20VC: Why the IPO Market is not Closed | Why Revenue Multiples are BS and Founders Need to Change | Advice From Jack Ma, Jamie Dimon and Evan Spiegel | Lessons from Taking Snap & Alibaba Public with Imran Khan
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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
1h 4m
2 speakers
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I don't think IPO market is closed. I think the issue is companies don't want to go public because their expectations are too high. If you're building a company for a long period of time and you have a good business and you generate cash flow, you will create value. What is your IPO prices? It doesn't matter. I'm a big proponent that companies should go public earlier than later. When you're going to a public market, you are building a new relationship with a new group of investors. I think any times you're trying to build a new relationship, my philosophy is give them more, give them a little bit more upside. So be it. No, revenue multiple is a BS multiple, right? Why would somebody give a shit about revenue multiple? I think the problem in M&A market is...
God, I love those intros. This is 20 VC with me, Harry Stebbings. Now, the core problem in venture today is liquidity, both from M&A and IPOs. The liquidity taps have turned off and LPs are screaming for liquidity. So today we sit down with the OG of IPOs, a man who's taken some of the biggest companies public from Alibaba to Snap. Imran Khan. He was previously chief strategy officer at Snap, where under his leadership, Snap's annual revenue run rate increased to $1.6 billion from zero in less than four years. And he led Alibaba's $200 million investment into Snapchat. But before we dive in, when a promising startup files for an IPO or a venture capital firm loses its marquee partner, being the first to know gives you an advantage and time to plan your strategic response. Chances are the information reported it first.
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Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 60 plus years working with VCs. They help VCs form and manage funds, make investments, and handle the myriad issues that arise through a fund's lifetime. We use them at 20 VC and have loved working with their teams in the US, London and Asia over the last few years. So to learn more about the number one most active law firm representing VC-backed companies going public, head over to cooley.com and also cooleygo.com, Cooley's award-winning free legal resource for entrepreneurs. You have now arrived at your destination. Imran, I am so excited for this. I've heard so many good things from Ash for quite a while now. So first, thank you so much for joining me today.
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