View from Seed

AUGUST 17, 2021

It’s by far the longest time I’ve spent working on any one thing, and I feel very blessed to have been able to work with my partners, colleagues, founders, and collaborators. My partners will tell you that I am an incredibly impatient person. Early on, I sweated the fact that our early funds had pretty “meh” IRR in the first 3-5 years.

IRR 205

IRR Dilution Founder Portfolio 205

View from Seed

AUGUST 17, 2021

It’s by far the longest time I’ve spent working on any one thing, and I feel very blessed to have been able to work with my partners, colleagues, founders, and collaborators. My partners will tell you that I am an incredibly impatient person. Early on, I sweated the fact that our early funds had pretty “meh” IRR in the first 3-5 years.

IRR 156

IRR Dilution Founder Portfolio 156

View from Seed

AUGUST 17, 2021

It’s by far the longest time I’ve spent working on any one thing, and I feel very blessed to have been able to work with my partners, colleagues, founders, and collaborators. My partners will tell you that I am an incredibly impatient person. Early on, I sweated the fact that our early funds had pretty “meh” IRR in the first 3-5 years.

IRR 136

IRR Dilution Founder Portfolio 136

Steve Blank

MARCH 31, 2014

Today’s workforce has radically different expectations, brands are losing their power, physical channels are being destroyed by virtual ones, market share is less important than market creation, and software is eating world. The first will be commodity businesses that are valued for their ability to execute their current business model.

Private Equity 328

Private Equity Metrics China Intellectual Property 328

David Teten

AUGUST 21, 2019

Ali Hamed observes that “software companies are blessed with high margins that allow them to payback expensive capital. That, combined with the high ROE required by VCs, makes expensive capital relatively cheaper to them than it would be to a normal business.”. Remember, VCs are comfortable with the venture debt model already.

Revenue 60

Revenue Liquidation Preference Equity Cofounder 60

Professor VC

MARCH 10, 2009

His latest venture, Bharosa, was sold to Oracle for a 6X multiple in 3 years to his angel investors, a sweet close to triple digit IRR. I take CFO roles in early stage companies and participate on the management team during the early financings and business model development phases.

Bootstrapping 28

Bootstrapping San Jose Silicon Valley Software Review 28

Ben's Blog

AUGUST 17, 2020

Imagine there is a hot, bottoms-up $60M revenue B2B software company raising at a $4B valuation. If an investor could have identified Salesforce’s ability to maintain such prolonged growth upfront, invested in its 2004 IPO, and then held on through to today, they could have made ~70x returns: equivalent to ~30% IRRs over a 16 year period.

Valuation 36

Valuation Balance Sheet Cofounder Forecast 36