Both Sides of the Table

JUNE 1, 2011

If you take a snapshot during an extraordinary surge in valuations, M&A activity, IPOs and thus wealth creation you’d echo John Doerr’s famous quote from 1999 that, “The Internet is the greatest legal creation of wealth in history.&# I still have to get sales, operations, finance, HR & corp dev right to win.

IPO 391

IPO Finance Valuation Naming 391

www.inc.com

SEPTEMBER 24, 2011

Finance | Tuesdays. Financing a Small Business. Financing A Small Business. Personal Finance. Before Roving Software could receive its first round of financing from professional investors, in early 1999, he had to put all the stock arrangements in writing. Start-up | Mondays. Technology | Thursdays.

Fractional CTO 40

Fractional CTO Equity Iowa Technical Cofounder 40

Pascal's View

AUGUST 21, 2011

Welcome to the latest passionate debate over the ‘valuation bubble or not?’ For me Bubble will always be inexorably linked to what went down in 1999 and 2000 in the internet sector. Specifically, too much money has gone into VC-backed Internet companies at too high a valuation. question in venture capital. It is intentional.

Valuation 50

Valuation Social Media Media IPO 50

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. rounds and still be competitive. I prefer not to.

Stock Options 294

Stock Options Stock Valuation Liquidation Preference 294

Feld Thoughts

FEBRUARY 9, 2016

I started investing in 1994 and while there was some bumpiness in 1997 and again in 1999, the real pain happened between 2000 and 2005. I watched, participated, and suffered through every type of creative financing as companies were struggling to raise capital in this time frame. I learned this lesson 127 times between 2000 and 2005.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

Ben's Blog

JULY 16, 2013

You probably thought that valuations would be roughly the same as they were the last time you raised money. 3/31/1999: 49.7. And those are big companies with real earnings, so you can imagine how a private company’s valuation might fluctuate. In June of 2000, I raised money at an $820M post-money valuation. Things change.

Down Round 78

Down Round Marketing Preferred Stock Post-Money Valuation 78

Austin Startup

JULY 23, 2010

Having been founded in 1999, Zilliant is hard to categorize as a startup anymore. The company announced that is just completed $13M in financing from existing investors SMH Private Equity Group, ABS Ventures, Austin Ventures, and Trellis Partners. Most people don’t really think of pricing as an elastic thing.

Balance Sheet 67

Balance Sheet Private Equity LP IPO 67

finance.fortune.cnn.com

AUGUST 21, 2012

The information is based on part of a confidential year-end 2011 investment report distributed to investors in a fund-of-funds that made commitments between 1999 and 2001. Overall, the fund-of-funds is 97% called for 45 funds raised between 1999 and 2002. Accel Partners VII (1999): 89% (74%). Finance jobs. Job Search.

Naming 49

Naming Term Sheet Private Equity Equity 49

Both Sides of the Table

MAY 23, 2012

Yes, it’s true that FOMO (fear of missing out) is driving some irrational behavior and valuations amongst uber competitive deals and well-financed VCs. Try charging customers for your product when you have 12 competitors giving the product away free finances by $20 million of VC. The Exit Problem.

Venture Capital 347

Venture Capital Technical Review LP Mobile 347

Mike Michalowicz

FEBRUARY 14, 2019

Charlie is a frequent speaker on subjects relating to Restaurant Valuations and Opening a Restaurant and I am thrilled that he has generously participated in this article. Founded by Charlie in 1990, The Boston Restaurant Group, Inc.

Boston 120

Boston New York Hosting Cost 120

Ben's Blog

JULY 16, 2013

You probably thought that valuations would be roughly the same as they were the last time you raised money. 3/31/1999: 49.7 And those are big companies with real earnings, so you can imagine how a private company’s valuation might fluctuate. In June of 2000, I raised money at an $820M post-money valuation. Things change.

Marketing 46

Marketing Preferred Stock Post-Money Valuation Down Round 46

Feld Thoughts

FEBRUARY 28, 2023

Corporate law: In Germany, most companies in general and most VC-financed companies are structured in the legal form of a “Gesellschaft mit beschränkter Haftung” (GmbH). Often, this integration results in VC-financed GmbH companies having little to do with the GmbH as envisaged by the law.

Germany 165

Germany Liquidation Preference Option Pool Advisory Board 165

abovethecrowd.com

APRIL 20, 2016

Why the Unicorn Financing Market Just Became Dangerous…For All Involved. 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.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

Professor VC

DECEMBER 8, 2015

I think we will see more of these in 2016 and beyond as IPOs are still far and few between and unicorns struggle to justify their stratospheric valuations. I originally got to thinking about this when I received a 485 page information statement on a previously announced merger between Clean Power Finance and Kilowatt Financial.

Merger 28

Merger LP IPO Angel Investor 28

Both Sides of the Table

AUGUST 9, 2011

Valuations were enormous relative to progress in companies. Companies with less than $2 million in revenue were asking for $50-60 million valuations and getting them. I spent my days meeting companies, figuring out what areas of the market interested me and trying to get a sense for how VCs thought about fair valuations.

Stock 305

Stock Technical Review Marketing Greece 305

Seeing Both Sides

SEPTEMBER 15, 2015

Only a handful of so-called unicorns — companies that have achieved a valuation of over $1 billion in the last 10 years — come from Israel, and only one Israeli firm, Teva, ranks in the world’s 500 largest companies by market capitalization. They spend more time on strategy, go-to-market, business development, and financing.

Cofounder 20

Cofounder Technical Review United States 20

SoCal CTO

JANUARY 5, 2011

Both Sides of the Table , July 22, 2010 An updated Digital Trends presentation - Jeff Hilimire , June 2, 2010 I do what I hate - Jessica Mah , January 7, 2010 Startup Equity Allocation - charliecrystle.com , January 11, 2010 When good investment decisions end up backing more women CEOs: Conversation with Cameron Lester at Azure Capital.

Silicon Valley 378

Silicon Valley Startup Term Sheet Venture Capital 378

Ben's Blog

MAY 24, 2021

In fact, if you exclude the Dot Com Bubble of 1999-2000, they have been steady for nearly thirty years. 1999-2000 51.6% Time Period IPO Pop % Above IFR 1999-2000 51.6% 1999-2000 37.5% We have published some research on this topic elsewhere, which I will summarize briefly below. Time Period IPO Pop* 1980-1989 6.1%

SEC 36

SEC Accredited Investor IPO Technical Review 36

Both Sides of the Table

AUGUST 30, 2010

While not 1999 all over again but I am observing first-hand the signs of funding frenzy. Also, if there is a lowering of M&A activity this will lead to increased financing needs for startups driving higher failure rates or increases in “adverse terms” entering future financing rounds. I know not everybody agrees.

Entrepreneur 298

Entrepreneur Technical Review Balance Sheet Government 298

abovethecrowd.com

JUNE 2, 2021

The primary argument Chris is making is that Procore ended up at a better relative valuation (from his perspective) to its peers than did Squarespace, and that the clear reason this happened was the choice of an IPO (his preferred decision) over a Direct Listing (which he implies is a bad choice). Party A is locked up at time T+1.

IPO 82

IPO Customer Matching Silicon Valley 82

Both Sides of the Table

SEPTEMBER 17, 2017

I believe the massive valuation increases in cryptocurrencies we’ve witnessed of late are not based on any fundamentals other than speculation and a drive for a quick profit by many who have gained from the market hype. Why would pouring hundreds of millions into even earlier stage startups with even less or no oversight be a good idea?

Government 280

Government Distribution United States Stock 280