Emil Michael predicts Benchmark's fixed $435M fund model will fail
Emil Michael · Emil Michael: How I Negotiated the $4B Uber-China Deal, Why DoorDash Caught Up to Uber | 20VC #941 · 20VC with Harry Stebbings · Oct 25, 2022 · at 59:40
Emil Michael, former CBO of Uber, criticizes Benchmark Capital's decision to maintain a single small fund size without expanding into multi-stage platforms like Sequoia or a16z.
0:00 / 0:16exact quote · 16.5s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“That's why I think Benchmark ultimately is going to, is, has no innovation. Forget the reputation, which most entrepreneurs, if they do their deals, will find out about, but just not innovating stuck at four hundred thirty-five million for the next 10 years is not going to work.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Emil Michael
Emil Michael: Benchmark Capital lost its nerve ousting Travis Kalanick from Uber
“I was taken out with Travis because benchmark capital lost their nerve.”
Emil Michael gives Uber CEO Dara Khosrowshahi an 'F' grade for performance
“He was a diplomat. He was able to get the company public, but in terms of hiring talent, innovating, and succeeding from a financial standpoint, you know, it's not, it hasn't happened. It's a, it's an F, you know.”
Emil Michael: Benchmark's Bill Gurley is a catastrophist who constantly fears crashes
“I believe he's a catastrophist. Catastrophists are one who the sky's always falling”
Emil Michael predicts Uber's Postmates and Careem acquisitions will be total write-downs
“I think we, instead of buying Kareem in the Middle East, Postmates, Jump Bike I think all of those will be a hundred percent write downs. Those are some of the worst acquisitions done in tech. Maybe Postmates may be the worst acquisition done tech in the last …”
Emil Michael: Startup board seats should have term limits after 10x returns
“So, so, or when early stage investors Get to this point where there's just a lot of paper gains. We, there should be sort of term limits on board seats, like term limit out. If I get to, you know, a 10 X return and can get you some liquidity, then you can move…”
Emil Michael: Uber's acquisition of Otto destroyed its relationship with Google
“I'd say that the deal that Was under my watch. I didn't like it at the time, but I, you know, it got done was Uber acquiring auto, which was the autonomous car division that that gets started out of Google guys. It was, and I didn't like it for different reaso…”