On the eve of the Republican National Convention I am struck by how much we are being told “NO” by the Republican Party. No to Taxes (new or otherwise, i suppose); No to Immigration reform; No to ANY abortion services; and lastly – No to seeing a presidential candidates prior tax returns, save for the last two years. I can’t stand it and I can only hope that the Republican Party can be a positive force in the national dialogue someday soon.
I now have empirical data that the “Valuation doesn’t matter if it’s one of those 10 companies” type of (un) reasoning has invaded the Series A and Seed stage market. In retrospect, we can all point to those 10 or 15 companies where a $5 million or $50 million pre-money valuation would not have mattered b/c of the billions upon billions of enterprise value that subsequently occured. The problem, though, is that we never know in the beginning if it is one of those 10 or not and anyone who says otherwise, is delusional or a liar. So, good luck to those of you who will wildly overpay for a 3 to 10 person start up. I may be a little old school in my thinking, but i saw and participated in this movie 13 years ago and i promise you it doesn’t end well.
There is nothing quite like being with such a good friend and Mentor as Greg Avis. Fortunately, we can afford better wine than 24 years ago!