asterisk2a + investor 56
The Information's 411 — "Multiples" by The Information Podcasts
february 2016 by asterisk2a
growth at all cost - is gone. // What's the math? - "Hype Smoothie" - how mutual funds and private equity value their investments?
DropBox
Zenefits
Venture
Capital
growth
round
Private
Market
Mutual
Fund
Private
Equity
hunt
for
yield
hot-money
distortion
ZIRP
NIRP
QE
financial
repression
New
Normal
secular
stagnation
western
world
emerging
middle
class
BRIC
Frontier
Markets
emerging
speculative
bubbles
speculative
speculation
herding
herd
Seed
Angel
Investor
Party
risk
linkedin
Box
GAAP
cash
flow
Workday
Salesforce
burn
rate
valuation
downround
liquidation
preferences
liquidity
trap
asset
allocation
Slack
SAAS
Wall
Street
economic
growth
USA
UK
Uber
Palantir
BlackRock
Domo
Thumbtack
Unicorn
Snapdeal
Snapchat
february 2016 by asterisk2a
Pando: So we’ve all agreed: Zenefits will be the (guilty) scapegoat for all that went wrong in tech for the last five years
february 2016 by asterisk2a
You don’t have to read everything Pando has written in the past few years to know some of the things we’re not big on. Bro-ish behavior, breaking laws, the cult of disruption, Silicon Valley companies hiring dangerous political operatives, and dictating your business strategy based on how much money you can raise. To name just a few. You only have to read Farhad Manjoo’s excellent piece on Zenefits last week that detailed how staff were told to turn their t-shirts inside out when they went to bars, or the Journal’s latest story about how Zenefits HR had to circulate a memo asking people not to have sex in the stairwells anymore to know this was a company right up there with “Boober” and the college emails of Evan Spiegel... //&! Zenefits: Were the Valley's kingmakers wrong, or did they just lie? - bit.ly/1SS6bDv //&! The Inside Story Of The Meltdown at $4.5 Billion Unicorn Zenefits - soundcloud.com/jay-yarow/zenefits - the sky is the limit! hyperbole. doubling every year... landgrab!
Zenefits
Uber
Silicon
Valley
Hype
Cycle
growth
round
hunt
for
yield
distortion
governance
corporate
governance
corporate
culture
culture
filter
bubble
bubble
Angel
Investor
Party
Seed
Incubator
Private
Market
FOMO
february 2016 by asterisk2a
Rich Tech Bro: "I Don't Want To See Homeless Riff-Raff" - YouTube
february 2016 by asterisk2a
living in your bubble.
homeless
homelessness
San
Francisco
Silicon
Valley
gentrification
Gentrified
free
market
affordable
housing
social
housing
Crisis
income
distribution
income
inequality
Gini
coefficient
distortion
ZIRP
NIRP
QE
hot-money
hunt
for
yield
Venture
Capital
Angel
Investor
Seed
Round
Party
Round
substance
abuse
deprivation
mental
health
health
care
USA
prison–industrial
complex
Services
Public
Services
austerity
Perspektivlosigkeit
Beschaffungskriminalität
self-medication
coping
mechanism
trickle-down
economics
neoliberalism
neoliberal
neoconservatism
neoconservatives
plutocracy
oligarchy
Super
Rich
1%
urban
planning
urbanisation
filter
bubble
society
Wertegesellschaft
Gesellschaft
Zivilgesellschaft
february 2016 by asterisk2a
Die Macht der Finanzkonzerne - Wie Blackrock mittels Geld die Welt regiert - YouTube
february 2016 by asterisk2a
extraction of fat. no skin in the game. // Privatisation of housing stock - social and affordable, anglo saxon capitalism style; profit maximisation, dividends. // after Goldman Sachs the new vampiresquid // no skin in game; get money for speculation from pension funds, other investors, mutual funds. << that is the system! // nur wer geld hat, kann es vermehren. // nearly no governance, no guidelines regarding sustainability, ethics, transparency, morals. // no regulation = big profit and exploitation, corruption, bribery.
BlackRock
MBO
LBO
M&A
Private
Equity
financial
product
Hedge
Fund
Black
Swan
blackswan
Nassim
Taleb
self-regulation
Mutual
Fund
Venture
Capital
risk
governance
corporate
governance
lobbyist
lobby
Lobbying
Wall
Street
shareholder
value
profit
maximisation
activist
investor
Main
Street
accountability
transparency
mainstreet
arbitrage
squeezed
middle
class
wage
stagnation
bonuses
bonus
speculation
revolving
door
regulation
regulators
Career
Politicians
CEO
pay
dividends
Heuschrecken
ROI
speculative
sustainability
tax
code
ethics
corporate
scandal
accounting
scandal
oligarchy
plutocracy
Super
Rich
1%
GFC
sovereign
debt
crisis
february 2016 by asterisk2a
Matt Taibbi: Mitt Romney and the Looting of America (1/2) - YouTube
february 2016 by asterisk2a
https://de.wikipedia.org/wiki/Heuschreckendebatte // companies turned into financial instruments. // fictionalisation of economy // >> money spend (debt) on hostile takeover/LBO/MBO/M&A are tax deductible! << = invest in debt, rather than equity! & carried interest is only taxed at 15% max. still can reduce it w deductions xyz. // !!! NO SKIN IN THE GAME !!! Nassim Taleb //
Mitt
Romney
risk
capital
Venture
LBO
MBO
Wall
Street
M&A
shareholder
value
profit
maximisation
multinational
conglomerate
Mafia
Private
Equity
oligarchy
plutocracy
Super
Rich
1%
activist
investor
share
buyback
Hedge
Fund
Heuschrecken
bankruptcy
public
sentiment
public
awareness
creative
destruction
financial
product
self-regulation
regulation
regulators
BlackRock
Bain
CEO
pay
bonuses
bonus
squeezed
middle
class
Blackstone
dividends
mainstream
Main
Street
hostile
takeover
USA
lobbyist
lobby
Lobbying
tax
code
Nassim
Taleb
vested
interest
interest
groups
Career
Politicians
february 2016 by asterisk2a
The "Tourist" Investors Flooding Silicon Valley With Money Will Go Home One Day - BuzzFeed News
february 2016 by asterisk2a
The tourist analogy comes from Mohamed El-Erian, chief economic advisor at the German financial company Allianz and former CEO of mutual fund giant Pimco. He fleshes out his theory of “tourist dollars” in his new book, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, describing what happens in emerging economies like Brazil and India when investors from the developed world respond to slow economies at home by seeking more profitable climates abroad. Ranjan Roy, a former emerging-market currencies trader who now runs a tech startup, wrote a Medium post this week connecting El-Erian’s “tourist” theory to the mutual fund investors that have flooded Silicon Valley with cash in recent years. The post was pretty convincing, so we decided to see if El-Erian agreed. He does. And he worries about what those tourist dollars are doing to the locals. [...] they don’t re-up [ like VC's and real Angels would do ] [...] push to stretch for return.
hunt
for
yield
distortion
speculative
bubbles
asset
allocation
Silicon
Valley
Party
Round
Angel
Investor
Seed
Round
ZIRP
NIRP
QE
hot-money
Mutual
Fund
growth
risk
capital
Venture
Frontier
Markets
emerging
market
credit
bubble
China
BRIC
2015
2016
2014
Unicorn
reflate
reflation
economic
history
equity
bubble
bond
bubble
property
bubble
asset
bubble
secular
stagnation
emerging
middle
class
India
financial
repression
behavioral
finance
behavioral
economics
psychology
fiscal
policy
monetary
policy
austerity
Richard
Koo
february 2016 by asterisk2a
Molly Wood from Marketplace giving insight into market skittishness and investor sentiments - YouTube
february 2016 by asterisk2a
value buy (dividends) vs growth stock //&! market triggers & LinkedIn's stock plunge - youtu.be/I9IxYL_xENE //&! youtu.be/9NEYOS3AJsA //&! What are the chances of a market crash? How is today different from 2008? - youtu.be/T1T4z-aEGhw
Wall
Street
Apple
growth
Amazon
economic
history
profit
maximisation
shareholder
value
expectations
forecast
credit
bubble
secular
stagnation
investor
sentiment
emerging
middle
class
february 2016 by asterisk2a
Masters in Business: Yale Professor Robert Shiller (Audio) by Bloomberg View
february 2016 by asterisk2a
history has proven again, markets are not efficient long-term // psychology is disreputable in econ department. // cognitive dissonance - justifying X action by looking around ... / Efficient-market hypothesis is a hypothesis for a reason; "it's a half-truth" "sometimes market moves don't reflect market news." // irrational exuberance // book fooled by randomness // 24:00 eugene phama - markets are very efficient, prices reflect all the knowledge out there, just buy the index, don't try to beat the market. buy passive index // don't play poker with your life savings. << robert shiller // 30:00 look at politics science, sociology, psychology - influence markets, people. broader disciplines. economists disregard them. // finance is about manage risk! about being a productive society and progress, and not suffer from boom and bust cycle! + financing activities ie VC gov supported R&D // & gov being a support pillar for all and not picking winners, can't forecast the future!
free
market
marketplace
efficiencies
marketplace
inefficiencies
efficient-market
hypothesis
complexity
human
Wall
Street
crowd
herd
herding
speculative
bubbles
distortion
economic
history
GFC
subprime
book
Robert
Shiller
robertshiller
behavioral
finance
behavioral
economics
finance
corporate
welfare
subsidies
subsidizing
corporate
tax
rate
R&D
Venture
Capital
Angel
Investor
Seed
Round
risk
pension
fund
pension
obligation
401k
public
pension
pension
scheme
pension
marginal
propensity
to
consume
plutocracy
Super
Rich
1%
Greed
oligarchy
self-regulation
disposable
income
discretionary
spending
negative
equity
boom
&
bust
secular
stagnation
shareholder
value
profit
maximisation
february 2016 by asterisk2a
Pando: Two slides that could predict a worse quarter for venture capital is coming
january 2016 by asterisk2a
All of 2015’s totals lived and died on mega-deals. Mega-deals were the reason that the total amount invested in the year was one of the highest on record, even though the actual number of deals fell. It’s the reason the fourth quarter’s venture capital total fell so sharply when mega deals declined some 45%. //&! As America faces the techpocalypse, how are things going in Europe? - bit.ly/1ndNFZt //&! If Doordash is struggling to close funding with Sequoia as a lead, how bad are things at your startup? - bit.ly/1njD8v9 - Doordash is a fundable company, just not at the prices originally discussed… and maybe not even at $600 million. //&! Asian venture capital in 2016: This could get ugly… - It has the farthest to fall, and the newest investors - bit.ly/1Pg8vla
growth
round
Venture
Capital
ZIRP
NIRP
QE
distortion
Silicon
Valley
Private
Equity
Mutual
Fund
Angel
Investor
Seed
Party
Private
Market
Hype
Cycle
Unicorn
China
credit
bubble
monetary
policy
liquidity
trap
speculative
bubbles
asset
bubble
asset
allocation
QT
Software
Is
Eating
The
World
mobile
homescreen
january 2016 by asterisk2a
Pando: Unicorns on fire: Funding falls dramatically in the fourth quarter, along with exits of all kinds
january 2016 by asterisk2a
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
Pando: The most patient man in Silicon Valley
october 2015 by asterisk2a
Too much in Silicon Valley revolves around hyperspeed. Everything in the startup world is an emergency that needs to be solved in an all-nighter last night, if you allow it to be. The genius in Ravikant’s AngelList is its measured, methodical, brick-by-brick pace to build a software platform to replace, save, wreck, or augment – the verb depends on your point of view – a business that everyone insisted for decades was incurably human, boutique and done with deeply-trusted partnerships and eye-to-eye handshake deals. //&! bit.ly/1LS4aVg - The “The old Series A investor who put in $2 million and really cared and had resources is dead.” [...] “A seed fund doesn’t have the resources that a Kleiner Perkins or a Benchmark had,” [ Incubators are only 3 months long ] AngelList syndicate leads help, but they don’t care enough to help [as classic VC's] [...] Entrepreneurs have to stitch it together themselves.”
Naval
Ravikant
AngelList
Venture
Capital
Silicon
Valley
Networking
Software
Is
Eating
The
World
crowd
funding
Seed
Round
Angel
Investor
disruption
disrupting
markets
bottom
up
SPV
growth
Party
Round
Angel
List
angel-list
A
Round
Start-Up
lesson
Start-Up
advice
october 2015 by asterisk2a
Pando: Good news! B rounds have doubled in value over five years!
september 2015 by asterisk2a
B Round! doubling down on (to a certain point) proven ideas as they move to make themselves solid/viable (building business model & continued growth if not even putting some more gasoline on the fire with a B Round - allocation of resources). thus there is competition thus bidding up in a private market. BUT BUT also reflects the rising cost! Rising cost to grow, the war for talent to scale, and the cost in said hubs/ecosystems where the talent are already working on scaling other companies, where rent is sky high and space rare to expand office, ops, ramp up head count, ... // why, on a side note!, ? because global ZIRP, NIRP, QE, hunt for yield, FOMO, property speculation, alternative asset management and allocation (newly minted paper millionaers) have bid up prices in metropolitan and hot cities by credit bubbles around the world. bc financial markets are global, thus your allocation/diversification is global, not limited where ur home addr is. adding to volatiliy too bc of froth!
Silicon
Valley
Seed
Round
Party
Round
SPV
Venture
Capital
Private
Market
FOMO
hunt
for
yield
B
Round
A
Round
growth
Private
Equity
Hedge
Fund
Angel
Investor
Micro
VC
2015
cost
of
living
credit
bubble
cost
of
entry
aspirational
leverage
margin
trading
asset
bubble
asset
allocation
distortion
ZIRP
NIRP
QE
BOE
BOJ
Abenomics
PBOC
Fed
unintended
consequences
burn
rate
runway
ECB
Mutual
Fund
unknown
unkown
inflation
targeting
Fed
mandate
inflation
expectation
secular
stagnation
deflationary
deflation
economic
growth
speculative
bubbles
speculative
speculation
reflate
reflation
monetary
policy
unconventional
monetary
policy
financial
financial
repression
western
world
Developing
BRIC
emerging
complexity
incomplete
information
september 2015 by asterisk2a
We’re gonna need a bigger round...
september 2015 by asterisk2a
After 15 years of staggering declines, the cost of building a company in San Francisco is rising sharply // prohibitive! diluting too much too early. // China and other BRIC paper millionaers divesting into property speculators, around the world. every city that has seen substantial price appreciation +10-20% over last +5 years // hot money from monetary policy, excess reserves, flushing around the globe //
cost
of
entry
cost
of
living
living
standard
living
spaces
standard
of
living
city
living
commuting
London
Start-up
Scene
San
Francisco
burn
rate
runway
advice
lesson
urbanisation
urban
planning
Mountain
View
Palo
Alto
Redwood
growth
round
Venture
Capital
hunt
for
yield
FOMO
asset
allocation
asset
bubble
speculative
bubbles
property
bubble
hot-money
ZIRP
NIRP
QE
China
PBOC
2015
credit
bubble
Fed
ECB
BOJ
excess
reserves
economic
history
equity
bubble
bond
bubble
bubbles
speculative
speculation
Micro
VC
Limited
Partners
Angel
Investor
Seed
Party
valuation
globalization
globalisation
flat
world
borderless
september 2015 by asterisk2a
Pando: In the Valley, pre-seed is a meme. In New York, it’s a necessity
september 2015 by asterisk2a
// cost of entry? // unable to make it happen? // Can't you write software from anywhere? // problem, heavily diluted early on approaching A/B, traditional shops don't like the cap table of pre-seed, angels, seed, accelerator & Micro VC's already owning ~+40% ... you come to a traditional A/B shop and not one of the existing investors is actually leading the round or committed in paper do double down? // // from a financial perspective/investment/math --- in the PRIVATE MARKET thrown under the bus by NIRP, QE, hunt for yield and FOMO (looking for their female unicorn or own Zuck) everyone can run 100 burger stands with unlimited/stellar returns in their spreadsheet model (bc cost of capital being 0 or negative). Despite the deflation of price of software & hosting (marginal cost, economics of abundance), Talent got bid up heavily (+200k/y in LA by Snapchat) in certain cities (SV, NY, London) // &! Steen Jakobsen - youtu.be/fnp5ETnKylU - min 16 avg guy does not have access to credit!
Seed
Round
Party
Round
Venture
Capital
Micro
VC
barriers
to
entry
cost
of
entry
London
Start-up
Scene
ecosystem
New
York
Scene
burn
rate
runway
traction
A
Round
seedfunding
funding
Angel
Investor
dilution
cap
table
lesson
advice
liquidation
preferences
hunt
for
yield
2015
distortion
FOMO
equity
bubble
credit
bubble
ZIRP
NIRP
QE
asset
allocation
Limited
Partners
monetary
policy
fiscal
policy
Wall
Street
asset
bubble
behavioral
finance
behavioral
economics
Silicon
Valley
Private
Market
Public
Market
reflate
reflation
cost
of
living
valuation
Unicorn
Decacorn
cost
of
leverage
financial
repression
financial
literacy
financial
financial
cycle
business
cycle
business
confidence
consumer
confidence
hubris
panic
irrational
exuberance
retail
banking
investment
banking
fractional
reserve
banking
banking
crisis
september 2015 by asterisk2a
The investors who will invest ask you why they shouldn’t. – AVC
august 2015 by asterisk2a
I could tell within 5 minutes of meeting an investor whether they would invest. Investors who invested were excited about eShares before we met. They either saw the vision and liked it. [...] Excited investors (and the ones who invested) were different. They didn’t let me pitch. Instead, they asked questions to assess risk. They tried to find reasons not to invest. That is the pitch-paradox. The investors who won’tinvest will ask you why they should . The investors who will invest ask you why they shouldn’t. [ check you if you know your business/product/vertical/category inside out and intellectual honesty ] Your job is to make sure you don’t have reasons that they shouldn’t. Fundraising is simple: find investors that get excited about your company. It is a filtering exercise. Too many founders believe they have the wrong pitch instead of realizing they have the wrong audience. // [ from comments: The good VCs know what they want to invest in, and when they see you, they know it ... ]
Venture
Capital
Angel
Investor
Seed
Round
Party
Round
Pitch
deck
pitching
Risk
Start-Up
lesson
Start-Up
advice
august 2015 by asterisk2a
Anti-Angel-Gesetz: Auch die CDU schießt gegen Schäubles Pläne | Gründerszene
august 2015 by asterisk2a
Die Lage ist schon jetzt nicht rosig. Die Zahl der Unternehmensgründungen geht zurück – die Liquidationen übersteigen bereits seit 2012 die Neugründungen. Zudem sind die Wagniskapital-Investitionen rückläufig. „Die wenigen Risikokapitalgeber jetzt zusätzlich durch drohende Gewinnbesteuerungen von einer möglichen Investition abzuschrecken, ist äußerst kontraproduktiv“, [...] Das Finanzministerium verteidigt sich. Bei der Reform gehe es darum, ein Steuerschlupfloch zu stopfen, das durch Änderungen bei der Dividendenbesteuerung im Jahr 2013 entstanden sei. Außerdem gebe es weiterhin einen Steuernachlass für Investoren in Startups. [ ja und die grossen konzerne? ] [...] Um den Startup-Standort Deutschland attraktiver zu machen, fordert der CDU-Wirtschaftsrat eine Etablierung von Wachstumsfonds für Startups und einen verbesserten Zugang zu Wagniskapital.
Berlin
Start-Up
Scene
tax
code
Venture
Capital
Angel
Investor
Seed
Round
tax
evasion
tax
avoidance
Wolfgang
Schäuble
Angela
Merkel
GroKo
Germany
Mittelstand
entrepreneurship
entrepreneur
entrepreneurial
Failure
society
stigma
SME
SMB
national
interest
creative
destruction
Software
Is
Eating
The
World
august 2015 by asterisk2a
Why I'm Moving My Business From San Francisco to St. Louis | Need/Want
august 2015 by asterisk2a
// one VC/Angel said, its not that you run out of money, you run out of time to find the magic that makes things for your product work, MVP, Product/Market Fit, that kick up in net promoter score, that multiple in q/q growth, etc etc. // If you’re trying to bootstrap, being based in San Francisco is awful. [ Same with London and New York followed by LA and Seattle. ] Cheap cities are startup friendly. [ don't opt for Edinburgh, if go to Glasgow or Manchester (which got already a small start-up scene plus Media City, Salford) ] We’re an internet company. We don’t need to be tied to a specific location. Hiring remote and having a distributed work force is far cheaper than hiring locally and making everyone come into an office. // &! bit.ly/1EvpTcY
San
Francisco
Palo
Alto
Mountain
View
growth
round
Google
Facebook
Venture
Capital
hunt
for
yield
Silicon
Valley
barriers
to
entry
cost
of
living
cost
of
entry
burn
rate
runway
Start-Up
lesson
Start-Up
advice
Seed
Angel
Investor
Micro
VC
bootstraped
bootstrapping
bootstrapped
New
York
Start-Up
Scene
London
Scene
Los
Angeles
Start-Up
Scene
asset
allocation
ZIRP
NIRP
QE
unintended
consequences
unknown
unkown
Taper
Unicorn
Decacorn
2015
august 2015 by asterisk2a
#TOA14 Interview with Julie Meyer (CEO & Founder, Ariadne Capital) - YouTube
july 2015 by asterisk2a
(1) why not to go to Palo Alto (2) money will find you if you are good enough/traction. // &! Enterprise Connect Presents: Raising Finance; Top Tips From Industry Experts (Highlights) - youtu.be/9Psgw5oJSMs // &! Lecture 9 How to Raise Money Marc Andreessen, Ron Conway, Parker Conrad - youtu.be/NJAKt1icZYs
Start-Up
lesson
Start-Up
advice
traction
Focus
Product/Market
Fit
MVP
Minimal
Viable
Product
viral
coefficient
Net
Promoter
Score
network
effect
Venture
Capital
hunt
for
yield
Seed
Round
A
Round
Angel
Investor
London
Scene
Berlin
Start-Up
Scene
Networking
july 2015 by asterisk2a
Fear Trumps Greed in Silicon Valley as Some Venture Firms Hedge - Bloomberg Business
july 2015 by asterisk2a
[... 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
The frustrating, no-win "Goldilocks Zone" of seed deals
july 2015 by asterisk2a
Don’t do party rounds. Raise as much as you possibly can so you don’t get crunched. Don’t raise money from just seed funds. Don’t raise money from just big name VCs unless you know you’ll breakthrough, and then absolutely do. And actually you never know that, so nevermind. Oh, and good luck rationalizing all of this advice, first timers. [...] TL;DR version: Large VC firms may do lots of seed deals but each partner will only do one to two Series A deals a year. So basic math tells you it’s a game of survivor. Most of the seed deals will not get a Series A from that firm. The concern is if you don’t quite make the cut, is the signal so bad to other VCs that you are worse off than if you never raised that, say, $200k from a big name VC to begin with? [ not every product consumer or b2b will not be a 500m/1bn dollar company, thus it's not worth it to raise risk capital and just grind it out!? at a sustainable pace, putting back in what you earned. ] &! bit.ly/1HjO13v
Seed
Round
Party
Round
Start-Up
lesson
Start-Up
advice
Angel
Investor
Micro
VC
Venture
Capital
Series
A
seedround
seedfunding
traction
business
model
Silicon
Valley
economies
of
scale
pageviews
Unicorn
valuation
speculative
bubbles
speculative
speculation
july 2015 by asterisk2a
Sacca: Bad Deals Are Being Done in Silicon Valley - Bloomberg Business
june 2015 by asterisk2a
min 3 - normal people have been prices out of SV, SF, Palo Alto and around the region. sw engineers with entitelment and very little compassion. // bloom.bg/1I8NCAM &! bloom.bg/1Hzb5za &! bloom.bg/1BaVBji &! bloom.bg/1Fd2zQf (Amazon, Fb, Google, eBay, all had cash flow during its growth past IPO, Twitter ops too expensive compared to scale, living beyond its means. does not need to invest in warehouses (Amazon) nor data centers (Google)) // &! bloom.bg/1e8mFGd &! bloom.bg/1L2Accs &! bloom.bg/1INBZ7N &! bloom.bg/1TgmWqi &! http://lowercasecapital.com/2015/06/03/what-twitter-can-be-2/ &! http://lowercasecapital.com/2015/05/21/i-bleed-aqua/ - Sarah Lacy from pando argues, he bleeds green - pando.com/2015/06/11/the-icahn-was-coming-from-inside-the-house-why-dick-costolos-ouster-changes-the-valley/ &! pando.com/2015/06/12/im-more-similar-to-elon-the-5-silliest-things-chris-sacca-said-yesterday/
Chris
Sacca
Silicon
Valley
ecosystem
Twitter
runway
burn
rate
cash
flow
business
model
San
Francisco
Palo
Alto
hunt
for
yield
distortion
growth
round
SPV
Hedge
Fund
Mutual
Fund
late-stage
funding
Private
Market
Private
Equity
ZIRP
NIRP
QE
cash-is-king
Bill
Gurley
Unicorn
Hype
Cycle
inflation
Venture
Capital
Micro
VC
Angel
Investor
war
for
talent
june 2015 by asterisk2a
Naval Ravikant to VCs: “You can lie to your LPs, but don’t lie to yourselves” | PandoDaily
may 2015 by asterisk2a
“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
Building A Moat In A Bubble: Navigating Today’s Financing Environment | TechCrunch
may 2015 by asterisk2a
But building an operating plan that depends on successively larger and higher-priced rounds to materialize in the future could mean disaster. If you find yourself too fixated on that deep moat you’re building around your business, you may just fall right into it yourself. Too often, entrepreneurs let the amount of capital available to them determine how to operate their business rather than the other way around. Every company has a natural cadence of growth that needs to be respected, regardless of the external fundraising environment. There’s a limit to how many high-caliber engineers, salespeople, and marketing executives companies can recruit and train in a given period – trying to hire too much faster could mean the quality bar gets lowered on new employees. For consumer-facing services, attempting to launch into hyper-growth mode through paid marketing — when basic things like user experience and retention still need to be addressed — could prove harmful in the long run. << !!!
Silicon
Valley
burn
rate
runway
2015
growth
round
Seed
Angel
Investor
hunt
for
yield
MVP
Product/Market
Fit
Start-Up
lesson
Start-Up
advice
fiduciary
responsibility
Private
Market
may 2015 by asterisk2a
You Need To Be A Billion Just To Make A Million | TechCrunch
may 2015 by asterisk2a
[ especially consumer apps being hit driven business, already, that can go out of fashion as quickly as they came, might be a flash in a pan like Secret & work only on the SV/SF ] Competition in the Valley has started reaching a new peak, with candidates demanding all kinds of accoutrements just to change jobs. But it’s not just recruiting that has become more challenging. Sales, marketing, public relations — essentially every task that a startup has to do is just more difficult today given this cutthroat environment. The only way to respond to the higher threshold has been to raise ever more capital, and earlier as well. We now have the rise of the “instant unicorn” that can raise hundreds of millions of capital in just the first months of a company’s existence. That means companies are already worth billions, before they may have made their first million dollars in revenue or gotten their first million users. That’s the new normal, and founders have to be ready to adapt.
Silicon
Valley
San
Francisco
barriers
to
entry
distortion
NIRP
ZIRP
QE
A
Round
Seed
Round
Angel
Investor
hunt
for
yield
Private
Market
competitive
advantage
ecosystem
burn
rate
runway
MVP
Product/Market
Fit
Start-Up
lesson
Start-Up
advice
unintended
consequences
bubble
speculative
bubbles
speculative
speculation
Venture
Capital
Private
Equity
growth
growth
hacking
growth
hacker
structural
imbalance
Impediments
creative
destruction
Unicorn
competitiveness
competition
competitive
Signal
vs.
Noise
allocation
attention
span
New
York
Start-Up
Scene
Silicon
Alley
HR
human
resources
may 2015 by asterisk2a
New stats show raising Seed money from big VCs increases survival. (The opposite of what everyone in the Valley says) | PandoDaily
april 2015 by asterisk2a
(2) Don’t do a “party round” (2) Don’t raise money from a major VC. They will only follow on with the best companies and the signaling risk if they say no can be damning. [...] The companies who raised funds from large VC firms did better than those who raised funds from micro-VCs. [...] The anecdotal stuff is true & the data is true. The answer to how thats possible lies, as everything else in venture world does, with a massive range of quality & low barriers to get in. [...] the # of firms who invest at least $1 million a quarter 4 at least four straight quarters, there are only a paltry 97 firms left in the industry. [...] Raising big institutional funds is hard. Even shitty big VC firms have 2 meet some kind of bar 2 get that money — which is increasingly disappearing in the US. [...] [ hypothesis/thesis of micro-VC is flawed & opportunistic of lower Start-up cost 2 get from idea 2 MVP 2 Product/Market Fit with some traction. higher delta between good & bad co&mVC&angel ]
Start-Up
lesson
Start-Up
advice
Venture
Capital
Seed
Round
Angel
Investor
Party
Round
distortion
hunt
for
yield
economic
history
unintended
consequences
ZIRP
NIRP
QE
technological
history
technological
progress
Micro-VC
VC
Product/Market
Fit
post-traction
Series
A
MVP
meritocracy
meritocratic
Accelerator
ycombinator
Seed
Camp
TechStars
500
Start-ups
april 2015 by asterisk2a
The Micro VC Shakeout | TechCrunch
april 2015 by asterisk2a
NIRP, QE, hunt for yield and FOMO (on Silicon Valley) created the conditions for people from SV and around, to create a small fund! Period. mass of micro vcs, seed funds, accelerators and angels is a symptom. // people become fearless, ... warren buffet saying 'Be Fearful When Others Are Greedy and Greedy When Others Are Fearful' // VCs and Private Equity, for growth rounds, stab each other in the back to be in into the next Unicorn's growth round << Greedy
Venture
Capital
hunt
for
yield
barriers
to
entry
complexity
unintended
consequences
speculative
bubbles
asset
bubble
equity
bubble
bond
bubble
debt
bubble
NIRP
ZIRP
QE
asset
allocation
ecosystem
FOMO
Angel
Investor
Seed
Round
Accelerator
distortion
Unicorn
growth
Private
SPV
Wall
Street
bubble
april 2015 by asterisk2a
(10) Gary Vaynerchuk
april 2015 by asterisk2a
frothy times attract not the right actors!
wantrepreneur
entrepreneur
Venture
Capital
Silicon
Valley
Ivy
League
ivyleague
bubble
speculative
bubbles
Seed
Round
A
Round
Angel
Investor
noise
noise
pollution
Signal
vs.
unintended
consequences
ZIRP
NIRP
QE
hunt
for
yield
equity
bubble
bond
bubble
april 2015 by asterisk2a
- Startups - Sarah Lacy, Founder, Editor-in-Chief, and CEO of PandoMedia -TWiST #329 - YouTube
april 2015 by asterisk2a
Digg had leadership vaccum and Kevin Rose tend's to doubt himself (fear of failure, breaking Digg, breaking the lucky streak/breakout hit what he/they've had) 12:30 - Silicon Valleys Unicorn's personal press core distorts other 'moderate' success, and those are looked down on them and feel worse than failure, for people and entrepreneurs, running sustainable cash flow businesses with 5-10% m/m growth rate. << Symptom of a self-serving universe/culture/bubble.
Silicon
Valley
Digg
Unicorn
distortion
Failure
TechCrunch
Mike
Arrington
public
image
public
interest
public
discourse
public
perception
Venture
Capital
Angel
Investor
bubble
april 2015 by asterisk2a
Some Companies Fight Pay Gap By Eliminating Salary Negotiations : NPR
april 2015 by asterisk2a
When it comes to negotiating salaries, the research is pretty clear: women are less assertive than men. It's one reason women who start their careers with a narrower pay gap see it widen over time.
gender
pay
gap
gender
equality
gender
inequality
Female
Founders
Silicon
Valley
Venture
Capital
Angel
Investor
april 2015 by asterisk2a
We Are All Venture Capitalists Now | TechCrunch
april 2015 by asterisk2a
In Mediocristan, you work fixed hours for a fixed wage. In Extremistan, success is enormously lucrative, but failure is far more common … and, for artists, condemns you to a life of grinding poverty and/or working outside of your chosen field. Of course tech startups also live in Extremistan. So too does venture capital itself, a meta-tournament of picking winners, in which enough money is (hopefully) made from the few big hits to outweigh the inevitable failures– –and so too will we all, soon enough. I’ve argued before that, because software is eating the world, “technology is slowly dragging us all, economically, away from Mediocristan and into Extremistan.” The power of software is such that it gives ever-smaller numbers of people ever-greater leverage. Meanwhile, much of yesterday’s rote Mediocristan work can and will be automated tomorrow. As a result, our economies are moving (slowly, in fits and starts) to a power-law Extremistan future. [ Seth Godin "be remarkable" ]
Venture
Capital
Software
Is
Eating
The
World
Future
of
Work
Mobile
Creatives
Mobile
Creative
Robotics
automation
squeezed
middle
class
working
poor
precarious
Precariat
3D
printing
algorithm
marketplace
marketplace
efficiencies
Share
Economy
shareholder
value
Wall
Street
profit
maximisation
Services
Industry
Niedriglohnsektor
service
service
Sector
Jobs
on-demand
convenience
Gini
coefficient
social
mobility
income
mobility
Universal
Basic
meritocracy
meritocratic
American
Dream
self-employment
contractor
Zero
Hour
Contract
Zeitarbeit
STEM
Germany
Western
World
secular
stagnation
globalisation
globalization
flat
borderless
freelancing
freelance
competitive
competitiveness
competition
education
policy
Career
Politicians
protectionism
Makers
policy
folly
policy
error
No
Representation
volatility
complexity
uncertainty
Super
Rich
1%
Extremistan
tournament
ivyleague
Privileged
Establishment
welfare
welfare
state
social
safety
net
USA
UK
productivity
output
gap
GFC
Silicon
Valley
Angel
Investor
Seth
Godin
sethgodin
differentiate
differentiation
entrepreneurial
entrepreneurship
entrepr
april 2015 by asterisk2a
Silicon Valley’s Maturity Problem | Re/code
april 2015 by asterisk2a
The common diagnosis is that the Valley has a maturity problem, where first-time managers with big responsibilities and budgets build cultures of excessive behavior. But the reality is much more complicated. Rapid growth, a total absence of training, a cultural deficit and employees too focused on perks are a few contributors. Valley companies that want to continue down this path of impressive growth and success need to address these issues. [...] For companies, growing quickly in a very short period of time is a serious HR challenge. It’s hard to hire big numbers of talented employees who are a perfect cultural fit. It consumes significant HR resources and can limit that team’s ability to do anything else, like focus on training, culture or employees’ engagement.
Leadership
Venture
Capital
Angel
Investor
Silicon
Valley
brogrammer
gender-based
discrimination
gender-based
harassment
Women
in
Tech
Female
Founders
Hype
Cycle
jock
culture
Campus
human
resources
HR
people
management
april 2015 by asterisk2a
(Founder Stories) Instagram-Backer Steve Anderson: Forget The Billion-Dollar Exits | TechCrunch
april 2015 by asterisk2a
“the reality also was on Sand Hill Road everyone talks about the billion-dollar exits, and if you look at the history of the last 15 years, there has not been that many billion dollar exits … it turns out that the average exit over the last 10 years on average has been $100-million, and so I was thinking to myself well if I owned 10% of a $100-million outcome that is real money for me, and my co-founders and anybody else and so why isn’t there anybody whose capital was aligned and incented for that outcome?” // A Round is post-traction round. Decision has to be made whether to invest (A Round), dilute yourself, drive burn rate up acquiring more customers than normal rate vs cash flow positive Start-up that grows organically with rising revenues and staying cash flow positive. Fork in the road can be a credit line from VC. // VC's have to bet & have 2 invest 2 return the fund & more. Sometimes its not in the interest of the founder & company economics that got only ~<250m exit horizon.
Seed
Round
Angel
Investor
A
Round
Start-Up
lesson
Start-Up
advice
Venture
Capital
2011
Silicon
Valley
april 2015 by asterisk2a
Malcolm Gladwell: The Art of Management - YouTube
april 2015 by asterisk2a
Humble & smart. Respect and listen the advice from elders. // No technology is good at everything. // True activism can't be replaces with technology. // VC (Venture Capital, Angel Investor) know they can't predict winners, if they said that, that would be equal to predicting the future. Thus they are optimizing with the data at hand, the past (thus biases are active; pattern matching, selection and confirmation bias etc) by selecting what has come before and was successful. Thus, Female Founders will have it harder. Period. That doesn't even include that on a VC firm there are not Female Partners, so Male Partners asses a woman's idea ...
Leadership
management
team
management
people
management
business
management
Success
career
advice
career
careers
career
ladder
Politicians
activists
activism
Venture
Capital
Female
Founders
Angel
Investor
male
privilege
white
male
privilege
straight
white
male
april 2015 by asterisk2a
[PREMONEY 2014] Micro-Waves: 10 Years Of Cycles...& What You Can Learn From Them - YouTube
april 2015 by asterisk2a
7:30 - Have a Hypothesis (destiny, vision, future) where you product and company fits in in the big puzzle for the future (Testing your hypothesis/thesis first in small scale - youtu.be/3KteaWhL9hs see Zappos example), be a kick ass team, make a kick ass product, target a kick ass market (big, disputable, low regulation and low political barriers >> opposite is healthcare USA; entrenched interest groups, lots of regulation, lots of hard wired behaviour >> opposite was Uber and Lyft and Airbnb as it turned out). // 10:00 know and accept that you can't know everything - Blind Spots - WORK ON BLIND SPOTS/VECTORS, fill those positions in the team that supplement and make everyone stronger (team, company as a whole).
Start-Up
lesson
Start-Up
advice
Venture
Capital
Angel
Investor
Product/Market
Fit
MVP
Lean
Start-Up
april 2015 by asterisk2a
[PREMONEY 2014] Venture-nomics: The Explosion Of Micro-Funds & The LP Fatigue Epidemic - YouTube
april 2015 by asterisk2a
(1) fundy changes, how little it costs to get sw product/company off the ground. [...] (X) Private Market keeps lots of value creation to itself, much longer time to IPO & Wall Street' short-term demands. // // see also other [PREMONEY 2014] videos on this channel
Venture
Capital
2014
2015
Open
Source
cloudcomputing
Cloudstorage
SPV
Angel
Investor
Seed
Round
Crowd
Funding
Private
Market
Wall
Street
april 2015 by asterisk2a
First Round Capital Open Application for Startups | Hacker News
april 2015 by asterisk2a
lots of comments, some valid, some not so.
ycombinator
TechStars
Seed
Camp
Silicon
Valley
Venture
Capital
Seed
Round
Angel
Investor
Networking
Hustle
april 2015 by asterisk2a
[PreMoney MIAMI] Upfront Ventures, Mark Suster, "Venture Outlook 2015 - Goldrush or Fool's Gold" - YouTube
april 2015 by asterisk2a
(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
[PreMoney MIAMI] 500 Startups, Dave McClure "4 Years of Moneyball - What Have We Learned" - YouTube
april 2015 by asterisk2a
Angel Investors/Seed and maybe even A Round is about jumping on and doubling down on companies that do well, others don't know about. It's information arbitrage. Wall Street Services Cottage Industry aka Economic Forecaster and Stock Pickers make their money with supposed information arbitrage. But it's just a cottage industry. ... Where Seed/Angel Investors do hustle, network, keep things private, sharing of non-public information with their best buddy and co-investor. // min 34 talks about Silicon Valley Ecosystem. (1) Optimism and Believe. German culture about fear of failure does not support it well in public. (2) supporting structures (3) capital at every stage.
500
Start-ups
Dave
McClure
Seed
Round
Venture
Capital
information
arbitrage
Private
Market
incomplete
information
Silicon
Valley
Angel
Investor
angel-list
Hustle
Networking
Berlin
Start-Up
Scene
culture
society
Germany
failure
Leistungsdruck
ecosystem
London
Scene
Europe
Start-Up
Scene
april 2015 by asterisk2a
Bubble talk - Sam Altman
march 2015 by asterisk2a
There will be downward pressure on valuations as interest rates rise. But I think it will be less than the upward pressure of the phenomenal innovation and earning power of these businesses. Of course, there could be a macro collapse in 2018 or 2019, which wouldn’t have time to recover by 2020. I think that’s the most likely way for me to lose. // via https://news.ycombinator.com/item?id=9258798 see comments like "Asking a VC to determine whether or not there is a VC bubble is like asking a mortgage broker or real estate agent whether or not there was a housing bubble during 2006."
Silicon
Valley
ZIRP
NIRP
bond
bubble
hunt
for
yield
distortion
QE
Wall
Street
POMO
GFC
speculative
bubbles
speculation
speculative
Venture
Capital
angelinvestor
angel-list
Angel
Investor
business
model
march 2015 by asterisk2a
What’s at Stake in the Ellen Pao Case | Re/code
february 2015 by asterisk2a
the clubby world of venture capital, a male-dominated culture that has often been criticized as an insular fraternity of privileged white men despite its veneer of being a meritocracy. [...] While gender inequality has always been an issue in Silicon Valley, it has now come to dominate more of the conversation in the industry. Venture capital firms in particular have appallingly few female partners. [...] But Kleiner Perkins still has more to lose. Though it is an icon of Silicon Valley, having provided funding for historic winners like Netscape, AOL, Amazon, Sun and Google, it has, in recent years, been upstaged by younger and flashier firms. Being cast as a bastion of old-world discrimination does little to improve the image.
Silicon
Valley
Angel
Investor
Venture
Capital
white
male
privilege
straight
white
male
male
privilege
meritocratic
meritocracy
pattern
recognition
pattern
matching
stereotype
prejudice
bias
brogrammer
jock
culture
Campus
asshole
culture
Lad
culture
KPCB
Ellen
Pao
Privileged
Establishment
middle
class
february 2015 by asterisk2a
Ellen Pao versus Kleiner Perkins Gender Discrimination Suit: Day 1 | Re/code
february 2015 by asterisk2a
Toward the end of his opening remarks, Exelrod quoted Doerr, who had hired Pao, discussing what he thinks “correlates more than any other success factor” in entrepreneurs: “If you look at Bezos, or [Netscape founder Marc] Andreessen, [Yahoo co-founder] David Filo, the founders of Google, they all seem to be white, male, nerds who’ve dropped out of Harvard or Stanford and they absolutely have no social life. So when I see that pattern coming in — which was true of Google — it was very easy to decide to invest,” Doerr had said in 2008.
Silicon
Valley
pattern
matching
pattern
recognition
KPCB
John
Doerr
stereotype
bias
prejudice
Venture
Capital
Angel
Investor
february 2015 by asterisk2a
What’s Really at Stake in Ellen Pao’s Kleiner Perkins Lawsuit - NYTimes.com
february 2015 by asterisk2a
&! nytimes.com/2015/02/23/technology/ellen-pao-suit-against-kleiner-perkins-heads-to-trial-with-big-potential-implications.html &! nytimes.com/2015/02/15/magazine/the-stanford-undergraduate-and-the-mentor.html &! nytimes.com/interactive/2014/12/23/us/gender-gaps-stanford-94.html &! dealbook.nytimes.com/2015/01/26/helena-morrissey-aiming-at-britains-glass-ceilings-gets-results/ &! pando.com/2015/02/25/ellen-pao-valley-vc-women/ [money has no conscience, crony capitalism, capitalism as infiltrated the counter culture long-time ago (dot.com was a symptom), Silicon Valley doesn't change the world for the better, it changes things and makes boat loads of money along the way - bc they have 'fiduciary responsibilities' ...] &! recode.net/2015/02/24/venture-capitalist-trae-vassallo-to-testify-she-was-harassed-by-same-partner-as-ellen-pao/ &! pando.com/2015/02/25/pao-v-kleiner-perkins-weeks-v-baker-mckenzie-revisited/ &! for.tn/1Aazbr3 &! for.tn/1FXTAYH &! The Opening >> on.recode.net/17Xj7m3
Silicon
Valley
everyday
sexism
sexism
sexismus
Misogynie
misogyny
gender-based
harassment
gender-based
discrimination
straight
white
male
white
male
privilege
male
privilege
Establishment
Toff
Privileged
STEM
Female
Founders
Women
in
Tech
Peer
Group
Patriarchy
masculinity
pattern
recognition
pattern
matching
Venture
Capital
Angel
Investor
discrimination
social
discrimination
minority
sexual
harassment
corporate
governance
corporate
values
governance
Trae
Vassallo
Tracy
Vassallo
KPCB
Kleiner
Perkins
Caufield
and
Byers
crony
capitalism
Wall
Street
profit
maximisation
shareholder
value
ethical
beliefs
moral
beliefs
brogrammer
Campus
Culture
jock
history
counter
Dot.com
fiduciary
responsibility
february 2015 by asterisk2a
How VCs Turned My Startup Into A Nightmare - BuzzFeed News
february 2015 by asterisk2a
there are a few who understand that even if you are inclined to equate “success” and “wealth,” you’ll need more than just greed in order to get there. The billionaire angel investor Ron Conway demonstrated this reasoning in an email to his colleagues leaked during the Angelgate scandal of 2010: The world of startups would be a better place if you spent less time complaining about deal structures, terms, vc’s, and valuations etc and the cars you drive, and just helped entrepenuers [sic] build their companies. […] In my opinion your motives are driven by self serving factors around ego satisfaction and ‘making a buck. And yet this famous VC-chiding email has nothing explicit to say about creating value for the society at large; it is all about helping entrepreneurs build companies.
Venture
Capital
Greed
Super
Rich
1%
angelinvestor
Angel
Investor
angelinvestors
Silicon
Valley
society
social
cohesion
monopoly
oligopol
oligopoly
Peter
Thiel
february 2015 by asterisk2a
Zalando und Rocket: Zulassung zur Börse muss reguliert werden - SPIEGEL ONLINE
october 2014 by asterisk2a
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
A fireside chat with Fred Wilson - YouTube
july 2014 by asterisk2a
"We are in the service business, helping them being successful." VC guys - here to help you; council, scale, connect/network help, help where they can be helpful otherwise find the person who can help you with X (ie Chris Sacca seems to have special skill set that some companies can leverage for biz deals and negotiations - ie Uber [ http://youtu.be/iqUG2_cmZ6I ]). See a16z model; Operations Helpers (HR, Marketing, biz Dev.). That is where Angel Investors (single persons) and Seed Rounds lack value; the added value and the scalability (n+1 people behind VC company). In Finance School; the present value of the company is the future cash-flow (not necessarily profits), that is why companies who aimed for revenue growth are much more valuable than companies who aimed for margin. Term 'Investing in the future.' ;-) The future is uncertain by definition. Very uncertain. High risk, high potential returns. With given losers (losses non-leveraged, can't loose more than you've invested).
Start-Up
lesson
Start-Up
advice
Mark
Suster
Fred
Wilson
VC
Venture
Capital
Chris
Sacca
Angel
Investor
seedround
seedfunding
Twitter
Etsy
Dick
Costolo
indeed.com
execution
focused
focus
vision
july 2014 by asterisk2a
Airbnb Has Closed Its $500M Round Of Funding At A $10B Valuation, Led By TPG | TechCrunch
april 2014 by asterisk2a
http://www.crunchbase.com/company/airbnb + https://delicious.com/asterisk2a/search/Marc,Andreessen + https://delicious.com/asterisk2a/search/marcandreessen
Airbnb
growth
round
Venture
Capital
hunt
for
yield
bubble
equity
bubble
WallStreet
cash
bubble
asset
bubble
asset
allocation
ECB
BOE
Fed
ZIRP
QE
OMT
liquidity-trap
unintended
consequences
complexity
unknown
unknowns
NIRP
unconventional
monetary
policy
monetary
policy
monetary
transmission
mechanism
monetary
system
sovereign
debt
crisis
Super
Cycle
debt
bubble
9flats
marcandreessen
late-stage
funding
Silicon
Valley
investor
investors
Marc
Andreessen
april 2014 by asterisk2a
Andreessen: Beware Non-Silicon Valley Investors Bearing High Valuations - Venture Capital Dispatch - WSJ
april 2014 by asterisk2a
9/Key to win-win: Both company and investor should thoroughly understand each other prior to signing term sheet. Best path to glory.
growth
round
Venture
Capital
late-stage
funding
Silicon
Valley
Marc
Andreessen
investors
investor
hunt
for
yield
capitalism
unintended
consequences
unknown
unkown
unknown
unknowns
ethics
WallStreet
april 2014 by asterisk2a
Why a Bad Economy Is the Best Time to Start a Business
april 2010 by asterisk2a
In 2000, the high point, investors anteed up more than $100 billion into startups. By 2008, that number had dropped by almost three-fourths to $27 billion, and in 2009 it plummeted to less than $20 billion, about the same level as 1998. Nevertheless it appears that money is spent more wisely.
“We were built to survive a recession while guys funded during the up market weren’t,” Chatterjee says, “Venture capitalists gave us extra due diligence and we had to be singularly focused on providing value to customers.”
recession
entrepreneurship
business
entrepreneur
startup
inspiration
economy
greatrecession
GreatDepression
history
startups
jobcreation
venturecapital
investment
investing
investor
investors
leanstartup
technology
“We were built to survive a recession while guys funded during the up market weren’t,” Chatterjee says, “Venture capitalists gave us extra due diligence and we had to be singularly focused on providing value to customers.”
april 2010 by asterisk2a
Are Startups Getting Crazy, Or Just IPO Crazy?
december 2009 by asterisk2a
We’re facing a technology IPO tsunami. It may start with Twitter, or Facebook, or Zynga, but it’s coming and all it requires is a Netscape moment.
It is too early to blow the whistle. But early 2010 could be a year where investors and bankers wand to make money after this dreadful decade.
Social Networks, online publishing networks (blogs), Cloud Computing, data and analysis, local and business stuff ... all these types of startups have a viable business model. And after 4-5 years, investors want to see an exit. And that is 2010 to 2012.
Would be hilarious if 2012 would be an internet apocalypse and not the Sinnflut Maya calendar stuff.
NACH MIR DIE SINNFLUT
http://michaeljung.tumblr.com/post/297407083/comment-are-startups-getting-crazy-or-just-ipo
ipo
2010
2011
2012
internet
investor
It is too early to blow the whistle. But early 2010 could be a year where investors and bankers wand to make money after this dreadful decade.
Social Networks, online publishing networks (blogs), Cloud Computing, data and analysis, local and business stuff ... all these types of startups have a viable business model. And after 4-5 years, investors want to see an exit. And that is 2010 to 2012.
Would be hilarious if 2012 would be an internet apocalypse and not the Sinnflut Maya calendar stuff.
NACH MIR DIE SINNFLUT
http://michaeljung.tumblr.com/post/297407083/comment-are-startups-getting-crazy-or-just-ipo
december 2009 by asterisk2a
BeyondVC: Running an efficient board meeting
august 2009 by asterisk2a
While there are a number of different ways to approach and run a board meeting, I thought I would outline a few of my philosophies on them, and what I expect from my portfolio companies in terms of content.
meeting
meetings
entrepreneurship
management
VC
board
boardmeeting
board_of_directors
CEO
powerpoint
slideshow
venturecapital
entrepreneur
investors
investor
business
august 2009 by asterisk2a
related tags
& ⊕ 1% ⊕ 3D ⊕ 9flats ⊕ 401k ⊕ A ⊕ a16z ⊕ Abenomics ⊕ abundance ⊕ abuse ⊕ Accelerator ⊕ accountability ⊕ accounting ⊕ acqui-hire ⊕ acquihire ⊕ acquisition ⊕ activism ⊕ activist ⊕ activists ⊕ advantage ⊕ advertising ⊕ advice ⊕ affordable ⊕ Airbnb ⊕ algorithm ⊕ Alley ⊕ allocation ⊕ Alto ⊕ Amazon ⊕ American ⊕ analytics ⊕ and ⊕ Andreessen ⊕ angel ⊕ angel-list ⊕ Angela ⊕ Angeles ⊕ angelinvestor ⊕ angelinvestors ⊕ AngelList ⊕ Anlegerschutz ⊕ aol ⊕ Apple ⊕ arbitrage ⊕ Arrington ⊕ aspirational ⊕ asset ⊕ asshole ⊕ attention ⊕ austerity ⊕ automation ⊕ avoidance ⊕ awareness ⊕ B ⊕ BaFin ⊕ Bain ⊕ banking ⊕ bankruptcy ⊕ barriers ⊕ Basic ⊕ behavioral ⊕ beliefs ⊕ Berlin ⊕ Beschaffungskriminalität ⊕ bias ⊕ Big ⊕ Bill ⊕ Black ⊕ BlackRock ⊕ Blackstone ⊕ blackswan ⊕ board ⊕ boardmeeting ⊕ board_of_directors ⊕ BOE ⊕ BOJ ⊕ bond ⊕ bonus ⊕ bonuses ⊕ book ⊕ boom ⊕ bootstraped ⊕ bootstrapped ⊕ bootstrapping ⊕ borderless ⊕ bottom ⊕ Box ⊕ BRIC ⊕ brogrammer ⊕ bubble ⊕ bubbles ⊕ burn ⊕ business ⊕ bust ⊕ buyback ⊕ Byers ⊕ Camp ⊕ Campus ⊕ cap ⊕ capital ⊕ capitalism ⊕ care ⊕ career ⊕ careers ⊕ cash ⊕ cash-is-king ⊕ Caufield ⊕ CEO ⊕ China ⊕ Chris ⊕ city ⊕ class ⊕ cloudcomputing ⊕ Cloudstorage ⊕ code ⊕ coefficient ⊕ cohesion ⊕ commuting ⊕ competition ⊕ competitive ⊕ competitiveness ⊕ complex ⊕ complexity ⊕ confidence ⊕ conglomerate ⊕ consequences ⊕ consume ⊕ consumer ⊕ Contract ⊕ contractor ⊕ convenience ⊕ coping ⊕ corporate ⊕ cost ⊕ Costolo ⊕ counter ⊕ creative ⊕ Creatives ⊕ credit ⊕ crisis ⊕ crony ⊕ crowd ⊕ culture ⊕ cycle ⊕ Data ⊕ Dave ⊕ debt ⊕ debtoverhang ⊕ Decacorn ⊕ deck ⊕ deflation ⊕ deflationary ⊕ deprivation ⊕ destruction ⊕ Developing ⊕ Dick ⊕ differentiate ⊕ differentiation ⊕ Digg ⊕ dilution ⊕ discourse ⊕ discretionary ⊕ discrimination ⊕ disposable ⊕ disrupting ⊕ disruption ⊕ distortion ⊕ distribution ⊕ dividends ⊕ Doerr ⊕ Domo ⊕ door ⊕ dot.com ⊕ downround ⊕ Dream ⊕ DropBox ⊕ Eating ⊕ ECB ⊕ economic ⊕ economics ⊕ economies ⊕ economy ⊕ ecosystem ⊕ education ⊕ effect ⊕ efficiencies ⊕ efficient-market ⊕ Ellen ⊕ emerging ⊕ entrepreneur ⊕ entrepreneurial ⊕ entrepreneurship ⊕ entry ⊕ equality ⊕ equity ⊕ error ⊕ Establishment ⊕ ethical ⊕ ethics ⊕ Etsy ⊕ Europe ⊕ evasion ⊕ everyday ⊕ excess ⊕ execution ⊕ exit ⊕ expectation ⊕ expectations ⊕ Extremistan ⊕ exuberance ⊕ Facebook ⊕ failure ⊕ Fed ⊕ Female ⊕ fiduciary ⊕ filter ⊕ finance ⊕ financial ⊕ first ⊕ fiscal ⊕ Fit ⊕ flat ⊕ flow ⊕ focus ⊕ focused ⊕ folly ⊕ FOMO ⊕ for ⊕ forecast ⊕ Founders ⊕ fractional ⊕ Francisco ⊕ fraud ⊕ Fred ⊕ free ⊕ freelance ⊕ freelancing ⊕ Frontier ⊕ fund ⊕ funding ⊕ Funnel ⊕ Future ⊕ GAAP ⊕ gap ⊕ gender ⊕ gender-based ⊕ gentrification ⊕ Gentrified ⊕ Germany ⊕ Gesellschaft ⊕ GFC ⊕ Gini ⊕ globalisation ⊕ globalization ⊕ Godin ⊕ Google ⊕ governance ⊕ GreatDepression ⊕ greatrecession ⊕ greece ⊕ Greed ⊕ GroKo ⊕ Group ⊕ groups ⊕ growth ⊕ Gurley ⊕ hacker ⊕ hacking ⊕ harassment ⊕ health ⊕ Hedge ⊕ herd ⊕ herding ⊕ Heuschrecken ⊕ Hill ⊕ history ⊕ homeless ⊕ homelessness ⊕ homescreen ⊕ hostile ⊕ hot-money ⊕ Hour ⊕ housing ⊕ HR ⊕ hubris ⊕ human ⊕ hunt ⊕ Hustle ⊕ Hype ⊕ hypothesis ⊕ image ⊕ imbalance ⊕ Impediments ⊕ in ⊕ income ⊕ incomplete ⊕ Incubator ⊕ indeed.com ⊕ India ⊕ Industry ⊕ inefficiencies ⊕ inequality ⊕ inflation ⊕ information ⊕ inspiration ⊕ Intent ⊕ interest ⊕ internet ⊕ investing ⊕ investment ⊕ investor ⊖ Investorenschutz ⊕ investors ⊕ ipo ⊕ irrational ⊕ Is ⊕ Ivy ⊕ ivyleague ⊕ jobcreation ⊕ Jobs ⊕ jock ⊕ John ⊕ Kleiner ⊕ Koo ⊕ KPCB ⊕ Lad ⊕ ladder ⊕ late-stage ⊕ LBO ⊕ Leadership ⊕ League ⊕ Lean ⊕ leanstartup ⊕ Leistungsdruck ⊕ lesson ⊕ leverage ⊕ Limited ⊕ linkedin ⊕ liquidation ⊕ liquidity ⊕ liquidity-trap ⊕ List ⊕ literacy ⊕ living ⊕ lobby ⊕ Lobbying ⊕ lobbyist ⊕ London ⊕ Los ⊕ M&A ⊕ Mafia ⊕ Main ⊕ mainstream ⊕ mainstreet ⊕ Makers ⊕ male ⊕ management ⊕ mandate ⊕ Marc ⊕ marcandreessen ⊕ margin ⊕ marginal ⊕ Mark ⊕ market ⊕ marketplace ⊕ markets ⊕ masculinity ⊕ matching ⊕ maximisation ⊕ MBO ⊕ McClure ⊕ mechanism ⊕ Media ⊕ meeting ⊕ meetings ⊕ mental ⊕ meritocracy ⊕ meritocratic ⊕ Merkel ⊕ Micro ⊕ Micro-VC ⊕ MicroVC ⊕ middle ⊕ Mike ⊕ Minimal ⊕ minority ⊕ Misogynie ⊕ misogyny ⊕ Mitt ⊕ Mittelstand ⊕ mobile ⊕ mobility ⊕ model ⊕ monetary ⊕ monopoly ⊕ moody's ⊕ moral ⊕ Mountain ⊕ multinational ⊕ Mutual ⊕ MVP ⊕ NASDAQ ⊕ Nassim ⊕ national ⊕ Naval ⊕ negative ⊕ neoconservatism ⊕ neoconservatives ⊕ neoliberal ⊕ neoliberalism ⊕ net ⊕ network ⊕ Networking ⊕ New ⊕ niche ⊕ Niedriglohnsektor ⊕ NIRP ⊕ No ⊕ noise ⊕ Normal ⊕ obligation ⊕ of ⊕ Oil ⊕ oligarchy ⊕ oligopol ⊕ oligopoly ⊕ OMT ⊕ on-demand ⊕ Open ⊕ openangelforum ⊕ output ⊕ pageviews ⊕ Palantir ⊕ Palo ⊕ panic ⊕ Pao ⊕ paradigm ⊕ Partners ⊕ Party ⊕ Patriarchy ⊕ pattern ⊕ pay ⊕ PBOC ⊕ Peer ⊕ pension ⊕ people ⊕ perception ⊕ Perkins ⊕ Perspektivlosigkeit ⊕ Peter ⊕ phone ⊕ pitch ⊕ pitching ⊕ plan ⊕ planning ⊕ Platform ⊕ plutocracy ⊕ policy ⊕ Politicians ⊕ pollution ⊕ POMO ⊕ poor ⊕ post-traction ⊕ powerpoint ⊕ Precariat ⊕ precarious ⊕ preferences ⊕ prejudice ⊕ presenting ⊕ price ⊕ printing ⊕ prison–industrial ⊕ Private ⊕ privilege ⊕ Privileged ⊕ product ⊕ Product/Market ⊕ productive ⊕ productivity ⊕ profit ⊕ progress ⊕ Promoter ⊕ propensity ⊕ property ⊕ protectionism ⊕ psychology ⊕ public ⊕ QE ⊕ QT ⊕ R&D ⊕ rate ⊕ ratingagencies ⊕ Ravikant ⊕ recession ⊕ recognition ⊕ Redwood ⊕ reflate ⊕ reflation ⊕ reform ⊕ regulation ⊕ regulators ⊕ relations ⊕ Representation ⊕ repression ⊕ reserve ⊕ reserves ⊕ resources ⊕ responsibility ⊕ retail ⊕ revolving ⊕ Rich ⊕ Richard ⊕ risk ⊕ Road ⊕ Robert ⊕ robertshiller ⊕ Robotics ⊕ Rocket ⊕ ROI ⊕ Romney ⊕ round ⊕ runway ⊕ S&P ⊕ s23p ⊕ SAAS ⊕ Sacca ⊕ safety ⊕ Sales ⊕ Salesforce ⊕ San ⊕ Sand ⊕ scale ⊕ scandal ⊕ Scene ⊕ scheme ⊕ Schäuble ⊕ Score ⊕ Secondary ⊕ Sector ⊕ secular ⊕ Seed ⊕ seedfunding ⊕ seedround ⊕ self-employment ⊕ self-medication ⊕ self-regulation ⊕ sentiment ⊕ Series ⊕ service ⊕ Services ⊕ Seth ⊕ sethgodin ⊕ sexism ⊕ sexismus ⊕ sexual ⊕ share ⊕ shareholder ⊕ shift ⊕ Shiller ⊕ short-term ⊕ Signal ⊕ Silicon ⊕ single-class ⊕ Slack ⊕ slideshow ⊕ SMB ⊕ SME ⊕ Snapchat ⊕ Snapdeal ⊕ social ⊕ society ⊕ SoftBank ⊕ Software ⊕ Source ⊕ sovereign ⊕ spaces ⊕ span ⊕ speculation ⊕ speculative ⊕ spending ⊕ SPV ⊕ squeezed ⊕ stagnation ⊕ standard ⊕ Start-Up ⊕ Start-up ⊕ Start-ups ⊕ startup ⊕ startups ⊕ state ⊕ STEM ⊕ stereotype ⊕ stigma ⊕ straight ⊕ strategy ⊕ Street ⊕ structural ⊕ structure ⊕ subprime ⊕ subsidies ⊕ subsidizing ⊕ substance ⊕ Success ⊕ Super ⊕ sustainability ⊕ Suster ⊕ Swan ⊕ system ⊕ table ⊕ takeover ⊕ Taleb ⊕ talent ⊕ Taper ⊕ targeting ⊕ tax ⊕ team ⊕ Tech ⊕ TechCrunch ⊕ technological ⊕ technology ⊕ TechStars ⊕ termsheet ⊕ The ⊕ Thiel ⊕ thinking ⊕ Thumbtack ⊕ to ⊕ Toff ⊕ TOS ⊕ tournament ⊕ traction ⊕ Tracy ⊕ trading ⊕ Trae ⊕ transmission ⊕ transparency ⊕ trap ⊕ trickle-down ⊕ Twitter ⊕ Uber ⊕ UK ⊕ uncertainty ⊕ unconventional ⊕ Unicorn ⊕ unintended ⊕ Universal ⊕ unknown ⊕ unknowns ⊕ unkown ⊕ up ⊕ UpFront ⊕ urban ⊕ urbanisation ⊕ USA ⊕ Valley ⊕ valuation ⊕ value ⊕ values ⊕ Vassallo ⊕ vc ⊕ venture ⊕ venturecapital ⊕ Ventures ⊕ vertical ⊕ vested ⊕ Viable ⊕ view ⊕ viral ⊕ vision ⊕ volatility ⊕ vs. ⊕ wage ⊕ Wall ⊕ WallStreet ⊕ wantrepreneur ⊕ war ⊕ welfare ⊕ Wertegesellschaft ⊕ western ⊕ white ⊕ Wilson ⊕ Wolfgang ⊕ Women ⊕ Work ⊕ Workday ⊕ working ⊕ world ⊕ ycombinator ⊕ yield ⊕ York ⊕ Zalando ⊕ Zeitarbeit ⊕ Zenefits ⊕ Zero ⊕ ZIRP ⊕ Zivilgesellschaft ⊕Copy this bookmark: