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100% agree!

For sure Gen AI represents a significant technological advance. But would lots of VCs make money out of it? There are a few skeptics in the Sillicon Valley. https://t.co/Xc6lDx3MaR

▶️ Software-as-a-service companies with subscription models have a growth potential and steady cash flow making them good candidates for leverage. Would love to hear your thoughts on the topic 🙂

▶️ Markets are tougher than in 2021 and some shareholders (founders, investors) are becoming increasingly resigned to accept lower offers. ▶️ PE firms are sitting on upward of $2.5 trillion in dry powder. For example, Thoma Bravo adds record $32 billion in new capital.

▶️ For sereral buyout firms, many public tech companies are trading below their fair value estimates. Companies from the BVP NASDAQ Emerging Cloud Index are currently trading at 5.5x (median) vs 14x+ in early 2021.

Software deals have been dominating the biggest PE-led take-private deals. Despite a shrinking access to debt financing used to finance LBO and PE-led take-privates, we could see a high deal volume in 2023, especially in the software industry which tends to be more resistant:

in dec 2022*

Taking listed software companies private is the new cool. After the $8bn acquisition of Coupa Software by Thoma Bravo in dec 23, Silver Lake and Canadian pension fund bid $12bn for Qualtrics. https://t.co/LiDlNSbeMr

Bain Capital Ventures just announced $1.9B in new funds 8VC just announced a $880M fund Felicis just announced a $825M fund SignalFire just announced a $900M fund GGV is raising $2.5B in new funds Khosla Ventures is raising $3B in new funds etc. This is not 2001.

FCF is the best indicator of the health of your company....the old expression "Cash in King" has never been more important. Watch #tech's comeback in 2023...it is being led by FCF. Smart words from @GavinSBaker

Interesting thoughts on ChatGPT and why it matters for SaaS startups by @chrija 👇 https://t.co/xsSug4j9Xy

Nous espérons que ce contenu que nous avons noté va nous servir de matériaux pour réfléchir et créer, avoir des idées. David Allen, le pape de l'organisation, disait toujours que le cerveau sert à avoir des idées, pas a les garder. Toute l'économie de la productivité ...

La productivité est remise en cause par les nouvelles plateformes d'IA Thread intéressant de @tariqkrim 👇

3/ Cash is now hard to come by; investors are expecting solid unit economics & earlier profitability. Everything is immediately 5-10X harder. As such, survival is now depedent on hard-core, disciplined, top decile business execution, which no one learned in the past 5 years.

Worried about the burn rate now? The answer isn't slowing down sales, or your sales team But there are things you can now that are easy and make a difference 10 Simple Ideas To Lower The Burn: 🔽🔟⬇️

So what should founders do? — lengthen runway. Extract max growth for min burn — focus on biz fundamentals. Negative gross margins & high burn are fatal right now — adjust expectations. New rule of thumb = 20x ARR not 100x — run a tight process & go wide when you need to raise.

I was at Amzn early '00s when we lost 95% of our market cap. Later at FB I negotiated a down-round in '09, and then in '12 our stock dropped 50% post-IPO. I was on the board of a public company that went bankrupt (Borders) and a start-up that went under (Hello). Some lessons:

Founders you need to hear the truth: The funding market has changed. That raise you wanted, you aren’t going to get. You are raising too much with too little. You will go out, burn lots of discussions raising too much. Then come back with smaller request. Don’t do this

✍️ Following @team_rooser 's Series A yesterday, @talexgeorge & I spent some time looking at the most recent rounds in B2B marketplaces in order to cook the new "B2B marketplace funding napkin" vintage 2022. Hope the read insightful to y'all! https://t.co/gSvzwXtzRB