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 318

Data Analysis Software Review Software Data 318

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.

Trends 253

Trends Enterprise SaaS Software 253

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 242

Startup Banking Finance Consulting 242

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 345

SaaS Cloud Enterprise Software 345

SaaStr

FEBRUARY 22, 2024

I started both my companies in downturns, post-2000 and post-2008. What’s your pulse check on the venture markets right now, today? This is an incredible time to build companies. The innovations and technological breakthroughs we’re seeing are amazing, and I am confident we will see some important companies come out during this time period.

Innovation 223

Innovation Wireless Acquisition Technology 223

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 214

Management Finance Subscription Payment Features 214

SaaStr

MARCH 7, 2024

Creandum led the first institutional round in 2008 and it became Europe’s largest tech company to go public ten years later. No big egos but really act with high trust, integrity and long term thinking. #6. What’s an “exit” you’re particularly proud of? Peter is a General Partner and runs Creandum’s London office.

Payments 189

Payments Payment Services Payment Solutions Scale 189

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 199

Sales Hiring Sales Startup Investment 199

SaaStr

OCTOBER 18, 2023

Billion way back in 2008. So Domo is an interesting case study on SaaS entrepreneurship. Founder Josh James had one of the earliest $1B+ exits in SaaS when Adobe bought his first start-up, Omniture, for $1.8 Omniture is still big and it dominated web analytics especially for bigger companies in the earlier days of the internet.

Entrepreneurship 221

Entrepreneurship Enterprise Pricing Churn 221

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.

Scale 322

Scale SaaS Cloud Scaling 322

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 227

SaaS Churn Sales Software 227

Sales Hacker

DECEMBER 5, 2023

What You Will Learn: May’s perspective on the economy now compared to that of 2008/2009. Highlights: (6:12) May’s learnings from Lehman Brothers and the economic crisis of 2008/2009. (14:11) Writer’s decision to make PLG table stakes and how they leverage their motion to secure enterprise customers.

Sales Recruiting 93

Sales Recruiting Enterprise AI Banking 93

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 212

SaaS Trends Enterprise Revenue 212

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 180

Venture Capital Banking Startup Investment 180

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 177

Venture Capital Machine Learning Artificial Intelligence Innovation 177

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 Search 156

AI Search AI Scale Cloud 156

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 275

Sales Hiring Churn Software Development 275

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 255

Enterprise Sales Strategy 255

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

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 233

Banking Government Construction Startup 233

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 247

Marketing Trends Startup Investment 247

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 286

Sales Recruiting Banking Engineering Customer Support 286

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 86

Sales Innovation Pricing Management 86

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 177

Enterprise Strategy Management Sales 177

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 251

Scale SMB Engineering Cloud 251

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:

Benchmarks 195

Benchmarks Trends SaaS Revenue 195

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 138

Investment Banking Enterprise SaaS 138

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 244

Scale Cloud Revenue Scaling 244

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 66

Sales Innovation Pricing Management 66

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 135

Finance Education Mobile 135

Andreessen Horowitz

OCTOBER 15, 2023

since the launch of the App Store in 2008, highlighting the cast opportunity in the marketplace. A few weeks ago, Apple released a stunning statistic: they’ve paid developers over $320B — yes, billion! And around the same time, a16z Consumer Partner, Olivia Moore, compiled a list of the top apps across the US app store throughout 2022.

AI 78

AI Trends Development 78

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.

Startup 267

Startup Software Review SaaS Acquisition 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 178

Healthcare Technology Pricing Management 178

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.

Finance 223

Finance Innovation Startup Investment 223

Casey Accidental

DECEMBER 5, 2023

The App Store launched in 2008, and even though there was fervor around discovering apps on the App Store for a while with the “there’s an app for that” campaigns, that fervor died as did most of the apps featured. So, as an operator, this feels like 1997 or 2008. Word of mouth can’t scale technological shifts alone.

AI Search 65

AI Search AI ChatGPT Scale 65

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 183

Sales Recruiting Banking Engineering Customer Support 183