Feld Thoughts

JULY 28, 2014

The SBIC was instrumental in the creation of the venture capital business. If you want to see a fun quote on it, read A History of Silicon Valley which quotes: “ …many venture capital pioneers think the SBIC program did little to advance the art and practice of venture investing.

SBIC 142

SBIC Venture Capital Colorado SBA 142

Austin Startup

JUNE 27, 2017

Austin-Based Venture Capital Firms There are a eleven venture capital firms based in Austin that are actively investing today, six of which are first funds. VC Firms Actively investing in Austin Companies Finally, there are a group of venture capital firms that are not based in Austin that are active investors here.

Venture Capital 54

Venture Capital Austin Texas Private Equity 54

Both Sides of the Table

JULY 16, 2010

The VC industry grew dramatically as a result of the Internet bubble - Before the Internet bubble the people who invested in VC funds (called LPs or Limited Partners) put about $50 billion into the industry and by 2001 this had grown precipitously to around $250 billion. So the people who invest in VC funds have two problems.

LP 311

LP Technical Review Early Stage Silicon Valley 311

Ben's Blog

MARCH 24, 2011

Let’s look at public market comparables and venture capital flows to see if we can find a match. Venture capital flows. A basic driver for a private technology market bubble is the over-supply of venture capital into the sector. If too much venture capital hits the streets, valuations will bubble up.

Technical Review 78

Technical Review Venture Capital Valuation Database 78

Growthink Blog

MAY 14, 2012

Because golly, when it comes to the IPO market and public market returns in general, help is needed in a big way. Since the Internet bubble burst in 2001, the number of IPOs hasn’t recovered to even 1980s levels. For perspective, before 2001 over 40% of all venture capital exits were via initial public offerings.

IPO 78

IPO Private Equity Initial Public Offering Balance Sheet 78

Pascal's View

AUGUST 12, 2009

In Silicon Valley, Boston, Austin, and other innovation centers across the country, entrepreneurs and their backers (who are not limited to venture capitalists) are all keenly aware that Washington’s addiction to enacting hasty, one-size-fits–all financial regulation will continue to have far-reaching unintended negative consequences for the U.S.

IPO 28

IPO Silicon Valley Merger Sweat Equity 28

Steve Blank

APRIL 13, 2013

The previous post described the evolution of the Chinese Venture Capital system. China Venture Capital. If it’s driven by profit then the ecosystem needs both entrepreneurs as well as Venture Finance. China has the biggest Venture Capital industry outside the U.S. Entrepreneurship in Beijing.

Silicon Valley 267

Silicon Valley China Venture Capital Merger 267

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. With Netscape’s IPO , there was suddenly a public market for companies with limited revenue and no profit. 2001 – 2010: Back to Basics: The Lean Startup.

Internet 334

Internet IPO Agile Silicon Valley 334

Scalable Startup

AUGUST 26, 2014

Drupal was launched in 2001, and Acquia started in 2007. Will Amazon try to acquire all of Acquia before the inevitable IPO? Angel Investor Drupal founder PHP Revenue Growth SaaS Scalability startup startup CEO venture Cash Flow CEOing leadership scalability tom nora venture capital' Acquia, Inc.

Founder 42

Founder Los Angeles PHP Open Source 42

Steve Blank

APRIL 13, 2013

The previous post described the evolution of the Chinese Venture Capital system. China Venture Capital. If it’s driven by profit then the ecosystem needs both entrepreneurs as well as Venture Finance. China has the biggest Venture Capital industry outside the U.S. Entrepreneurship in Beijing.

Silicon Valley 159

Silicon Valley China Venture Capital Merger 159

500hats.com

AUGUST 2, 2012

TL:DR : This post aims to recap significant changes in the venture capital industry over the past ten years, and then make some [biased] predictions as to major forces at play in the next five years. However, all three shifts are related and can be summed up simply as: Geeks are Taking Over Venture Capital.

Silicon Valley 74

Silicon Valley Early Stage Venture Capital Valuation 74

online.wsj.com

JULY 11, 2012

Over the past two years, one of the most influential venture-capital firms has turned the usual rules of start-up investing on its head. In the early days of venture capital, when money was scarce, entrepreneurs often gave up control of their company in exchange for their first investment funds. LUBLIN And SPENCER E.

Silicon Valley 42

Silicon Valley Founder Software Review Technical Review 42

ReadWriteStart

APRIL 2, 2012

IPOs by year, 1980-2011, with pre-IPO last 12-month sales less than (small firms) or greater than (large firms) $50 million (2009 purchasing power). The real truth is, since the "Internet bubble" burst in 2001, initial public offerings have not resumed the vitality levels of the late 1980s, let alone the boom years of the '90s.

IPO 121

IPO Startup Florida Seed Capital 121

ReadWriteStart

APRIL 26, 2012

In an interview with ReadWriteWeb, Davidson explains how the latest industry to receive the disruption treatment has been the venture capital business itself, with the epicenter of the quake right around San Francisco. There used to be the Four Horsemen of the IPO world, back in the '80s and '90s. Number of U.S.

IPO 115

IPO Stock San Francisco Lean 115

Both Sides of the Table

SEPTEMBER 13, 2009

I’m not going to cover in this post the obvious post-show marketing tasks such as following up on all those business cards you grabbed, communicating with all those people who registered at your site and leveraging your new found fame to score venture capital. There was talk of an IPO in 12 months. Don’t drink it.

South Africa 310

South Africa Europe Disintermediation Poland 310

Professor VC

FEBRUARY 12, 2015

With companies remaining private much longer today, most of the value appreciation is pre-IPO. Former students who are readers of this blog may recall the Amazon IPO case from Entrepreneurial Finance class. Kleiner got a markup of approximately 12X at the IPO. bubble IPO unicorn valuation venture capital'

Las Vegas 28

Las Vegas IPO Pre-Money Valuation Phoenix 28

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

Gust

SEPTEMBER 17, 2014

Me: So, you raised venture capital? 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. On the phone ….

Liquidation Preference 153

Liquidation Preference Valuation Term Sheet Stock 153

Pascal's View

MAY 13, 2011

Amount of venture capital raised has exploded. iii. Post bubble period 2001-2009 totals $218.2 Number of IPO’s has shrunk while average size has increased. 2001: Decimalization (further loss of economics to provide market support for small companies), by reducing minimum commissions from 12.5 cents or 6.25

Securities and Exchange Commission 31

Securities and Exchange Commission Equity IPO Marketing 31

Both Sides of the Table

SEPTEMBER 2, 2009

At some point, this breaks if their isn’t an exit or IPO. In my first company I had to raise money in April 2001 or die. Tags: Pitching VCs Start-up Advice VC Industry startup technology vc venture capital. Founders however are asked to take low salaries and never really get back the time they worked for free.

Founder 329

Founder Liquidation Preference Term Sheet Participating Preferred 329

Both Sides of the Table

MAY 7, 2011

Juno IPO’d while Joel was there, and it was the first “broken&# IPO of the dot-com era. Lesson: Joel had been building a community of readers since 2001. With StackOverflow, Joel raised money through venture capital. The experience was paid for by placing ads at the bottom of your internet browser.

Software Review 285

Software Review Software St. Louis API 285