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A $30B Software Company from a $15m Investment

Tomasz Tunguz

A former venture capitalist, Mark Leonard started Constellation in 1995 with $15m of outside investment & a goal of buying vertical software companies with a moat & good unit economics. From 2003 to 2014, Constellation’s revenues compounded from $80m to more than $5b, an average of 25% annually.

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Telegraphing

A VC: Musings of a VC in NYC

I recall when my partner Brad and I were raising our first USV fund, back in 2003, and potential investors wondered about my blogging habit. They asked if I was making a mistake telegraphing our investment thesis for everyone to see, including our “competitors.” And that turned out to be the case. And she explains why.

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The Importance of Due Diligence when Investing in Startups

propel(x)

It is important to consider doing something similar if you are thinking about investing in a startup. Before committing to an investment, it is important to understand what you are buying and what you are getting into. On the angel investing platform, this component is called Broker Review. What is due diligence?

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Keeping It Simple

A VC: Musings of a VC in NYC

Investing is humbling. At 60, with 35 years of venture investing experience, I still get most things wrong. I bought Bitcoin and went about finding a Bitcoin investment to make. I met Mena Trott at a Nick Denton party in NYC in 2003 and she explained blogging to me. We publish our investment memos for the world to see.

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From Startup To Life-Changing Exit – The 4 Secrets Behind Ruby Receptionists’ Amazing Success

Entrepreneurs' Organization

In 2003, she started Ruby Receptionists , a one-of-a-kind virtual receptionist company where high-tech meets great people and 5-star performance. Our Forum thinks so highly of Jill that we nicknamed her JBoss — an honorific she more than earned. Here’s her story.

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Investing During Up and Down Cycles: ?Which Produces Better Returns?

Angel Capital Association

Early-Stage investing is inherently cyclical, and for the first time in over a decade we are experiencing a downcycle. An important question leaps out: Is it better to invest more or less during a downcycle? 25% of those outcomes were initially funded during downcycle years (2001-2003 and 2008-2011) with the rest during the upcycles.

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Holmes’ sentencing sends a clear message that the startup ecosystem must be built on good faith

TechCrunch

Sure, due diligence matters in the investment process, but lying about your capabilities can undercut the founder-investor relationship — and in extreme cases, to the detriment of the larger, global startup market. Let’s start with the supposition that the venture-founder compact is built almost entirely on trust, especially early on.