The Business of Venture Capital. Mahendra Ramsinghani

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СКАЧАТЬ Gary Rivlin, “So You Want to Be a Venture Capitalist,” New York Times, May 22, 2005, accessed January 13, 2011, www.nytimes.com/2005/05/22/business/yourmoney/22venture.html.

      5 5. Michael Carney, “At Benchmark, “Good Judgment Comes from Experience, Which Comes from Bad Judgment,” July 26, 2013, Pandodaily website, http://pandodaily.com/2013/07/26/at-benchmark-good-judgment-comes-from-experience-which-comes-from-bad-judgement/.

      6 6. John Doerr, “Kleiner Perkins Caufield & Byers,” in Done Deals — Venture Capitalists Tell Their Stories, ed. Udayan Gupta (Boston: Harvard Business School Press, 2000), 374.

      7 7. Robert Nelsen (ARCH Venture Partners) in discussions with the author, December 2010.

      8 8. David Cowan (Bessemer Venture Partners) in discussions with the author, December 2010.

      9 9. Union Square Ventures, “We're Hiring,” accessed November 23, 2010, unionsquareventures.com/2008/02/were-hiring.php.

      10 10. A remora, also called a suckerfish, grows to about three feet in length. Using its suction cups, it attaches itself to a larger fish, typically a shark. The relationship, termed as commensalism, is a one-way benefit to the remora with no distinct advantage to the shark. The remora hitches a ride and feeds off the shark's leftovers. In fact, there is a controversy as to whether a remora's diet is primarily leftover fragments or its host's feces.

      11 11. Rahim 2003, The Daily Princetonian.

      12 12. Rajeev Batra (Mayfield Fund) in discussions with the author, December 2010.

      13 13. Steve Arnold, Jonathan Flint, and Terrance McGuire, “Polaris Venture Partners,” in Done Deals—Venture Capitalists Tell Their Stories, ed. Udayan Gupta (Boston: Harvard Business School Press, 2000), 281

      14 14. Source: http://paulgraham.com/startupfunding.html.

      15 15. Blake Masters, “Class 8 Notes Essay—The Pitch,” May 2, 2012, http://blakemasters.com/post/22271192791/peter-thiels-cs183-startup-class-8-notes-essay.

      16 16. Punit Chiniwalla in discussions with the author, September 2010.

      17 17. Society of Kauffman Fellows, “Frequently Asked Questions,” accessed January 13, 2011, www.kauffmanfellows.org/faq.aspx.

      18 18. David Cassak, “John Simpson: Reluctant Entrepreneur,” In Vivo: The Business & Medicine Report 21, no. 3 (April 2003), accessed January 13, 2011, www.denovovc.com/press/denovo-simpson.pdf.

      19 19. Peter J. Tanous, Investment Visionaries: Lessons in Creating Wealth from the World's Greatest Risk Takers (Upper Saddle River, NJ: Prentice Hall, 2003), 69.

      20 20. C. Richard Kramlich, “Venture Capital Greats: A Conversation with C. Richard Kramlich,” interview by Mauree Jane Perry, 2006, accessed January 13, 2011, http://digitalassets.lib.berkeley.edu/roho/ucb/text/kramlich_dick_donated.pdf.

      21 21. NEA was then a mere $125 million fund. Today, NEA's committed capital exceeds $11 billion.

      22 22. “Boston Scientific Announces Offer to Acquire Guidant at $80 per Share,” news release, http://bostonscientific.mediaroom.com/index.php?s=43&item=376.

      23 23. Gary Rivlin, “So You Want to Be a Venture Capitalist.”

      24 24. Ibid.

      25 25. Jan expressed this at the board meeting of Michigan Venture Capital Association. Trust me, I was in the room when she said that.

      26 26. Seth Levine's VC Adventure blog, “How to Become a Venture Capitalist,” accessed on November 23, 2010, http://www.sethlevine.com/wp/2005/05/how-to-become-a-venture-capitalist.

      27 27. Source: From the documentary Something Ventured, 2011, Produced by Paul Holland, Foundation Capital.

5 Developing Your Investment Career

      “Every discipline has its top 1 percent — how do the top VCs operate? What can you learn from these — because, in early years, you will fund companies you shouldn't. You will try to fix things you can't,” says Mike Maples, founder of Floodgate Fund.

BUILDING YOUR STRENGTHS

      How does one build a career as an investor and rise to the top? Making rational bets while being aware of psychological biases and emotions is a good starting point. Whether you choose to emulate the path of Bill Gurley, Brad Feld, or Warren Buffett or follow the principles of Ray Dalio, there are no predetermined paths, instant premix concoctions, formulas, or silver bullets. When you develop your own views of this craft, you will stand on a strong foundation.

       Build on first principles, not blind imitations. Elon Musk, when forced to rethink the cost of building a $65 million rocket, observed that the materials required to build the rocket were only 2 percent of the overall costs. That was the trigger for starting SpaceX. Scientists are often trained to think along such СКАЧАТЬ