By Udayan Gupta
This paintings presents a revealing background of the enterprise capital as instructed via first-person money owed. It chronicles the industry's beginnings and highlights the variations among America's West and East coast agencies. greater than thirty prime enterprise capitalists - from early pioneers similar to Eugene Kleiner and Arthur Rock to present best avid gamers like Geoff Yang and John Dorrer - show insights gleaned from their own reports in profitable deal-making.
Read or Download Done Deals: Venture Capitalists Tell Their Stories (Harvard Business School Press) PDF
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Additional info for Done Deals: Venture Capitalists Tell Their Stories (Harvard Business School Press)
We raised a $2 million first round from a group of venture capitalists that included Russ Carson of Welsh, Carson, Anderson & Stowe, which was at that time 1Kohlberg Kravis Roberts, one of the leading leveraged buyout firms of the '80s and '90s. < previous page page_41 next page > < previous page page_42 next page > Page 42 investing their first fund, Venrock, and Greylock. Through the process of raising that money, I got a firsthand understanding of what the venture capital business was all about.
We will probably increase the number of transactions we do at a modest pace, maybe 20 percent more a year. < previous page page_35 next page > < previous page page_36 next page > Page 36 Is our model repeatable elsewhere? I think it's very challenging. It will be difficult for other people to replicate what we've done, again because we have grown into where we are. It's not something you can start from scratch when you're a big company. There always will be a place for corporate investing. Keep in mind that for corporations there is an arbitrage opportunity.
Success does breed success in the venture capital business. It used to be true that the pioneers often had the arrows in their back, back in the late '70s and early '80s. I think that's less true today, although you could certainly argue that the first online services were CompuServe and Prodigy, and where are they today? com was the first truly effective e-commerce solution for books, and they've been able to parlay that into a tremendously successful and leading business. So, being early is important, but being the best and being perceived as the leader when the category begins to become legitimized are the most important things.