Tom Tunguz

MAY 24, 2023

Ten years ago, Nvidia’s market cap hovered around $4b, down from its previous high of $13b in 2008. Today, Nvidia is the fifth most valuable technology company in the US, worth nearly $1t - just 20% less valuable than Amazon. In a decade, the business increased in value about 250x, compounding at about 74%.

Machine Learning 259

Machine Learning Artificial Inteligence B2C Revenue 259

The Daily Egg

DECEMBER 30, 2020

He’s a hedge fund manager who had foreseen the shocking 2007-2008 housing collapse. Have you heard of Michael Burry? Having betted against subprime-mortgage bonds ahead of the meltdown, he made about $750 million in profits for his investors and $100 million personally. But how was he able to predict something like that?

Data Analysis 250

Data Analysis Software Review Software Data 250

SaaStr

JANUARY 1, 2023

Change at a pace we haven’t seen since 2008, when the world of SaaS was just so, so much smaller. But they do bounce back fast. — Jason Be Kind Lemkin  (@jasonlk) December 30, 2022. So this last year was one of so much change. Just 12 months ago, Bitcoin was at near-highs, as were many SaaS stocks, and multiples. And then … crash.

SaaS 278

SaaS Enterprise Trends Software 278

Tom Tunguz

JUNE 14, 2022

During the dotcom crash in 2001, the Global Financial Crisis of 2008, and the SaaS corrections in 2014, 2016, and 2018, Lee was either COO/CFO or CFO at Twilio, SAY Media, and Ofoto. Lee Kirkpatrick is no stranger to downturns.

Management 217

Management SaaS Subscription Payment Features 217

SaaStr

MARCH 28, 2023

November 23, 2008 I’m at a conference in Half Moon Bay I get a phone call from my banker at Citibank “Jason, pull all your money out. And our banking probably should be more conservative for a little while, too. Even if it was something we hardly used to think about. History doesn’t repeat, but it does rhyme.

Startup 267

Startup Banking Finance Consulting 267

SaaStr

JANUARY 17, 2023

I sold a sales tool in 2008-2009 when the global economy was in total meltdown, and I’ll tell you, we sure didn’t stop selling. We had a great conversation on how much harder it is now with Gong’s incredible CRO here: But is that an excuse to sort of quiet quit? To give up a bit? I say No. In fact, I always say No.

Sales Hiring 222

Sales Hiring Sales SaaS Startup 222

Tom Tunguz

DECEMBER 12, 2021

Also, 2014 to 2016 saw a 57% reduction in multiples and of course after 2008. Since 2016, public software has witnessed four corrections. Today, we’re in the midst of the fifth. But let’s look at the most recent five years.

SaaS 337

SaaS Cloud Enterprise Revenue 337

IT World

MAY 24, 2023

Evernote launched in 2008 and has enjoyed steadily increasing user numbers since then; the company says it has 225 million users worldwide. Launched in 2003, OneNote was added to the Microsoft Office suite (most versions of which are now called Microsoft 365) in 2007.

108

108

Tom Tunguz

NOVEMBER 5, 2022

In February 2008, the ARS market seized. In the mid-2000s, many startups invested their excess cash reserves in instruments called Auction Rate Securities. ARS produced a steady stream of interest payments, like savings accounts, with a higher return. Startups seeking to sell their ARSs to fund burn were out of luck : no one would buy them.

Venture Capital 185

Venture Capital Startup Investment Banking 185

Tom Tunguz

MAY 11, 2023

The iTunes store launch in 2008 enabled Uber. Mastering social distribution ( sheep-throwing in the early days) on MySpace & Facebook’s propelled YouTube & Zynga, not to mention the social networks themselves. What is the distribution advantage AI confers to startups?

AI 163

AI Scale Startup Cloud 163

SaaStr

MAY 22, 2023

Even the 2008-2009 downturn, while truly brutal, didn’t hit SaaS as hard as the rest of the economy. Not easy, but easier and easier: There was a bump in 2016, a Flash Crash in SaaS, when budgets were slashed, but it didn’t last long enough to really impact renewal cycles. SaaS markets had fully recovered later that year.

SaaS 249

SaaS Churn Sales Revenue 249

Sales Hacker

SEPTEMBER 20, 2022

In May 2008, I graduated college — with 1.56 million of my peers — directly into the 2008 recession. Basically: Today’s economic climate looks very different from 2008. Signs of recession we’re seeing now vs. 2008. And finally, Mike pointed out, in some important ways, today’s “uncertain times” aren’t like 2008 at all.

Sales Hiring 95

Sales Hiring Sales Marketplace as a Service Investment 95

Tom Tunguz

NOVEMBER 17, 2022

I remember joining in 2008, a green product manager out of Google who had just landed his dream job. Many of the greatest companies have been founded during difficult market conditions. This era will be no exception. I’m deeply grateful to the Redpoint team.

Venture Capital 181

Venture Capital Machine Learning Artificial Inteligence Startup 181

SaaStr

MARCH 10, 2023

Public multiples often were around 4x-5x in 2008, and then the global meltdown came, and public multiples fell to as less than 2x revenue for a while. Then, well, right after we sold EchoSign to Adobe way back in 2011, things picked up, with a slow with material and steady increase in public multiples from 2012 to 2015.

SaaS 236

SaaS Revenue Enterprise Scaling 236

Sales Hacker

JULY 28, 2022

Learn what these leaders did in 2008 when the recession hit and what they wish they had done differently. You’ll learn: What these leaders did right in the 2008 recession — and what they wouldn’t do again. So we’re calling in the big guns. Guests: Mary Shea , Global Innovation Evangelist at Outreach.

Sales 92

Sales Pricing Innovation Management 92

SaaStr

APRIL 6, 2020

I wrote an early SaaStr post way back in 2013 on my “Year of Hell” as a SaaS CEO in 2008. My personal Year of Hell was 2008. In 2013, we were just 2 years removed from the real recovery from ’08-’09. So if you’re in your Year of Hell, you’ll get through it. We’ve all been there. It was a tough year.

SaaS 340

SaaS Scale Scaling Cloud 340

Tom Tunguz

AUGUST 18, 2022

Since 2008, the US experienced an unabated 12 year bull market fueled by four waves of money printing which increased US money supply by 30%+. The slides are embedded above & linked here. My brief narrative of the slides follows. The current state of affairs arose as a result of the Global Financial Crisis.

Startup 229

Startup Pricing Investment Marketing 229

Andreessen Horowitz

FEBRUARY 27, 2021

In his classic 2008 essay “ 1000 True Fans , ” Kevin Kelly predicted that the internet would transform the economics of creative activities: To be a successful creator you don’t need millions. You don’t need millions of dollars or … The post NFTs and a Thousand True Fans appeared first on Andreessen Horowitz.

Blockchain 145

Blockchain 145

Andreessen Horowitz

MARCH 30, 2021

Banks are heavily regulated, more so in the wake of the 2008 global financial … The post Investing in Capitolis appeared first on Andreessen Horowitz. Capitolis makes banks, and more importantly, their balance sheets, more efficient—yielding higher Return on Equity (ROE), which is the #1 KPI for most financial services companies.

Investment 143

Investment Banking SaaS Enterprise 143

Sales Hacker

MARCH 9, 2023

In this live replay, learn what these leaders did in 2008 when the recession hit and what they wish they had done differently.

Sales 71

Sales Pricing Innovation Management 71

Tom Tunguz

MARCH 15, 2020

My hunch originates from this analysis of the 2008 crisis. I expect the venture market to slow round counts for a quarter, but then resume. As growth rates fall, valuations should move similarly. But it’s too early to say for sure. Here’s a basic model you can download and play with the inputs.

Sales Hiring 269

Sales Hiring Churn Software Sales 269

SaaStr

APRIL 14, 2020

Adapt, Plan Deliver: Founder/CEO Lessons from 2000 & 2008 Applied to 2020 With Twilio CEO Jeff Lawson and Bessemer Venture Partner’s Byron Deeter. This should be an incredible deep-dive on the opportunities and challenges to selling into the enterprise right now.

Enterprise 269

Enterprise Sales Strategy 269

Andreessen Horowitz

OCTOBER 1, 2020

Millennials and Gen Z have been hard-hit by the one-two punch of the 2008 and 2020 financial crises. That experience has radically shaped their approach to finances and their mindset around credit and debt.

Finance 141

Finance Mobile Education 141

SaaStr

APRIL 30, 2020

Founder/CEO Lessons From 2000, 2008 and 2020 with Jeff Lawson and Byron Deeter , CEO of Twilio and GP at Bessemer Venture Partners. Funding in the Time of Coronavirus, Mark Suster , Upfront Ventures. Marking Trade-Offs in Marketing: What to Do, What to Pause with CMO of Tripactions , Meagan Eisenberg.

Enterprise 182

Enterprise Sales Strategy Marketing 182

SaaStr

MAY 9, 2020

9: Founder/CEO Lessons from 2000 & 2008 Applied to 2020 with Jeff Lawson, Twilio and Byron Deeter, Bessemer Venture Partners. #10: . #7: Twilio: The Inside Story With Jeff Lawson (A SaaStr Classic). #8: 8: 12 Key Levers of SaaS Success with David Skok of Matrix Partners (another SaaStr Classic). #9:

SaaS 204

SaaS Benchmarks Revenue Sales 204

Tom Tunguz

MAY 5, 2020

In March, I published analysis of the fundraising market in 2008. It showed that the later rounds, the series B and series C were the most impacted. The early data from March 2020 shows a different pattern. Seed and Series A rounds are first to bear the compression in the market. Later rounds are unblemished.

Marketing 246

Marketing Startup Data Trends 246

Tom Tunguz

MAY 10, 2022

Each Basel Accord was authored in response to a crisis Basel I - the crash of 1989; Basel II - the dotcom crash, and Basel III - the GFC of 2008. The first three Basel Accords set the minimum amount of capital a bank must hold.

Banking 228

Banking Startup Government Construction 228

Tom Tunguz

APRIL 21, 2020

In particular, narratives stoked three depressions and recessions in the US in 1920, 1929, and 2008. Robert Shiller wrote Narrative Economics , in which he explores how stories impact the economy. Shiller, a respected and lauded professor at Yale, models the spread of narratives in these periods using epidemiology.

Sales Recruiting 279

Sales Recruiting Banking Engineering Customer Support 279

IT World

MAY 19, 2022

Then, invite attendees of the city's 2008 Industrial Design Conference who couldn ' t find a hotel room to crash at their house. Then called AirBed & Breakfast, its founders' business model was simple: Buy three air mattresses, and build a website at airbedandbreakfast.com. To read this article in full, please click here

Travel 69

Travel Business Model Business 69

Andreessen Horowitz

JANUARY 27, 2020

The idea of “ 1000 true fans ” — first proposed by Kevin Kelly in 2008 and later updated for Tools of Titans — argued that to be a successful creator, you don’t need millions of customers or clients, but … The post a16z Podcast: The Truth about a 1000 True Fans (and Our Attention)!

Blockchain 110

Blockchain Communication Trends 110

SaaStr

OCTOBER 19, 2022

It was founded way back in 2008, and had a slowish start and a smallish IPO (as did most of us, back in the day). But founder-CEO Chad Richison has kept at it for 14 years, building it into an incredible engine, growing 31% at $1.2 40% EBDITA. They've got the combo of pretty high growth AND profits pic.twitter.com/OaOEEwN2Yn.

Scale 271

Scale SaaS SMB Engineering 271

SaaStr

AUGUST 31, 2022

14 years ago, in 2008, at the onset of the last global recession, Google pulled their full-time offers for all their summer interns, which included my co-founder at Cloudflare, Michelle Zatlyn. Recessions have always been hard, but they’re also formative moments to focus and ultimately improve.

Scale 267

Scale SaaS Revenue Cloud 267

Tom Tunguz

JULY 20, 2020

Stress Test: Tim Geithner : play-by-play of the 2008 crisis from the vantage point of the US Secretary of the Treasury. Technological Revolutions & Financial Capital: The Dynamics of Bubbles and Golden Ages : a fantastically clear and cogent theory on how technology changes markets and how to make money during these cycles.

Healthcare 179

Healthcare Pricing Technology Marketing 179

Tom Tunguz

MAY 5, 2020

In March, I published analysis of the fundraising market in 2008. It showed that the later rounds, the series B and series C were the most impacted. The early data from March 2020 shows a different pattern. Seed and Series A rounds are first to bear the compression in the market. Later rounds are unblemished.

Marketing 154

Marketing Startup Data Trends 154

Andreessen Horowitz

SEPTEMBER 21, 2023

Seventy-six percent of Colombians use fintech services, according to an Ernst & Young report, the highest fintech adoption rate in Latin America, and from 2008 to 2022, the percentage of Colombian adults who hold a banking product rose from 55% to over 90%.

Payment Solutions 82

Payment Solutions Payment Methods Payment Services Banking 82

Tom Tunguz

JULY 19, 2019

The previously fixed financial products that existed in 2008 of a $4-6M Series A and a $10-12M Series B are gone. And this means that the financial product that we call the Series Seed or Series A is meaningless; it’s just the header on the fundraising documents.

Startup 217

Startup Finance Marketing Innovation 217

Tom Tunguz

APRIL 1, 2019

The era after 2006 and through the 2008 financial crisis was a different time to raise capital. If we look at the ROIC across IPOs across the last 12 years or so, we see that same initial dynamic of incredibly efficient companies in the 2010 and 2014 IPO cohorts. But the efficiency is declining, markedly. There are a few reasons for this.

SaaS 261

SaaS Startup Software Review Revenue 261