Steve Blank

SEPTEMBER 14, 2009

Tech acquisitions went crazy at the same time the IPO market did. The Rise of Mergers and Acquisitions -– March 2003 -2008 After the dot.com bubble collapsed, the IPO market (and most tech M&A deals) shutdown for technology companies. And some companies didn’t even have to go public to get liquid. So what’s left?

Silicon Valley 217

Silicon Valley IPO Technical Review Venture Capital 217

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). The chart below illustrates this, with the black vertical line representing the average VC return. But what do we see from some of the more recent (but mature) vintages? Was this a lost decade for venture capital?

Valuation 319

Valuation Pre-Money Valuation Distribution Early Stage 319

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). The chart below illustrates this, with the black vertical line representing the average VC return. But what do we see from some of the more recent (but mature) vintages? Was this a lost decade for venture capital?

Valuation 295

Valuation Pre-Money Valuation Distribution Early Stage 295

View from Seed

SEPTEMBER 14, 2021

One thing that jumps out quickly is that TVPI between 2004-2010 (avg 2.6x) has underperformed 2011-2017 (avg 3.0x). The chart below illustrates this, with the black vertical line representing the average VC return. But what do we see from some of the more recent (but mature) vintages? Was this a lost decade for venture capital?

Valuation 156

Valuation Pre-Money Valuation Distribution Early Stage 156

ConversionXL

JUNE 5, 2014

million in 2004 to $6.5 Much of this success can be attributed to their acquisition campaigns that often combine humor with a serious tone that let you know they take pest control very seriously. But for as successful as their acquisition strategies were, they found that it was too easy for customers to cancel & they were losing ?

Retention 115

Retention Customer Developer Programming 115

ConversionXL

JUNE 5, 2014

million in 2004 to $6.5 Much of this success can be attributed to their acquisition campaigns that often combine humor with a serious tone that let you know they take pest control very seriously. But for as successful as their acquisition strategies were, they found that it was too easy for customers to cancel & they were losing ?

Retention 112

Retention Developer Customer Programming 112

ConversionXL

JUNE 5, 2014

million in 2004 to $6.5 Much of this success can be attributed to their acquisition campaigns that often combine humor with a serious tone that let you know they take pest control very seriously. But for as successful as their acquisition strategies were, they found that it was too easy for customers to cancel & they were losing ?

Retention 105

Retention Customer Developer Programming 105