Bill Gurley_Venture Alpha 2012_horiz

Benchmark Capital is raising a new fund – Reuters

Benchmark Capital, the firm behind companies ranging from eBay to Twitter, is raising a new venture fund, Reuters reported, citing a person familiar with the situation. The fund will be about the same size as Benchmark’s previous fund, a $425 million vehicle that closed in January 2011, the person said.

Venture Alpha: The Stars Came Out to San Francisco

Thomson Reuters’ Venture Alpha 2012 event Thursday in San Francisco, we heard from investing and entrepreneurial legends including Benchmark GP Bill Gurley, DCM founder Dixon Doll and AOL founder Steve Case. Visiting the InterContinental Mark Hopkins Hotel on Nob Hill, VCs, entrepreneurs and dealmakers gathered for a day-long series of talks and meetings on the state and future of the venture capital industry.

Bill Gurley_Venture Alpha 2012_horiz
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Bill Gurley to LPs: You are Blowing It

Bill Gurley has a message for institutional investors: Stop blasting money at what have historically been top-tier venture funds. “You’re not in the stands. You’re in the field. And when you allocate [your capital] obsessively to firms in the top quartile, it will have an impact on how things play out.”

Silicon Valley Reacts to Jobs’ News: ‘Visionary Founders Matter Most’

“Funny how much emotion you can feel about a stranger. And yet every phone call I make, every time I’m on my computer, he’s part of it.” The words belong to writer Susan Orlean, writing yesterday about famed entrepreneur Steve Jobs. But one imagines that millions of people experienced the same, queer feeling, following the […]

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Bill Gurley: All Revenue Is Not Created Equal: The Keys to the 10X Revenue Club

“Don’t you know that you are a shooting star,
And all the world will love you just as long,
As long as you are.”

– Paul Rodgers, Shooting Star

With the IPO market now blown wide-open, and the media completely infatuated with frothy trades in the bubbly late stage private market, it is common to see articles that reference both “valuation” and “revenue” and suggest that there is a correlation between the two. Calculating or qualifying potential valuation using the simplistic and crude tool of a revenue multiple (also known as the price/revenue or price/sales ratio) was quite trendy back during the Internet bubble of the late 1990s. Perhaps it is not peculiar that our good friend the price/revenue ratio is back in vogue. But investors and analysts beware; this is a remarkably dangerous technique, because all revenues

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Android: The Ultimate Loss Leader (Also A Moat)

Bill Gurley doesn’t blog often. But when he does, his posts are often worth reading. This is the case with the Benchmark Capital general partner’s piece this week on the threat posed by Google’s Android software for cell phones and tablets, and the software’s key defensive role for the Internet titan. (Gurley’s last post was […]

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