The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 11 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Scott Sandell: Free is the most powerful business model in the world
“This fit into our overarching theme, you know, that the most powerful model in the world is free, and they were going to be disruptive because they were offering something of real value, you know, stock trading where commissions were seven or eight dollars a t…”
Sandell: VC differentiation is harder as competitors push absurd valuations
“At the simplest level, it's harder and harder to differentiate yourself as a venture capitalist when people will come along and offer valuations that might be, in your mind, sort of absurd, and so we've been facing this challenge now for a number of years, but…”
Sandell: 100%+ software growth justifies paying premium entry valuations
“If it's a software company growing over a hundred percent a year, and I really believe that that's going to continue to happen for some period of time. Then I can justify paying a price that not too far down the road, maybe 18 or 24 months, or maybe even a yea…”
Sandell: Small funds should rely on deep-pocketed follow-on investors over pro-rata
“If you have a small fund, I think you want to be super sensitive about getting people who can carry the freight for a long time and not look for you to do your pro rata along the way.”
Sandell: Startups must maintain reserves because capital vanishes during market busts
“Not only do valuations come down, but in the busts, usually there just isn't capital at any price. So you have to make sure you always have a reserve on your balance sheet, and I think you also have to have a business plan that allows you to make rapid adjustm…”
Sandell: 'Free' is the most powerful business model in the world
“And that business model of free, which I think is the most powerful business model in the world, is transforming one business after another.”
Sandell: Longer private holding periods drive higher returns for VC funds
“Those longer holding periods are precisely why venture capital firms like ours are able to generate much larger returns because we're not giving those away to public market investors.”
Sandell: The best venture investment decisions are made in small groups
“We are firm believers that the best decisions are made in relatively small groups.”
Sandell: Light-touch leadership attracts venture talent who reject rigid hierarchy
“So if you have a light touch, you're more likely to attract, I think, people who probably would chafe under more rigid forms of leadership.”
Sandell: Board members build trust by showing kindness during tough quarters
“When an entrepreneur comes into a board meeting and they've had a tough Quarter or tough month or something hasn't gone right. You don't have to beat them up over that. Just be kind and they will always appreciate that.”
Sandell: Software automation is essential for sustaining a free consumer product
“You know, it was designed from the beginning to be self-serve, basically completely automated with software, and that turns out to be an enormous advantage in a business where you're trying to offer something for free.”