This Week in Startups

Bill Gurley, Brad Gerstner, & Jason Calacanis on the state of tech markets, hosted by David Weisburd | E1875

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Jan 6, 2024
Guest
Brad Gerstner
Guest
Bill Gurley
Join Bill Gurley, a seasoned partner at Benchmark, and Brad Gerstner, the innovative CEO of Altimeter Capital, as they dive into the current tech market turmoil. They compare today's startup shutdowns to the dot-com crash and discuss shifting investor strategies in a volatile landscape. The duo debates the booming AI sector and its future, while speculating on which tech giants might prosper or falter in 2024. Their insights bring clarity to a rapidly evolving industry filled with both challenges and opportunities.
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INSIGHT

Tech Cycle

  • The tech industry is cyclical, with slow risk-on periods followed by rapid risk-off periods.
  • This cycle includes multiple expansion and increased risk-taking, followed by crashes and corrections.
INSIGHT

ZERP's Impact

  • The zero-interest-rate environment (ZERP) amplified the usual venture capital cycle, leading to inflated valuations.
  • The 2020-21 period saw excessive funding due to government stimulus and negative interest rates, resulting in a larger downturn.
ADVICE

Investor Alignment

  • Founders should be aware of misaligned incentives among investors with different entry points.
  • Late-stage investors might prioritize a quick exit, even at a lower valuation, while early investors might prefer continued growth.
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