Shows
Fully VestedMight Go DownGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Markets Retrace Their StepsThroughout January 2022, US stock market indices gave up nearly a year of gains.The tech-heavy NASDAQ Composite index closed on January 28th at 13,770, down nearly 14% from highs set in November 2021.Why?Nearly a decade of expansionist monetary policy is likely coming to an end.Inflation is at its highest level in the past 40 years.US Federal Reserve chair Jerome Powell signaled intent to raise interest rates in an effort to reign in inflation. (Goldman Sachs...2022-02-2446 minFully VestedWhat Goes UpGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Stating the Obvious about the Increase2021 was a crazy year for the VC market.Top-line numbers:CB Insights reports that venture investment reached $621 billion in 2021, up 111% from 2020 levels.Crunchbase News’ data points in a similar direction, finding $643 billion worth of global venture investment last year, up 92% year on year.Superbly Supergiant: CB Insights finds there were 1,556 VC rounds of $100M or more, up 147% from 2020's all-time high of 630.Unicorn Watch: Crunchbase News pegged the rate of new unicorn creation at...2022-02-2338 minFully VestedStingers at Ten PacesGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.The present and future of workThe first cases of COVID-19, the disease caused by a novel coronavirus called SARS-CoV-2, were identified near Wuhan, China as early as November 2019. A few months later, in early 2020, much of the world went into lockdown.As the COVID-19 crisis approaches its 2nd full year, it's becoming increasingly clear that the way we work has changed, if not forever than for what's likely to be the next 5 or 10 years at...2021-11-0855 minFully VestedLet's Call It EbullientGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Reading listThe Q3 2021 Global Venture Capital Report: Record Funding Trend Held Strong (Gené Teare for Crunchbase News)Tiger Global And SoftBank Vision Fund Vie For Top Slot As Q3’s Biggest Startup Investor (Joanna Glasner for Crunchbase News)Key takeawaysThe venture capital market is on fire:Crunchbase projects that $160 billion was invested worldwide in Q3 2021, up from $159 billion in Q2 2021.This makes Q3 2021 the biggest quarter ever for VC investments.The numbers speak for...2021-10-271h 06Fully VestedBlow Up or BLOW UP!GeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.How To Raise A Venture Capital Round?Basic Steps / OutlineSection begins at 8m25s.Determine if the business you're working on is, in fact, a startup!Decide how much of your company you're willing to sell in this round, vis a vis the amount of money you need to raise. This will give some rough numbers around target valuation.Prepare some flavor of presentation, whether it's just a naked demo of the product or...2021-10-121h 10Fully VestedI'm not an expert, but HUGEGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Some definitions"Startups" are hard to define, but many different definitions point toward similar themes:"A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model." – First sentence of the Wikipedia page for 'Startup company,' at least at the time of recording"A startup is a newly established company whose corporate form allows a clear distinction between different shareholders and the ability to receive outside fi...2021-08-0448 minFully VestedFull Derp for CryptoGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.OverviewCryptocurrency markets have seen their biggest bull run yet. After a pretty docile couple years since the last bubble in late 2017.Crypto prices began picking up in Q4 2020 as more institutional interest poured into the space. Open interest in Bitcoin (BTC) futures on the CME went from roughly $400M in October 2020 to $1.6B in January 2021. Crypto exchanges saw a similar run-up in volume.Meanwhile, Ethereum (ETH) also began to see some price traction starting in mid-Q3 2020. Ethereum, a...2021-06-0356 minFully VestedConstipated CapitalGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Major trendsEach one of these could probably get its own episode of Fully Vested, but it's important to mention them briefly here. It's hard to believe all these mechanics were at work all in the first months of 2021.New POTUS.U.S. COVID-19 vaccination campaign kicks off in earnest. Variants of Concern spread worldwide. All eyes are on India and Brazil.Cryptocurrency market surges. NFTs gain (temporary) traction.Pre-merger SPAC valuations may have peaked (temporarily?) as...2021-05-111h 12Fully VestedRisk is Part of the GameGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.DisclaimersNeither Jason Rowley nor Graham Peck are financial advisors or tax professionals. We're just a couple of friends talking about our opinions of money and tech stuff on the internet.Fully Vested content is primarily for entertainment purposes only; although we do try hard to stick to the facts according to the best of our knowledge at the time of recording, this content is not to be taken as legal or investment advice. Consult your...2021-04-1357 minFully VestedZIRPity Do DahGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.ZIRP Has Been Eating The WorldZIRP explains the worldMore about ZIRPMarket Edges Toward Euphoria, Despite Pandemic’s Toll (Matt Phillips for The New York Times)How Do Interest Rates Affect the Stock Market? (Mary Hall for Investopedia)Zero interest-rate policy (Wikipedia)What Explains the Stock Market’s Reaction to Federal Reserve Policy? (Ben S. Bernanke and Kenneth N. Kuttner in a paper published by the U.S. Federal Reserve in March 2004)ZIRP as poss...2021-03-2259 minFully VestedIn Short, We Like the Show!GeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Topic: Valuations of Public Markets and the Recent Short Squeeze of Gamestop and OthersA note from your hostsNeither of us are registered financial professionals and all information discussed on Fully Vested is the personal opinions and interpretations of the hosts, and should not be taken as financial advice.We as hosts are speaking from the perspective gained from information that is publicly available at the time of recording.What is...2021-03-021h 13Fully VestedRe: The Right of Pro RataGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Topic: Pro Rata RightsGeneral guidesHow Pro Rata Works In Venture Capital Deals (Jason D. Rowley for Crunchbase News, September 2017)Pro rata rights (Holloway Guides)What all Entrepreneurs Need to Know About Prorata Rights (Mark Suster on his blog, Both Sides Of The Table, in October 2014)The Pro-Rata Participation Right (Fred Wilson on AVC, March 2014)VC Lingo: What are pro rata investment rights? (Accelerator group SOSV on its blog, August 2018)Other Posts And Articles About...2020-09-2251 minFully VestedStale Good News! (Good COVID News #2)GeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Companies Which Raised Money During Covid TimesRun The WorldBased in Mountain View, California, Run The World is a startup founded in July 2019 which builds software tools to help conference organizers produce virtual conferences. It provides event templates, streaming video, real-time chat and other features which help structure interactions between conference speakers and attendees, as well as community features to help attendees network with one another. At time of recording, the company has...2020-09-1053 minFully VestedStacked Benches (Good COVID News #1)GeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Cashdrop's $2.7M SeedCASHDROP, a Chicago-based contactless payments and mobile-first e-commerce platform company founded by Mexican immigrant Ruben Flores-Martinez, announced that it raised $2.7 million in seed funding back in early August. Harlem Capital led the deal, which saw participation from Founder Collective, Long Journey Ventures, and M25. Individual investors in the round include Cyan Banister (now a partner at Long Journey Ventures), Adobe chief product officer Scott Belsky, Fullscreen founder George Strompolos, and YouTube pioneer Michelle Phan.2020-09-081h 04Fully VestedFirms of a FeatherGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Links about VC scout programsGeneral stuff about deal sourcingLP Corner: How VCs Source DealsOpenLP: When Money Isn’t Enough: How to Distinguish Yourself as a VC in a Crowded MarketWhat Scout Programs AreScout Programmes (#7 edition of The Rookie VC newsletter, published on Substack by Ulysse Laroche)Super goodEstablished VCs turn to "super angels" to grow their network (Kia Kokalitcheva for Axios)Founder Investors & Scout Programs (Elad Gil on his blog)A vi...2020-08-3150 minFully VestedDon't Tread on My AppGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.NotesHey App Dispute with AppleApple Doubles Down on Its Right to Profit from Other Businesses (Sarah Perez for TechCrunch)Why Apple's App Store is under fire (Kif Leswing for CNBC)Hey's Own Page Tracking the Various Coverage of the StorySegway Ends ProductionSegway, the most hyped invention since the Macintosh, ends production (Mark Wilson for Fast Company)About The Co-HostsJason D. Rowley is a researcher and writer at Golden...2020-08-041h 05Fully VestedGoat Rodeo of a RoadshowGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Notes: Quarterly VC DataQ2 2020 Global Venture Report: Funding Through The Pandemic (Gené Teare for Crunchbase)Also for Reference Pandemic Survey Finds Founders Less Worried (Gené Teare for Crunchbase)About The Co-HostsJason D. Rowley is a researcher and writer at Golden.com. He volunteers with startup outreach for the open-source community, and sends occasional newsletters from Rowley.Report.Graham C. Peck is a Venture Partner with Cultivation Capital and additionally helps companies build technology development teams in...2020-07-211h 02Fully VestedBlack Lives MatterGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.Notes: Related to the deaths of George Floyd, Breonna Taylor, and Ahmaud ArberyWhat HappenedFor roughly nine minutes on Memorial Day 2020, white police officer Derek Chauvin knelt on George Floyd's neck in Minneapolis. Floyd died on the scene. His death was ruled a homicide by the medical examiner. A bystander's cell phone video went viral on Facebook and other social media sites, and catalyzed the protests we're seeing now. Floyd was 46 and left behind 5 children. Chauvin...2020-07-131h 16Fully VestedPronounced G as in GifGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.NotesFacebook Buys GiphyOn Friday, Axios broke the news that Facebook was going to acquire popular Gif-sharing and search platform Giphy, reportedly for $400 million. Giphy is going to retain its branding and will have its functionality wrapped into Instagram.Giphy had raised just north of $150 million in equity funding. Its last reported private market valuation was $600 million, which Giphy earned in its $72 million Series D round from October 31, 2016. Giphy's later-stage investors may have taken a haircut...2020-05-271h 06Fully VestedYikes IndeedGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.NotesLayoffsAccording to Layoffs.fyi as of 2:18 PM on May 13th, 408 startups have laid off roughly 46,000 people since March 11.Uber laid off 3700 employees via a 3-minute zoom call and were given no notice prior to their dismissal. That represents about 14% of the company. The Information reported at the end of April that Uber was contemplating laying off 20% of its workforce. More layoffs may be in the works.Lyft laid off 17 percent off its staff...2020-05-201h 06Fully VestedDenture VetGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.NotesA couple of books mentioned:Technological Revolutions and Financial Capital by Carlota PerezVC: an American History by Tom NicholasArticles we discussed:Venture capital investors should harpoon more whales (John Thornhill in the Financial Times on February 3, 2020)Debt is Coming (Alex Danco on his blog at alexdanco.com)About The Co-HostsJason D. Rowley is a researcher and writer, volunteers with the Python Software Foundation as an organizer of Startup Row at...2020-05-1348 minFully VestedMy Version of the GoogleGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.NotesJason interviews AikoAI, r2c, and SLAppForgeMary Meeker, on WikipediaThe "Our New World" Report, on BondCap.com"Bull Trap" on InvestopediaWhy April was Wall Street’s best month in decades – despite dismal mainstreet news by Kim Kiavanto in The ConversationControl of the coronavirus gives China the world’s best-performing stockmarket in The EconomistAbout The Co-HostsJason D. Rowley is a researcher and writer at Golden.com. He volunteers with startup outreach for the open source commun...2020-05-111h 12Fully VestedLiterally Hit the FanGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.LinksDistributed BioPayroll Protection Program fact sheetSmall-Business Rescue Shows Not All States Are Created Equal (Bloomberg)8 Startups that have raised since the COVID-19 lockdown(BusinessLeader.co.uk)CB Insights Q1 2020 ReportThe Q1 2020 Globa VC Report: Funding Sloly Impacted by Coronavirus (Gené Teare and Joana Glasner for Crunchbase)About The Co-HostsJason D. Rowley is a researcher and writer, volunteers with the Python Software Foundation as an organizer of Startup Row at PyCon US, and sends occasional newsletters f...2020-05-041h 02Fully VestedBlood Sacrifice to the EconomyGeneralSubscribe to Fully Vested at FullyVested.co or through your podcast app of choice.LinksOut Of Office: 65+ Startups Helping You Work From Home (CB Insights)COVID-19 proves we need to continue upgrading America’s broadband infrastructure (Blair Levin for the Brookings Institution)Keeping our network infrastructure strong amid COVID-19 (Urs Hölzle, Senior Vice President, Technical Infrastructure for Google, publishing to Blog.Google)About The Co-HostsJason D. Rowley is a researcher and writer, volunteers with the Python Software Foundation as an organizer of Startup Row at PyCon US, and sen...2020-04-201h 07Fully VestedInternet Scavenger HuntGeneralSubscribe to Fully Vested at FullyVested.co or your podcast app of choice.LinksAffiliation in the Context of SBA Loans Guidance for Venture Capital Investors(NVCA, as of March 27, 2020)New guidance on SBA loans means most startups are still excluded from $349 billion stimulus (Jonathan Shieber for TechCrunch)VC Backed Startups and PPP: Do You Really Need It? (USV general partner Albert Wenger on his blog, Continuations)About The Co-HostsJason D. Rowley is a researcher and writer, volunteers with the Python Software Foundation as an organizer of Startup Row at...2020-04-091h 04Fully VestedInteresting and Insanely ComplexGeneralSubscribe to Fully Vested at FullyVested.co, or find it in your favorite podcasting app.SummaryIn which Jason and Graham discuss the ins and outs of liquidation preferences, one of the more complicated features of private company finance.The Pleasures And Sorrows Of Liquidation PreferencesCoding Bootcamp Galvanize Agrees to $165 Million Acquisition (Kate Clark for The Information)FanDuel founders to receive no cash from sale to Paddy Power Betfair(Margaret Taylor for Scottish newspaper The Herald)What Happens When You Sell Your Startup? (Jason D. Rowley for Crunchbase...2020-02-2637 min