New Year’s Resolutions

12 years ago

In the spirit of the annual tradition of New Year’s resolutions, I’ve complied a few points to reflect upon while you ponder the upcoming year…  HIDING THE DILUTION A savvy entrepreneur or prior investor might engage in a little “Hiding the Dilution” game playing during a financing. Now, if you READ all the legal documents, […]

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Inspire Someone by Saying More Than No

By Clint — 12 years ago

Recently, one of our companies presented to another venture group as they were out looking for their next financing round. After a reasonably positive report on the meeting from the CEO, he received an email from the firm that was said something like “We think you’re tackling a huge opportunity, but we don’t have the […]

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Far-REACHing Chemical Regulations

12 years ago

As corny as my wordplay is, the meaning is real. After a lengthy and difficult period of negotiations, the European Commission and Council reached agreement about the final wording of the REACH (“Registration, Evaluation, and Authorization of Chemicals”) regulation. This draft was accepted by the European Parliament last Wednesday, and the regulation will be effective June 1, 2007.  […]

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New York (Finally) Notices London

12 years ago

My partner Wayne and I recently were in Europe and England (that’s the correct way to think about them, too) raising money for Apex VI. We came away with some impressions that may be relevant for the coming year or two. While the growth rate in Europe has been anemic for the past decade, it […]

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Nasdaq, AOL or Yahoo – The Next/Last Great Venture Exit?

By Bart Schachter — 12 years ago

More than Nasdaq or AIM, Yahoo has become in recent years The Great Venture Exit. Nestled in Sunnyvale only a Prius’s putter away from Google HQ, the elderstatesman of the Internet was only yesterday the contemplated ramp to riches for many college-aged entrepreneurs hoping to cash their internet traffic for a cool $1.65 billion. So […]

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Contrarian Plays – Making Money in Residential Building Products and Services

12 years ago

In a white hot M&A market, we are often asked about sectors where investors can buy a business at a “reasonable” value. While the overall market continues to be strong, there are pockets of opportunities created in sectors where investor sentiment or underlying market trends don’t appear to be favorable – as has been the case […]

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It’s The Platform, Stupid

12 years ago

I need to learn by doing. It’s an inefficient approach, but information gleaned from news and blogs doesn’t usually penetrate my thick head. I’m developing a mobile collaboration (or “social networking”) application. Though the piece that actually runs on the “mobile” is by far the simplest component of my system (a small Java/BREW program that […]

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PE-Backed Management

By Adrian — 12 years ago

Harvard Business School’s Josh Lerner provided some interesting academic insights this week in a WSJ piece titled “Private-Equity Deals Alter the Market.” He wrote that private equity-backed IPOs may do well because, when private, company managers are free from quarterly earnings pressure and can focus on long-term goals. Executives have also been pressured, typically, to aggressively cut […]

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It’s (Rule) 415 – Do You Know Where Your Children Are?

12 years ago

So “children” is my metaphor for small-cap public companies, and Rule 415 is an SEC regulation that I hadn’t even heard of until two weeks ago. It turns out that the SEC appears to be looking to crack down on some of the more punitive PIPE structures when microcap companies (under $75 million market cap?) […]

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What is the Objective?

12 years ago

With the private equity world evolving at a rapid pace, it brings to mind one central issue: The debate centering around the proper objective/measure of investment return or GP performance. A recent Business Week coverstory entitled “Gluttons at the Gate” (October 30th Edition) spoke judgmentally about the amount of fees charged by Private Equity funds in […]

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Three Pounds of Pulp or Three of Thought

12 years ago

It’s no secret that America is no longer the sole dominion of innovation and entrepreneurship. You’re just as likely to find an enthusiastic power point-wielding entrepreneur in the Starbucks of Shanghai, Mumbai or Beijing as you are in Silicon Valley. This is no protectionist rant. I believe global investing is the next step in venture […]

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New Regulations

12 years ago

Many of you are familiar with the term “Phase I.”  Do you also know (your attorneys do) that the standard (I tend to call it a procedure) we use to develop Phase I’s was first written in 1996, rewritten in 2000, and as of November 1 there is a new “standard” in place. So what? […]

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Mid-Decade Musings

12 years ago

Lean venture capital returns are in their seventh year but, barring force majeure-type events, we should enjoy more positive results starting in 2007. Why? Because we’ve largely cleared the bubble wreckage, the second wave of the Internet is upon us and new disruptive technologies are emerging to create new industries.   During the bubble, the VC […]

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Environmental Column Intro

12 years ago

I suggested to Dan that the private equity community was ready for a columnist who addresses environmental issues. He agreed.  So, is this going to be a column about soil and groundwater contamination, asbestos, and permitting?  I hope not. You see, the term environment is so much broader than that, and some of the more current issues […]

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The Problem with the Quick Bridge

12 years ago

There has been plenty of discussion recently among entrepreneurs and VCs regarding bridge loans for startups, also know as “converts”. Josh Kopelman wrote a nice post here, and Matt Marshall posted a bridge loan calculator for entrepreneurs here. Lots of people ask us our views on these structures, because we’re focused only on Seed and […]

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Which Startup To Pick?

12 years ago

I was fortunate enough to visit two great conferences here in sunny San Diego during the last week of September, DEMOfall and ASIS, and then Consumer Technology Ventures more recently. In case some of you don’t know: DEMOfall (or “Demo”) and CTV are all about startups pitching their new products, mostly software, to VCs and […]

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