siebel Systems (Oracle).

Naming 122

Naming Government Intellectual Property LLC 122

Berkonomics

FEBRUARY 17, 2012

I made an investment in 2000 in a company that a decade later returned 110 times our investment at its IPO on the NYSE. I invested in the jockey even though I liked the plan. Early stage investing is more risky than later stage when we can look back, know and measure prior successes.

Later Stage 72

Later Stage IPO Early Stage Search 72

online.wsj.com

JULY 11, 2012

As a registered user of The Wall Street Journal Online, you will be able to: Setup and manage your portfolio. Receive and manage newsletters. ignited the current trend by adopting a dual-class voting structure before its IPO in 2004. that did so in 1999 and 2000, according to an analysis for The Wall Street Journal by Jay R.

Silicon Valley 42

Silicon Valley Founder Software Review Technical Review 42

ReadWriteStart

APRIL 26, 2012

This from a man who knows from having made bigger investments that are smaller : Duncan Davidson, Managing Director of Menlo Park-based Bullpen Capital. There used to be the Four Horsemen of the IPO world, back in the '80s and '90s. When they exited the scene, the small IPO market followed suit. Number of U.S.

IPO 115

IPO Stock San Francisco Lean 115

Startup Lessons Learned

SEPTEMBER 10, 2008

I am convinced one of Joel Spolskys lasting contributions to the field of managing software teams will turn out to be the Joel Test , a checklist of 12 essential practices that you could use to rate the effectiveness of a software product development team. He wrote it in 2000, and as far as I know has never updated it.

Software Review 144

Software Review Technical Review San Francisco Continuous Deployment 144

View from Seed

JUNE 17, 2015

My first startup job was as an early employee at PayPal, where I took a job at the end of ‘1999 and started a few months later in 2000. I started off as a product manager and while I never actually slept over at the office, there were frequently late nights. When we started LinkedIn , it was a similar situation.

Startup 120

Startup Cofounder Seed Stage IPO 120

Hearpreneur

MAY 15, 2016

Early on, one of my managers noticed my knack for helping clients out. Prior to founding Rukkus, I was a quantitative analyst at Goldman Sachs where I was a member of the advisory team for the Ticketmaster/Live Nation merger as well as the Groupon IPO. I’ve worked in the finance for over 12 years. The Bagtique was born.

Entrepreneur 48

Entrepreneur SEO Merger Web 48

Austin Startup

JULY 23, 2010

The company creates the leading software in an enterprise niche called pricing optimization and margin management. The company could be preparing for an IPO. It’s common for even profitable companies to raise a large round in preparation for an IPO. Most people don’t really think of pricing as an elastic thing.

Balance Sheet 67

Balance Sheet Private Equity LP IPO 67

www.huffingtonpost.com

MAY 10, 2011

David Einhorn, Influential Hedge Fund Manager, Calls. Seems so simple, but so few managers ever really get that. Richard introduced me to Yishan Wong, formerly Director of Engineering at Facebook and Paypal and co-founder of Sunfire, an invite-only engineering co-working space that has attracted star engineers.

CTO 43

CTO CTO Hire PHP Cofounder 43