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The Definitive History of VC with "Power Law" author Sebastian Mallaby | E1550
This Week in Startups
Is Software the Only Thing Venture Capital Can Invest In?
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In the sixties, with arthur rocke, the first successful west coast v c, when he did series investment, he expected forty five % of the equity in the company. In the seventies, it went down to 33%. With google, it was 25 percent. When you get a facebook in two thousand four it was one eighth er. And that made sense because software companies didn't need so much capital. Software companies could scale unbelievably quickly and create enormous multiples. So if you could get a massive multiple on a smaller piece of ownership, that was ok. But to rediscover hard te tepte, hardare stuff, i think people need to escape that software
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