Late Stage
topic on 4 shows · 8 statements across 7 episodes
Invest Like the Best 
Capital Allocators 
the a16z Podcast 
20VC
8 statements about Late Stage, every show
Kha says mid-stage venture requires early and late-stage backing to succeed
“Like, it's just virtually impossible to have this sort of mid-stage business effectively without having the early stage and then also the late stage to come behind it as well.”
O'Driscoll: Late-stage VC involves correlated valuation risk, unlike early-stage
“In the early stage, you're taking uncorrelated business risk, and in the late stage, you're taking a hundred percent correlated valuation risk.”
Rory O'Driscoll: Late-stage investing will prove harder over decade than 2021
“I also think there's probably been a little bit of a fake signal in 21 because even your okay ones got highly valued. So you probably think it's easier. Late stage looked a lot easier in 21 than it probably will look across a decade.”
Gurley: Top VC firms increased fund commitments 10x to $5B
“Today, many of the branded firms, I think, have moved from maybe Five hundred million commitment every three or four years to five billion, you know, so, so 10 X and they're participating in very actively in what we would call late stage.”
Gurley: 'Late stage' is just a euphemism for big checks
“I've always thought late stage was a euphemism for big check, you know, because you, if there are people willing to put three hundred million in an AI company that's 12 months old. Right. So that's not late stage. It's just big check.”
Sethi: Venture valuations are inflated at seed and late stages
“It's really, really early at the seed stage. You have a, maybe a product, a team or an idea, maybe you have a demo, but you're mainly going off of a narrative that people get excited about. And so people bid that. And that's the market price that you pay. So i…”
Hsu: Seed stage focuses on founders, while late stage focuses on business metrics
“If you think about the seed stage, right, they're really buying the founder when the investor invests. And when you think about the late stage, they're buying mostly a business, right? And then it's definitely some founder, but mostly a business.”