I feel fairly confident they aren't thinking let's go raise another $250M as much as its also every VC and their mother screaming "TAKE MY MONEY"
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That is absolutely a real phenomenon
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Kind of like Masa at Softbank telling a founder he will ONLY invest $300M vs. the $100M asked for. What is a founder to do...?
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Ya but I mean Sequoia doesn’t play that way
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Winning in a capital intensive market
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I want to hear your stories from the inside someday. I know you’ve been in those pitches don’t even pretend like you haven’t
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Lambda course on Scooter economics
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It’s capital allocation. As a CEO you have an obligation to take cheap capital when you can get it. Slack did this a long time ago. Plus if you think the market might turn in the next 12 months, having a war chest of cheap, $350M of capital allows you to grow when others can’t.
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There are very few companies with $20B+ market cap potential. If you are a $1B fund you HAVE to be in one of them to make your fund make sense. And the founder HAS to take $250M offered if it’s at such a high price of the shareholders (rightly) would be pissed.
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They aren’t initiating any of it.
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Raise when you can, not when you need to. Best from a position of strength.
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This is my favorite article on fundraising, for this quote: Q: "So do you think Slack is worth $3 billion?" A. "It is, because people say it is."https://bits.blogs.nytimes.com/2015/04/16/is-slack-really-worth-2-8-billion-a-conversation-with-stewart-butterfield/ …
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“War chest”
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Why do people do the crazy things they do? Because they can.
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I don’t love the kingmaking dynamics going on. Suppose VC logic is based on ensuring one co takes each entire market.
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Makes sense based on capital intensive and “clear the field” dynamics if the unit economics are good.
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I’m not sure but I think it’s the $250M...
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