Venture Alpha: The Stars Came Out to San Francisco

By Jonathan Marino — 3 years ago

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.

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

By peHUBlogger Network — 5 years ago

“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)

By Mark Boslet — 5 years ago

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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Winning! or Losing? A Look Into the Super-Fund Movement

By Connie Loizos — 5 years ago

It’s become something of a bromide in Silicon Valley that pouring as much money into a relatively few break-out companies as quickly as possible is the only way to win in venture capital. In an interview with this reporter in 2009, Marc Andreessen made a strong case for this winner’s circle school of investment. He […]

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Will China Play Nice with U.S Exchanges?

By Connie Loizos — 5 years ago

Yesterday, I caught up with Doug Chu, a former investment banker turned head of the NYSE’s Silicon Valley office. It was a candid discussion that touched on a number of interesting data points, not all of them encouraging for the NYSE.

1.) Unsurprisingly, Chu agreed with Bill Gurley about there being a disconnect between what’s happening in Silicon Valley and elsewhere on the IPO front. In his widely read blog post of earlier this week, Gurley observed that the Valley has come to believe there’s a dearth of IPOs in part because many companies going public are based elsewhere in the country. Chu suggests Gurley should have included China in the conversation. There’ve been 122 IPOs in the U.S. this year, and 25 have been China-based companies listing in the U.S. – a huge percentage.

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