The Bifurcation of Start-up Capital

The recent article in The New York Times, $100 Million Was Once Big Money for a Start-Up.  Now, It’s Common, prompted my thinking about the title’s observation that it is “common”.  I didn’t truly understand its implication until the emails started coming in from...

Reflecting on My Three Rules of Successful IPOs

Below is something I wrote in 2002 as the public markets were recovering from the dotcom bubble burst of 2000.  This in turn was a repeat of a set of rules I wrote in the mid 1980s that I referred to as Brad’s Three Rules of Successful IPOs.  Although the threshold...

Who’s Reaping the Gains from Unicorns?

PitchBook posed the question:  Private vs. public market investors: Who’s reaping the gains from the rise of unicorns? I have previously written about the flaw in the analysis about Unicorns and feel this article does the same. See All Unicorns are Not Treated...

The Debate Over Uber’s Valuation

Toss A Coin For Uber’s New Valuation Crunchbase News Suggests Softbank’s Investment in Uber Created Confusion About “What’s Uber Worth” The question is wrong. It’s not “What’s Uber Worth?” because the premise that Softbank...