https://minutesof.com/on/venture-capital/ Everyone on the record about venture capital: 188 verbatim quotes from 5 people, June 2011 to July 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:19 +0000 https://minutesof.com/q/7e0138ad-f8a5-411d-97bf-10d038ba2ba2/ https://minutesof.com/q/7e0138ad-f8a5-411d-97bf-10d038ba2ba2/ “if you've raised in these days of these AI rounds, if you raise 500,000,000, Lake Common doesn't even participate until you get a sale over that, technically.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/989ad6ba-be21-40f4-a53c-674037297390/ https://minutesof.com/q/989ad6ba-be21-40f4-a53c-674037297390/ “If you own a 100% of a $20,000,000 company, that's lifetime wealth. Like, trying to make $20,000,000 selling a company for 500,000,000, that's hard because it's hard to sell if” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/17717505-f71b-4440-84f3-caef76ecf3b8/ https://minutesof.com/q/17717505-f71b-4440-84f3-caef76ecf3b8/ “Your boss won't care. If you own a 100% of a $20,000,000 company, that's lifetime wealth.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/714f3697-2ff0-4569-90f8-03b7d8bc555f/ https://minutesof.com/q/714f3697-2ff0-4569-90f8-03b7d8bc555f/ “And and so they don't have limited shot unlimited shots on goal. They can't fund everything that's over 12% hurdle rate.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/ec0804c1-2a6d-4da7-aa83-562faccfd9e0/ https://minutesof.com/q/ec0804c1-2a6d-4da7-aa83-562faccfd9e0/ “venture capitalists have a limited number of boards they can go on, probably two a year. And and so they don't have limited shot unlimited shots on goal.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/45bd9854-83a8-44d0-84d7-a2b0b991ed0d/ https://minutesof.com/q/45bd9854-83a8-44d0-84d7-a2b0b991ed0d/ “But venture capitalists have a limited number of boards they can go on, probably two a year. And and so they don't have limited shot unlimited shots on goal.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/907de551-83d8-4736-bf81-e78cf0968d04/ https://minutesof.com/q/907de551-83d8-4736-bf81-e78cf0968d04/ “If it's positive IRR and I'll make 14%, I'll do it. Yep. But venture capitalists have a limited number of boards they can go on, probably two a year.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/40ff08b4-cf88-433b-9872-97652526b9f4/ https://minutesof.com/q/40ff08b4-cf88-433b-9872-97652526b9f4/ “I'm sure it's not scientific, but as new CEO hires a fifty fifty bet at best.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/166336d4-444e-4185-be47-b98f59d9e1cb/ https://minutesof.com/q/166336d4-444e-4185-be47-b98f59d9e1cb/ “And for any venture capitalist that's been through one of those pivots, they're famously known as pivots now, it's all about the person. Like, it's all about the founder.” — Bill Gurley, Bill Gurley Wed, 15 Jul 2026 16:30:41 +0000 venture capital https://minutesof.com/q/4c728910-d595-46c5-9294-db3275d4810a/ https://minutesof.com/q/4c728910-d595-46c5-9294-db3275d4810a/ “Private cap tables are not structured very well to go down. It would take forever to explain exactly why that is with lick preference stacks and whatnot and ratchets, but they're built to kind of only go up and public companies stocks can go up and down.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 venture capital https://minutesof.com/q/61eeb6f9-bae8-42cc-b4d4-e039e5c7332d/ https://minutesof.com/q/61eeb6f9-bae8-42cc-b4d4-e039e5c7332d/ “The other thing that founders should always realize that they unfortunately, especially young ones, don't understand. Valuations represent discounted future expectations.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 venture capital https://minutesof.com/q/c45ea03a-bf5f-4d2e-9c42-49e96666d877/ https://minutesof.com/q/c45ea03a-bf5f-4d2e-9c42-49e96666d877/ “And today people are just showing up at the door and saying, take the money. In many cases, with the implication, if you don't take it, they'll give it to the competitor.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 venture capital https://minutesof.com/q/33328e91-96e3-4a86-a1e8-b57706d01435/ https://minutesof.com/q/33328e91-96e3-4a86-a1e8-b57706d01435/ “They all now believe in network effects and power laws. And so if a company's working, they proactively go to them and ask them to take money, which is what you just referred to.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 venture capital https://minutesof.com/q/d554338f-6c56-4342-8d40-c2135869c4b5/ https://minutesof.com/q/d554338f-6c56-4342-8d40-c2135869c4b5/ “So you really have this massive black, white, have, have not situation where the AI companies are raising money at crazy valuations and the non AI companies can't raise money at any valuation.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 venture capital https://minutesof.com/q/ca6ec235-bb1d-4c90-884a-fc89177c6191/ https://minutesof.com/q/ca6ec235-bb1d-4c90-884a-fc89177c6191/ “the venture capital community as a whole is is getting more risk seeking and taking on more risk because of their knowledge of how things have played out in the past.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 venture capital https://minutesof.com/q/02dd2c0f-8caf-4c67-8163-de90100d86ec/ https://minutesof.com/q/02dd2c0f-8caf-4c67-8163-de90100d86ec/ “You know, I've always thought of Wall Street as the buyer of the product that venture capitalists create.” — Bill Gurley, The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 venture capital https://minutesof.com/q/46d1c7e4-b301-42d2-98e8-c39af26423b2/ https://minutesof.com/q/46d1c7e4-b301-42d2-98e8-c39af26423b2/ “And what happens is with a wave that's real, people get rich quick. When people get rich quick, fools rush in. Like speculators, charlatans, they come in.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital https://minutesof.com/q/2beeea34-9776-4109-9773-36d2dd4648b6/ https://minutesof.com/q/2beeea34-9776-4109-9773-36d2dd4648b6/ “There's seven companies that have raised hundreds of millions of dollars. And that's not the venture capital I practiced.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital https://minutesof.com/q/fc1a511d-12dd-40f9-b6aa-909b0296d8ec/ https://minutesof.com/q/fc1a511d-12dd-40f9-b6aa-909b0296d8ec/ “And there's an implicit threat that, at least at SoftBank, Masa was very direct about and not implicit. That if you don't take it, I'll give it to your competitor.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital https://minutesof.com/q/9879a132-e095-4bd1-be25-6e538779a359/ https://minutesof.com/q/9879a132-e095-4bd1-be25-6e538779a359/ “I think, and this all goes back to the asymmetric optimism thing, as you get older, you build more mental models and you become more cynical.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital https://minutesof.com/q/42936be2-556f-4b3e-8f43-c9a349d06410/ https://minutesof.com/q/42936be2-556f-4b3e-8f43-c9a349d06410/ “Two, I think, and this all goes back to the asymmetric optimism thing, as you get older, you build more mental models and you become more cynical.” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital https://minutesof.com/q/bb27b2e4-358f-4d96-bd9f-4161b22aa2cd/ https://minutesof.com/q/bb27b2e4-358f-4d96-bd9f-4161b22aa2cd/ “Once again, because of this asymmetric outcome thing, live in fear of missing this one or two deals a year. There's like, how could you possibly minimize the chance of not finding that?” — Bill Gurley, MIT Sloan VCPE Mon, 11 May 2026 19:59:13 +0000 venture capital https://minutesof.com/q/3343eb58-d91e-41e2-babf-8a114ad22815/ https://minutesof.com/q/3343eb58-d91e-41e2-babf-8a114ad22815/ “If you're a consultant, if you're a venture capitalist, if you're a lawyer, like you'll have clients across multiple, you know, places and you'll get to study more things.” — Bill Gurley, Silicon Valley Girl Clips Mon, 27 Apr 2026 23:00:02 +0000 venture capital https://minutesof.com/q/0d969e05-e88f-47f3-a8da-dcac55b2f3f0/ https://minutesof.com/q/0d969e05-e88f-47f3-a8da-dcac55b2f3f0/ “You would have a hard time convincing me that risk capital is in shortage in America right now. I'm seeing the most risk seeking venture capital behavior I've ever seen in my entire life.” — Bill Gurley, Tom Bilyeu Thu, 23 Apr 2026 13:01:05 +0000 venture capital https://minutesof.com/q/b58c16b4-2bd0-432e-bb8f-1599e32ed42b/ https://minutesof.com/q/b58c16b4-2bd0-432e-bb8f-1599e32ed42b/ “And the world wants to do more M and A in the 20,000,000 to $100,000,000 tuck in range than they want to do billion dollar exits.” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 venture capital https://minutesof.com/q/5defb14b-5816-4802-b421-c1767848f717/ https://minutesof.com/q/5defb14b-5816-4802-b421-c1767848f717/ “And very quickly, almost in a flash before you know it, your founder's equity goes from 90% to 10%. And I've watched it happen over and over and again.” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 venture capital https://minutesof.com/q/324c3d29-cfe7-4d90-a852-e96208594306/ https://minutesof.com/q/324c3d29-cfe7-4d90-a852-e96208594306/ “I met Larry and Sergey at their office with 25 employees. They pitched Benchmark, and we failed to invest” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 venture capital https://minutesof.com/q/04752b21-480d-4192-9f36-1766cb3bfdb3/ https://minutesof.com/q/04752b21-480d-4192-9f36-1766cb3bfdb3/ “Well, biggest mistake I made in my career is when I was three years into the venture capital business, I met Larry and Sergey at their office with 25 employees.” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 venture capital https://minutesof.com/q/4869c3d0-0043-4407-9bc4-53ad3b71d2f7/ https://minutesof.com/q/4869c3d0-0043-4407-9bc4-53ad3b71d2f7/ “And so, there's rumors today of a $30,000,000,000 investment from Nvidia into OpenAi on top of everything they've already already raised and spent.” — Bill Gurley, Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 venture capital https://minutesof.com/q/ffef1e34-a652-4c52-a111-33560e8e48aa/ https://minutesof.com/q/ffef1e34-a652-4c52-a111-33560e8e48aa/ “I thought losing 2,000,000,000 a year was nuts and very anxiety inducing, And these companies are doing more than that.” — Bill Gurley, Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 venture capital https://minutesof.com/q/4621ef8d-4c8c-4db3-a833-4195ae0036db/ https://minutesof.com/q/4621ef8d-4c8c-4db3-a833-4195ae0036db/ “In the .com period, if you had 1,000,000 a month a million a month in revenue, you went public. Here, the exact opposite.” — Bill Gurley, Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 venture capital https://minutesof.com/q/6fbe8217-d77e-4c3f-9c9c-21b954c18e5a/ https://minutesof.com/q/6fbe8217-d77e-4c3f-9c9c-21b954c18e5a/ “I would say the late stage funds have come up with a pretty clever premise, which is if they can intercept those growth years that used to be in the public markets and keep it for themselves in an oligopic kind of way.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 venture capital https://minutesof.com/q/6aef2f58-4a02-45d1-9f67-49e991467942/ https://minutesof.com/q/6aef2f58-4a02-45d1-9f67-49e991467942/ “Today, every company that is being identified as a winner is ingesting 400 or $500,000,000 minimum before they even think about going public, if they're ever gonna think about that.” — Bill Gurley, Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 venture capital https://minutesof.com/q/57bdc43b-b943-4966-9cfb-4135291134b1/ https://minutesof.com/q/57bdc43b-b943-4966-9cfb-4135291134b1/ “the way, the average age of a new partner at Benchmark that becomes an equal partner is about 30.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/ca3597d6-2f62-403f-88f0-7ee3619d11f4/ https://minutesof.com/q/ca3597d6-2f62-403f-88f0-7ee3619d11f4/ “If you think like just being young will make you good at venture capital, that's wrong. But and it is a job that does not have a supply demand balance.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/fd6756e0-2a7c-4ccb-a15b-811bf5dc5281/ https://minutesof.com/q/fd6756e0-2a7c-4ccb-a15b-811bf5dc5281/ “I think it's very hard to be a venture capitalist as you get older and I think it's very easy to break into venture capital as a young person.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/c7b90370-c001-428b-afdc-c9e23cfb21b2/ https://minutesof.com/q/c7b90370-c001-428b-afdc-c9e23cfb21b2/ “98% of venture capitalists are only looking at AI and they're AI all day long, they don't wanna see another business and and and in the past five weeks, the valuations on the non AI companies have been cut in half and so that mentality is gonna be reinforced even more and so there's just no oxygen.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/1903222d-7b84-4e37-8842-0ccc87468827/ https://minutesof.com/q/1903222d-7b84-4e37-8842-0ccc87468827/ “98% of venture capitalists are only looking at AI and they're AI all day long, they don't wanna see another business and and and in the past five weeks, the valuations on the non AI companies have been cut in half” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/5b15d55b-3653-430e-9c44-998df322fb39/ https://minutesof.com/q/5b15d55b-3653-430e-9c44-998df322fb39/ “From where I sit, 98% of venture capitalists are only looking at AI and they're AI all day long, they don't wanna see another business” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/c7a6d3c5-c7c3-46c9-b80d-5bdb811cf81b/ https://minutesof.com/q/c7a6d3c5-c7c3-46c9-b80d-5bdb811cf81b/ “I met Larry and Sergei, was very early in my career, I brought them into the partnership and they presented and we failed to lay chase.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/c6156ffa-f22e-4097-ae9a-ddfb0a440622/ https://minutesof.com/q/c6156ffa-f22e-4097-ae9a-ddfb0a440622/ “yeah, I mean, it took me forever to realize that some of the best venture capitalists have this missed list and the reason they have the missed list is because they're really effective at putting themselves in the right position to have the opportunity, which is a prerequisite to actually making the great investments.” — Bill Gurley, School of Hard Knocks Podcast Thu, 26 Mar 2026 21:34:25 +0000 venture capital https://minutesof.com/q/1efc9f3a-17ba-4cfc-8c7c-1a1723ee234c/ https://minutesof.com/q/1efc9f3a-17ba-4cfc-8c7c-1a1723ee234c/ “And the past week in the financial markets, like a whole bunch of companies, you know, traded down because of fear that this would would disrupt them.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 venture capital https://minutesof.com/q/ad476678-15dd-466a-be2b-1b1b02718825/ https://minutesof.com/q/ad476678-15dd-466a-be2b-1b1b02718825/ “Can also though frame Like they're also raising billions and billions of dollars for the They're leading the biggest secondary transactions for their employees in the history of venture capital, the history of the world.” — Bill Gurley, Mighty Pursuit Tue, 24 Mar 2026 15:49:15 +0000 venture capital https://minutesof.com/q/f530cbe5-4d14-4798-9942-63d7a47e93fe/ https://minutesof.com/q/f530cbe5-4d14-4798-9942-63d7a47e93fe/ “And so if you've raised in these days of these AI rounds, if you raise 500,000,000, Lake Common doesn't even participate until you get a sale over that, technically.” — Bill Gurley, Chris Williamson Sat, 14 Mar 2026 15:00:16 +0000 venture capital https://minutesof.com/q/2e31e5d2-4194-47c7-9a1d-f7ab119b6eb0/ https://minutesof.com/q/2e31e5d2-4194-47c7-9a1d-f7ab119b6eb0/ “So venture capitalists typically take preferred stock, and it has a term called liquidation preference, which means in a sale, they get the option to basically treat it like debt.” — Bill Gurley, Chris Williamson Sat, 14 Mar 2026 15:00:16 +0000 venture capital https://minutesof.com/q/548ef570-3e05-41b9-8094-3dc2be229f0d/ https://minutesof.com/q/548ef570-3e05-41b9-8094-3dc2be229f0d/ “I don't even I would never be motivated by it, but but, you know, I'm not not necessarily shitting on them too bad. Like, somebody there are you can make money.” — Bill Gurley, Chris Williamson Sat, 14 Mar 2026 15:00:16 +0000 venture capital https://minutesof.com/q/22f69ce9-b41f-4583-8588-2a0deceaa0f6/ https://minutesof.com/q/22f69ce9-b41f-4583-8588-2a0deceaa0f6/ “I could have, I think, fooled myself. And I went through this mental model when I was thinking about it and said, oh, I'll be the best venture capitalist in a the sixth VC city.” — Bill Gurley, Afford Anything Podcast Fri, 13 Mar 2026 19:00:04 +0000 venture capital https://minutesof.com/q/ca3a2602-6846-4e3b-bc4e-2abd25f17632/ https://minutesof.com/q/ca3a2602-6846-4e3b-bc4e-2abd25f17632/ “venture capital is a game where you have to one of the reasons, group decision making works so well is you're you're gonna have to break one of your rules or you're gonna say no to everything.” — Bill Gurley, Afford Anything Podcast Fri, 13 Mar 2026 19:00:04 +0000 venture capital https://minutesof.com/q/7a195e79-0aae-44db-94ee-f0f316ba0775/ https://minutesof.com/q/7a195e79-0aae-44db-94ee-f0f316ba0775/ “They had 25 employees at the time, to tell you how early it was. And they presented and we failed to chase that.” — Bill Gurley, Afford Anything Podcast Fri, 13 Mar 2026 19:00:04 +0000 venture capital https://minutesof.com/q/bc6523ef-0de9-49ec-852d-43b1c7eb1cb2/ https://minutesof.com/q/bc6523ef-0de9-49ec-852d-43b1c7eb1cb2/ “I ended up in Silicon Valley and got into venture capital and spent twenty five years there and never asked myself that question again.” — Bill Gurley, Afford Anything Podcast Fri, 13 Mar 2026 19:00:04 +0000 venture capital https://minutesof.com/q/0999a2b8-e591-41fb-b3aa-25d197235cbd/ https://minutesof.com/q/0999a2b8-e591-41fb-b3aa-25d197235cbd/ “I think the Swinson mimic effect has now played out. And I think personally that most of the endowments and foundations in The US are over invested in private, both PE and venture.” — Bill Gurley, Bloomberg Podcasts Thu, 05 Mar 2026 01:47:37 +0000 venture capital https://minutesof.com/q/0a9770c4-f5d0-45cf-a291-fa9d1de89d4d/ https://minutesof.com/q/0a9770c4-f5d0-45cf-a291-fa9d1de89d4d/ “Now keep in mind, Benchmark's never done a real estate transaction in the history of the firm. And we're about thirty minutes into the presentation. This is series a.” — Bill Gurley, BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 venture capital https://minutesof.com/q/cc862399-6c8a-4f6a-bc9c-abb6a41f5ed1/ https://minutesof.com/q/cc862399-6c8a-4f6a-bc9c-abb6a41f5ed1/ “So the the the the days when the company would run out of money or get close to running out and decide, oh, we're gonna go raise now is over. Like, the the it's preemptive.” — Bill Gurley, BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 venture capital https://minutesof.com/q/609cf1a4-66d6-4739-a241-c97d66449e80/ https://minutesof.com/q/609cf1a4-66d6-4739-a241-c97d66449e80/ “The winners are so big at that level, you could have 80% of your portfolio fail. So it's a game that's a lot riskier, and you're searching for the really big outcomes.” — Bill Gurley, BigDeal by Codie Sanchez Wed, 04 Mar 2026 15:00:36 +0000 venture capital https://minutesof.com/q/6a5f3f7b-3269-4581-b7f4-64d1c31737cb/ https://minutesof.com/q/6a5f3f7b-3269-4581-b7f4-64d1c31737cb/ “And one of the things that they've decided to do is to approach the companies, the best in class companies, and offer them money to stay private” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 venture capital https://minutesof.com/q/44050377-0527-43b9-bcb4-1124d33dd02b/ https://minutesof.com/q/44050377-0527-43b9-bcb4-1124d33dd02b/ “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” — Bill Gurley, Lux Capital Wed, 25 Feb 2026 18:19:27 +0000 venture capital https://minutesof.com/q/c2d538e0-39f3-4b30-bb37-c33459b118df/ https://minutesof.com/q/c2d538e0-39f3-4b30-bb37-c33459b118df/ “I came out of that with a little bit of your chips on shoulder situation and a little bit more having a higher recognition of an asymmetric wrist indenture and that missing an outlier cost you a thousand X or more than a loss.” — Bill Gurley, Lux Capital Wed, 25 Feb 2026 18:19:27 +0000 venture capital https://minutesof.com/q/ca552e7d-f09a-464d-b7f3-4fdfef5e1836/ https://minutesof.com/q/ca552e7d-f09a-464d-b7f3-4fdfef5e1836/ “I had Larry and Sergei present to the Benchmark partnership shortly after I joined Benchmark with the company had 25 employees, Google.” — Bill Gurley, Lux Capital Wed, 25 Feb 2026 18:19:27 +0000 venture capital https://minutesof.com/q/31de15b5-68e7-49d3-b472-5ff831b08736/ https://minutesof.com/q/31de15b5-68e7-49d3-b472-5ff831b08736/ “Well, if you're the disciplined one and there's six players with $500,000,000 each hiring salespeople, you're not going to matter.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 venture capital https://minutesof.com/q/f5151417-8649-4570-900f-ca38eeb6fd93/ https://minutesof.com/q/f5151417-8649-4570-900f-ca38eeb6fd93/ “I say it's not your father's venture capital. This is a sport of Kings world we've evolved into and it's fight to the death.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 venture capital https://minutesof.com/q/16efa965-b8dd-4e1f-9cbe-d2e0b9d136e5/ https://minutesof.com/q/16efa965-b8dd-4e1f-9cbe-d2e0b9d136e5/ “But I I think it's unquestionably true. Like there's just zero interest. And so that's a tough call for someone that's in a business that may have good unit economics that's not AI.” — Bill Gurley, Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 venture capital https://minutesof.com/q/5d31e85a-0c95-434e-88c5-ad36bc813d20/ https://minutesof.com/q/5d31e85a-0c95-434e-88c5-ad36bc813d20/ “So every one of the most interesting AI categories, you may have to be willing to lose 1,000,000,000 a year just to compete” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 venture capital https://minutesof.com/q/e42070a1-55b7-416d-9110-73d3f21efc04/ https://minutesof.com/q/e42070a1-55b7-416d-9110-73d3f21efc04/ “Yes. And in a way, I've, I mean, I've seen a lot of waves and a lot of bubbles, and this is like nothing I've ever seen. Yeah. Like when Amazon was losing a billion” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 venture capital https://minutesof.com/q/01f70b00-ec3b-436a-8ae4-0640c38a5d44/ https://minutesof.com/q/01f70b00-ec3b-436a-8ae4-0640c38a5d44/ “I had the, both the fortune and now the, the kind of weight of having brought Larry and Sergey in to present to our partnership when they were 25 employees.” — Bill Gurley, Tetragrammaton with Rick Rubin Thu, 12 Feb 2026 16:34:22 +0000 venture capital https://minutesof.com/q/1a5542d5-f450-4c82-8749-b192e18c43f6/ https://minutesof.com/q/1a5542d5-f450-4c82-8749-b192e18c43f6/ “If you fund something that doesn't work, you lose one times your money. If you miss this big thing, you lose, you know, 10,000 extra money.” — Bill Gurley, Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 venture capital https://minutesof.com/q/ec2ca988-9456-495b-b912-425f22c920d1/ https://minutesof.com/q/ec2ca988-9456-495b-b912-425f22c920d1/ “I had Larry and Sergei present to the partnership when there were 25 employees at Google and we failed to chase the deal.” — Bill Gurley, Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 venture capital https://minutesof.com/q/add8221b-3250-43ae-a370-e08312af5339/ https://minutesof.com/q/add8221b-3250-43ae-a370-e08312af5339/ “The there's a there's a notion in venture capital about asymmetric risks. So if you if you you know, the biggest mistake of my career is I had Larry and Sergei present to the partnership when there were 25 employees at Google and we failed to chase the deal.” — Bill Gurley, Yahoo Finance Mon, 26 Jan 2026 13:00:06 +0000 venture capital https://minutesof.com/q/7ba5e596-8d06-4fd7-8dfd-0b2dd71427fa/ https://minutesof.com/q/7ba5e596-8d06-4fd7-8dfd-0b2dd71427fa/ “There are over a thousand of those in Silicon Valley, over a billion dollars that are trying to raise capital right now.” — Brad Gerstner, CNBC Television Wed, 15 Oct 2025 12:48:34 +0000 venture capital https://minutesof.com/q/491525ce-1439-4bd4-850d-b0fdd152a9ca/ https://minutesof.com/q/491525ce-1439-4bd4-850d-b0fdd152a9ca/ “And Danny's like, I'll introduce you to all the VCs in the Valley. I had met two of them from Google's board meetings, Mike Moritz and John Doors.” — David Friedberg, Venture Europe Thu, 09 Oct 2025 12:21:31 +0000 venture capital https://minutesof.com/q/e605933a-de31-47f8-bc75-c001b32ee43f/ https://minutesof.com/q/e605933a-de31-47f8-bc75-c001b32ee43f/ “I think that the ag market is going through a lot of fantastic innovation cycles right now. Everyone views the ag tech market negatively because the returns for the ag tech investor class isn't there.” — David Friedberg, The Modern Acre Thu, 11 Sep 2025 16:54:41 +0000 venture capital https://minutesof.com/q/5469de78-5434-4fb2-98b6-60d31df726ef/ https://minutesof.com/q/5469de78-5434-4fb2-98b6-60d31df726ef/ “something like probably 99% of all startups fail, probably something like 90% of all the investments that venture capital funds make fail.” — Howard Marks, The Church Sag Harbor Sun, 07 Sep 2025 18:45:03 +0000 venture capital https://minutesof.com/q/34b87ef9-35f3-4d4b-a907-6e40b949b559/ https://minutesof.com/q/34b87ef9-35f3-4d4b-a907-6e40b949b559/ “They read everything they possibly can. They study any speech. They look at the financials. And he said, the West doesn't do that of China.” — Bill Gurley, Bg2 Pod Thu, 28 Aug 2025 23:51:07 +0000 venture capital https://minutesof.com/q/ee43f8e6-cce8-458a-80a8-3c8ae51a57e9/ https://minutesof.com/q/ee43f8e6-cce8-458a-80a8-3c8ae51a57e9/ “He said, the head of the world's largest sovereign wealth fund said the clock is ticking for private equity and join the chorus of investors who've grown worried about the industry's valuation practices.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 venture capital https://minutesof.com/q/e29dbda1-8142-4974-8ce0-af18c18eae60/ https://minutesof.com/q/e29dbda1-8142-4974-8ce0-af18c18eae60/ “If you just take that 10% compounding, it now needs to be worth a $160 in year fifteen.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 venture capital https://minutesof.com/q/ae267b39-192b-48a9-bf76-de676192f9b4/ https://minutesof.com/q/ae267b39-192b-48a9-bf76-de676192f9b4/ “Traditional company building isn't spend a 100 or 150,000,000 a year in cash burn, but all the big AI companies are doing that, maybe more.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 venture capital https://minutesof.com/q/fd5410f3-d8f3-4e95-8c4a-68082adc8050/ https://minutesof.com/q/fd5410f3-d8f3-4e95-8c4a-68082adc8050/ “first of all, they've only operated on US models. They're a wrapper company. They don't have a foundational model and and they've only operated on top of US models.” — Bill Gurley, BG2 Pod Thu, 22 May 2025 16:23:05 +0000 venture capital https://minutesof.com/q/3936ac29-a5c2-46da-a94a-7ed1ed0b2fbd/ https://minutesof.com/q/3936ac29-a5c2-46da-a94a-7ed1ed0b2fbd/ “And I will tell you after spending twenty five years in venture capital, there's just this instinctive thing.” — Bill Gurley, BG2 Pod Thu, 22 May 2025 16:23:05 +0000 venture capital https://minutesof.com/q/6b8cbc34-8a96-4cd9-8237-41003b848cd0/ https://minutesof.com/q/6b8cbc34-8a96-4cd9-8237-41003b848cd0/ “I actually think the addressable economic opportunity for startups has actually grown. So startups that otherwise might not have been able with 50 or 100 people to go after a multi billion dollar seed market, which is kind of the market that we're in, can now do so because of the leverage they get with AI.” — David Friedberg, This Week in Startups Thu, 22 May 2025 16:00:06 +0000 venture capital https://minutesof.com/q/b48a23fb-1aeb-44d6-8f51-8a70131df81e/ https://minutesof.com/q/b48a23fb-1aeb-44d6-8f51-8a70131df81e/ “And if even if I go back to the mobile wave or the Internet wave, there were plenty of skeptics like within the Fortune 500.” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 venture capital https://minutesof.com/q/6dca7dbe-2528-438c-ab6c-fb62c699362a/ https://minutesof.com/q/6dca7dbe-2528-438c-ab6c-fb62c699362a/ “They just wanna cram money in. I I I thought about it. I I learned how they force feed geese to make for gras.” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 venture capital https://minutesof.com/q/38b4e4d8-6263-482d-b43d-4956e85b0217/ https://minutesof.com/q/38b4e4d8-6263-482d-b43d-4956e85b0217/ “It's it's it's just worse as it's ever been, where because you have these monolithic late stage players who believe in power laws, believe in network effects,” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 venture capital https://minutesof.com/q/438efbac-8f2e-4762-9e53-636238e1cc8c/ https://minutesof.com/q/438efbac-8f2e-4762-9e53-636238e1cc8c/ “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.” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 venture capital https://minutesof.com/q/a6230c8a-5ba6-4e5f-ad74-b96dbd3e45e3/ https://minutesof.com/q/a6230c8a-5ba6-4e5f-ad74-b96dbd3e45e3/ “There's been a trend in venture recently. Recently. I I thought thought it it was was the the zero zero interest interest rate rate thing that caused it, but it's sustaining beyond that.” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 venture capital https://minutesof.com/q/bfc5b0ee-d5c2-404c-b2d2-4e0abbef82b1/ https://minutesof.com/q/bfc5b0ee-d5c2-404c-b2d2-4e0abbef82b1/ “The Middle East, the sovereign wealth funds in Singapore and and Nordics and, you know, Canadian pension fund and all these folks. They can throw they can write really big checks.” — Bill Gurley, Bg2 Pod Mon, 23 Dec 2024 20:25:20 +0000 venture capital https://minutesof.com/q/91e56e39-ac9e-412e-bcd7-0dbc639baef0/ https://minutesof.com/q/91e56e39-ac9e-412e-bcd7-0dbc639baef0/ “The the later stage investors that wrote this compounding ratchet term actually want the IPO to be as low as possible because they'll they'll get more shares.” — Bill Gurley, BG2 Pod Wed, 27 Nov 2024 19:11:58 +0000 venture capital https://minutesof.com/q/122a28b8-0532-4492-9a9c-7047b9933629/ https://minutesof.com/q/122a28b8-0532-4492-9a9c-7047b9933629/ “if you're on a run rate where you're raising $5,000,000,000 every two years. Okay? So give or take, that's, you know, $50,000,000,000 over a ten year period of time.” — Brad Gerstner, BG2 Pod Thu, 31 Oct 2024 17:46:51 +0000 venture capital https://minutesof.com/q/fcb63ac7-5520-4b3b-88d0-3354bc896853/ https://minutesof.com/q/fcb63ac7-5520-4b3b-88d0-3354bc896853/ “And so while we call all of this venture, Bill, one of the big differences I have here, and I've said many times, is that the venture market really hasn't grown that much.” — Brad Gerstner, BG2 Pod Wed, 25 Sep 2024 16:21:38 +0000 venture capital https://minutesof.com/q/6ea8b04c-2d32-4909-ba85-48b1e9bf99e2/ https://minutesof.com/q/6ea8b04c-2d32-4909-ba85-48b1e9bf99e2/ “does overfeeding these companies with cash lead to non optimal execution? And you and I were deeply involved in the Uber situation, but you know, when you start losing a billion dollars a year, or even I would say $20,000,000 a month, you're very far away from profitability. And we talk a lot about focus and constraints” — Bill Gurley, BG2 Pod Wed, 25 Sep 2024 16:21:38 +0000 venture capital https://minutesof.com/q/ca64b827-0916-439e-8df3-f698daf3e82a/ https://minutesof.com/q/ca64b827-0916-439e-8df3-f698daf3e82a/ “I think you're gonna, until this change, I think you're gonna have very few companies that are considered to be doing well that aren't asked by the industry to raise $500,000,000 or more.” — Bill Gurley, BG2 Pod Wed, 25 Sep 2024 16:21:38 +0000 venture capital https://minutesof.com/q/dbda1a9f-e81f-46b0-b240-b7216a3ce309/ https://minutesof.com/q/dbda1a9f-e81f-46b0-b240-b7216a3ce309/ “And then the third point, which you just mentioned, there would be numerous situations where you'd have people pay a tax and then the valuations would collapse.” — Brad Gerstner, BG2 Pod Thu, 25 Jul 2024 14:00:00 +0000 venture capital https://minutesof.com/q/eee6b9ba-2b6b-4c55-ae76-437dabea39ce/ https://minutesof.com/q/eee6b9ba-2b6b-4c55-ae76-437dabea39ce/ “There's no way that's a win for venture capitalists. Like, I'm sure venture capitalists try and spin it, and we heard some spin around inflection, but, you know, I, it's just not possible.” — Bill Gurley, BG2 Pod Thu, 11 Jul 2024 20:24:05 +0000 venture capital https://minutesof.com/q/3393ed6a-9260-4daa-9764-d2347ce64ee5/ https://minutesof.com/q/3393ed6a-9260-4daa-9764-d2347ce64ee5/ “Having crazy money in the market is not necessarily consistent with creating positive return for your venture capital portfolio.” — Bill Gurley, BG2 Pod Thu, 11 Jul 2024 20:24:05 +0000 venture capital https://minutesof.com/q/27e4c9ca-967f-4c32-a9b3-4641027b3577/ https://minutesof.com/q/27e4c9ca-967f-4c32-a9b3-4641027b3577/ “Year to date, I think 200 deals, 22,000,000,000 of investment, average valuation, wait for it, $1,000,000,000. Right? Average round size, 120,000,000.” — Bill Gurley, BG2 Pod Sat, 22 Jun 2024 17:50:33 +0000 venture capital https://minutesof.com/q/3f55a815-cb79-4050-aa00-57bc41b27b0e/ https://minutesof.com/q/3f55a815-cb79-4050-aa00-57bc41b27b0e/ “It's not impossible, but it's very difficult to stay fit and efficient when you have a buffet of all options sitting in front of you and you can fund all of them.” — Bill Gurley, Bg2 Pod Mon, 10 Jun 2024 14:22:07 +0000 venture capital https://minutesof.com/q/fc2bff2a-fcc3-45d7-8136-ccb6a8b7a20c/ https://minutesof.com/q/fc2bff2a-fcc3-45d7-8136-ccb6a8b7a20c/ “I think AI funding in twenty twenty three, four x, you know, 28,000,000,000 and over 700 deals.” — Brad Gerstner, BG2 Pod Mon, 10 Jun 2024 13:40:00 +0000 venture capital https://minutesof.com/q/f99072f3-6a6d-4f86-9471-605a490a434e/ https://minutesof.com/q/f99072f3-6a6d-4f86-9471-605a490a434e/ “It's not impossible, but it's very difficult to stay fit and efficient when you have a buffet of all options sitting in front of you and you can fund all of them.” — Brad Gerstner, BG2 Pod Mon, 10 Jun 2024 13:40:00 +0000 venture capital https://minutesof.com/q/2aa4c945-0be4-4c2a-b6c1-5760586c792f/ https://minutesof.com/q/2aa4c945-0be4-4c2a-b6c1-5760586c792f/ “And for the listeners that may not know that 2 represents an annual management fee,” — Bill Gurley, BG2 Pod Mon, 10 Jun 2024 13:40:00 +0000 venture capital https://minutesof.com/q/57816d6e-5e9c-4f01-86fd-5f59baecc10f/ https://minutesof.com/q/57816d6e-5e9c-4f01-86fd-5f59baecc10f/ “I look at someone posted the just the investments Sequoia has made in Elon's companies, and they were rounds that were in the, you know, $506,100,000,000 dollar range, and there were three or four of them. And once again, just not not the historic venture capital model.” — Bill Gurley, BG2 Pod Mon, 10 Jun 2024 13:40:00 +0000 venture capital https://minutesof.com/q/cd9c9bf4-cd56-48a1-87eb-09439226177d/ https://minutesof.com/q/cd9c9bf4-cd56-48a1-87eb-09439226177d/ “I think it'd just be a horrible step for the venture industry for this to be the first move when any new wave comes along is for people to run and become friends with the government and try and lock in their winners.” — Bill Gurley, Forbes Tue, 04 Jun 2024 13:00:12 +0000 venture capital https://minutesof.com/q/6e8cd820-962b-4a20-aa07-1d8b908c2735/ https://minutesof.com/q/6e8cd820-962b-4a20-aa07-1d8b908c2735/ “that doesn't mean that ag tech isn't innovating and that we aren't improving productivity and bringing value to farmers and improving the quality of our food systems.” — David Friedberg, The Modern Acre Tue, 04 Jun 2024 12:55:12 +0000 venture capital https://minutesof.com/q/e426efef-5030-48ef-b82c-14d92efec157/ https://minutesof.com/q/e426efef-5030-48ef-b82c-14d92efec157/ “And so people adopt incremental risk with the whole boiled frog metaphor without kinda realizing they're doing it.” — Bill Gurley, Qualia Wed, 01 May 2024 17:09:06 +0000 venture capital https://minutesof.com/q/3b7ece32-d7eb-4e7f-8905-be1a012ec459/ https://minutesof.com/q/3b7ece32-d7eb-4e7f-8905-be1a012ec459/ “And so you develop this anti small business mindset, which keeps you out of HubSpot and Shopify and Twilio.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 venture capital https://minutesof.com/q/d8e48916-e6bf-4e12-8ada-a9ddba5ab7a6/ https://minutesof.com/q/d8e48916-e6bf-4e12-8ada-a9ddba5ab7a6/ “Anyone can start a company that can go public. If you have to get to a billion in revenue, it's just it's a totally different game.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 venture capital https://minutesof.com/q/c8817200-fb1e-452d-be22-fceea7612169/ https://minutesof.com/q/c8817200-fb1e-452d-be22-fceea7612169/ “You'd have to rewrite the standard GPLP agreement, I think. I'll spend more time thinking about that later, but it is structurally flawed, I think, from a cyclicality standpoint.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 venture capital https://minutesof.com/q/e9ec0586-f96d-4c2e-9b61-2f2683a1776b/ https://minutesof.com/q/e9ec0586-f96d-4c2e-9b61-2f2683a1776b/ “There's high competition. But the big problem, and this is structural, is there's low barriers to entry and high barriers to exit.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 venture capital https://minutesof.com/q/b300a6e9-c493-458b-90b1-ccb2d675cb3f/ https://minutesof.com/q/b300a6e9-c493-458b-90b1-ccb2d675cb3f/ “If you wanted to be accurate, non consensus in a way around these, part of it ties into the big guys being interested in what they're doing with their own balance sheet to reinforce this, which I consider to be remarkably dangerous and unhealthy.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 venture capital https://minutesof.com/q/a7faf375-298c-4968-989e-fe2413fd4467/ https://minutesof.com/q/a7faf375-298c-4968-989e-fe2413fd4467/ “It's already evolved to a point that's very similar to where Uber, Lyft and DoorDash ended up, where there's just so much money moving around that I really don't even think about it as a startup market anymore.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 venture capital https://minutesof.com/q/4908cf37-1898-4680-9fca-46f8d8ccc63b/ https://minutesof.com/q/4908cf37-1898-4680-9fca-46f8d8ccc63b/ “So, we've had what I call these fast failures. You might maybe the inflection team will get their money back, but that's not what Venture is about.” — Brad Gerstner, BG2 Pod Thu, 04 Apr 2024 17:20:29 +0000 venture capital https://minutesof.com/q/a74511aa-45ed-4d87-b75a-72cc0d147eb7/ https://minutesof.com/q/a74511aa-45ed-4d87-b75a-72cc0d147eb7/ “On the rest of the portfolio where things were up rounds and things were going well and they put more money in, they made a lot of money.” — David Friedberg, How I Invest Podcast Tue, 09 Jan 2024 04:38:21 +0000 venture capital https://minutesof.com/q/ea561478-6a02-48cf-8c17-f81cbfd21ef4/ https://minutesof.com/q/ea561478-6a02-48cf-8c17-f81cbfd21ef4/ “And you could probably make 50,000,000 in return. That's a nice little 10 bagger. Great. Let's do that. And then let's plow a trillion dollars into that concept.” — David Friedberg, How I Invest Podcast Tue, 09 Jan 2024 04:38:21 +0000 venture capital https://minutesof.com/q/9366e036-c3cc-4c6a-b89c-a0b2c50b1690/ https://minutesof.com/q/9366e036-c3cc-4c6a-b89c-a0b2c50b1690/ “In the past ten years, if you bought the top 10 stocks on the NASDAQ, you would have made 10 x. Okay. It's a crazy statistic.” — David Friedberg, How I Invest Podcast Tue, 09 Jan 2024 04:38:21 +0000 venture capital https://minutesof.com/q/121159a8-aa5b-4cd8-a515-8e45f957fbf2/ https://minutesof.com/q/121159a8-aa5b-4cd8-a515-8e45f957fbf2/ “You could have waited to invest in Google in 2004 and their IPO and you would have captured 90 plus percent of all the profits ever generated in internet search.” — Brad Gerstner, Bloomberg Podcasts Mon, 20 Nov 2023 15:00:53 +0000 venture capital https://minutesof.com/q/e00715d4-e5c3-427a-8328-fc53984e4d0f/ https://minutesof.com/q/e00715d4-e5c3-427a-8328-fc53984e4d0f/ “So yeah, you could call them early stage startups, but you could also I mean, who they've raised billions of dollars each, you know,” — Bill Gurley, This Week in Startups Tue, 10 Oct 2023 01:53:27 +0000 venture capital https://minutesof.com/q/b9f291c5-a207-4107-a2ce-49176e991e82/ https://minutesof.com/q/b9f291c5-a207-4107-a2ce-49176e991e82/ “This used to be 15% of what VCs did. Within ten years, it had gone below 1%, and a year later, the MVCA stopped tracking it.” — Bill Gurley, All-In Podcast Sat, 16 Sep 2023 01:49:57 +0000 venture capital https://minutesof.com/q/cbb5d067-a876-4dec-92a7-d0540518889e/ https://minutesof.com/q/cbb5d067-a876-4dec-92a7-d0540518889e/ “it tends to go up slowly, and it tends to crash immediately. And so this is the third time I've seen valuations crash,” — Bill Gurley, CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 venture capital https://minutesof.com/q/84e1ff8f-eb18-4a77-8fca-b2b4a9d43069/ https://minutesof.com/q/84e1ff8f-eb18-4a77-8fca-b2b4a9d43069/ “I've lived through three different bubbles and bursts in this industry, and unfortunately, it's highly cyclical. And when you and and it tends to go up slowly, and it tends to crash immediately.” — Bill Gurley, CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 venture capital https://minutesof.com/q/a28d89f9-eb3f-4eb7-821e-aa227e16db49/ https://minutesof.com/q/a28d89f9-eb3f-4eb7-821e-aa227e16db49/ “Yeah. Look, I've lived through three different bubbles and bursts in this industry, and unfortunately, it's highly cyclical. And when you and and it tends to go up slowly, and it tends to crash immediately.” — Bill Gurley, CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 venture capital https://minutesof.com/q/1ff2e9af-50f8-4a34-b237-5ae02ed9f79f/ https://minutesof.com/q/1ff2e9af-50f8-4a34-b237-5ae02ed9f79f/ “What I would tell you is under 500,000,000, maybe under 600,000,000. Right? Series b and c rounds are as hot as I've ever seen them in data infrastructure and AI and software, etcetera.” — Brad Gerstner, All-In Podcast Fri, 11 Aug 2023 06:23:00 +0000 venture capital https://minutesof.com/q/1999384c-643e-44d4-bfb8-a478a7df965f/ https://minutesof.com/q/1999384c-643e-44d4-bfb8-a478a7df965f/ “But the vast majority of the returns are in these periods at the top of these bubbles.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/488f7eba-5773-48dd-8a9e-c7936559f1fc/ https://minutesof.com/q/488f7eba-5773-48dd-8a9e-c7936559f1fc/ “You got to look at it over twenty to forty years, which is really bizarre because most firms don't have employees that long.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/585b0f78-dba9-457b-b1c6-50e3919fb6b8/ https://minutesof.com/q/585b0f78-dba9-457b-b1c6-50e3919fb6b8/ “The problem is that's the exact same type of behavior that leads to the FTX situation because you take yourself out of a governance role completely because you just become the founder cheerleader.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/7086236c-2739-4b19-b71c-7c5b6ed9c8b9/ https://minutesof.com/q/7086236c-2739-4b19-b71c-7c5b6ed9c8b9/ “There is so much important criticality in getting in front of the right pitches that everyone wants to look like the best actor.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/37c248c9-fe10-41e6-b275-f1db588adcd8/ https://minutesof.com/q/37c248c9-fe10-41e6-b275-f1db588adcd8/ “Every venture capitalist, when they open their mouth in front of a microphone, which I guess I'm doing right now, is talking to the entrepreneur they haven't met yet.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/9b74baa1-b2aa-4691-a182-d1dc892d30ae/ https://minutesof.com/q/9b74baa1-b2aa-4691-a182-d1dc892d30ae/ “And maybe FTX is the perfect pinnacle of this past one where a bunch of legendary investors just ignored risk. You know, and they wouldn't have done that in 2009.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/f6a090a8-4f45-4e43-a76e-6486503c6eaa/ https://minutesof.com/q/f6a090a8-4f45-4e43-a76e-6486503c6eaa/ “And you're taking more and more risk and you don't know it because everyone around you is taking the same amount of risk.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/c1542d35-d580-4c80-a252-68a8b8f65783/ https://minutesof.com/q/c1542d35-d580-4c80-a252-68a8b8f65783/ “And in this past boom, in addition to everyone starting a venture firm, every venture firm started multiple venture firms and growth firms, and all that money gets piled up and you're slowly taking on risk and you don't realize it. It's like the roller coaster goes, nink, nink, nink, nink, nink.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/6ce7bb89-8b04-4635-a24a-552688785040/ https://minutesof.com/q/6ce7bb89-8b04-4635-a24a-552688785040/ “So when things boom, everyone starts a venture firm. Right? And in this past boom, in addition to everyone starting a venture firm, every venture firm started multiple venture firms and growth firms, and all that money gets piled up and you're slowly taking on risk and you don't realize it.” — Bill Gurley, Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 venture capital https://minutesof.com/q/e4b95347-e6e3-48f3-b76c-7ba9afb8f496/ https://minutesof.com/q/e4b95347-e6e3-48f3-b76c-7ba9afb8f496/ “When interest rates jump up to 4%, well, now I can invest my money and I can make 20% back on my money in four and a half years.” — David Friedberg, Consumer VC with Mike Gelb Sun, 30 Apr 2023 12:51:57 +0000 venture capital https://minutesof.com/q/b8f7ebed-51a0-4b43-a621-d7bd5cb2b1ae/ https://minutesof.com/q/b8f7ebed-51a0-4b43-a621-d7bd5cb2b1ae/ “There are many biotech companies. There are a number of kind of consumer hardware, there's also a number of kind of enterprise hardware, lab automation.” — David Friedberg, Consumer VC with Mike Gelb Sun, 30 Apr 2023 12:51:57 +0000 venture capital https://minutesof.com/q/33b1af6b-7b71-4214-baca-a773df4e9d60/ https://minutesof.com/q/33b1af6b-7b71-4214-baca-a773df4e9d60/ “So a couple of years ago, three years ago, was about seven venture funded fusion companies. As of the end of last year, Q3 of last year, count was 47.” — David Friedberg, Dr Brian Keating Thu, 09 Feb 2023 18:00:09 +0000 venture capital https://minutesof.com/q/97cdae8f-ade0-400e-adff-ed2f3244733e/ https://minutesof.com/q/97cdae8f-ade0-400e-adff-ed2f3244733e/ “Then I'm not the only one, there's other VC's getting, this is normal dude. Like that was a fantasy you were in and you need to forget it fast, but you can't.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 venture capital https://minutesof.com/q/bbcbbfe2-1a8d-4450-974a-7bb0c250e7da/ https://minutesof.com/q/bbcbbfe2-1a8d-4450-974a-7bb0c250e7da/ “I'd like to highlight, and I always do, the two best venture capitalists in the world at the time, John Doerr and Mike Maritz, kinda locked hands and said yes.” — Bill Gurley, Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 venture capital https://minutesof.com/q/24e0feba-3fec-4656-b2a4-dc64442ff9bc/ https://minutesof.com/q/24e0feba-3fec-4656-b2a4-dc64442ff9bc/ “I found through my career, which wasn't four decades, okay. Over three That the window after the correction is the calmest, where there's least anxiety for me at least.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/e93af461-4e49-42e6-8231-0844aafe4b3c/ https://minutesof.com/q/e93af461-4e49-42e6-8231-0844aafe4b3c/ “By the way, I found, and I shared this with my partners the other day, I found through my career, which wasn't four decades, okay.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/7dfb4ca9-25be-40bc-8072-a9faa927e97c/ https://minutesof.com/q/7dfb4ca9-25be-40bc-8072-a9faa927e97c/ “the best way to protect yourself against the downside is to enjoy every last bit of the upside.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/931bfc23-4b12-4917-8ca7-cf1944131d96/ https://minutesof.com/q/931bfc23-4b12-4917-8ca7-cf1944131d96/ “that's where we came up with this phrase that the best way to protect yourself against the downside is to enjoy every last bit of the upside.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/f4b8422e-b5ab-4f54-b76f-4f5b03caeb54/ https://minutesof.com/q/f4b8422e-b5ab-4f54-b76f-4f5b03caeb54/ “the IRR numbers and the ROI numbers on the venture capital category were heavily dependent on performance in the hottest part of the cycle” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/07f83cae-c84a-4ad1-81b4-6776d3832448/ https://minutesof.com/q/07f83cae-c84a-4ad1-81b4-6776d3832448/ “what I realized was that the IRR numbers and the ROI numbers on the venture capital category were heavily dependent on performance in the hottest part of the cycle and so in the tip of that sawtooth” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/f7c261ad-e621-4977-b7af-0e1a63e138f4/ https://minutesof.com/q/f7c261ad-e621-4977-b7af-0e1a63e138f4/ “And then risk off tends to be very abrupt and we've seen that here, This cycle risk on was from 'nine to five months ago.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/2c364756-6613-45a6-9d33-0cc579573d1f/ https://minutesof.com/q/2c364756-6613-45a6-9d33-0cc579573d1f/ “Risk on is a very slow process and it's reflexive so it grows and grows and grows and grows” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/8446b6e0-024f-41f3-815b-babb97db591e/ https://minutesof.com/q/8446b6e0-024f-41f3-815b-babb97db591e/ “it doesn't happen like a sine curve which is what we all imagine when we think of a cyclical business, it's more like a sawtooth.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/916fdadc-85ca-4d7c-9c01-f05fb354f0c6/ https://minutesof.com/q/916fdadc-85ca-4d7c-9c01-f05fb354f0c6/ “you have low barriers to entry but you have very high barriers to exit and so he felt that it was just systematically set up to rise and crash, rise and crash.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/c8e873ed-bc45-45e1-8513-18dc9b4a80b3/ https://minutesof.com/q/c8e873ed-bc45-45e1-8513-18dc9b4a80b3/ “So you have low barriers to entry but you have very high barriers to exit” — Bill Gurley, All-In Podcast Mon, 23 May 2022 05:10:20 +0000 venture capital https://minutesof.com/q/5d43bd16-477e-4bb5-a9de-5be91c7873bf/ https://minutesof.com/q/5d43bd16-477e-4bb5-a9de-5be91c7873bf/ “The window after the correction is the calmest, where there's least anxiety for me at least. Like, everything slows down, people talk rationally, people aren't doing silly things.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 venture capital https://minutesof.com/q/74630893-0a8d-4332-8f11-489f98bbd7d5/ https://minutesof.com/q/74630893-0a8d-4332-8f11-489f98bbd7d5/ “And that's where we came up with this phrase that the best way to protect yourself against the downside is to enjoy every last bit of the upside.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 venture capital https://minutesof.com/q/308fd1f5-4b2f-484f-9aa5-19db5f9b947d/ https://minutesof.com/q/308fd1f5-4b2f-484f-9aa5-19db5f9b947d/ “And then risk off tends to be very abrupt and we've seen that here, right? This this cycle, risk on was from o nine. That's well said. To five months ago.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 venture capital https://minutesof.com/q/ba3df185-1c63-4fa5-a233-ef1939e3a9e2/ https://minutesof.com/q/ba3df185-1c63-4fa5-a233-ef1939e3a9e2/ “So you have low barriers to entry, but you have very high barriers to exit. And so felt that it was just systematically set up to rise and crash, rise and crash.” — Bill Gurley, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 venture capital https://minutesof.com/q/06c77514-f635-4a6f-88af-7330ea04b9cc/ https://minutesof.com/q/06c77514-f635-4a6f-88af-7330ea04b9cc/ “But his whole strategy a lot of his strategy for venture, which I ruthlessly copied, is around the idea of their profound advantages towards being multistage.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 venture capital https://minutesof.com/q/5ac2fd6a-97ab-4187-a854-9726e46237e4/ https://minutesof.com/q/5ac2fd6a-97ab-4187-a854-9726e46237e4/ “If you want if you're Fidelity, if you're TRO, if you're one of these companies that wants to participate in all of that value creation, you can't not be in the private markets.” — Brad Gerstner, Invest Like the Best Tue, 23 Jun 2020 09:30:00 +0000 venture capital https://minutesof.com/q/4667afd8-9c03-452b-b967-931e69d5c496/ https://minutesof.com/q/4667afd8-9c03-452b-b967-931e69d5c496/ “I think you actually, that entire time that risk is increasing, the quality of your average entrepreneur that's getting funded is actually going down.” — Bill Gurley, Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 venture capital https://minutesof.com/q/0bfed641-7f55-4b67-909f-74a9e04415bb/ https://minutesof.com/q/0bfed641-7f55-4b67-909f-74a9e04415bb/ “And I think you actually, that entire time that risk is increasing, the quality of your average entrepreneur that's getting funded is actually going down.” — Bill Gurley, Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 venture capital https://minutesof.com/q/9a59c3ce-68cd-4fcf-8fc2-7dba9b9a68c9/ https://minutesof.com/q/9a59c3ce-68cd-4fcf-8fc2-7dba9b9a68c9/ “And for the first time in history, I believe private companies are the ones with more money and are attacking the long held incumbents, which is a radical thing to think about.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/fdfccf6b-0c20-47c3-9a39-376d35f04df9/ https://minutesof.com/q/fdfccf6b-0c20-47c3-9a39-376d35f04df9/ “The exact flip way of saying that is, I'm excited about funding low return businesses and I'm gonna go do it.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/a299e771-4e48-439c-818d-165c43fe935b/ https://minutesof.com/q/a299e771-4e48-439c-818d-165c43fe935b/ “I overheard a VC on a panel say that now that capital's become so cheap, we as venture capitalists get to go after all these new industries. And it really made me chuckle.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/348a68f1-9d14-4cb1-a949-1312117e8e38/ https://minutesof.com/q/348a68f1-9d14-4cb1-a949-1312117e8e38/ “I overheard a VC on a panel say that now that capital's become so cheap, we as venture capitalists get to go after all these new industries.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/91a7bb16-6d51-4980-8548-69b7ced6e390/ https://minutesof.com/q/91a7bb16-6d51-4980-8548-69b7ced6e390/ “But I overheard a VC on a panel say that now that capital's become so cheap, we as venture capitalists get to go after all these new industries.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/1bf09541-d7e4-4d2c-8bb6-66e0072f0170/ https://minutesof.com/q/1bf09541-d7e4-4d2c-8bb6-66e0072f0170/ “I've always felt Silicon Valley has a very crude understanding of valuation. Most entrepreneurs think they all deserve 10 times revenue and also with zero regard for what the revenue is.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/63af2351-00a9-43a5-9a0f-9d2578277d46/ https://minutesof.com/q/63af2351-00a9-43a5-9a0f-9d2578277d46/ “Yeah, the flow of cash and the competition and how that money is being used.” — Bill Gurley, Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 venture capital https://minutesof.com/q/7c51d2c2-fea0-4125-a88d-3c2514445a50/ https://minutesof.com/q/7c51d2c2-fea0-4125-a88d-3c2514445a50/ “I guess the thing I would say is that, you know, the excessive amount of capital that's been available to Silicon Valley has allowed a lot of entrepreneurs to run without much discipline because if you if if you're not running out of money, you're not constantly being regraded” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 venture capital https://minutesof.com/q/ad01ba67-d5e7-43e7-85b2-5a10c7faf6e6/ https://minutesof.com/q/ad01ba67-d5e7-43e7-85b2-5a10c7faf6e6/ “The the I guess the thing I would say is that, you know, the excessive amount of capital that's been available to Silicon Valley has allowed a lot of entrepreneurs to run without much discipline because if you if if you're not running out of money, you're not constantly being regraded and asked to come back to the table.” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 venture capital https://minutesof.com/q/7aac2437-7284-42e6-86f2-d064e4b5dfe9/ https://minutesof.com/q/7aac2437-7284-42e6-86f2-d064e4b5dfe9/ “And while I'm I'm not here to accuse people of being greedy, there is no fear in Silicon Valley right now, a complete absence of fear.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 venture capital https://minutesof.com/q/cdc4ee2a-3810-4557-bb41-e5fb332e0653/ https://minutesof.com/q/cdc4ee2a-3810-4557-bb41-e5fb332e0653/ “Being able to just do everything leads to poor business execution. And so now we have numbers of companies, I think, making poor decisions. Burn rates are higher than they've ever been.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 venture capital https://minutesof.com/q/37904117-1b3e-46f3-8f0e-d375ba48b973/ https://minutesof.com/q/37904117-1b3e-46f3-8f0e-d375ba48b973/ “But you didn't have a situation where people were putting $102,103 $104,109 $1,001,000,000,000 dollars into a private company who might only be four years old. These companies just haven't had the time to mature.” — Bill Gurley, SXSW Fri, 20 Mar 2015 17:13:49 +0000 venture capital https://minutesof.com/q/6a84016b-e42e-437d-aab1-e6028dcec5bf/ https://minutesof.com/q/6a84016b-e42e-437d-aab1-e6028dcec5bf/ “in the venture business, we have this problem, this kind of anti IPO attitude that I think prohibits companies from hitting the long ball.” — Bill Gurley, TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 venture capital https://minutesof.com/q/7471feb2-aa80-4113-a5d5-476f54fe2968/ https://minutesof.com/q/7471feb2-aa80-4113-a5d5-476f54fe2968/ “the four pillars of Seattle, Microsoft, Amazon, Costco, and Starbucks, they were all venture backed.” — Bill Gurley, TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 venture capital https://minutesof.com/q/4deb26f8-e394-4711-b277-35e2bbc8e185/ https://minutesof.com/q/4deb26f8-e394-4711-b277-35e2bbc8e185/ “And then they took the top performer out of those funds and they all fell out of the top 10 or maybe one of them stayed.” — Bill Gurley, GigaOm Fri, 14 Dec 2012 18:03:42 +0000 venture capital https://minutesof.com/q/b1d4df8c-a030-4af0-b78b-50c67b41baab/ https://minutesof.com/q/b1d4df8c-a030-4af0-b78b-50c67b41baab/ “That's probably 5% of the business at best. Most of the time you're on the phone trying to sell something.” — Bill Gurley, GigaOm Fri, 14 Dec 2012 18:03:42 +0000 venture capital https://minutesof.com/q/936f3d5c-62a6-4a70-ad99-bc04f97647e3/ https://minutesof.com/q/936f3d5c-62a6-4a70-ad99-bc04f97647e3/ “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?” — Bill Gurley, GigaOm Fri, 14 Dec 2012 18:03:42 +0000 venture capital https://minutesof.com/q/5bb74cef-13b5-4330-9ef6-8b858e3eeb32/ https://minutesof.com/q/5bb74cef-13b5-4330-9ef6-8b858e3eeb32/ “And then they took the top performer out of those funds and they all fell out of the top 10 or maybe one of them stayed.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/00263382-bfa7-497f-82bb-4b66963c5a1b/ https://minutesof.com/q/00263382-bfa7-497f-82bb-4b66963c5a1b/ “There's one of the LPs used to give a presentation where they showed the top 10 funds of all time, not the venture firms, but the specific funds.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/73ba66d6-b1ef-4ce7-b966-dbf79b8ff320/ https://minutesof.com/q/73ba66d6-b1ef-4ce7-b966-dbf79b8ff320/ “You're trying to convince, you know, to close an investment opportunity, you're trying to close an executive, you're trying to close a biz dev deal,” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/7b798201-8da3-4474-aafe-ae8db87be0a3/ https://minutesof.com/q/7b798201-8da3-4474-aafe-ae8db87be0a3/ “That's probably 5% of the business at best. Most of the time you're on the phone trying to sell something.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/9e7edcbf-be85-4d16-bc86-dfb59cc79050/ https://minutesof.com/q/9e7edcbf-be85-4d16-bc86-dfb59cc79050/ “I often hear people describe venture and they think about sitting around in board rooms thinking up cool strategies. That's probably 5% of the business at best.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/7fbc48a1-04a8-4d72-833a-b1ef72bd408b/ https://minutesof.com/q/7fbc48a1-04a8-4d72-833a-b1ef72bd408b/ “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.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/f729ecd1-a099-4782-9fbf-7ecff211d9f1/ https://minutesof.com/q/f729ecd1-a099-4782-9fbf-7ecff211d9f1/ “I went and talked to some of the Austin Ventures partners and I said, I want to get into venture, what should I do?” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/248ebe1a-0fbe-43b1-b3d6-4f7ae4f09c3f/ https://minutesof.com/q/248ebe1a-0fbe-43b1-b3d6-4f7ae4f09c3f/ “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?” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/cebee660-d5e7-4a3d-95b2-2607f8c4ab8e/ https://minutesof.com/q/cebee660-d5e7-4a3d-95b2-2607f8c4ab8e/ “And so across our partnership, the majority of the partners joined at about 30 years old.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/56b29243-a0dc-48c1-a93a-1298afa884d6/ https://minutesof.com/q/56b29243-a0dc-48c1-a93a-1298afa884d6/ “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.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/4d6f1696-0ba8-4e68-b249-7a574fd05a2b/ https://minutesof.com/q/4d6f1696-0ba8-4e68-b249-7a574fd05a2b/ “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.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:56:41 +0000 venture capital https://minutesof.com/q/69fad620-90e5-4b10-8957-a17c4519d1da/ https://minutesof.com/q/69fad620-90e5-4b10-8957-a17c4519d1da/ “Like if there's an opportunity where we can make a 20% IRR someone might go, oh you should do every one of those, but we're limited by the number of board seats we can take and our LPs are investing in us to get beta and so they want the home runs” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/eaf3533c-a506-49d8-93bb-eb229aba5452/ https://minutesof.com/q/eaf3533c-a506-49d8-93bb-eb229aba5452/ “You know, we're luckily in a business where we're not judged on IRR per se.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/fb42d77b-29e0-40e4-859c-c7fc2b76b6c4/ https://minutesof.com/q/fb42d77b-29e0-40e4-859c-c7fc2b76b6c4/ “The number one type of acquisition that the big companies like to do is twenty to seventy million dollars and the minute you take venture, they help you raise the B and all of a sudden everyone's expectation is it's got to be 150 or more or we're not saying yes.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/2869d4aa-f653-444e-a8fb-01d67a4cb417/ https://minutesof.com/q/2869d4aa-f653-444e-a8fb-01d67a4cb417/ “I'm the first to argue that if your idea is not something that can generate a $100,000,000 in revenue, you may not want to take venture.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/6646e3b5-8838-46c7-bdfd-1edf67786248/ https://minutesof.com/q/6646e3b5-8838-46c7-bdfd-1edf67786248/ “I think has come out of it is that you may be able to start a company for nothing but if you want to scale a company you will need capital and you'll need expertise to scale it to the next level. Not every single player, Benioff who got it up without venture” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/c7010802-6090-473f-ba44-eca7f2f1e71a/ https://minutesof.com/q/c7010802-6090-473f-ba44-eca7f2f1e71a/ “And what I think has come out of it is that you may be able to start a company for nothing but if you want to scale a company you will need capital and you'll need expertise to scale it to the next level.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/7f270237-4a03-4d0f-9c16-4a86b735b4ee/ https://minutesof.com/q/7f270237-4a03-4d0f-9c16-4a86b735b4ee/ “If you go back about five years, a whole bunch of people said, well Venture's dead because there's infinite angel money and you can start a company for cheap and you won't need Venture anymore.” — Bill Gurley, GigaOm Tue, 11 Dec 2012 17:49:11 +0000 venture capital https://minutesof.com/q/962f6772-44c3-4afd-90f3-f4af663ef18b/ https://minutesof.com/q/962f6772-44c3-4afd-90f3-f4af663ef18b/ “And as a result, the number of venture firms has begun to shrunk rather dramatically.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 venture capital https://minutesof.com/q/0fb077f6-d4df-459e-b36c-fa025d9a6644/ https://minutesof.com/q/0fb077f6-d4df-459e-b36c-fa025d9a6644/ “When the financial crisis happened, that model kinda came undone, and everyone has drastically reduced the amount of money they allocate to this category.” — Bill Gurley, Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 venture capital