Justin Wright-Eakes @jwrighteakes
Founder & Managing Partner @ovalparkcap. Investing in exceptional diverse founders of seed stage, impactful, deep tech startups in the Southeast and beyond. ovalpark.com Raleigh, NC Joined January 2018-
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TRUE !! Especially in the past 9 years - VCs started to “buy logos” (invest at $5bn valuation and then add to one’s resume. Invest via SPV but no board access) - VCs got fake markups in 2021/22 when 1,200 new “unicorns” created (1k won’t exit > $1bn) so TVPI won’t become DPI - Some of our biggest returns (> $100m in actual cash investment profit) have been 1x after 6 years (most innovation takes time) The benchmarks are totally broken. Few understand the data.
This is so true! It takes a much longer time in VC to return capital and many VCs never even achieve a 1x on their own portfolios. So reputations in VC aren’t always correlated with actual job performance until you look over 10-15 years
Venture TVPI-->DPI: How it started / How it's going. A 🧵👇 How it started... In Oct '22, I asked how much of peak VC values (TVPI) will become real distributed profits (DPI), later discussed on @theallinpod & w/ @altcap . In Apr '23, I illustrated that for internet boom vintages, peak marks came ⬇️btw 30-50% for Top Quartile GPs. How it's going... Comparing latest benchmarks (Sept '23) to peak benchmarks (Mar '22), Top Q marks have come ⬇️ 17% on avg in active VC funds. Despite very few VC exits announced in that time frame, DPI is up meaningfully (likely driven by public stock distributions and secondary sales). My thesis, TVPI has a long way to go as ZIPR-icorns 🦄🤑disappear and LT pre-Covid multiples are digested by private markets. In the meantime, GPs will distribute anything not nailed down in an effort to provide LPs fresh capital to recycle into their new funds.
Venture Capital is a MEAN business! Here is 6 takeaways from a deeper look at the return profile of VC funds 📊
Most investors will actively hurt your business. Their money can't begin to compensate the damage they do because they're focused on driving short term paper returns
Silicon Valley stands together with Founders. Continuing to innovate. Continuing to build. This will make us stronger. Nearly universal agreement with this statement well beyond those listed. Fed needs to act now to make sure depositors are 100% protected.
The single biggest problem I see founders make when hiring their first sales hires today: They are trying to solve a product market fit problem by hiring a salesperson. DON'T. They will fail, leave/be fired and it will worsen the culture.
FOUNDERS Fundraising is hard, let's make it a little easier Here are 21 resources for funding your company - Investor databases - Non-dilutive funding - Cold outreach guidelines - Pitch deck help Take a look 👇
We’re in the worst market for growth stocks since the Dot-com Crash (2000-2002) and Great Recession (2008-2009). If you don’t have any advisers who experienced those events, now might be a good time to find them.
Internal Nasdaq damage: 😒More than 45% of stocks down 50% 😢More than 22% of stocks down 75% 🤬More than 5% of stocks down 90%. The only comparisons are Oct 2000 - Oct '02 and Nov 2008 - Apr '09.
Happy New Year from the Oval Park team! 2021 was a busy, challenging, and transformative year for Oval Park. Link below to read more about what we accomplished in 2021, along with some market observations and expectations for 2022. ovalpark.com/news/2022/1/1/…
The Goal Setting Guide—how to set (& actually achieve) your goals for 2022:
Don't obsess over what you want to be doing for the next ten years. Focus instead on who you want to be doing it with.
2012: - start company - CEO eats ramen - Make $400k in revenue - raise $2M seed round 2021: - raise $5M pre-seed - CEO tweets memes and VC jokes 8 hours a day - look for head of product to do CEO’s job - wait for seed term sheet at $100M post
When I was a founder I was completely clueless about fundraising and what investors would ask me. And also why they were asking certain questions. I don't think founders should ever be blindsided by the process. A thread -- read on >>
What if I told you that I felt like a failure even after selling Twitch for a billion dollars? This is for anyone experiencing impostor syndrome:
Buffett once said: “It’s not about timing the market, it’s about time in market.” There should be a step down in capital gains tax for individuals as they hold stocks. 20% per year decrease in cap gains tax. 0% after a five year hold period. Incentivize long term behavior.
One of the most rewarding things in life is betting on someone with potential before anyone else sees it — and them proceeding to absolutely crush it on every level.
The Duopoly I would shut down in a nanosecond ? The Democratic and Republican Parties. Together they are the definition of anti-competitive collusion that has been successful shutting out competition in a manner that is detrimental to the American People every minute of every day
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