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He’d wasted a year of his life and had a pile of stock options that weren’t very interesting. Draw Your Ideas - A VC : Venture Capital and Technology , May 16, 2010 I saw Jack Dorsey give this talk at The 99% Conference last month. They’re deep into CustomerDevelopment ,” he said. Tesla is not. It's a great talk.
One memorable example of this was Xerox’s internal venture capital fund, Xerox Technology Ventures (XTV). The success of Documentum and Document Sciences, they felt, came largely from Xerox technology and customers, yet the startup companies XTV funded got all the credit. As Steve would say, this is a big idea.
These IPOs meant that technology companies didn’t have to get acquired to raise money or get their founders and investors liquid. But the biggest innovation was the “carriedinterest” (called the “carry”.) Aligning their interests with their limited investors and the entrepreneurs they were investing in.
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