Both Sides of the Table

DECEMBER 11, 2022

Something happened in the past 7 years in the startup and venture capital world that I hadn’t experienced since the late 90’s — we all began praying to the God of Valuation. How might our next phase of the journey seem brighter, even with more uncertain days for startups and capital markets? What happened? There was no money train.

Valuation 466

Valuation San Francisco Ratchet Liquidation Preference 466

Startup Lessons Learned

MAY 7, 2009

As the product matured, they were able to ratchet up the quality to prevent regression on features that had been truly embraced by their customers. Starting instead from a position where feedback cycle time is the priority and allowing quality to ratchet up as the product matures provides a more natural lead in to continuous deployment.

San Francisco 131

San Francisco Continuous Deployment Software Review Lean 131

Startup Lessons Learned

DECEMBER 7, 2008

Those who have the endurance are the ones that tend to lead teams and join startups, because you just cant be successful in a startup situation without empathy. When a startup encounters difficult technical problems, this is the guy you want solving them. I would characterize them as intolerant but not arrogant. What a waste.

Software Review 94

Software Review Technical Review San Francisco Part-Time VPE 94

Both Sides of the Table

SEPTEMBER 18, 2014

At an accelerator … Me: Raising convertible notes as a seed round is one of the biggest disservices our industry has done to entrepreneurs since 2001-2003 when there were “full ratchets” and “multiple liquidation preferences” – the most hostile terms anybody found in term sheets 10 years ago. Your A round?

Venture Capital 417

Venture Capital Liquidation Preference Valuation Term Sheet 417

Tim Keane

JANUARY 12, 2010

Startups and angels: Along the way to success.   A full ratchet anti-dilution clause is very unfriendly to entrepreneurs; it requires them to make up the entire difference in price from their own holdings.   For the sake of this discussion it’s the method rather than the specific metric that is important. [2]

Term Sheet 68

Term Sheet Valuation Dividend Liquidation Preference 68

David Teten

JANUARY 13, 2015

I think the same goes for startup entrepreneurialism. Don recommends: Don’t just do startups “for us”. Yes, you like hip-hop, “urban” clothing and “ ratchet television”, but all that sinks you deeper into stereotypes. Avoid being labeled as startup from a “special group” program. Feign familiarity if you must.

Venture Capital 60

Venture Capital Greece Advisory Board Cofounder 60

abovethecrowd.com

APRIL 20, 2016

In February of last year, Fortune magazine writers Erin Griffith and Dan Primack declared 2015 “ The Age of the Unicorns ” noting — “Fortune counts more than 80 startups that have been valued at $1 billion or more by venture capitalists.” Next came Rolfe Winkler’s deep dive “ Highly Valued Startup Zenefits Runs Into Turbulence. ”

IPO 40

IPO Term Sheet Silicon Valley Valuation 40