Flint: The most valuable tech companies are built during market corrections
Pete Flint · 20VC: Lessons From 2x $Bn Exits in Trulia and lastminute.com, 3 Leading Indicators That Suggest Potential Marketplace Success & Why We Are Going To See A Fundamental Change To The World of VC with Pete Flint, Managing Partner @ NFX · Jul 9, 2018 · at 7:34
Pete Flint is managing partner at NFX and former co-founder of Trulia and Lastminute.com. He reflects on how macroeconomic downturns affect startup creation and venture returns.
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“The biggest and most valuable businesses are those that built Precisely the point when there's market corrections.”
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More from Pete Flint
Flint: Sequoia pressured Trulia to make deep cost cuts in 2008
“You know, we're under a lot of pressure at the time to, from Sequoia, to cut deep, deep, deep to get profitable.”
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“So I think there's, you know, there's a real view in Silicon Valley today, particularly with founder-driven companies that are able to transform their businesses moving from one business, which may be a pure software business, to being what I often call a soft…”
Flint: Founder peer learning is more valuable than board members or coaches
“Learning from my peers, I always found was sort of way more valuable than learning from sort of board members and often coaches, quite frankly.”
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“At the early, early stages, there is so much about passion involved in really foreseeing success, and if you as an investor are not passionate about this, you're not feeling the true passion for the entrepreneurs, you're not seeing that passion in them, then I…”
Flint: Investors overemphasize market size instead of problem size
“What they often get wrong is that it's really not about the size of the market, it's about the size of the problem, and what is the available market for that, and kind of often the most interesting businesses have no market today.”
Flint: Technology platforms will transform venture capital just like Wall Street
“I think just in the same way that Wall Street has been transformed by technology over the last decade and platform businesses have built, I think you'll see the same thing in Silicon Valley, where technology will transform it and platforms will be built.”