scrivener 3 make smaller all caps for rest of word

#Scrivener 3 make smaller all caps for rest of word plus

So you have to plan on going public or getting sold. Why? Because they're never going to get their money back.

If you're interested in running a mom and pop business with a cool idea and cool technology, no one's going to invest in it except family. Why is going public an exit? Because finally, I can cash out the stocks that I bought from you a long time ago. And what is an exit? You have to either go public or get sold.

Why do a startup? I mean, what's the game here? What are you trying to play? Well, if you do a startup, and you get money from investors, you have to be able to exit. You have people skip companies right and left all over the place.

But they're not afraid of reinvesting in people who have done this a few times. Maybe it was just the wrong bid at the wrong time. As long as you did a good job, you learn from the failures or mistake. That's fine, because investors know these odds, and if you come from a failure or two, there's no problem. You might think, oh God, if I do this, chances are I'm not going to be a success, a big success. Sometimes it happens, sometimes it doesn't.Īnd then six are failures, completely shut down. And you really want to be shutting down the fund in about seven years. What's a moderate return? Maybe 2 to 4x in four to seven years. Three out of 10-ish might yield a moderate return. So 10 companies, they want one to be a factor of 10 better. So they want a 10x company that makes the fund. You want to give much, much, much more, and as a venture capitalist, you get to pocket an even bigger percentage than your limited partners or investors will take. You really want to give $200 million back, $400 million back. If you have a $100 million fund, you've got to give that $100 million back or you're a failure.

#Scrivener 3 make smaller all caps for rest of word plus

What does that mean, I made the fund? They've got a fund, they have a lot of private investors give them their money, they invest that money, and they want all that money back, plus more to the investors. They want something that's going to make- it's called, hey this company, thanks, Steve, you made the fund. The investor really wants 100x, and they're going to gun for that, but they'll take 10x. What's a success? Success is, if you're an investor, you make at least 10x. Some might say I'm over-generous, but out of every 10 startups, maybe one will succeed. Where do you think that next big event is going to happen? That's your challenge. Your challenge is to be a hockey player and skate to where the puck is going to be, not where it is now, because you're too late. Your challenge is to find how can I make my own bubble, or where is the next bubble going to be. Look what's happening now with Twitter and social networking. That, I came in when we were valued at $18 million, and we sold for $2.7 billion less than a year and a half-ish later. AT&T, then I became chief engineer at Sprint, ran operations and started Time Warner Telecom, I ran a wireless company, was an executive vice president at Bay Networks, merged into Nortel in a successful sale for $7 billion.Īnd then I did my own startup in Silicon Valley, and that was cool. I have raised over $250 million over six rounds, and my background is kind of up through the ranks. I've bought companies, I have sold companies. So my specialty and background, primarily telecommunications, IT, and as of late, the last 10 years or so, health science. I live in Colorado, Florida, I used to live here full-time, now I just come and visit. I work with venture capital companies as a litmus test. Former CEO, entrepreneur, I am an angel investor. My name is Steve Pearse and my background, let's see. Remember that, because at the end of my presentation, I'm going to give you guys an opportunity to begin that process. STEPHEN PEARSE: How many of you guys in here think you might want to one day run your own company or begin a startup? The vast majority of you. To make a donation or to view additional materials from hundreds of MIT courses, visit MIT OpenCourseWare at. Your support will help MIT OpenCourseWare continue to offer high quality educational resources for free. The following content is provided under a Creative Commons license.