Capital & Fundraising

Latest

A Framework for Navigating Down Markets

Justin Kahl and David George

This framework shows how to reevaluate your valuation, understand your efficiency through burn multiples, and scenario plan. Plus: original benchmark data.

M&A, Before and After: What Founders Need to Know

Martin Casado, Blake Kim, and Zoran Basich

Frameworks for understanding all the dynamics, including the effect of “kingmaking” and the difference between "selling your company" and "getting acquired."

Come for the Tool, Stay for the Exchange: Bootstrapping Liquidity in the Private Markets

David Haber

The next generation of private market exchanges will begin as investor relations software.

Rethinking Equity Compensation: From Lottery Ticket to Financial Wedge

Niya Dragova

Smart equity management strategies for employees with RSUs or stock options, a future-forward vision for companies, and a wish-list for builders.

IPOs and Beyond: A Guide to Exit Options for Companies

Blake Kim and Quinten Burgunder

From traditional paths (IPO, M&A) to alternatives (SPACs, DLs, secondary sales), here are the implications for valuation, dilution, liquidity, and more.

A Quick Pulse Check on Direct Listings

Scott Kupor

Are direct listings working? What do the data tell us (albeit from a very limited sample)? And what have we learned so far when it comes to direct listings?

Speculation is Necessary. Governments Can Help.

Jamie Catherwood

Instead of trying to eradicate speculative manias, we should channel investors’ innate affinity for speculation into productive ventures.

The New Market Momentum: Reading the Technical Indicators

Katie Stockton

Given the emergence of new forms of unpredictability, mathematical indicators that can isolate breakouts and trend shifts are crucial.

In Defense of the IPO, and How to Improve It

Alex Rampell and Scott Kupor

To understand why the popular narrative around IPOs is wrong, you have to take apart the IPO process, how stock markets work, and what the “price” of a stock means.

When Entry Multiples Don’t Matter

Alex Immerman and David George

While entry multiples are an input for valuing mature companies, in the high growth tech market, multiples are a byproduct of the valuation process. Investors really want to understand possible exit values.