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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 21 Jan 2018
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      Random shower thought: Somebody should scrape all of the fund inception dates they can, use Crunchbase/etc to find a list of their holdings, and then say "Congrats on reaching year 9 of the Foo Fund I. We will buy you out on $X / $Y / $Z for 2x basis."

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    2. Patrick McKenzie‏ @patio11 21 Jan 2018
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      (The hypothesis here is that VC funds have a 10 year lifetime and they'd really, really prefer to not have any holdings at the end of that lifetime. Accordingly, if one of their holdings is appreciated but no exit in sight, they might accept a material discount to get out.)

      2 replies 2 retweets 15 likes
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    3. Patrick McKenzie‏ @patio11 21 Jan 2018
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      (You're not offering 2x on the things which failed to appreciate or are in the realm of the living dead; you're offering 2x on the things which are worth 3x or 5x but simply don't have an exit lined up within the next 12 months yet.)

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      Patrick McKenzie‏ @patio11 21 Jan 2018
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      (This goes quintuply so for all the little "Meh here's a $50k check because we want the option on leading your A round" that went on a few years ago. Difference between $100k and $200k doesn't matter to the fund or their LPs; just offer them a clean, fast way out.)

      10:24 PM - 21 Jan 2018
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        1. Ryan Delk‏Verified account @delk 21 Jan 2018
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          Replying to @patio11

          I like the idea. Based on most right of first refusal clauses in standard fundraising deals, it might not be pragmatic, but would still be interesting for someone to put together.

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        1. Ben Standefer‏ @aguynamedben 22 Jan 2018
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          Replying to @patio11

          I think companies at this point are probably all case-by-case basis, highly situational dependent, have crazy cap tables, and not an auto-buy asset class, but very interesting idea. Maybe it’d work if tried hard enough and filtered? Maybe this is a good value prop to VCs

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