Why M&A Will Lead the Way

There has been much discussion over the last several years lamenting the state of the IPO market and the trauma of taking a company public. The prevailing wisdom is that the cost of going public (SarbOx, etc) and the unattractiveness of the market are forcing companies to sell out. It is a sad story but only partially true.

The Innovator’s Immigrant Dilemma

Sometime in the next twelve months Congress will again begin debate on comprehensive immigration reform. Much of that debate will likely center on illegal immigration. But for those of us in the startup/venture world, it is the immigration policies related to skilled foreign nationals where the focus is most needed. The current rules and regulations that govern whether a skilled foreign professional can legally work in the United-States have an impact on the country’s ability to compete globally. If the U.S. wants to maintain its status as the world’s leading innovator, changes need to be made. The world’s leading innovator has an immigrant dilemma.

A timely conversation about venture-backed IPOs— is the idea an oxymoron given the disconnect between the companies we’re growing and what the street is looking for?

This Friday, I’m speaking on a panel at the AlwaysOn Venture Summit East titled, “IPOs: A Recovery? How? When? Why?”

This panel could not be timelier (and I’m not just saying this because I’m on it).  This week, after a nine month dry spell, we’ll see two venture-backed IPOs—SolarWinds and OpenTable.

What ever happened to profits?

At last week’s NVCA Annual Meeting, there was a lot of talk about getting the exit market revved up again. The NVCA unveiled their Four Pillar strategy for getting the IPO markets back in action. I agree that regulatory relief would be helpful and it would be really great if we cultivated (once again) relationships with bankers, accountants and advisers whose livelihood is inextricably linked with our business. What was missing at the meeting, however, was a critical discussion of the underlying changes in the industry that are undermining our ability to create a viable crop of IPO candidates.

A Show of Leadership at the NVCA Annual Meeting

With the NVCA Annual Meeting upon us, you can bet that the hallways and banquet rooms of Boston’s Westin Waterfront Hotel will be backdrop to some pretty interesting conversations. Market volatility, difficult fundraising conditions, failing lenders, challenging prospects for portfolio companies and, despite a couple recent fragile-seeming IPOs, an all but shut window for exits should make for a couple good cathartic days of behind-the-scenes venting among colleagues.

Thankfully, the NVCA has avoided the temptation to use apocalyptic exhortations to market the Annual Meeting, which is pretty much already a must-attend event for VCs at old school firms like mine.