Category

Venture Capital

The Retrade

The retrades have begun. Since the beginning of the year, I’ve experienced four retrades – two early stage, one growth, and one late stage – and I’ve heard of a number of others. If you’ve never experienced a retrade, or don’t know what I’m talking about, it’s the situation when you have a firm deal agreed…

Founders – Use Your Down Round To Clean Up Your Cap Table

Mark Suster wrote a great post yesterday titled The Resetting of the Startup Industry. Go read it now – I’ll wait. Once again, as we find ourselves in the middle of a significant public market correction, especially around technology stocks, there’s an enormous amount of noise in the system, as there always is. Much of it…

Load Balancing Between VC Partners

I woke up this morning in Fort Worth, Texas. For the first minute I wasn’t really sure where was I but it eventually snapped into focus. This happens to me periodically when I travel. I’ve got a stretch where I’m on the road a lot. Fortunately, I’ve got amazing partners. I was reflecting on this…

What’s Happening Today That No One Sees?

Amy and I watched The Big Short on Tuesday with my partner Jason and his wife Jenn. We were electrified as we walked out of the theater – all four of us loved it. Jason commented that it was a particularly impressive movie given the subject matter. I couldn’t stop saying “that’s the best explanation of what…

Why I Don’t Have To Follow VC Blogs Anymore

Two words: Mattermark Daily When I started blogging in 2004 I think I was the third VC blogger after David Hornik* and Fred Wilson (if you were, or know, of another pre-2004 VC blogger, please tell me so I can update my historical recollection.) I remember lots of people asking me why I was doing it. I heard…

Are Individual Angel Investors Starting To Get Tapped Out?

I got the following question from a friend yesterday. “I’ve had a few conversations recently about how individual seed investors are getting kind of tapped out – for a variety of reasons, but in general it’s not that easy to find people who are still actively investing. I don’t recall your having blogged about this –…

Unicorpse

The current usage of the word unicorn makes me tired. I could rant about it for a while, but that would make me tired of myself ranting about it. Instead, I’d like to focus on a word that appeared a month ago by Aileen Lee in Welcome To The Unicorn Club, 2015: Learning From Billion-Dollar Companies. That word…

The Twenty Minute VC Podcasts

I don’t listen to that many podcasts, but I like ones that are a short (< 45 minute) interview format. I can listen to one of these on a run or a drive to/from my office. Until recently, the only one I was listening to regularly was the Reboot.io podcast. Jerry Colonna, the co-founder of…

A Venture Capital History Perspective From Jack Tankersley

In January, Jerry Neumann wrote a long and detailed analysis of his view of the VC industry in the 1980’s titled Heat Death:  Venture Capital in the 1980’s. While I don’t know Jerry very well, I like him and thought his post was extremely detailed and thoughtful. However, there were some things in it that…

Weekend Podcast – Investors Are Human Too

On my run this morning (yay – I’m running again) I listened to a wonderful podcast between Jerry Colonna and Bijan Sabet called Investors are Human Too – with Bijan Sabet. If you follow me, you know that I’m incredibly close friends with Jerry (he’s one of the people on this planet that I comfortably say…