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Dremio - A Foundational Component of the Modern Data Stack

In 2015, Dremio started in our offices. Today, the company announced its Series E at $2 billion valuation. The business has cemented itself as a foundational component of the Modern Data Stack. About seven years ago, Dremio’s founder Tomer envisioned a product that would enable customers to manage data and compute separately. Today, we call this idea...

How Will the 52% Correction in the Stock Market Impact the Startup Fundraising Market?

The public software sector is weathering the second deepest multiple contraction in the last decade. Only the 2016 reduction of 57% surpasses it. Public market investors are rotating out of high growth technology companies as the Fed’s policies of quantitative easing, asset purchases, and low rates abate. The question on every software founder’s...

Is Compensation Stagnation to Blame for the Great Resignation?

The Great Resignation has rippled across headlines and boardrooms as employees' values and priorities evolve. Has the Great Resignation been caused by a silent stagnation in compensation? Let’s compare data from 2010 and 2021 to understand the longitudinal trends in cash and equity compensation. The cash compensation of three executive roles at early-stage...

How Correlated are the Web 2 and Web 3 Software Markets?

In the last few weeks, public software company multiples have halved. As have cryptocoins. Solana and Etherum followed Snowflake and Elastic downwards. So much for the Santa Claus rally. Both declines seem to have been catalyzed by the Fed’s intention to hike the Fed Funds rate three to four times in 2022. Beyond the most recent cycle, how often do...

Do Data Startups Command a Premium in the Fundraising Market?

After writing my predictions for the year 2022, a reader asked how I would measure if this were truly the decade of data. Good question! The market determines which sectors are in favor and which sectors aren’t. Stealing a page from Michael Mauboussin’s Expectations Investing, company value contains information about investors' expectations for a company....

The Top Sectors of Web3 in 2022 by Revenue

With the summer of Defi behind us and a new year for web3, I wondered which categories of web3 startups generate the most revenue. L1s or blockchains, the public databases that record transactions, dominate the revenue share across the top projects producing 78% of revenue. Exchanges place second. Right behind, NFT exchanges rank third. Defi Protocols,...

My Favorite Books of 2021

These are my favorite books from this year. The Future of Money. I’m waist deep in this compendium of financial history that traces money from the first paper currency issued by Kublai Khan to modern day crypto. The Future of Money is great so far, but I’m running out of time to finish it before 2022, so it might not truly belong on this list! Words...

Five Predictions for 2022

Every year I make a list of predictions and score last year’s predictions. 2021 marked the second year of COVID and like other crises, the pandemic accelerated change, especially in technology pushing many technologies like SaaS, video conferencing, crypto/web3 deeper into the Perez deployment cycle . Here are my predictions for 2022: Web3 consumer...

Mark-to-Market Rounds - What Will Your Startup's Strategy Be?

Ten years ago, startups pulled capital from the capital markets. A startup raised money, executed for 12-24 months then sought more capital on Sand Hill, flaunting milestones to justify a higher valuation. Today, a global investor base pre-emptively shoehorns dollars into the most attractive startups, saturating the balance sheet with cash every six...

Tokens as CAC - Are Crypto Companies More or Less Efficient in Acquiring Customers?

Tokens are the paid customer acquisition channel of web3. By analyzing how web3 companies invest tokens, we can calculate the cost of customer acquisition (CAC) for a crypto company. When a user spins up a validator to verify transactions on a blockchain, stresses the testnet and is rewarded with tokens, stakes tokens to generate yield, burns tokens...

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