Both Sides of the Table


It’s not hard to find people willing to write the narrative that “venture capital is not an asset class” or “venture capital has performed terribly.”

The most recent was 18 months ago or so called The Kauffman Report. It had an influence on the people who fund our industry in a negative way as many asset managers who fund our industry read this flawed report. That’s a shame because many of these people missed out on what will be a few great VC vintages.

The biggest problem with the report was that it pulled together data from more than a decade ago to proclaim what the future of our industry would look like. I wrote about this in a blog post last year titled “It’s Morning in VC” but I never made the full deck available until now.

I presented the deck below – which was prepared with the great help of Upfront Venture’s Principal Jordan Hudson – at Dave McClure’s must attend event called PreMoney with much more data and narrative than I had in my blog post. I saved it mostly for LP discussions that I had over the past year.

This year an associate from Upfront Ventures – Glenn Poppe – helped me pull together more information about how our industry is changing. I hope to publish that deck and a full write up in the next 10 days in partnership with Dan Primack at Fortune (if my write up doesn’t suck, I guess ;-))

Having worked through the data with Glenn I am even more optimistic about venture capital than I was even a year ago. Here is a preview of what we found & what we will publish:

1.

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For 2 years I interviewed VCs & founders for a show called This Week in VC. If you want to see any back interviews you can click on that link. I’ve been promising to relaunch a new show for the past 18 months but needed to find somebody to help me with cameras, filming, editing, distribution, etc. Luckily the supremely talented Kyle Taylor joined Upfront Ventures and has helped kick me in the arse to get the show going again.

We’ve already shot three episodes, which will be published soon and I have committed to doing the show on a regular basis. Feel free to add comments below on speakers you’d like to see, topics you’re interested in or formats you’d suggest for the show.

The first Bothsides TV episode is now live! I’ve created a separate Twitter handle that I’ll use to share all this content. You can subscribe to the Bothsides TV YouTube channel as well – you’ll get an email update when we post new videos.

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Startups are hard. You’ve heard that a million times. Those that we survive with become family. It’s something you can’t know unless you’ve ever been in the trenches. Working hard together at a big company just isn’t the same.

 

 

The truth is you really don’t know how your teammates or your bosses will perform in good times and bad. You hire people who look good on paper. You join teams that got good write-ups on TechCrunch, have great VCs, have star CEO’s, whatever.

After 6 months – you know. You REALLY know. Which engineers dialed it in before a big release because it was during July 4th weekend? Who came in the office at 2am when the servers crashed – even on the night of the big company party. Who was willing to jump on a plan on a Sunday morning with a hang-over to make sure they were there the night before an important biz dev pitch on a Monday morning.

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Yesterday MiTú Networks announced that Upfront Ventures  led a $10 million financing in what is now the largest producer of Latino online videos – primarily driven through YouTube.

As you may know we co-lead the first round of financing of Maker Studios, the largest overall producer for online video content, along with Greycroft Partners. I was an early and tireless advocate for the growth of the Internet video ecosystem and as virtually every article I wrote made clear I believe the 800-pound-gorilla is YouTube and will remain so for the foreseeable future. If you want to build a strong online video business it almost certainly must make YouTube an important part of the strategy.

 

Last year at this time

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I just returned from 3 days in Cincinnati including attending the annual meeting of one of Upfront’s LPs – Cintrifuse.

I have never been more optimistic about the impact that the tech startup community is having on cities in America or about the role that cities outside of San Francisco / Silicon Valley can play in our future.

Cincinnati, like many startup communities in the US over the past 5 years, has revitalized important regions in its urban core, created accelerators, built co-working facilities, pooled together angel capital, attracted VCs, involved educational institutions and solicited the help of important corporations in a more cohesive ecosystem. I believe the next 20 years will be an excited time of regeneration for Cincinnati and many more progressive communities across the country.

Why Now?

The “Infrastructure Phase” of the Internet …

Before we had an Internet startup explosion we needed infrastructure which spawned the original tech startup community in Silicon Valley. It required a diffusion of personal computers that led to the massive growth of Hewlett Packard, Intel, Apple Computers and others.

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