Both Sides of the Table

DECEMBER 11, 2022

And then in the late 90’s money crept in, swept in to town by public markets, instant wealth and an absurd sky-rocketing of valuations based on no reasonable metrics. 2001–2007: THE BUILDING YEARS The dot com bubble had burst. We wanted new things to exist and to solve new problems and to see our creations come to life.

Valuation 466

Valuation San Francisco Ratchet Liquidation Preference 466

Both Sides of the Table

SEPTEMBER 10, 2021

And the loosening of federal monetary policies, particularly in the US, has pushed more dollars into the venture ecosystems at every stage of financing. What Has Changed in Financing? even before the pandemic itself has been fully tamed. We have global opportunities from these trends but of course also big challenges.

Pre-Money Valuation 471

Pre-Money Valuation Valuation Venture Capital Early Stage 471

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. Tech acquisitions went crazy at the same time the IPO market did.

Silicon Valley 223

Silicon Valley IPO Technical Review Venture Capital 223

Both Sides of the Table

SEPTEMBER 18, 2014

At an accelerator … Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. Your A round?

Venture Capital 417

Venture Capital Liquidation Preference Valuation Term Sheet 417

Feld Thoughts

OCTOBER 30, 2014

He had just read my post on being uncomfortable with the phase of the current cycle and told me an anecdote from the great Internet bubble of 2001 that I hadn’t heard. In it, he talks about how he handles public company stocks that he ends up with either via an IPO or a sale of a company he’s involved in to a public company.

Valuation 143

Valuation Stock Angel Investor IPO 143

Gust

SEPTEMBER 17, 2014

Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. It’s like we need a finance 101 course for entrepreneurs.

Liquidation Preference 153

Liquidation Preference Valuation Term Sheet Stock 153

Cracking the Code

JANUARY 19, 2016

I began my career at McKinsey and when the Internet bubble burst in 2001, I made a shift towards online software (ASP at the time). They also need VCs capable of financing their entire life cycle — on average, SaaS startups raise between $80 and $100 million before an IPO.

API 48

API Silicon Valley Europe Differentiation 48