Both Sides of the Table

APRIL 2, 2010

A 1997 vintage is likely to perform much better than a 2000 vintage because the former got to ride the dot com bonanza and likely saw some quick IPOs and crazy trade sales while the latter is more likely filled with many companies that never reached the promise land (or are still trying). Why does vintage matter to you?

Venture Capital 269

Venture Capital Balance Sheet Early Stage Software Review 269

Both Sides of the Table

FEBRUARY 23, 2015

He or she has worked at some very successful big technology or media companies and went to a great school. It will likely IPO in the coming years. The narrative of this discussion is something like this: I meet a 35-40-year-old founder with two kids and mortgage. million property buys you what you imagined $250,000 would have.

Technical Review 150

Technical Review Liquidation Preference Silicon Valley IP 150

Steve Blank

OCTOBER 24, 2017

. — Unremarked and unheralded, the balance of power between startup CEOs and their investors has radically changed: IPOs/M&A without a profit (or at times revenue) have become the norm. Technology cycles have become a treadmill, and for startups to survive they need to be on a continuous innovation cycle.

Founder 245

Founder Technical Review CTO Hire IPO 245

Both Sides of the Table

JANUARY 21, 2010

When to get a lawyer - If you plan to be a venture or angel backed technology company (what I mostly write about) the best time to start meeting and getting to know lawyers is long before you ever start your company. When we want to sell or IPO companies they’re there again. Many people start companies arse backwards.

Southern California 318

Southern California Silicon Valley IP Stock Options 318

Rob Go

JUNE 7, 2012

There is a dark cloud over the internet sector due to the weak performance of the Facebook IPO. But a lot of entrepreneurs and investors were hoping for a really strong showing to drive more liquidity in the market and continue the surge in hype around internet companies (both start-ups and later stage companies).

Technical Review 61

Technical Review SMS Internet B2C 61

This is going to be BIG.

DECEMBER 26, 2011

Election years tend to be good for technology diffusion. They clearly have user interest, but these companies will have a limited window before later stage investors start demanding to see some proof that these companies can be sustainable over the long run at the kind of prices that were paid. Reader beware.). Open Government.

Technology 116

Technology Valuation Community Restful 116

Austin Startup

JUNE 27, 2017

Many investments in startups start with local venture firms in the early stages and then attract non-local venture firms for later stage and larger deal size opportunities. Entrepreneurs with early stage companies typically look for local funding before going out of region to pursue other funding sources.

Venture Capital 54

Venture Capital Austin Texas Private Equity 54

Genuine VC

FEBRUARY 3, 2011

The primary dimension on which startups differ is stage: two guys in a garage is definitely a startup, so is a thirty person company growing with a second round of financing, and so is a 250 person company preparing for an IPO. But this juncture is also where I see people make the critical mistake.

Startup 241

Startup Later Stage Angel Financing Seed Stage 241

Startup Lessons Learned

MAY 31, 2019

It’s meant to support and grow a business until an “exit” in the form of an IPO, a merger or acquisition, or in less than ideal scenarios, a company shutdown. Many very successful, non-technology companies have also been products of venture capital, including Home Depot, Starbucks, and Staples. but globally.

Lean 108

Lean Venture Capital Conversion IPO 108

K9 Ventures

OCTOBER 10, 2017

A $42M technology-focused Pre-Seed fund. Therefore, I actually argue that companies that are successful in raising more capital, are often likely to flounder more than companies that raise the amount of capital appropriate for their stage. This has been pretty much what K9 has been doing since 2013. That’s the beautiful part.

Seed Stage 82

Seed Stage Finance Later Stage Equity 82

Both Sides of the Table

SEPTEMBER 15, 2010

But knowing the right people and knowing a market only works well for angel investors in bullish tech markets in which IPO’s happen quickly (97-99) or where larger companies are actively scooping up little tiny companies at sub $50 million valuations to drive innovation (05-08, 10-?). And the best early-stage investors know this.

Angel Investor 284

Angel Investor Early Stage Cap Table Deal Flow 284

Both Sides of the Table

MAY 24, 2021

But markets have changed and I think investors, founders and experienced executives who want to join later-stage startups can all benefit from playing the long game. The abundance of late-stage capital is good for us all. It literally drove FOMO. My first ever investment as a VC was Invoca. And the fifth?—?society?—?also

Venture Capital 363

Venture Capital LP Valuation Later Stage 363

Startup Lessons Learned

FEBRUARY 20, 2009

The sooner you pass your work on to a later stage, the sooner you can find out how they will receive it. However, a technological solution cant necessarily resolve all human root causes. This is actually a hard case to make, because most of the benefits of small batches are counter-intuitive. Small batches mean faster feedback.

San Francisco 161

San Francisco Software Review Continuous Deployment Development Team Review 161

Both Sides of the Table

SEPTEMBER 14, 2010

But knowing the right people and knowing a market only works well for angel investors in bullish tech markets in which IPO’s happen quickly (97-99) or where larger companies are actively scooping up little tiny companies at sub $50 million valuations to drive innovation (05-08, 10-?). And the best early-stage investors know this.

Angel Investor 152

Angel Investor Cap Table Early Stage Deal Flow 152

This is going to be BIG.

MARCH 30, 2015

With growth rates reduced, IPOs would be even tougher to come by--but companies would survive. The later stage guys would just have to wait longer for the company to grow into its valuation. If you''re a long term investor, you''ll realize that the market for new technology continues to grow.

Hockey Stick 60

Hockey Stick Valuation Startup Maryland 60

Austin Startup

JANUARY 24, 2018

Some founders argue that Austin lacks seed capital, most participants agree that there is a lack of later stage capital. It is true that in Austin it is historically more likely that successful companies will sell early rather than pursue the big IPO. When it comes to technology and the startup ecosystem we do not.

San Francisco 48

San Francisco Austin Sweden Germany 48

Austin Startup

MARCH 7, 2021

Texas is the most promising technology market in the United States. The University of Texas System is the third most innovative university in the world , behind only the University of California system and Massachusetts Institute of Technology in intellectual property patents.

Texas 90

Texas San Antonio Houston Dallas 90

VC Cafe

JANUARY 24, 2012

Companies have shifted from producing pure technology to producing consumer products. Pure technology companies focus on IP, and need to compete with emerging markets, offering cheaper labor and potentially better economies of scale. Mid and later stage companies attracted $1.48 increase compared to 2010 ($781 million).

Technical Review 111

Technical Review IPO Seed Stage 111

abovethecrowd.com

APRIL 20, 2016

The pressures of lofty paper valuations, massive burn rates (and the subsequent need for more cash), and unprecedented low levels of IPOs and M&A, have created a complex and unique circumstance which many Unicorn CEOs and investors are ill-prepared to navigate. In Q1 of 2016 there were zero VC-backed technology IPOs.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

Ben's Blog

AUGUST 17, 2020

While both earnings and EBITDA multiples are widely used, we often see investors in public and private technology companies resort to revenue multiples (enterprise value / revenue). Two common public markets multiples are earnings multiples (price per share / earnings per share) and EBITDA multiples (enterprise value / EBITDA).

Valuation 36

Valuation Balance Sheet Cofounder Forecast 36

VC Cafe

JANUARY 24, 2012

Companies have shifted from producing pure technology to producing consumer products. Pure technology companies focus on IP, and need to compete with emerging markets, offering cheaper labor and potentially better economies of scale. Mid and later stage companies attracted $1.48 increase compared to 2010 ($781 million).

Technical Review 60

Technical Review IPO Seed Stage 60

philipsmith.typepad.com

SEPTEMBER 24, 2011

This same 'later stage can't pay you anything up front' ruse gets done for sales and marketing types, too. Silicon Alley Insider Henry Blodget, Nick Carlson and others musings on the state of digital media, financial, technology and other sectors. Best Practices. Business Management. Cloud Computing. Communications.

Silicon Valley 40

Silicon Valley Equity Technical Review Recapitalization 40

www.paulgraham.com

APRIL 28, 2010

In an IPO, it might not merely addexpense, but change the outcome. Those remedial actions can delay, stall or even kill the IPO. Of course the odds of any given startup doing an IPO are small.But not as small as they might seem. Angels and even VC firms occasionally do this, but they alsoinvest at later stages.

Technical Review 76

Technical Review Startup Software Review Angel Investor 76

Ben's Blog

MAY 24, 2021

IPO market. billion multi-stage venture capital firm focused on IT-related investments… I also serve on various investment committees, including for the St. With the benefit of increasing IPOs in the last few years, we are starting to see better growth: In 2020, there were close to 500 IPOs in the U.S.,

SEC 36

SEC Accredited Investor IPO Technical Review 36

Up and Running

JUNE 22, 2010

So are later-stage VCs toast, or do they still have a relevant role in the startup economy? “Venture capitalists continue to exhibit great confidence in the life sciences sector, as well as clean technology, as they outperformed all others in venture capital investing in the first quarter.

Venture Capital 61

Venture Capital Merger Angel Investor Later Stage 61

This is going to be BIG.

JANUARY 6, 2014

There are too many people giving advice who have been through one or two startups, none of which grew into a huge company, got to profitability, or an IPO. For example, as an investor, I''ve never invested in a company that has gotten to an IPO or a billion dollar exit. Venture Capital & Technology'

Startup 147

Startup Venture Capital IPO Viral 147

VC Cafe

NOVEMBER 9, 2011

Extremely important for companies to plan their IPOs during a “strategic window” that will increase their odds of success. Going public is not easy : companies should be preparing for IPO in terms of media communication and internal management over a year ahead of IPO. October 2011 was the worst month for IPOs since 2008.

IPO 92

IPO Cofounder Europe 92

Steve Blank

MAY 9, 2017

We’re standing 15 air miles away from the epicenter of technology innovation. I’ve been asked to talk today about the future of Innovation – typically that involves giving you a list of hot technologies to pay attention to – technologies like machine learning. In fact, it’s not about any specific new technologies.

Restful 222

Restful Silicon Valley Puerto Rico San Jose 222

Both Sides of the Table

JANUARY 30, 2016

So we planned a Technology Summit. It’s important that we stay current in and debate others on what is actually happening: In late-stage financings, in IPOs, in M&A, in crowd funding, etc. Before making this change I called our LPs to ask for advice and input. Events like these give us hours of social time together.

Community 150

Community Los Angeles LP Portfolio 150

pandodaily.com

NOVEMBER 29, 2012

Meanwhile, the rash of early liquidity and recent IPOs — unsatisfying as they were — gave liquidity to thousands of employees at large companies, and a subset of those made very real money. This time around, there has been an explosion at the early stages, and the very late pre-IPO growth stages.

Technical Review 93

Technical Review Silicon Valley Incubator Syria 93