Michael's comments

Very deep analysis. I'm curious how the valuation and behavior of the VCs is related to this being a medical device company as opposed to a biotech or pharma.
on Why Zyogenix’ IPO Value Will Stick

Awesome article. It'd be great to see further analysis that discusses lock-ups and risk (take a $2B acquisition vs. *try* to IPO for that price).
on Why an IPO is 3X better for Lance Armstrong

Brilliant analysis.
on Many banks only insuring $250k again

I attended this session and some great information was presented. It's amazing to look at the $8.6MM revenue number Amazon had at it's IPO. It paid $850K vs. $3.5MM to IPO. Could Amazon have afforded the $3.5MM? What's not in this information is how much cash-on-hand from venture capital they had. I cannot speak re: actual operating complexities (vs. costs), but I still have not seen a concrete argument why SOX is primarily responsible for the lack of an IPO market at a macro-scale, or even the prevention of IPOs on a micro-scale. In other words, if there was high demand to purchase the stock of a given company the actual costs of SOX compliance seems to be a drop in the bucket compared to the returns an IPO would generate for investors, other stock holders, and the company (for re-investment purposes).
on Sarbanes Oxley small business "Relief" a joke

Can we get stats to back up the doubled requirements for time and money to get to IPO?
on Congress considering Sarbox relief for SMBs

Lorenzo, it is great you bring up the risk profile issue. From talking with people that might fit the profile of person to engage these services I've run into a common trend: people don't trust public company stocks anymore. I think there is room to create a strong investment thesis stating that there is an attractive risk profile when you are investing in private company stocks where there are trust worthy / skilled / experienced founders and managers who have not yet made it big enough to be able to defraud people in a way that would ruin their future opportunities. Why not invest in 3 guys from MIT with a $1.5MM Series A behind their belts?
on Is it time for private company marketplaces?

Awesome look at an emerging niche sector in the finance community and startup ecosystem. It's pretty clear that there is and should be healthy demand on a low-volume basis. I think the real question being discussed is what the macro longterm impact is. Frankly, there is no reason why private company securities can't be traded in the same way as public company ones. I don't think the secret information issue is a real problem. The companies that have the most traded stocks will have the ability to draw additional funds out of the investment community, esp in emergency situations. They will grow faster and be more resilient. Their competitors will follow suit. Keep in mind that most public company SEC filings fail to provide adequate information given the scope, size, and complexities of modern corporations. A different perspective on this issue is that there is actually low demand for any kind of security, public or private, issued by these companies as evidenced by a lack of a strong IPO market. Ultimately, lower transaction costs increase the size of secondary and follow-on investment markets for angel and VC backed startups. Being a professional angel becomes easier as paper work and match-making costs are eliminated. Perhaps this trend could turn into a bubble as there are significant amounts of people with this kind of money.
on Is it time for private company marketplaces?

Good analysis on how positions close to breakpoints can be different than expected.
on Mint acquisition still good for Series C lead

Awesome video. Definitely agree w/ getting the right teams and working with the right people. Due diligence is key on big, long-term deals of any kind.
on Entrepreneur advice: Break down brick walls

Great look at the IPO issue. Awesome show.
on Bill Gurley declares IPO market open

Awesome article again. I think people were surprised that iLike sold for so little with so many users. re: FF they already seemed to have lost traction after their initial spurt against Twitter. But, essentially, it still seems to me that the stakeholders of both companies were saying there was no future in moving forward alone. The FF guys are probably itching to start another company already. I wonder if iLike's price is a measure of current M&A valuations in the social media space.
on FriendFeed & iLike founders take even money?

Awesome article. Have not seen anyone use visuals like these to explain an acquisition in-depth. Wish more people did this.
on Down Rounds + Cramdowns = 2009 top VC exits?

Hey Missy, love the production quality on the show, it keeps getting better. Keep it up!
on What Am I Missy? Episode 28