The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Ball: Most 2021 mega-round startups will never reach their peak valuations
“I think there's the vast majority of companies who raise these mega rounds in 2021. Will probably never be worth at any point in time, right? The valuation that they were given in the public markets.”
Ball: ZIRP-era funding rounds lacked ratchets blocking down-round IPOs
“The reality of the moment we live in today is a lot of these zerf rounds, they didn't have ratchets. It was the opposite. They were very light on terms and they were very light on structure. So you don't have this Dynamic of super heavy ratchets, anti-dilution…”
Ball: Down-round IPOs will become normal despite the current taboo
“I think kind of down rounds or down round IPOs will be the same thing. There'll be a taboo on them, but they'll be normal.”
Ball: Regulatory opposition will block large-scale tech M&A in 2024
“From a regulation standpoint, it is really hard to see any large-scale M&A.”
Ball: Software venture funding fell 90% from peak to 2016-2017 levels
“Really, twenty-twenty-one and probably the first half of twenty-twenty-two, and now in twenty-twenty-three, we're down 90% from where we were at the peak, but we're really just back to the 2016, 20 17 trend line, right?”
Ball: The 2024-2025 VC vintage sits at the valuation bottom
“I think the setup for this year for next year is that we're in the bottom half, or maybe the bottom third of the valuation reset, and in the first third of a massive technology shift that's going to create a ton of creative destruction.”
Ball: Services markets are usually 10x larger than software markets
“Services markets are usually 10 X bigger than software markets.”
Ball: Public software companies average 7x to 8x forward revenue multiples
“You know, on average, software companies trade around seven and a half times forward revenue, right? You can ignore that 20, 20, 21 period when interest rates went to zero. And so companies on average are going to exit at seven to eight times forward revenue, …”
Ball: In 2021, startups were funded indiscriminately as future public companies
“In 20, 21, everyone was funded indiscriminately as you are going to be a public company. You're in a market that's big enough. You have a product that's differentiated enough to support a public market type company.”
Ball: Major tech acquirers like Palo Alto Networks will buy few startups
“Palo Alto isn't going to go acquire 10 companies, right, in the next year. They might acquire a couple. Same with all these other, like, large acquirers.”