Post-Funding: Trigger Spend on Milestones, not Timeline.

Dave Kellogg is an outstanding leader and thinker -- go and follow his blog posts if you're not already doing so. He has a lot of good advice on planning and spending after getting funding ("post-funding"). Two of my portfolio companies went through the pleasure of raising a new round of financing last month.  There … Continue reading Post-Funding: Trigger Spend on Milestones, not Timeline.

Volume and Choice drive down Startup SaaS M&A Multiples.

SEG: 1Q19 SaaS M&A Update, via http://softwareequity.com/research/ SaaS multiples of venture-backed SaaS Startups are driven down by volume and choice. Tom Tunguz has written a lot about SaaS multiples, specifically about Where are SaaS Companies Priced After the 2018 Correction. We are getting a lot of inquiries from VCs, entrepreneurs, and LPs alike about pricing. … Continue reading Volume and Choice drive down Startup SaaS M&A Multiples.

Five Areas of Startup Equity Awards Boards Should Discuss.

There are enough primers on the Internet. This is not a primer. But take it as a discussion guideline with your board, your lawyers, your executives. Types of Equity Awards Options An option is a contract between a startup and an "optionee" (mostly employees, but could be contractors or board members) that provide a right … Continue reading Five Areas of Startup Equity Awards Boards Should Discuss.