The Information this morning reported that Headspin, a network performance software provider, restated its revenues — down from $100 million annual recurring revenue to $15 million ARR after an internal audit. It had fired its co-founder and CEO, Manish Lachani. Headspin was also returning $95 million, a hefty chunk of capital it had raised during … Continue reading Cooking the books
Keith Rabois is moving from Khosla Ventures to Founders Fund. Given the long friendship between him and others at the Founders Fund, this is such an obvious move that it makes you wonder why did it take so long. I met Keith a lifetime ago, and got to know first as a reporter, and later … Continue reading Founders’ Keith
A 3.7 magnitude earthquake shook my apartment building hard, woke me up and just like that I ended up making coffee and getting on the Internet. And long before you know it, I was watching a video talk by Thomas Joshua Cooper, an San Francisco- born artistic photographer, who now resides in Scotland. (His photos are here, here, and here.) He talked about his various journeys and many adventures, and the images he made. In his talk he mentioned about Ferdinand Magellan, a Portuguese adventurer, explorer, and sailor, who was the first to circumnavigate the Earth — going from the (west) Europe to the (east) Spice Islands (Now part of Indonesia.)
Unable to resist, I was soon reading about him on Wikipedia and other places. He left Spain on August 10, 1519, at the age of 39. He set sail with 270 men and five ships. They returned to Spain in 1522, and only 18 made it back. Magellan wasn’t one of them — he died at age 41 in what is the modern Philippines. The crew never got fully paid, and the Crown made a little profit from the sale of cloves and cinnamon that was brought back. The Spanish Crown funded Magellan’s exploration, and the reward for Spain was a chance to get access to the riches that come from the trade of spices. Continue reading “500 years of globalism”
National Venture Capital Association (NVCA) named our partnership, True Ventures, as the venture capital firm of the year. It is always an honor to be recognized by our peers, but in the end, the award is a reflection of the people who we serve — the founders, their teams and their families. 10,000 of them. It has taken over a decade to get here — one startup at a time. Some of them are big (Automattic), some define the zeitgeist (Blue Bottle, Peloton, and Ring) and others are writing the script of tomorrow today, companies like Veniam and Zymergen.
Despite a boom in startup activity, more and more companies being formed, it doesn’t mean that more good companies are being created. I keep seeing the same names hit up investors again and again. A few successful ones are garnering a lion share of the total funding dollars, especially as they get more traction. Even those companies that have little traction are generating a lot of investor interest, while others who fall in the in-between range are getting less attention. Continue reading “Startups are a global opportunity!”