2009 2022 Competition Writing 
Both Sides of the Table
SEPTEMBER 15, 2022
Probably not and 10x (May 2022) seems more in line with the historical trend (actually 10x is still high). million, our Seed Funds mostly between $200–300 million and have delivered median ownerships of ~20% from the first check we write into a startup. In 2009 we could take a long time to review a deal. discipline & focus.
Both Sides of the Table
DECEMBER 11, 2022
Starting in 2009 I began writing checks consistently, year-in and year-out. During this era, from 2009–2015, most founders I knew were in it for building great & sustainable companies. I admit that my writing style back then was a bit more carefree, provocative and opinionated. Valuations were a measure of success.
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