Pioneering Women in Venture Capital: Kathryn Gould

Steve Blank

Kathryn has been the founding VP of Marketing of Oracle , a successful recruiter, a world class Venture Capitalist, a co-founder of a Venture Capital firm, a great board member, one of my mentors and most importantly a wonderful friend. So I started Foundation Capital in 1995.

A Venture Capital History Perspective From Jack Tankersley

Feld Thoughts

In January, Jerry Neumann wrote a long and detailed analysis of his view of the VC industry in the 1980’s titled Heat Death: Venture Capital in the 1980’s. The key reason for the explosion in capital flowing into the industry, and therefore the large increase in practitioners, had nothing to do with 1970’s performance, early stage investing, or technology. Continental Capital*. $ 250,000. KPC&B II. $ 775,000.

Trending Sources

Bad Notes on Venture Capital

Both Sides of the Table

On the phone … Me: So, you raised venture capital? I have never come across a sophisticated A, B or C round venture capitalist who thinks convertible notes are a smart move for entrepreneur or investor. ’ But do you want to start a relationship with your most important supplier – that of capital to fuel your business – by avoiding talking about his or her expectations in terms of rights or privileges? Maybe an IPO – who knows?

It’s Morning in Venture Capital

Both Sides of the Table

Many observers of the venture capital industry have questioned whether its best days are behind it. They are, in fact, great news for traditional venture capitalists. The most successful of these businesses will still need venture capital to scale their businesses.

Forbes Reveals the 2013 Venture Capital Midas List

VC Cafe

Forbes released the 2013 Midas List for Venture Capital today, proving that to be successful in VC, all you need is one big hit. Five of the top ten names on the list invested in Facebook, the largest tech IPO of 2012. [[ This is a content summary only.

Why Venture Capital is So Much More Compelling Now

Both Sides of the Table

It’s not hard to find people willing to write the narrative that “venture capital is not an asset class” or “venture capital has performed terribly.” I presented the deck below – which was prepared with the great help of Upfront Venture’s Principal Jordan Hudson – at Dave McClure’s must attend event called PreMoney with much more data and narrative than I had in my blog post. VCs used to IPO and then sell.

Will Your Startup Get Venture Capital or IPO in 2013?

Startup Professionals Musings

Based on the final report for 2012 from Thomson Reuters and the National Venture Capital Association (NVCA), it may appear that IPOs are back as a viable startup exit strategy. For the full year 2012, venture-backed initial public offerings raised $21.5

IPO 33

Why Was Winter in Venture Capital Funding so Short?

Both Sides of the Table

It was only a year ago that many in the Venture Capital industry were predicting that “winter was coming” and to be fair the author of this post was chief amongst them. While this it total FDI as opposed to just venture, it should give you an indication of the international trend.

What Do LPs Think of the Venture Capital Markets for 2016?

Both Sides of the Table

At the Upfront Summit in early February, we had a chance to have many off-the-record conversations with Limited Partners (LPs) who fund Venture Capital (VC) funds about their views of the market. LPs Still Believe Strongly in Venture Capital as a Diverse Source of Returns.

Why the Blockchain is so disruptive for venture capital

Version One Ventures

It has 10 times the market cap of SNAP, the most prominent IPO of 2017. And so, we keep hearing how venture capital is about to be disrupted. The post Why the Blockchain is so disruptive for venture capital appeared first on Version One. These days not a single meeting with a fellow VC goes by without talking about Blockchain and how to invest in this space. We are all a bit puzzled by how quickly this market has evolved.

B is for BUBBLE: Venture Capital in 2013

VC Cafe

last year, more than any other major index), and the IPO market is booming. Last year, the VC industry partied like its 1999. New data from research firm Pitchbook makes it official: valuations are at an all-time high. Some of the frenzy is driven by Wall Street.

What I learned from raising venture capital

www.gabrielweinberg.com

Takin' VC Money (Money Cash IPO's) by Smixx Forewarning Be forewarned, this post is long. I recently raised venture capital for the first time. DuckDuckGo raised a series A round from Union Square Ventures and a handful of awesome angel investors. They were: Andreessen Horowitz Matrix Partners SV Angel Redpoint Morganthaler Gerylock Charles River Ventures DFJ Having multiple term sheets really matters.

Investors Beware: Today’s $100M+ Late-stage Private Rounds Are Very Different from an IPO

abovethecrowd.com

Every successful technology company raises money throughout its lifecycle, perhaps starting with a seed investment and progressing through Series A, B, C, late-stage investments, and, for the most successful companies, an IPO. This was the recent case with the Box.com IPO.

Venture Capital: Practicing Blind Faith

Babbling VC

There are stories coming at you from all sides about how we are approaching a cash crunch, the macro-economy is floundering, IPO's are disappearing and so forth. Venture capital in general, especially in Europe, is a practice in blind faith right now. I planned on making it more of a pep-talk since we constantly hear so much negativity in regards to European venture capital. There is a huge difference between optimism and blind faith.

The State of Cleantech Venture Capital: What Lies Ahead

Secret Formula

In late 2011 I decided to write up an internal analysis I’d done at Venrock about the state of cleantech venture capital and make it available broadly. What’s happening to cleantech venture capital? Let’s consider the gold standard of VC wins – an IPO on a major exchange.

How do venture capital firms make money by investing in startups?

Gust

The venture capital fund itself makes money… …by investing early in a startup company’s life, when success is not at all assured. In exchange for investing capital to help the company grow, the fund receives an ownership interest in the company. Ultimately, the company will be either sold to a larger company (at a higher price) or begins to sell shares through the public stock market (“going public” with an “IPO”).

IPO 20

There Aren't Many Venture Backed IPOs

A VC : Venture Capital and Technology

As a follow up to yesterday's pos t on this topic, here's another chart from Mark Suster :   So using the math I laid out yesterday (roughly 1,000 startups funded each year by VCs), this means that on average between 1% and 3% of venture funded startups get to an IPO.

U.S. Venture Capital Has Its Biggest Quarter Since Dot-Com Days

allthingsd.com

Venture Capital Has Its Biggest Quarter Since Dot-Com Days. venture capitalists put $8.1 It’s clear that factors like the greater American economy and the bumpy tech IPO market don’t necessarily have a direct and/or timely correlation with venture capital spending.

Venture Capital in India – The Summit Push

VentureWoods

As the season for year roundups begins, here are my thoughts, originally published in Economic Times … It is now my eight year in succession of claiming a great year for venture capital. At the surface, 2013 was a slower year for venture capital investments than recent past. The first reason is the emergence of key investment themes which could redefine the complexion of technology ventures in India.

5 Best-Kept Secrets About Venture Capital

Inc Startups

The most important things you need to know about how venture capital works--demystified. After 10 years as a successful entrepreneur, I''ve recently become a venture capitalist. Or at least, you''ll find it easier and experience less confusion and friction if you try to raise funding , or work in a venture capital-backed company. Here are my top 5 secrets I''ve learned about venture capital: 1.

Quigley Report - Predicting a Venture Capital Revival

VentureWoods

An interesting report predicting that venture capital asset class will make a strong revival over next 10 years. Quigley Report: A Venture Capital Revival is Upon Us.

The Venture Capital Secret: 3 Out of 4 Start-Ups Fail

online.wsj.com

SIGNIFICANCE PROMINENT. --> The Venture Capital Secret: 3 Out of 4 Start-Ups Fail. An entrepreneur with a hot technology and venture-capital funding becomes a billionaire in his 20s. But now there is evidence that venture-backed start-ups fail at far higher numbers than the rate the industry usually cites. About three-quarters of venture-backed firms in the U.S. backed by venture capitalists. Less than 1% are currently in IPO registration.

Some Thoughts On The IPO Market For Web Companies

A VC : Venture Capital and Technology

We have an IPO market for web companies again. I don't have all the names in front of me, but this year has brought IPOs for Pandora, LinkedIn, Groupon, Zynga, and TripAdvisor. The past decade (post Internet bubble, post Sarbox) brought a new normal to the late stage venture capital market. Mike Moritz calls these financings the "new IPOs" This "new normal" is allowing these companies to stay private and develop into real businesses.

Web 67

The Sub $1bn Revenues IPO Act

A VC : Venture Capital and Technology

  The name is too long so I call it the "sub $1bn IPO bill." Will Sarbanes-Oxley Changes Help The IPO Market? Venture Capital and TechnologyThere's a bill in Congress to reduce the regulatory burdens for public companies that have less than $1bn in revenues and/or have been public for less than five years.  " This is a good bill. This undoes some of the bad stuff done to smaller public companies in Sarbox. It should become law.

Why Hasn't NYC Produced Many Tech IPOs?

A VC : Venture Capital and Technology

He suggests that the lack of NYC tech IPOs compared to Boston is a result of: The IPO culture hasn’t fully permeated NYC?   There are only very few public technology companies based in NYC:  I count AOL as the only one with > $1 billion market capitalization, whereas Boston has 30-35 innovation economy companies with greater than > $1 billion market capitalizationVenture Capital and Technology

Andreessen Horowitz: No bubble but rebalancing from IPO to late stage venture

The Equity Kicker

But second there has been a big shift from IPOs to late stage private rounds. Investors in these late stage rounds are traditionally public market investors who have moved to the private markets because companies are going public later and the returns are now pre-IPO. Venture Capital

IPO 39

Israeli High Tech Exits On First Half of 2017 Slowdown and Potential Explanations

VC Cafe

In the past 6 months, exits comprised 46 merger & acquisition (M&A) deals, seven initial public offerings (IPOs) and four buyouts, totalling $1.51 According to the IVC Meitar exits report for H1 2017, Israeli high-tech exits total $1.95

The Coming Brick Wall in Venture Capital & Why This is Good for US Innovation

Both Sides of the Table

This is the final part of a 3-part series on the major changes in the structure of the software & the venture capital industries. But … Downsizing Venture Capital. Creative destruction is what drives capitalism and innovation.

What Founders Need to Know: You Were Funded for a Liquidity Event – Start Looking

Steve Blank

Luckily in the last quarter of the 20 th century a new source of money called risk capital emerged. Risk capital takes equity (stock ownership) in your company instead of debt (loans) in exchange for cash. This happens when you either sell your company ( M&A ) or go public (an IPO.)

IPOs, M&As, Liquidity, & You. (the entrepreneur)

Gust

In the “good old days,” angels invested in seed-stage startups and teed up promising companies for subsequent venture capital financing. If the company was successful, this quickly led to an IPO – a very happy ending for the entrepreneur, the angels, and the venture capitalists. The two major differences in the exit environment in the past decade are (1) the disappearance of the IPO market and (2) the rapidly increasing size of the average VC fund.

Unicorpse

Feld Thoughts

From section #6 in Aileen’s post: “Given how much capital our private companies have raised in the past few years, most likely have cash to fund 2-4+ more years of runway. Venture capitalist Marc Andreessen warned in a tweetstorm that startups with high burn rates would “vaporize.”

What Do I Do Now? The Startup Lifecycle

Steve Blank

Venture-backed startups will often have a Series C or D or later rounds during this phase. In the Grow phase the company has achieved liquidity (an IPO, or has been bought or merged into a larger company event) and is growing by repeatable processes.

On the Road to Recap:

abovethecrowd.com

In February of last year, Fortune magazine writers Erin Griffith and Dan Primack declared 2015 “ The Age of the Unicorns ” noting — “Fortune counts more than 80 startups that have been valued at $1 billion or more by venture capitalists.” All Unicorn participants — founders, company employees, venture investors and their limited partners (LPs) — are seeing their fortunes put at risk from the very nature of the Unicorn phenomenon itself. Competition also has access to capital.

IPO 47

#PeakVC

K9 Ventures

I define #PeakVC as the point in time when the maximum amount of $$s are entering the Venture Capital industry. That is because the venture capital industry operates in cycles. When the perception of returns in the venture capital industry goes up (for examples when new paper unicorns are being minted every other day) then everyone and their mother feels like they should be investing in venture capital.

The 99: How the SEC protects you from venture capital returns.

This is going to be BIG.

Take venture capital, for example. To benefit from the explosive growth of companies like Uber, Airbnb, Dropbox, etc, you had to fit in either one of two categories: be an angel investor already in an inner circle of experienced angels and entrepreneurs, largely located in Silicon Valley, or be an investor in a venture capital fund that backed those companies. Below that and they need to keep you from investing in really risky stuff, like venture capital.

Why Facebook Clearly Belongs in the 10X Revenue Club

abovethecrowd.com

Brief disclosure, Benchmark Capital has a minority position in Facebook as a result of the acquisition of FriendFeed, a company that was incubated in our offices. Facebook Internet IPO Uncategorized Venture Capital Web/TechAttached are my thoughts on the Facebook S-1 along with some quick stabs at valuation. I thought it would be useful to look at Facebook using the scorecard from our [.].

IPO 47

The State of Cleantech Venture Capital, Part 4: Parting Thoughts

Secret Formula

This week we’ve analyzed the state of cleantech venture capital and used data to discern myth from reality. In summary, we’ve found that: There will be sufficient late-stage capital in the next few years to feed the ’06-’08 “baby boom” of cleantech start-ups, but there may be a corresponding dearth of Seed/Series A money. The two are performing about the same on an interim basis and cleantech investment has actually overdelivered on IPOs.

After Ringing the IPO Bell

Seeing Both Sides

Last week''s successful IPO of e-commerce giant Wayfair (market cap $3B) and this week''s impending IPO of Hubspot (if it prices in the range, market cap $600m) has many in the Boston tech community celebrating. Executive teams need to focus their staff post-IPO on a new mission.

IPO 30

10 Reasons For Joining The New Startup Wave Now

Startup Professionals Musings

Initial Public Offerings (IPO) are back as an exit strategy. Last year was the most active year for IPOs in the United States since 2000. 275 IPOs were completed in 2014, topping the 2013 total of 222 by more than 23%.

Why Uber is The Revenge of the Founders

Steve Blank

— 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. In the 20th century tech companies and their investors made money through an Initial Public Offering (IPO). And you had to convince the bankers that you had a credible chance of having four more profitable quarters after your IPO. Netscape’s blow-out IPO launched the dot-com boom.