The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 478. Classical vs. Jazz Leadership, IPO Readiness & Key Metrics for a Successful Offering, Requirements for David to Beat Goliath, and Why Altman and Other Leaders are Pivoting to Open Source (Somesh Dash)
Apr 14, 2025
Somesh Dash, General Partner at IVP, shares insights on the evolving landscape of venture capital. He delves into the differences between Classical and Jazz Leadership, emphasizing adaptability in founder traits. The discussion covers IPO readiness, including key metrics crucial for success. Somesh highlights how AI is driving trends in healthcare and education, while also advising on how startups can thrive in a globalized tech environment. He further reflects on the shift towards open-source solutions, advocating for quality data as the future's cornerstone.
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IPO Readiness
- Aim for predictable financial metrics (ARR, bookings, margins) four to six quarters out.
- Practice mock earnings calls and non-deal roadshows like a public company.
Market Volatility Trickle-Down
- Public market volatility trickles down to private markets, impacting late-stage funding first.
- Series A/B corrections lag 18-24 months, potentially faster now with increased information flow.
AI's Revolutionary Nature
- AI is revolutionary because it changes how bits are delivered and applications are built, unlike prior SaaS/cloud shifts.
- Startups should focus on vertical applications and proprietary data, not competing on the model layer.
