Gurley says Benchmark will have four IPOs this year, unprecedented for a single venture firm in a long time.
“Ambarella, filed, which will be our fourth IPO this year. And that hasn't happened, you know, for a single venture firm in a very long time.”
Gurley says Benchmark will have four IPOs this year, unprecedented for a single venture firm in a long time.
“Earlier today, one of our investments, Ambarella, filed, which will be our fourth IPO this year. And that hasn't happened, you know, for a single venture firm in a very long time.”
Gurley recounts Austin Ventures told him to work twenty years before entering venture, opposite of Benchmark's approach.
“And while I was there, I went and talked to some of the Austin Ventures partners and I said, I want to get into venture, what should I do?”
Gurley explains Benchmark uses the phrase long term greedy and is not judged on IRR.
“We have a phrase that not all the partners like to use, say we're long term greedy. You know, we're luckily in a business where we're not judged on IRR per se.”
Gurley says the majority of Benchmark partners joined at about 30 years old.
“Kevin Harvey joined the venture business about that time. Peter Fenton also joined at about that age. And so across our partnership, the majority of the partners joined at about 30 years old.”
Gurley says the majority of Benchmark partners joined at about 30 years old because venture is a hustle game.
“And so across our partnership, the majority of the partners joined at about 30 years old. And there's a number of reasons why I think youth plays to an advantage. One, it's a hustle game.”
Gurley says no LP in Benchmark's history has ever asked them to provide liquidity faster.
“And we've never once, never in the history of the firm as I ever recall a limited partner calling us and saying why aren't you getting us liquidity faster?”
Gurley contrasts Austin Ventures' advice to work twenty years before VC with Benchmark's opposite approach.
“And they said, go work for twenty years and then get in. And it's ironic when I think back to that moment in time because we have kind of the exact opposite process.”
Gurley says the majority of Benchmark partners joined at about 30 years old.
“And so across our partnership, the majority of the partners joined at about 30 years old.”
Gurley recounts Austin Ventures told him to work twenty years before entering venture capital.
“And while I was there, I went and talked to some of the Austin Ventures partners and I said, I want to get into venture, what should I do?”
Gurley reveals Benchmark is a lead investor in Upwork under Hayden Brown.
“We are actually a lead investor in Upwork. Hayden Brown's done an amazing job there the past couple of years.”
Gurley reveals Benchmark has eight investments across different talent marketplace verticals.
“We have about eight investments in different verticals with these type of talent marketplaces. And so I I think a rising tide's gonna lift all the boats here.”
Gurley says Benchmark peers increased fund sizes tenfold and moved to multi-stage investing model.
“Many of the peers of Benchmark have taken their fund size up 10 x. So their their assets under management and they've entered they've declared themselves multi stage.”
Gurley says Benchmark focused quarterly reviews on studying missed deals rather than failed investments.
“from that day on, we never spent much time talking about the failures. We never beat up a partner because a deal didn't work, but we would once a quarter study the deals we didn't do at nauseum and talk about why we either didn't see them or passed on them”
Gurley clarifies Google presented to Benchmark at 25 employees shortly after he joined the firm.
“I had Larry and Sergei present to the Benchmark partnership shortly after I joined Benchmark with the company had 25 employees, Google.”
Gurley says Benchmark quarterly studied missed deals extensively but never beat up partners over failures after Google miss.
“Bruce Dunleavy in our shop started saying what could go right as a theme. And I will tell you from that day on, we never spent much time talking about the failures.”
Gurley explains Benchmark created an equal partnership structure where all partners earn the same and have equal decision-making power.
“The benchmark guys had lived within those frameworks decided to do something crazy, which was to create an equal partnership where everyone makes the exact same amount of money and everyone has the exact same power within the organization for decision making and there's no leader.”
Gurley states the average age of a new Benchmark partner is about 30 years old.
“the way, the average age of a new partner at Benchmark that becomes an equal partner is about 30.”