asterisk2a + ipo   94

The Growth Trap
[ growing for growth sake! vs growing in a world/area that is not conducive to grow ] When Twitter went public in 2013, its stock soared and its value jumped to $25 billion. Its founders and early investors got rich. But since then, the company has been considered a failure, despite the fact that it boasts 320 million active users, because it's not growing fast enough. Douglas Rushkoff, author of "Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity," talks to Steve Paikin about why he sees the push for more growth as dangerous. // true capitalists (shareholder, crony, greedy) w/o self-regulation or governance extract all the value there is to extract and then leave, dispersing it to the few who already have [...] WE MUST REWRITE THE RULES OF THE GROWTH GAME ITSELF! [...] you want to optimise the economy based on velocity of money (circulation of money), not share price and value extraction [...]
Venture  Capital  Unicorn  shareholder  capitalism  Greed  shareholder  value  profit  maximisation  profit  maximization  Wall  Street  Wall  Street  activists  Yahoo!  Google  Inc.  Alphabet  Inc.  Microsoft  IBM  Intel  Oracle  capitalism  exploitation  Super  Rich  short-termism  short-term  thinking  1%  plutocracy  oligarchy  M&A  economic  growth  growth  round  Mutual  Fund  macroeconomic  policy  secular  stagnation  Private  Equity  MBO  Pivot  IPO  dividends  prosperity  Start-Ups  Start-up  s&p500  pension  scheme  pension  finite  resources  resource  depletion  economic  history  creative  destruction  share  buyback  Apple  capitalism  in  crisis  capitalist  Uber  monopoly  oligopol  oligopoly  antitrust  corruption  western  world  squeezed  middle  class  emerging  middle  class  BRIC  business  cycle  company  book  cost  center  overhead  costcutting  operating  performance  operating  margin  globalisation  globalization  Universal  Basic  Income  artificial  intelligence  AI  augmented  intelligence  Robotics  automation  structural  unemployment  materialism  consumerism  status  anxiety  disenfranchise  disenfranchised  youth  unemployment  post-capitalism  Mobile  Banlieue  deprivation  poverty  trap  poverty  meritocracy  meritocratic  Gini  value  coefficie 
april 2016 by asterisk2a
Börsenpläne von Spotify: Der Sound der Zocker
Eine Milliarde Dollar (880 Millionen Euro) leiht sich der Musikdienst laut "Wall Street Journal" bei Finanzinvestoren und der Großbank Goldman Sachs. Spotify verspricht den Geldgebern neben Zinszahlungen auch Anteile am Unternehmen. Wie viel Spotify zahlen muss und in welcher Größenordnung Anteile den Besitzer wechseln, hängt davon ab, wann die Schweden an die Börse gehen. Mit jedem Halbjahr, in dem das Start-up die Erstemission herauszögert, wird es jedenfalls teurer.

Das macht den Deal hochriskant für Spotify: Von Profitabilität ist der Dienst weit entfernt, 2014 fuhr der Dienst einen Verlust von 162 Millionen Euro ein. Die neuen Schulden könnten das Unternehmen in einen ruinösen Strudel von schrumpfenden Geldreserven, drückender Zinslast und immer mieseren Börsenaussichten reißen. [...] [ M&A out of question ] &! bit.ly/1MYHBK4 &! on.recode.net/1oo4GQ1
Spotify  IPO  growth  round  Private  Equity  Goldman  Sachs  liquidation  preferences  termsheet  Box  Aaron  Levie  Apple  Music  Apple  Google  Inc.  Google  Play  Music  Google  Play  Amazon  Prime  Amazon  M&A  Soundcloud  Deezer  Rdio  Pandora  Microsoft  Venture  Capital  Unicorn  business  model  subscription  model  freemium 
april 2016 by asterisk2a
Pando: Unicorns on fire: Funding falls dramatically in the fourth quarter, along with exits of all kinds
I predicted the second quarter of 2015 had to be peak mega round. Turns out, I was three months off. But now it’s official: The shit is hitting the fan. [...] In the third quarter, venture funding hit dot com funding levels with 2008 deals and $38.7 billion raised. In the fourth quarter, we saw the lowest deal tally since 2013, with just 1743 deals raising some $27.3 billion.
IPO  Unicorn  growth  round  ZIRP  NIRP  QE  distortion  Private  Market  Wall  Street  Fed  monetary  policy  USA  China  business  confidence  Silicon  Valley  Hype  Cycle  termsheet  liquidation  preferences  Private  Equity  Mutual  Fund  SPV  Venture  Capital  Angel  Investor  Seed  Oil  price  QT 
january 2016 by asterisk2a
American Apparel: a trip from the height of cool to lows of bankruptcy | Business | The Guardian
[ your edgy and PR storm/press differentiation can become a liability to future growth especially if you use that kind of marketing to grow, clickbait is not sustainable. stupid. should have stayed private and nimble! wall street and the numbers call it a bluff of the founder, cant be bigger & more than it was pre-ipo. no growing endlessly as edgy brand ] American Apparel has faced growing competition in the US from cut-price overseas competitors such as H&M, who have effectively replicated the brand’s fashion for a lower price. [...] recorded a loss for ten consecutive quarters, which was unsustainable given its debts. [...] American Apparel is the country’s biggest manufacturer of clothing and it is based in downtown Los Angeles. The company claims to pay experienced factory works more than $30,000 a year, compared with $600 a year for workers in Bangladesh factories. [...] we are taking this step to keep jobs in the US, and preserve the ideals for which the company stands.”
American  Apparel  Fashion  Industry  Manufacturing  Branding  brand  awareness  differentiate  differentiation  USA  Fast  Fashion  commodity  business  commoditization  Retail  pure  play  e-commerce  Wall  Street  IPO  shareholder  value  profit  maximisation  mainstreet.org  fiduciary  responsibility  Venture  Capital  entrepreneur  entrepreneurship  Start-Up  lesson  Start-Up  advice  marketing  PR  advertising  advertisement 
october 2015 by asterisk2a
Priceline's Lessons for Uber, Airbnb and Other Unicorns - Bloomberg View
But it was its market valuation that drove the fascination, and after the stock price collapsed from a high of $974.25 a share in April 1999 to $6.75 in December 2000, people mostly stopped talking about Priceline.com. [...] First, that the huge valuations being attached to today’s leading digital startups probably aren’t all crazy. Second, that those valuations may make it hard for late-round private investors, or the rest of us after the eventual IPOs, to make much money off the insight that Uber or Airbnb or Snapchat is in fact built to last. And finally, the big lesson for these companies may be to set aside a bunch of that investor cash for when times get tough -- and maybe hire a CEO, or at least a general counsel, who is really good at making acquisitions.
Uber  Private  Market  AirBnB  Unicorn  Decacorn  hunt  for  yield  growth  round  Private  Equity  Mutual  Fund  Silicon  Valley  dot.com  Snapchat  IPO  Wall  Street  shareholder  value  profit  maximisation  Twitter 
september 2015 by asterisk2a
Twitter works just fine – but for investors, anything except total market domination is a disaster | Comment is free | The Guardian
Nothing better illustrates capitalism’s addiction to illogic than the mismatch between Twitter’s workability and its unpopularity with Wall Street [...] Any company that cannot demonstrate a clear route to monopolising its space, monetising its users’ data on a vast scale, is to be discarded, targeted for acquisition, consigned to perpetual dowdiness. [...] When I’ve pointed to Wikipedia, Apache or Linux as harbingers of a new, non-market, open source economics, one of the stock responses is: “now show us something more spectacular.” The problem is, these modest, functional and free products are already in their own way spectacular. Wikipedia is the biggest information product in the world; Apache runs half the world’s web servers; and Linux is the system of choice for at least a third of all servers (the computers that run businesses) and 97% of the world’s supercomputers.
Twitter  Wall  Street  shareholder  value  profit  maximisation  short-term  short-term  thinking  short-term  view  crony  capitalism  capitalism  exploitation  post-capitalism  monopoly  monopsony  oligopoly  oligopol  Facebook  IPO  Google  Open  Source  Share  Economy  Open  Data  Wikipedia  GNU/Linux  Apache  Wordpress  creative  destruction  Software  Is  Eating  The  World  3D  printing  Robotics  automotive  self-driving  cars  disrupting  markets  disruption  Marketplace  commodity  business  commoditization  marginal  cost  differentiate  differentiation  economics  of  abundance  autonomous  car  automation  Future  of  Work  Mobile  Creatives  Mobile  21stcentury  Collaborative  collaboration  cooperation  user  generated  content  crowdsourcing  Industrial  Revolution  2.0  policy  Industrial  Revolution  economic  history  trickle-down  economics  Universal  Basic  Income  winner  take  all  Amazon  SAP  Salesforce  inequality  Thomas  Piketty  Super  Rich  1%  mainstreet.org  tax  evasion  tax  avoidance  Gini  coefficient  deregulation  neoliberalism  neoliberal  self-regulation  regulators  regulation  utility  public  utility  Good  Silicon  Valley  Unicorn  Decacorn  Private  Market 
august 2015 by asterisk2a
Gurley on Global Selloff: Bloomberg West (Full Show 8/21) - YouTube
'averting catastrophic events' - hard things about hard things - book // when taking on growth round to grow aggressively company (buying customer growth)... you might actually take on risk. especially when the sentiment and the market turns and you burned it all and weren't so good at allocating the money and 'growing' you have to maybe raise a flat/downround ... ooopsies. Or even have to accept a debt round and massive lay-off to get to cash flow even/positive. And run a tight ship with the user base/business you've got. // re: post-price correction after speculative China bubble burst and massive China weakness and still existing/persistent deflationary pressures in western world. // &! bit.ly/1NTc3GM - Public markets affect venture funding. Full stop.
growth  round  IPO  Bill  Gurley  Venture  Capital  Private  Market  Unicorn  Decacorn  Mutual  Fund  Private  Equity  Hedge  Fund  2015  speculative  bubbles  speculative  speculation  hunt  for  yield  burn  rate  runway  sentiment  business  confidence  consumer  confidence  China  recovery  bubble  reflate  reflation  book  Ben  Horowitz  Marc  Andreessen  business  model  cash  flow  cash-is-king  Start-Up  lesson  financial  model  Start-Up  advice  valuation  Mark  Suster  Wall  Street 
august 2015 by asterisk2a
Pando: #AdamBainIsSoFucked
[ Ego's and no (over) communication what Twitter is, wants to be and can't be. It can't be Facebook or anything else. Twitter can only be Twitter (plus Vine + Persicope + X (say date, business tools) + ads). And no (over) communication how they are going to satisfy Wall Street (profit). No 1-2 year plan. Dick was and is Ops Guy. No obsessive passionate visionary putting it all on the line about the product and its potential yada yada yada that gets listeners hooked and thus can ask for patience, ask for time. Dick was hired to fix the chaos and mess. Get it to IPO. He did that ... ]
Ego  Twitter  IPO  MAU  Dick  Costolo  jackdorsey  Chris  Sacca  Wall  Street  profit  maximisation  shareholder  value  Facebook  Google  Social  Media  communication  vision  mission  Legacy  Ev  Williams  Biz  Stone  Leadership 
august 2015 by asterisk2a
Jeff Bezos Revealed: Building Amazon One Box at a Time - YouTube
Not in Silicon Valley. Not inside the bubble. was not inside the bubble when it imploded. // can not rest on your laurels. can not stop for a second innovating. even trying hard to disrupt yourself (Kindle) and capture the market (monopsony - in book and ebook market and w audible the audiobook market). and taking out your partners (delivery firms) with building very close to the city their warehouses. also, locking in customers with Amazon Prime, and convenience one click order. and having the verything store. Amazon A9 - its search engine could be the one of the top 5 search engines in the world. Google, YouTube, ... Amazon? or Bing/Yahoo in between? // Nobody can compete on price with Amazon with popular items! they discount popular items to attract (loss leader items). making it up all the other items of the long tail // run in late with lots of antitrust. // all encompassing (encapsulating every decision) motto: obsessing over customer & inventing in the name of the customer.
Amazon  Kindle  audible  competitive  competitiveness  competition  Start-Up  lesson  Start-Up  advice  IPO  growth  round  e-commerce  Jeff  Bezos  e-book  ebook  ebooks  books  book  Print  is  Dead  user  behaviour  Amazon  Prime  Platform  Marketplace  efficiencies  long-tail  long-term  view  long-term  thinking  monopoly  monopsony  antitrust  creative  destruction  disruption  disrupting  markets  customer  experience  user  experience  Silo  TOS  Silicon  Valley  corporate  culture  corporate  values 
august 2015 by asterisk2a
QVC Owner Buys Zulily: Bloomberg West (Full Show 8/17) - YouTube
etsy is a marketplace stupid. // once they saturated their category/market, the growth tapers off! especially home market & then they have 2 fund through IPO international expansion; ie etsy. & will hit on competition, obviously. // &! min 16 discussion on Amazon corporate culture & values! & stock based compensation package. // &! Amazon: How Bruising a Workplace Is It? - youtu.be/CJKkRMMaF7c 'extraordinary demanding workplace, and high turnover' 'exceptional company, what every they do, its working' 'up or out' 'unique culture by a company of that size' // &! youtu.be/qo9b8CtSqqE - 'unreasonable high standards' 'feedback system enables backstabbing' 'they call it purposeful Darwinism: staff ranking' 'GE dropped it' [ personal note: I think u still have the sort of responsibility (moral/ethical/hr as CEO) 2 help & coach ur worst performers, before firing them with compensation package (making them go), balance! also no charity ] &! youtu.be/NpiPc3gPeYY &! youtu.be/YtUhvnXF3Yc
Zulily  e-commerce  flash  sale  IPO  Wall  Street  profit  maximisation  shareholder  value  Etsy  M&A  eBay  vertical  category  Start-Up  lesson  Start-Up  advice  Silicon  Valley  growth  round  Amazon  compensation  package  compensation  Office  Politics 
august 2015 by asterisk2a
Brokering Private Stocks Yet to Yield Big Profits — The Information
The secondary market for private tech shares is booming again, after a slowdown following the Facebook IPO. With valuations rising and startups staying private longer, investors in search of growth have been striking more deals with private company employees seeking to sell their shares. But that boom doesn’t appear to be yet translating into big profits for the handful of most well-known firms brokering the buying and selling of secondary shares, at least based on the limited evidence that’s available from publicly filed financial records. Adapting to changes in the secondary market and launching new ventures has been costly, although the firms are poised to benefit if deal volume continues to rise. [...] The Takeaway. Filings show that some parts of secondary market businesses SharesPost, SecondMarket and Nasdaq Private Market were unprofitable last year, despite the resurgence of deals. Factors include startup costs and a shift to lower-margin transactions.
Secondary  Market  IPO  Silicon  Valley  asset  allocation  hunt  for  yield  2015  growth  round  Venture  Capital 
august 2015 by asterisk2a
A Rare Look Inside a Private Tech Stock Loan — The Information
Public filings show that a pre-IPO loan to SolarCity founders paid off in stock options to the lender, an example of the burgeoning secondary market for private tech shares. // can do that when you have solid business ... revenue etc. like Dropbox also getting a credit line with their growth round.
Start-Up  lesson  Start-Up  advice  growth  round  Private  Market  Venture  Capital  financing  hunt  for  yield  investment  banking  IPO  Silicon  Valley  SolarCity 
august 2015 by asterisk2a
At Some Point, You Have to Move Out of Your Parent's Basement
And increasingly, some public companies must wrestle with activist shareholders who according to a recent study increase a company’s focus on short term performance, which can be a challenge when looking to manage a business with a long term time horizon. Incidentally, this is the reason Google created a new type of share called Class C in 2014 that lacks voting rights, so activists couldn’t influence the company.
IPO  Wall  Street  profit  maximisation  shareholder  value  short-term  thinking  short-term  view  crony  capitalism  shared  economic  interest 
august 2015 by asterisk2a
The only stat about unicorns that should worry Silicon Valley
Now theres a new reason 2 fear the ‘corn: They are insanely capital inefficient. And over the last year, they’ve gotten even more so at an alarming rate... // dead Unicorn (their own making) because of burn rate w expensive offices ('we are successful'), developers, aggressive drive ('acquiring market share in a new market') to acquire customers (and not even making the math long term - life time customer value), ... with each round they have 2 be more aggressive, especially with these liquidity preferences inked in, actually keeping the risk level instead of reducing/mitigating the risk. All 2 blow out the IPO & not end up lower on day 1/compared 2 the last growth round. Box couldnt make a higher valuation after day 1 post-IPO than their last growth round via Private Equity. Existing investors got diluted in order to meet last rounds term sheet liquidity preferences/guarantees. // &! Either u risk more, or the other (competition) will, will outspend, overtake u. &! bit.ly/1Ji536P
burn  rate  Unicorn  Decacorn  runway  Silicon  Valley  growth  round  San  Francisco  Palo  Alto  Bill  Gurley  Start-Up  lesson  Start-Up  advice  Blue  Ocean  Venture  Capital  termsheet  liquidation  preferences  SPV  Mutual  Fund  Private  Equity  IPO 
july 2015 by asterisk2a
German Startups sagt Börsengang ab - SPIEGEL ONLINE
Following Rocket Internet. Trying to go public as investor. Like a KKR for Start-ups. Ups. Is this a symptom of the irrational exuberance and hubris? // Der Börsengang des Berliner Risikokapitalfinanzierers German Startups Group ist geplatzt. Auch eine Verlängerung des Angebotszeitraums in der vergangenen Woche brachte nicht die erhoffte Nachfrage nach den Aktien, teilte das Unternehmen am Dienstag nach Ablauf der Zeichnungsfrist mit. [...] German-Startups-Gründer Christoph Gerlinger wollte mit dem Börsengang 54 bis 72 Millionen Euro einsammeln. Die Erlöse sollten zum größten Teil in den Kauf weiterer junger Firmen gesteckt werden. Bei der German Startups Group handelt es sich um eine Beteiligungsgesellschaft mit Fokus auf jungen, schnellwachsenden Unternehmen. // [ Interesting to want to go IPO instead of asking Private Equity or Mutual Funds for a "growth round" like participation in the realm of 50-70m Euros. ]
irrational  exuberance  hubris  Silicon  Valley  Private  Equity  IPO  Germany  Rocket  Internet  Venture  Capital  hunt  for  yield  asset  allocation  alternative  investment  SPV  Mutual  Fund  growth  round  2015  Wall  Street  bubble  NASDAQ 
july 2015 by asterisk2a
Fear Trumps Greed in Silicon Valley as Some Venture Firms Hedge - Bloomberg Business
[... high ops cost associated w SF/Palo Alto ... fancy office (and expensive (rarefied) developers from Google or Facebook) in SF as a sign of success while burning +2m per year at least with no cash flow in sight ... and with all consumer products being free and hoping to finance themselves in the future with advertising ... ] Some VCs are urging their companies to build a rainy day fund to ensure their survival. [...] It’s a constant battle deciding whether to invest in a potentially lucrative deal, said Philadelphia financier Rudy Karsan: “Greed versus fear.” [ Softbank Capital just last week came out publicly with a shift in strategy, to invest now ONLY in proven winners, at slightly premium to get in (and with preferred liquidation preferences in writing), &focus resources on those portfolio companies ... than to compete in a crowded, distorted, muggy, in transparent, very speculative (with lots of ifs and luck and bet on CEO to execute well) A-, B- (and C-Round) market. ]
Silicon  Valley  burn  rate  runway  cash  flow  cash-is-king  hunt  for  yield  distortion  ZIRP  NIRP  QE  growth  round  SPV  war  for  talent  Private  Market  Private  Equity  Hedge  Fund  Mutual  Fund  bubble  USA  Fed  Taper  asset  bubble  asset  allocation  Angel  Investor  Seed  business  model  advertising  VC  Venture  Capital  Greed  FOMO  bubble  speculative  bubbles  speculative  speculation  SoftBank  Capital  IPO  NASDAQ  A  Unicorn  Decacorn  termsheet  liquidation  preferences  exit  strategy  M&A  acquisition  acquihire  acqui-hire  business  cycle  business  plan  business  investment  business  confidence  consumer  confidence  leverage  debtoverhang  irrational  exuberance 
july 2015 by asterisk2a
Thoughts on Microsoft acquiring Berlin's 6Wunderkinder
[5x] Second of all, the purchase price range reported by the WSJ is very broad. There’s a world of difference between selling a company that has raised around $25 million in capital for $100 million or for $200 million – for the founders and its financial backers, no matter what stage they’ve invested in. [...] I agree with people who said this is a great deal for the early investors, the company’s founders, and the Berlin startup ecosystem in general. There’s absolutely no question that it is. At the same time, I can’t help but think 6Wunderkinder could (should?) have been bigger and bolder. [It is and will not be a unicorn, duh, if it were it would have shown. probably traction, m/m growth (incl churn) did taper off below double digit space while everything else stayed the same.] // My Q. from the posted cap table; It seems employees do not get a piece of the cake. Didnt get equity when they joined? Same 4 Rocket Internet, ppl got offered 2buy before IPO, everyone said no thanku.
6Wunderkinder  Wunderlist  Microsoft  Berlin  Start-Up  Scene  ecosystem  SAAS  subscription  model  freemium  termsheet  dilution  liquidation  preferences  Rocket  Internet  IPO 
june 2015 by asterisk2a
Snapchat CEO Evan Spiegel: What Is His Endgame? - YouTube
"This is fucking hard." << coming from a person from a very well off background, education, circle of friends. << never faced a wall he had to break through or make it happen by his own. // currently crowned winner at the 'SNACKING media entertainment game on the mobile phone.' // "Snapchat is doing something very important in the world right now." LOL // real question is can they scale advertising (ie turning a profit or be cash flow positive) till the time runs/road runs out to the IPO ... ie having to accept termsheets for a growth round not in their favour. Without loosing one eyeball. Pinterest seems to struggle and is tip toeing into the waters.
Snapchat  Evan  Spiegel  attention  span  distraction  attention  user  behaviour  mobile  homescreen  mobile  phone  mobile  first  Entertainment  WhatsApp  Instagram  Newsfeed  Facebook  Pinterest  user  engagement  user  experience  Silicon  Valley  IPO  scale  scaling 
may 2015 by asterisk2a
The curse of the first-day pop, and why Shopify deserves better | PandoDaily
Shopify also faces competition from other small-business commerce platforms like the open-source Magneto and from Square and other payments processors. But the company’s products and handholding tutorials are tailored to address one of the key challenges of the small-business enterprise market – that business owners often aren’t tech-savvy enough to give consumers the seamless expereience they’ve come to expect, and are often too harried to try and learn. Shopify’s plug-in-and-go offerings are designed to address that issue. [...] the offering was priced at $17 a share, giving it a market cap of $1.1 billion in the offering, or around ten times its revenue last year. [...] Let’s say revenue doubles again this year. The stock is still valued at nearly 10 times its expected revenue – a risky valuation for any company, let alone one in a competitive market.
Shopify  IPO  valuation  differentiate  differentiation 
may 2015 by asterisk2a
Naval Ravikant to VCs: “You can lie to your LPs, but don’t lie to yourselves” | PandoDaily
“There was so much innovation being thrown around—moveable carry, geographic portfolio, unbundling and more. Many were coming up to me later saying the ideas were flying at them too fast. That’s exactly what’s happening in the market.” Even if you don’t know what those terms mean, the important takeaway is that even the stodgiest VCs are going to have to start acting more like the entrepreneurs they serve because the market is only getting more competitive with the ways to fund becoming far more varied and “hackable.” [and add Corporate Accelerators, Incubators and Venture Funds] [...] restrictions LPs put on funds: things like how much you can invest, what percentage of a fund you can invest in follow on rounds of existing companies, what sector you invest in, whether you can invest personally if the fund invests as a group, etc.
Venture  Capital  angel-list  Seed  Round  Angel  Investor  SPV  Private  Equity  IPO  growth  Sand  Hill  Road  Silicon  Valley  500  Start-ups  Rocket  Internet  ycombinator  Accelerator  TechStars  Seed  Camp  Incubator  niche  vertical  Secondary  Market  a16z  s23p  hunt  for  yield  distortion  Signal  vs.  Noise  wantrepreneur  economics  of  abundance  abundance  marginal  cost  MicroVC  Party  Round  Start-Up  lesson  Start-Up  advice  ecosystem 
may 2015 by asterisk2a
Aaron Levie (Box): The First $250m in ARR - YouTube
IPO growth-stage party round, Investors work understanding SAAS business, but do not understand it 110%. "Our growth is dependent on the level of investment (sales, marketing) we put into, we have no head ceiling. [...] Investors go, after explaining for 30 minutes, from IBM cash flow investors to a16z type doubling down [invest more in user acquisition due to lock-in and LTV for SAAS. [...] Box's disruption playbook via lots of layers/stacks (integrated, worry free) for enterprise; loss prevention, security, search, clouds storage, audit & compliance (ie HIPPA). [...] Marrying a frictionless consumer experience best practices (phablet, smart phone, tablet, desktop) with Enterprise 2.0/SAAS feature set, enabling lift of productivity and connectedness. Turning themselves into a strategic layer for Fortune 500 companies and ousting Oracle, IBM and MSFT (legacy infrastructure, see Sony hack). Box is pitching a modern architecture, not just cloud. [...] Building what customer asks for.
IPO  Box  Enterprise  2.0  SAAS  DropBox  Google  Drive  One  Drive  Microsoft  Google  Amazon  Cloud  Drive  Apple  iCloud  Spideroak  disruption  cyber  security  internet  security  IT  online  security  Salesforce  Aaron  Levie  Start-Up  lesson  Start-Up  advice 
april 2015 by asterisk2a
[PreMoney MIAMI] Upfront Ventures, Mark Suster, "Venture Outlook 2015 - Goldrush or Fool's Gold" - YouTube
(1) Change from Sales Funnel to Funnel of Intent on Mobile and Social Media. Lower Marketing/Early user acquisition cost at scale. And tap to credit cards to with one click through third party Platforms. And also Open Source Software Stacks and buying 'by time' the hardware stack on Google, AWS or Azure is paradigm shift. Results also in noise one has to break through first - raising the bar (by user choice) for everyone. (2) min10 - Value Creation held inside Private Market through growth & late-stage investing instead of IPO with single-class share structure with wobbily business numbers 'help you god that you aren't out 24m later' because of impatient Wall Street. (3) min14 Series D valuations show Private Market highest bidder wins phenomenon. But Valuations are up across the board. And with more Seed/Angel Investors, Seed Valuations are also bid up higher compared to ABC. // &! min29 youtu.be/25TxrhsXFvs - 500 Startups, Dave McClure "4 Years of Moneyball - What Have We Learned"
Silicon  Valley  Seed  Round  A  Round  growth  Venture  Capital  Sales  Funnel  Funnel  of  Intent  mobile  first  mobile  homescreen  mobile  phone  Social  Media  Start-Up  lesson  Start-Up  advice  hunt  for  yield  ZIRP  NIRP  QE  secular  stagnation  productive  investment  Private  Market  Platform  TOS  2000  dot.com  bubble  2008  IPO  Wall  Street  single-class  share  structure  SPV  short-term  thinking  short-term  view  Hedge  Fund  Mutual  Fund  Private  Equity  late-stage  funding  Unicorn  seedround  seedfunding  angelinvestor  angel-list  Angel  Investor  angelinvestors  incomplete  information  complexity  unintended  consequences  Dave  McClure  Mark  Suster  UpFront  Ventures  500  Start-ups  paradigm  shift 
april 2015 by asterisk2a
Marc Andreessen on innovation and diversity | Fortune - YouTube
Public Market became cautious '14/'15: oil price slump + China + Russia + secular stagnation of the west in general (productivity gap & output gap), Abenomics, negative bond yields for gov debt and nearly 0 for corporate AAA debt, deflationary pressures in UK (0% inflation last 2 quarters), Europe (steady decline of M3 & issuance of new debt), & USA (with deflationary pressures as well). macroeconomic indicators do signal caution, because despite all the efforts (throwing the bathtub at the problem; ECB installing negative yield 4 overnight bank deposits with them) from central banks (NIRP, QE, POMO & other policies), the economic engine of the world & the west is still not going into 3rd or higher. // & Andreesen's argument, against, that tech is in bubblish territory, is, that in comparison with '99/'00 & the Public Markets current caution; (re-)investment (GOOG 11bn '14) & share buybacks (IBM, MSFT) schemes & dividends payout dwarf VC & growth rounds in tech by several magnitudes.
2015  IPO  M&A  Wall  Street  shareholder  shareholder  value  Silicon  Valley  bubbles  equity  bubble  bond  bubble  recovery  GFC  ZIRP  NIRP  QE  BOE  BOJ  Abenomics  ECB  Fed  Public  Market  Private  Market  hunt  for  yield  single-class  share  structure  Marc  Andreessen  Venture  Capital  Unicorn  economic  history  macroeconomics  debt  bubble  secular  stagnation  demographic  bubble  speculative  bubbles  behavioral  economics  behavioral  finance  distortion  sovereign  debt  crisis  zombie  corporations  zombie  banks  zombie  consumer  Super  Cycle  debt  monetisation  debt  monetization  deleveraging  debtoverhang  balance  sheet  recession 
april 2015 by asterisk2a
What Etsy’s stellar debut doesn’t say about the IPO market | PandoDaily
markets so distorted [...] demand has grown strong enough investors are willing 2 overlook fact that most of tech companies IPOing still losing money. Last year 2/3 of tech companies that raised $100 million or more in IPOs went public with losses. This year, Box, GoDaddy & Etsy all received warm welcomes in public markets while awash in red ink. [bc there is so little alternative 4 actual earning any yield, money managers take on the risk anywy, bc otherwise they would look bad & get fired if they would not deploy the money. its always bad if u have 2 act in order 2 get not fired & not abel 2 say 'I will sit this 1 out.'] [day-one pop values etsy @18x revenue]. &! bit.ly/1HyfxNW [CEO Dickerson] & tcrn.ch/1G0ybi5 >> its abt shareholder value creation going forward >> bloom.bg/1E0H9br >> Founder "maximizing shareholder value is "ridiculous." // Cant marry WallStreet & long-term view, internal values, true 10x better customer value creation fwrd //&! bit.ly/1b08aC3 on.recode.net/1JNUY
Private  Equity  Hedge  Fund  Mutual  Fund  pension  Wall  Street  hunt  for  yield  distortion  QE  ZIRP  NIRP  secular  stagnation  Western  World  IPO  Unicorn  market  Silicon  Valley  incomplete  information  complexity  bubble  bond  bubble  asset  bubble  bubbles  demographic  bubble  speculative  bubbles  burn  rate  shareholder  value  profit  maximisation  crony  capitalism  community 
april 2015 by asterisk2a
Here are the lucky VCs who secretly made money on Twitter’s IPO | PandoDaily
the other face of acquihires and soft landings // Whereas Google did ten pre-IPO deals, like Blogger and Picasa, Facebook did 28 deals, including a billion dollar purchase of Instagram. Twitter did 29. It makes you think twice about who you sell your startup to, even if it’s a “soft landing” deal. It is better to wind up with shares in a private company that might go public one day at a much higher valuation than to get shares in one that’s already public, and presumably fairly valued by public shareholders. Besides, many public companies will pay for acquisitions in cash.
Silicon  Valley  acquihire  acqui-hire  soft  landing  IPO 
april 2015 by asterisk2a
Big Valuations Come With Dangerous Small Print | TechCrunch
[FOCUS on strategy, product, management, world class org] & then came in the PE guys (HedgeFunds & PrivateMutualFunds) & other non-traditional investors in start-ups, when investing in startups, want 2 protect the downside & want guaranteed upside minimum. 2 have that cake, it has 2 be in the term sheet via preferred liquidation preference. 2 have that in case of a suboptimal next round (ie IPO) that is only slightly up or even a down round, existing investors have & will be diluted by issuing more shares for the last investor, the PE guys, 2 guarantee them their upside minimum. // Start-up lesson & advice is stick with traditional VC (which is high risk high return) and maybe Special Purpose Vehicles organized from existing investors and their network for growth rounds. // PS the intro speaks abt a company taking term-sheet that gave them the 1bn valuation; could be Slack & the guy complaining abt it could have been either Chris Sacca or AVC
SPV  Venture  Capital  growth  round  Private  Equity  Hedge  Fund  IPO  Mutual  Fund  mutualfunds  Start-Up  lesson  Start-Up  advice  Wall  Street  hunt  for  yield  distortion  Silicon  Valley  Unicorn 
april 2015 by asterisk2a
Josh Kopelman drops some knowledge on all you “private IPO-loving” unicorns | PandoDaily
[some type of investors use past experiences and results (FB) for putting money into growth rounds, into unicorns late past D. Very Different than LinkedIn - which had a base and profitability at IPO and continued to grow naturally with product going forward. Or Google.] Tomasz Tunguz entitled “The Runaway Train Of Late Stage Fundraising” in which the Redpoint Ventures partner tracks what he calls the frenetic state of the private market. Among the data points used by Tunguz to make that point “that the current investment levels aren’t yet justified by the exit environment,” is one tidbit tweeted out by Kopelman: 231 companies raised more than $40 million in growth rounds in 2014, by comparison, 240 venture capital-backed IT companies have gone public in the last 10 years. [...] by taking tons of venture money and avoiding an IPO, startups (mostly who proudly tout their unicorn status and $1 billion plus valuations) are avoiding sucking out loud.
Unicorn  growth  round  Venture  Capital  hunt  for  yield  SPV  distortion  Wall  Street  QE  ZIRP  NIRP  complexity  unintended  consequences  incomplete  information  Silicon  Valley  IPO  equity  bubble  bond  bubble  savings  glut  productive  investment  private  market  disequilibrium 
april 2015 by asterisk2a
Box CEO Aaron Levie Talks IPO Delay And Growth Strategies | TechCrunch
He pointed to the recent Enterprise Key Management (EKM) announcement, which enables customers to control their own encryption keys. That takes Box out of the equation, which is just where any cloud company wants to be. If government or law enforcement comes knocking, Box can legitimately tell them they can’t share the company’s content because they can’t unlock the encryption. That move alone opened up whole new markets for Box, and it wasn’t a coincidence it announced a financial vertical package just a couple of weeks later. Financial services was a prime market they could attack armed with this type of functionality. [...] By tying Box’s destiny to ECM, he was moving into far more sophisticated enterprise software territory where companies needed a range of services including security, governance, workflow, metadata libraries and so forth.
Cloudstorage  Box  encryption  IPO  Aaron  Levie  differentiation  differentiate  productivity  Google  Drive  Google  for  Business  Dropbox  Microsoft  Google  Amazon 
march 2015 by asterisk2a
Etsy's IPO dilemma - YouTube
demands of growth!!! ridiculous. ... from passion (and not having losses) to expanding and losing the plot and making losses (incl or excl accounting gimmicks)
Etsy  Wall  Street  IPO  authenticity  authentic  community  marketplace  Amazon  corporate  governance  Silicon  Valley  Start-Up  lesson  Start-Up  advice 
march 2015 by asterisk2a
How Silicon Valley’s counterculture went corporate and ruined everything | PandoDaily
Politicians, entrepreneurs, artists, activists, hippies, and corporations all working together to make the world a better place? In 2015, that arrangement seems unthinkable. So where did the dream of tech-powered togetherness go wrong? [...] [...] // As of last November, the median rent for a one-bedroom apartment in San Francisco was $3,350 [£2200]. [...] So contrary to Gosney’s and Archer’s dream of a techno-utopia that benefits every slice of San Francisco’s population, the tech boom — along with various city statutes that limit residential housing — have made it harder than ever for artists and other members of the counterculture to live in the city. These are the very people, mind you, who helped spark the region’s technological revolution. And that’s saying nothing of the struggles felt by teachers, social workers and other non-tech workers struggling to stay afloat as housing prices skyrocket. [...] [C]ity officials and outdated statutes are as much to blame as tech companies
Silicon  Valley  Wall  Street  IPO  shareholder  value  profit  maximisation  Start-Up  lesson  Start-Up  advice  idealism  subculture  counter  culture  San  Francisco  Palo  Alto  Mountain  View  Patriarchy  abuse  of  power  white  male  privilege  democracy  inequality  male  privilege  jock  culture  brogrammer  Campus  gender-based  harassment  gender-based  discrimination  Misogynie  misogyny  everyday  sexism  sexism  sexismus  social  discrimination  Gini  coefficient  Career  Politicians  gender  politics  gender  pay  gap  gender  policing  STEM  Women  in  Tech  Super  Rich  1%  California  empathy  Apple  sociopath  Google  Uber  Techopus  Facebook  Meta  Data  Big  Data  Internet  Privacy  Privacy  confirmation  bias  bias  gender  bias  stereotype  prejudice  filter  bubble  Venture  Capital  minority  exploitation  stakeholder  asshole  culture  asshole  game 
february 2015 by asterisk2a
Oliver Samwer, Rocket Internet - NOAH14 - YouTube
The Internet (Entrepreneurship) is a marathon of sprints. [...] Roadshow of 4 teams consisting of 1 person. Playing to the strengths of of German work culture, the Exportweltmeister, and hard work. [...] Play their strengths and experience (commerce, ...). Not the creative side. [...] He once met Jack Ma. [...] "I am not strong in networking." [...] Nobody is waiting for the Germans in China or America. [...] To show earnings, have to wait for Asia, LatAm and Africa to catch-up (consumer) and then the earnings show. &! RE-IPO Day https://www.youtube.com/watch?v=WO7GQtOft_g &! https://www.youtube.com/watch?v=D-6HIJGbS1I
Rocket  Internet  Zalando  IPO  Roadshow 
january 2015 by asterisk2a
Snapchat Poaches Star Tech Banker Imran Khan From Credit Suisse - Digits - WSJ
[ Hiring adults to do 'serious business'-part ] - Khan joins an executive team that includes two former Facebook executives. Emily White left the social network to become Snapchat’s operating chief last year and Mike Randall became vice president of business and marketing partnerships earlier this year. Peter Magnussen, a former Google engineering director, joined Snapchat earlier this year but left after just six months. He became a senior vice president at Oracle in September. Khan, who had been based in New York, will relocate to Los Angeles to be near the company’s Venice Beach headquarters, the company said. Snapchat is currently seeking to hire its first chief financial officer, a person familiar with the matter said.
Snapchat  IPO  business  model  business  management 
december 2014 by asterisk2a
Sure Stripe has more cash, but does it have a path to exit? | PandoDaily
The problem with raising capital at nosebleed valuations is that the number of scenarios under which a positive outcome is possible becomes greatly diminished. By raising at $3.5 billion, Stripe, [... and Investors ...] — are betting that the company can exit at or above $7 billion. That’s a steep price and largely eliminates acquisition as an option. The list of potential acquirers is likely limited to Facebook, Google, Apple, eBay, Amazon, and Alibaba in the tech sector. On the financial side, there are the large banks and credit card companies. But it’s hard to see anyone ponying up $7 billion to acquire Stripe, which has yet to prove that it has a sustainable business or attractive margins. [...] Not every round requires a doubling valuation, and in this case, it may turn out that everyone involved would be better if more modesty was applied. [...] [ Merger of Square & Stripe as worst case scenario? ] [ & IPOs to forget - Box, Groupon, Zynga, HortonWorks ... ]
Venture  Capital  Stripe  Apple  Pay  PayPal  Google  Wallet  Bitcoin  Amazon  Alibaba  Rakuten  Silicon  Valley  growth  round  exitstrategy  exit  strategy  IPO  M&A  business  model  margin  AliPay  Braintree  mobile  first  mobile  homescreen  Platform  network  effect  economies  of  scale  scaling  scale  Venmo  valuation  ycombinator  Unicorn  Square  Wall  Street  mobile  payments  online  payments  creditcard  Visa  Mastercard  payments  micropayments  Start-Up  lesson  Start-Up  advice 
december 2014 by asterisk2a
Careful what you wish against: Silicon Valley just rolled out a red carpet to government regulation | PandoDaily
I never thought I’d write these words: Sometimes the public markets is the best thing that can happen to a hot company. [...] Today, Uber running a different playbook than even Facebook. First, it has controlled access to liquidity much more than Facebook ever did. But, by contrast, the company’s access to capital has been an exaggeration of Facebook’s already prodigious fundraising path. Uber has wholly embraced the notion of raising gargantuan amounts of money at jaw-dropping late stage valuations as an avenue to put off an IPO, seemingly indefinitely if it wants. That should suit a CEO like Uber’s Travis Kalanick who bristles at anyone telling him how to do his job and hates government regulation. Importantly, Uber is the first unicorn of the mobile-first era. [...] Uber’s investors have exerted no pressure on the Valley darling. [...] Reckless disregard for customers.
Secondary  Market  IPO  Facebook  Google  Uber  hunt  for  yield  unintended  consequences  dual  stock  structure  Travis  Kalanick  oversight  corporate  governance  corporate  values  corporate  culture  accountability  regulators  self-regulation  regulation  utility  public  utility  public  transportation  mobile  first  mobile  homescreen  Venture  Capital  Patriarchy  ethical  machine  moral  beliefs  crony  capitalism  distortion  Hype  Cycle  Whisper  Secret  user  data  Internet  Privacy  Privacy  TOS  Platform  history 
november 2014 by asterisk2a
Zalando und Rocket: Zulassung zur Börse muss reguliert werden - SPIEGEL ONLINE
41,50 Euro, 37,00 Euro, 35,50 Euro, 33,05 Euro, 33,01 Euro, 21,50 Euro, 19,00 Euro, 17,90 Euro, 17,50 Euro, 17,10 Euro: So ist den Neuaktionären von Rocket Internet und Zalando ihr investiertes Geld im 24-Stunden-Takt dahingeschwunden. Eine volle Handelswoche lang sind die Kurse der beiden Start-ups von Tag zu Tag immer weiter abgestürzt. Aus Zeichnern sind Gezeichnete geworden. [...] Zalando verlor in den ersten fünf Handelstagen gut 20 Prozent, Rocket machte seine Neueigentümer um 22 Prozent ärmer. Immerhin fand die schwarze Serie gestern ein Ende: Die zwei Aktien verzeichneten erstmals seit ihrem Parkettdebüt leichte Kursgewinne. Mindestens 300 Millionen Euro sind binnen weniger Tage vernichtet worden. [...] " Ein Unternehmen soll erst an die Börsen gelassen werden dürfen, wenn es nachhaltig Gewinne macht." [...] Beide Papiere waren in etwa zehnfach überzeichnet. [ +!+ eployees had no stake. they were offered to buy shares before IPO, but employees said no ! ]
Rocket  Internet  Zalando  Wall  Street  investor  relations  Investorenschutz  Anlegerschutz  BaFin  Germany  IPO  Silicon  Valley  Berlin  Start-Up  Scene  Start-Up  lesson  Start-Up  advice  culture  failure  market  failure  Venture  Capital 
october 2014 by asterisk2a
Rocket Internet: Aktie stürzt beim Börsendebüt ab - SPIEGEL ONLINE
Auf Euphorie folgt Enttäuschung: Die Aktie des Berliner Unternehmens Rocket Internet ist beim Börsenstart zunächst eingebrochen. In den ersten Handelsminuten rutschen die Papiere um fast 14 Prozent auf 36,66 Euro ab und lagen damit deutlich unter dem Ausgabepreis von 42,50 Euro. Kurz darauf erholte sich der Kurs allerdings auch wieder und stieg auf 40 Euro. Nach Ablauf aller Sperrfristen sollen rund 24 Prozent der Aktien von Rocket Internet an der Börse gehandelt werden. Die von dem Samwer-Brüdern Marc, Oliver und Alexander dominierte Holding hatte die Preisspanne ausgereizt und sammelt rund 1,6 Milliarden Euro frisches Kapital ein und kommt auf einen Börsenwert von 6,7 Milliarden Euro. Eigenen Angaben zufolge hätte Rocket mehr als das Zehnfache der 37,9 Millionen angebotenen Papiere zum Höchstpreis ausgeben können. [...] [Zalando] Auch die Papiere des Online-Modehändlers verloren am Donnerstag massiv an Wert und notierten zehn Prozent im Minus.
Rocket  Internet  IPO  Zalando 
october 2014 by asterisk2a
Rocket Internet vor Börsengang in Grafiken - SPIEGEL ONLINE
""Die Emittentin [Rocket Internet AG, Anm. d. Red.] wurde von Oliver Samwer, dem derzeitigen Vorstandsvorsitzenden der Emittentin, mitgegründet und ist weiterhin auf seine Führung angewiesen. Interessenkonflikte zwischen Oliver Samwer und uns können entstehen, und es kann keine Garantie dafür übernommen werden, dass Oliver Samwer uns weiterhin seine Zeit und seinen Arbeitseinsatz widmet."" [...] Fazit: Wer Aktien von Rocket Internet kauft, setzt allein auf die versprochenen Wachstumsperspektiven. Die Substanz des Unternehmens kann die hohe Bewertung nicht annähernd rechtfertigen. Eine Geldanlage nur für Zocker. +!+ bit.ly/1rwQCnn
Rocket  Internet  IPO  Samwer  Brothers  Oliver  Samwer 
october 2014 by asterisk2a
Jon Stewart on Alibaba 'The communists have beaten us at capitalism' $baba - YouTube
risk carried by shareholders. shady, intransparent, no sheriff for a town that does not exist. ... sounds like something big to hit the fan, maybe, eventually. possible. black swan event?
Alibaba  IPO  oversight  regulators  regulation  China  Silicon  Valley  Wall  Street  crony  capitalism  capitalism  Patriarchy  Jack  Ma  corporatism  conglomerate  blackswan  risk  taking  behavioral  finance  Group  behaviour  asset  bubble  equity  bubble  2014 
september 2014 by asterisk2a
Blockades and IPOs: China’s Great Firewall gives its companies an advantage over Western counterparts | PandoDaily
It’s only going to get harder for Western companies to operate in China. The government has even started to support the development of China-specific counterparts to popular software like the Windows operating system. Unless someone starts an “Uber for convincing a country like China to re-open its borders to Western technology companies” — which could only be called MarcoPolo or DickNixon, obviously — China’s coveted consumers will often be unreachable. Meanwhile, Chinese companies like Alibaba are going public on the New York Stock Exchange (feel free to insert a “fucking” in there if you’re really excited about it not being NASDAQ) and raising more money than any other public offering in the tumultuous history of public offerings. The road between China and the United States, it seems, only allows for travel in one direction. Nixon would be ashamed.
China  Alibaba  IPO  Silicon  Valley  barriers  to  entry 
september 2014 by asterisk2a
Alibaba Surges in New York Trading Debut After U.S. IPO - Bloomberg
IPO had no lock-up. + Alibaba structure is stet-up like a conglomerate that is organised under one shell (alibaba group & jack ma). People buying into its Chinese market share and margins. Nothing else as of now. ... until it goes wrong ... worms coming out of the woodwork. + http://pando.com/2014/09/19/alibaba-a-tasty-dish-just-dont-ask-how-its-made/ +!+!+ "Want to know who’s cashing-in on Alibaba’s IPO? Well, Yahoo has sold off almost $9 billion worth of its stock in Alibaba, founder Jack Ma has sold off $867 million, and its largest shareholder, SoftBank, has sold off $0, according to a report from Bloomberg Businessweek." - http://www.businessweek.com/articles/2014-09-19/whos-cashing-in-on-alibabas-ipo
Alibaba  IPO  Yahoo!  SoftBank  Jack  Ma 
september 2014 by asterisk2a
Thiel: Alibaba is “fundamentally a political investment” that I wouldn’t make | PandoDaily
it’s not the return potential that seemingly gives Thiel pause. It’s the uncertainty around Alibaba’s connection to (and dependency on) the Chinese government.“I do think that the Chinese Internet has been largely off limits to Western investors, it’s been firewalled off,” “If you look at the world from the perspective of companies like Facebook or Google, places like Saudi Arabia and Iran are way more tolerant than China. You can get on Facebook in Saudi Arabia and you can’t get on it in China. So China is in this very weird category of its own.” Alibaba’s fate is tied to its ability to appease Chinese state officials. “Alibaba is sort of this protected Chinese company – it will do well, but it is fundamentally a political entity that is somehow very deeply connected with the Chinese government,” [...] you’ll do well if it continues to stay in the good graces of the Chinese government, but it’s fundamentally a political investment.” [ + Chinas Economic Transformation Task ]
Alibaba  China  economic  history  Peter  Thiel  economic  transformation  liberal  economic  reform  consumer  disposable  income  social  safety  net  babyboomers  demographic  bubble  pension  fund  public  pension  pension  scheme  IPO 
september 2014 by asterisk2a
Zalando und Rocket Internet: Doppel-Coup der Samwer-Brüder - SPIEGEL ONLINE
http://www.spiegel.de/wirtschaft/unternehmen/rocket-internet-samwer-brueder-kuendigen-boersengang-fuer-2014-an-a-990778.html +++ Cap table of Rocket Internet and Zalando - http://www.spiegel.de/fotostrecke/zalando-und-internet-rocket-so-entstand-das-samwer-imperium-fotostrecke-118861-5.html +++ http://www.forbes.com/sites/ryanmac/2014/09/10/german-startup-incubator-rocket-internet-launches-ipo/ "Rocket plans to pursue an IPO by the end of the year on the Frankfurt Stock Exchange. Rocket noted that current shareholders would not be selling in an offering [for 1year] that is expected to consist of only new shares. [...] [T]he company was shy to disclose its profits, which can be thin or nonexistent in the world of online retail. One source familiar with Rocket’s figures noted that it costs the company about 60 million euros ($78 million) a month to keep its network of startups in operation." +++ tech.eu/news/rocket-internet-ipo-2014/
Rocket  Internet  Zalando  Samwer  Brothers  IPO  Roadshow 
september 2014 by asterisk2a
Alibaba: Roadshow-Auftakt in New York misslingt - SPIEGEL ONLINE
Lange Schlangen am Eingang, überfüllte Räume wegen großen Andrangs, Stehplätze, ein verspäteter Beginn - für die Investoren begann das Alibaba-Event wenig luxuriös. Als Catering sollen ihnen dann noch abgepackte Truthahn-Sandwiches vorgesetzt worden sein. Vor allem aber inhaltlich konnte die Veranstaltung um den milliardenschweren Alibaba-Börsengang einige Anleger nicht überzeugen. "Habe ich was Neues erfahren? Ein klares Nein", sagte etwa Akram Yosri, Finanzmanager bei der 3iCapital Group. Andere Anleger äußerten sich der Nachrichtenagentur Reuters zufolge ähnlich: Sie hätten gerne gewusst, wie Alibaba zu Vorwürfen steht, bei der Besetzung des Managements zu intransparent zu sein - doch auch ihre Fragen seien nicht beantwortet worden.
Alibaba  Roadshow  IPO  transparency  corporate  governance  China 
september 2014 by asterisk2a
Alibaba: Onlinehändler aus China will die Wall Street erobern - SPIEGEL ONLINE
Selbst Ma räumt Fallstricke ein: Der US-Börsengang eines so großen, ausländischen Unternehmens könnte dank kultureller und geopolitischer Differenzen auf "Skepsis aus verschiedensten Richtungen" stoßen. "Kontroversen" seien fast garantiert. Zu diesen Kontroversen gehöre Alibabas "einzigartige und innovative" Führungsstruktur, die die Macht in den Händen Weniger bündelt. Weitere potenzielle Probleme listet Alibaba in seinem IPO-Werbeprospekt auf: Vertrauen in die Marke, Verlässlichkeit des chinesischen Internets, Ärger mit den Kartellbehörden. In jedem Fall, versichert Ma, werde Alibaba seinem Motto treu bleiben: "Als Erstes kommen die Kunden, als zweites die Angestellten, als drittes die Shareholder." Manchen Aktionär freilich könnte diese Reihenfolge skeptisch stimmen.
IPO  Roadshow  Alibaba  Jack  Ma  Wall  Street 
september 2014 by asterisk2a
At Alibaba, the Founder Is Squarely in Charge - NYTimes.com
Alibaba, a company started out of Mr. Ma’s apartment in 1999, is now a technology colossus worth more than American stalwarts like eBay and Hewlett-Packard. Under his leadership, Alibaba has become not just the dominant force in China’s e-commerce but also a symbol of the country’s breathtaking economic rise. The company has 250 million active buyers in China, and its orders account for more than 60 percent of all package deliveries in China. [... Discussing the business structure ie Cayman Island entity & V.I.E. and risks for shareholders ...] +++ Most members of the group declined to comment. In an interview, Mr. Shen defended such deals, explaining that Mr. Ma had formed a circle of trust, something common in Chinese business. +++ Analysts say that forging alliances with the government is a vital part of doing business in China. Companies see it as a way to improve their chances of securing approvals and licenses. +++
Alibaba  China  e-commerce  ecommerce  commodity  business  commoditization  Jack  Ma  Amazon  scale  scaling  IPO  Taobao  AliPay  Jerry  Yang  Yahoo!  SoftBank  transparency  accountability  ownership  structure 
september 2014 by asterisk2a
Alibaba seeks to raise more than $21 billion in record U.S. tech IPO | Reuters
Alibaba expects its IPO to be priced at between $60 & $65 a share, valuing it at about $162.69B; it plans to make its NYSE debut the week of Sept. 8, & could raise about $21.13B ... 21bn !!! ... 21 ... billion dollars !!! +++ http://online.wsj.com/news/article_email/alibaba-to-set-ipo-price-range-at-60-66-a-share-1409946492-lMyQjAxMTA0MDAwNTEwNDUyWj +++ http://www.bloomberg.com/news/2014-09-05/alibaba-seeks-21-1-billion-in-ipo-of-e-commerce-giant.html
Alibaba  IPO 
september 2014 by asterisk2a
Zappos-Style Fashion Portal Zalando To File For $657M IPO In Frankfurt In 2014 | TechCrunch
bit.ly/1rp5Yso - "Zalando employs 7,000 people, with an average age of 29. More than 40% of its traffic comes from mobile devices. Its total number of active customers rose to 13.7 million from 11.6 million a year ago. The retailer, which makes 60% of its sales in Germany, Switzerland and Austria, still forecasts huge potential to grow further given that the European fashion market is worth €420bn." +++ bloom.bg/1lzHOLp - "Zalando’s offering will consist of new shares and the existing investors won’t sell in the IPO." +++ http://tech.eu/news/zalando-ipo-frankfurt-2014/ - Has a 50% return rate. "The company is only mildly profitable as a whole, but profitability in the DACH region has ballooned to 4.6 percent in H1 2014." +++ bit.ly/1lzIxfL 60% of its business is in DACH
Zalando  IPO  Rocket  Internet  e-commerce  ecommerce  commoditization  commodity  business  Amazon  Zappos  ASOS  Europe 
september 2014 by asterisk2a
China's Wanda, Tencent, Baidu to set up $814 million e-commerce company | Reuters
By teaming up with Tencent and Baidu, Wanda will become the biggest online-to-offline e-commerce platform in the world, [...] "The three partners will further deepen collaboration on initiatives such as traffic sharing, media and advertising resources sharing, membership benefits, payment and internet finance, big data, etc.," Tencent said. This includes TenPay and WeChat Payment, which is linked to the hugely popular mobile messaging app WeChat, || http://bloom.bg/1qbhHL7 + http://on.wsj.com/VSINdU + http://tcrn.ch/1vsPBhE
Alibaba  IPO  e-commerce  ecommerce  Wanda  Tencent  Baidu  Silicon  Valley  China  WeChat  Platform  synergies  Synergy  BRIC 
august 2014 by asterisk2a
Deutschland und seine Gründer – ein gestörtes Verhältnis - WSJ Tech - WSJ
Leider aber schwang in der Reportage auch das mit, was in der deutschen Gesellschaft allgemein verbreitet ist: Eine Skepsis gegenüber dem Internet und insbesondere allen, die damit auch noch Geld verdienen wollen. [...] [D]ie etablierte Wirtschaftspresse in Deutschland tut sich häufig noch schwer damit, die Start-up-Ökonomie zu begreifen. Als in einem Artikel über den abflauenden Berliner Start-up-Hype in einem großen deutschen Wirtschaftsmagazin der Satz „Selbst vor Pleiten ist die Berliner Internet-Community nicht mehr gefeit“ fiel, sorgte das in Deutschlands Start-up-Szene für kollektives Kopfschütteln. Pleiten gehören zu jeder Start-up-Ökonomie dazu, ebenso wie große Verluste in der Wachstumsphase. Ohne Pleiten, Risiko und Verluste entstehen weder Googles noch Facebooks. In der ZDF-Reportage war leider auch wieder die Art von deutscher Überskepsis deutlich zu sehen, die mit dazu beiträgt, dass allzu schnell aus Deutschland wohl auch keine Facebooks oder Googles zu erwarten sind.
Rocket  Internet  Samwer  Brothers  IPO  corporate  culture  corporate  values  personal  values  Berlin  Start-Up  Scene  Europe  Start-Up  Scene  Germany  culture  society  public  image  public  interest  public  awareness  Skepticism  Venture  Capital  risk  aversion  risk  taking  failure  PR  public  relations 
august 2014 by asterisk2a
Das war die große Samwer-Show im ZDF | Gründerszene
Samwer's Personal Values: Becoming Germany's Richest People with the help of the "New Economy". Period. & this is reflective in all. // Press: Welt.de http://bit.ly/1AXkwTj + Tagesanzeiger.ch http://bit.ly/1swNcNT + Focus.de http://bit.ly/1tO0ur9 + TAZ.de http://bit.ly/1oqRfaZ "Oliver Samwer hat die Presse bislang meist gemieden" > blogs.wsj.de !!! http://bit.ly/1nGZLmW !!! + handelszeitung.ch - http://bit.ly/XVopdA + 35mio subsidies 4 Zalando http://bit.ly/1tKv83T + "Wenn du in USA gründest, macht Hollywood einen Film über dich, in Deutschland kommt @frontal21. Deutschland, armes Gründerland!"
Zalando  Rocket  Internet  Samwer  Brothers  IPO  tax  evasion  tax  avoidance  corporate  culture  corporate  values  personal  values  corporatism  subsidies  subsidizing  Berlin  Start-Up  Scene  Europe  Start-Up  Scene  Germany  book 
august 2014 by asterisk2a
Now Profitable, AppNexus Scores $1.2 Billion Valuation For New York Ad Tech Scene
The valuation is “clean,” says O’Kelley, AppNexus’ cofounder and CEO, meaning it does not have the preferences and downside protections that many late-stage investors favor. Those terms can often encourage inflated valuations as investors are guaranteed their money back and often more, regardless of what happens to the company in the future. “We needed to be able to go to companies and say, we are as good as a public equity. We can’t disclose our investor, but these guys don’t play games. It’s a clean, real valuation we can take to the bank and use to acquire companies and show employees the incredible value of our stock.”
hunt  for  yield  growth  round  Venture  Capital  IPO 
august 2014 by asterisk2a
Zuckerberg's Facebook Fortune Surges to $33.3B - YouTube
turnaround from IPO screw up to new highs finding mobile mojo - late to the game, but better than never.
Facebook  Wall  Street  IPO 
july 2014 by asterisk2a
Germany's Rocket Internet Eyes Possible Frankfurt IPO - WSJ
Rocket Internet, which clones American e-commerce businesses for emerging markets, is looking to raise between €3 billion and €3.5 billion ($4.04 billion-$4.71 billion) for an initial flotation, one person familiar with the company's IPO plans said. // "Marc Andreessen ‏@pmarca: @jonrussell @thezhanly I hear they're copying the Groupon IPO."
Rocket  Internet  Samwer  Brothers  Silicon  Valley  IPO 
july 2014 by asterisk2a
Box’s updated S-1 contains onerous hidden penalties if the company is late to IPO | PandoDaily
As I’ve written time and again, Box’s destiny is hardly certain at this stage and drawing such rigid lines in the sand could easily come back to burn the company. Levie, it seems, had no other choice than to accept these onerous terms. It’s not altogether uncommon for late stage investors to request downside protection when a company’s performance is in question. Early stage investors do the same by way of liquidation preference and discounted, capped notes. But the very extent of TPG and Coatue’s protections suggest that Box was in a particularly bad negotiating position. With just eight months of runway left when filing its S-1 in March, this is indeed the case. [...] +++ insert price war from Google and Amazon. Rackspace not able to compete with companies that can feed Zero Margin Offerings through cashcows (AdSense) - http://youtu.be/8uMEjg9vVQA / Or the other way around; VC firms buying into an IPO for 2-3x return and the name of the company on its homepage http://bit.ly/1jpyZTm
Box.com  Box  IPO  S-1  Venture  Capital  hunt  for  yield  late-stage  funding  growth  round  Why  Software  Is  Eating  the  World  Software  Is  Eating  World  SAAS  Cloudstorage  cloudcomputing  Amazon  Google  Rackspace  multi-product  company 
july 2014 by asterisk2a
Hedge Fund Boss: "We Are Witnessing Our Second Tech Bubble"
+ http://www.nytimes.com/2014/04/27/magazine/if-a-bubble-bursts-in-palo-alto-does-it-make-a-sound.html "There are hundreds more examples of big companies spending eye-watering sums for acquisitions, firms going public at fat valuations, tech stocks reaching high highs and venture-capital firms tossing money at start-ups. That’s not to mention the cultural afterbirth of all that cash, from the medieval-themed weddings to the office ball pits. (If HBO sees fit to satirize your corner of the economy, things have probably gone a bit weird.) Meanwhile, the rest of the country slouches along, unemployment high, wages stagnant, credit tight. But Silicon Valley feels like a foam party." [...] “Valuations are at extreme levels because you cannot get a decent return on your money doing anything else,”
asset  bubble  Silicon  Valley  growth  round  late-stage  funding  Venture  Capital  Marc  Andreessen  IPO  hunt  for  yield  ZIRP  QE  liquidity-trap  unintended  consequences  speculative  bubbles  equity  bubble  debt  bubble  bond  bubble  OMT  ECB  BOE  NIRP  deflationary  deflation  unconventional  monetary  policy  monetary  transmission  mechanism  monetary  policy  2014  Facebook  Airbnb  Dropbox  Box.com  California  San  Francisco  Los  Angeles  Palo  Alto  Fred  Wilson 
april 2014 by asterisk2a
Airbnb's $500M Funding, Twitter Buys Gnip, Instagram's Username Scandal - CrunchWeek | TechCrunch TV
valued at 10bn - above many hotel business chains. putting off IPO and pressures from IPO in favour of another funding round.
Airbnb  hospitality  business  brand  brands  branding  hospitality  brand  IPO  growth  round  late-stage  funding  regulators  regulation 
april 2014 by asterisk2a
Dear Mark Zuckerberg | Dalton Caldwell
I have come to the conclusion that I took this foolhardy risk because the Twitter “platform” was even more of a joke than the Facebook “platform”. As someone that wants to build quality social software, software that doesn’t force users to re-create their friends list, or not use oAuth, etc., I have to endure huge platform risk. Personally speaking, I am resolved to never write another line of code for rotten-to-the-core “platforms” like Facebook or Twitter. Lesson learned.

[...]

I believe that future social platforms will behave more like infrastructure, and less like media companies. I believe that a number of smaller, interoperable social platforms with a clear, sustainable business models will usurp you. These future companies will be valued at a small fraction of what Facebook and Twitter currently are. I think that is OK. Platforms are judged by the value generated by their ecosystem, not by the value the platforms directly capture.
IPO  social  utility  utility  Google  socialgraph  socialnetwork  social  Internet  reputation  markzuckerberg  TOS  facebook  twitter  platform 
december 2012 by asterisk2a
Have $2,000 In Cash In Your Fidelity Account? Then You Too Can Qualify To Lose Money On The Manchester United IPO | ZeroHedge
Don't buy what your broker want you to buy.
When a broker comes to mom and dad - here is that IPO offering you can get into - then there is too much supply because there is not much demand from institutional side of the market. Which is the biggest red sign that this stinks.
IPO  Stockmarket  WallStreet  broker 
july 2012 by asterisk2a
Unfriended: The Facebook IPO Debacle - WSJ In Depth - YouTube
Facebook's highly-anticipated IPO was plagued with problems, potentially costing thousands of dollars to many small investors and further damaging Wall Street's reputation on Main Street. A Wall Street Journal report. Directed and edited by Naftali Beane Rutter. Executive Producer: Ramona Schindelheim.

- Nasdaq technology glitch costs retail investors millions of money
- Insiders / Smart Money had already sold
retailinvestment  confidence  2012  NASDAQ  WallStreet  Facebook  IPO 
june 2012 by asterisk2a
It’s Not A Bursting Bubble. It’s a Correction And It Will Take Awhile. | TechCrunch
the hunt for yield.

Late Stage ...
companies are still getting bid up “like insane.”
but .... “Like Icarus, they got too close to the sun.” (Zynga, Fb, Groupon)

still ... The best companies might even do better in a down market. (Linkedin, Monster energy drink company)

Early Stage investing ...
The impact on the early-stage market is the hardest to predict since these companies are valued more subjectively.

***

This is partly just natural market behavior. When things get super-hot, it’s smart to look elsewhere for less obvious opportunities.

Facebook IPO was just a good catalyst for reinforcing discussion about valuations.

Historical bubbles from the 17th century to 2008 have all sorts of bizarre characteristics. They tend to include masses of normal, unsophisticated investors and draw out unscrupulous and fraudulent actors.

Plenty of capital is still coming in ... The bigger firms are raising a billion dollars or more for their funds. mhhhhh ....
bubble  economic  history  investment-vehicle  investment  management  linkedin  IPO  Groupon  Fab.com  Twitter  seedfunding  venturecapital  Spotify  Zynga  Facebook  SiliconValley  2012  greatrecession  GFC  LTRO  monetary  policy  QE  ZIRP  unintended  consequences 
june 2012 by asterisk2a
media.bloomberg.com/bb/avfile/News/Surveillance/vl2asXLaBYvg.mp3
Kedrosky Says Facebook Will Have Trouble for Six Months (Audio)

May 25, 2012

Paul Kedrosky, author of the Infectious Greed Blog and a Bloomberg contributing editor, says Facebook will be a "troubled" stock for the next six months because of legal problems related to the company's initial public offering. Kedrosky talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."
WallStreet  IPO  Facebook 
may 2012 by asterisk2a
Syndicate: If You Can Get It, Run The Other Way | The Big Picture
Insight into how retail investors get into an IPO. And what FB's IPO was like ...
retailinvestment  IPO  facebook 
may 2012 by asterisk2a
Facebook IPO Power Play Reveals It's Really a Media Company
"It's a media company with a 21st century business model twist, obtaining content free from users and then selling user time and attention to advertisers and social gaming companies."

- media / technology platform / network company -
IPO  facebook 
may 2012 by asterisk2a
Reuters Breakingviews: Robber Barons of Silicon Valley - YouTube
March 12 - Richard Beales and Rob Cox discuss whether Silicon Valley is more or less evil than the rest of Corporate America and Wall Street.
Wallstreet  shareholder  IPO  corporate  governance  Zynga  Facebook  Google 
march 2012 by asterisk2a
Facebook and Its Users, Mutually Dependent - NYTimes.com
Not everyone was comfortable with that revelation, but beneath the backlash, Professor Turkle said, loomed a larger struggle: users coming to terms with the Web’s evolution from a free-wheeling Wild West into a mature marketplace where the currency, personal data, will finance and fuel the next generation of products and services.

“It crystallized a set of issues that we will be defining for the next decade — the notion of self, privacy, how we connect and the price we’re willing to pay for it,” she said. “We have to decide what boundaries we’re going to establish between ourselves, advertisers and our personal information.”

THAT quandary is not confined to Facebook. Every social media company, like Twitter and Instagram, a mobile photo-sharing application, and Foursquare, a location-based service, will have to introduce a coherent business model — most likely one that will make use of what it knows about the people who have access to and use its service.
Aol  wheel  of  time  socialnetwork  socialweb  foursquare  Twitter  socialmedia  web2.0  Internet  privacy  2012  IPO  Facebook 
february 2012 by asterisk2a
FXCM 370 accounts growth - the real story | Forex Magnates
In general I think that Wall Street still doesn’t understand this industry and spends more time digging in month to month numbers than realizing the general trend – which is highly positive. This analysis also helped FXCM’s owners make a killing – they bought for $9 what they sold for $14 only six months ago.It’s also interesting to compare this to another highly hyped IPO – last week Linkedin went public but on less revenue (and on forecast that it’ll actually lose more money next year) it was valued at over $4 billion, rising 110% on first day of trading – simply because social networks is the new buzz word. Once again Wall Street proves that fundamentals and market value can be two very different things.
FXCM  wallstreet  linkedin  IPO  example 
may 2011 by asterisk2a
Was LinkedIn Scammed? - NYTimes.com
People argue that after Linkedin was waited so long for IPO ... that the huge difference between initial price and opening price, that the banks mis priced the IPO

New York Stock Exchange, they opened not at $45, or anywhere near it. The opening price was $83 a share, some 84 percent higher than the I.P.O. price. By the time the clock had struck noon, the stock had vaulted to more than $120 a share, before settling down to $94.25 at the market’s close. The first-day gain was close to 110 percent.

As Eric Tilenius, the general manager of Zynga, wrote on Facebook: “A huge opening-day pop is not a sign of a successful I.P.O., but rather a massively mispriced one. Bankers are rewarding their friends and themselves instead of doing their fiduciary duty to their clients.”

http://www.businessinsider.com/linked-in-ipo-2011-5-b
linkedin  IPO  banking  banks  jpmorgan  merrylllynch  fiduciary  financialmarket  wallstreet 
may 2011 by asterisk2a
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