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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. Smart companies are always looking to make their current products better – and there are many ways to do this. Thank you for the kind introduction. Now look around.

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How and Why To Be an Angel Investor

David Teten

After years of leading busy and productive lives, lying on the beach and sipping cocktails just does not cut it. Despite the difficulties in gathering it, angel return data has gradually accumulated over time and the verdict is in: we’ve looked at a dozen different studies of angel returns , and they show returns ranging from 18% to 54%. .

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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. And I’ll know in 18 months whether we have product / market fit. It is changing.

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