I got a lot of good feedback on my last post on SaaS: Should You Fix EBITDA Margins or Revenue Growth? The main criticism was that the companies of each cell were not true peer-companies and a such not comparable. I admit that perhaps it was a bad judgment using these companies to illustrate NTM revenue growth and … Continue reading Cloud Index: EBITDA Margins versus Revenue Growth
First off: You should have a great product. It's pointless to try and "fix" revenue growth if you don't have a great product. But perhaps you have too many products, or your prospects don't understand what you stand for, or your operations are less than optimal. [At the end of this post I will include … Continue reading SaaS: Should You Fix EBITDA Margins or Revenue Growth?
Europe seems to be on a roll. The European venture industry in 2017 saw €16.9Bn in venture capital deal value, a 13% increase year-over-year . And "2017 proved to be a rebound year for VC-backed IPOs, which raised over €3 billion across 53 offerings."  The SuperReturn/SuperVenture conference in Berlin was drinking its own Kool-Aid, and … Continue reading Dangerous Paths of European Venture Capital.
In Part I I've written about perception of great VCs, and in Part II I showed some data on actual meaningful exits with outcomes greater than $500m over the past ten years. Meaningful exits often take 9 to 11 years to materialize (e.g. FireEye was founded in February 2004 with IPO in September 2013; Forescout … Continue reading Most Successful Cybersecurity VCs: The Top Firms. (Part III)
Yesterday I published a quick survey what CEOs, CISOs, and cybersecurity professionals think are the most successful VCs. The answers were somewhat surprising: There was no clear leader, and very few picked VCs that had outstanding exits over the past 15 years. So why do so many supposedly great cybersecurity VCs -- the "most successful", … Continue reading Most Successful Cybersecurity VCs: The Last 15 Years. (Part II)
The firm I work for has a fund-of-funds business -- we invest in what we believe are the very best venture capital firms. We have reasonable insights into fund performance: who is driving returns, and which sector is successful. Market perception, however, is driving by people who are the loudest, by content, and by marketing. … Continue reading Most Successful Cybersecurity VCs: A Quick Survey. (Part I)
At some point, every CEO is a first-time CEO. I've met and worked with phenomenal first- time CEOs. They had all internalized leadership lessons from their mentors and bosses, and had a clear vision about cultural norms and responsibilities to their companies. As a venture capital investor, I wish some of them also were more … Continue reading What I wish first-time CEOs would know.
I noticed that every two weeks or so someone asks me about good books to read. I'm always delighted about that questions: People still like books! The question "is there a YouTube Channel or Twitter account I should follow" is more awkward (Are people still using Twitter? Or are they using it as in 'LinkedIn … Continue reading Books I recommend.