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A Venture Capital History Perspective From Jack Tankersley

Feld Thoughts

The key reason for the explosion in capital flowing into the industry, and therefore the large increase in practitioners, had nothing to do with 1970’s performance, early stage investing, or technology. So contrary to the piece, it wasn’t VC were good at early stage technology, it was that they had newfound capital and a big exit window.

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Go early, go late, or go home

BeyondVC

Combine this relative value with the fact that many tech companies, particularly large software companies, derive 50-70% of their revenue from annual recurring maintenance and you have an opportunity to buy out many of these businesses due to their predictable cash flow. for a company then no public software company is sacred.

LBO 60