The Bear Case on Fitbit

It came as a surprise to most when Fitbit finally unveiled their financial numbers in their S-1. The company did over $700M in revenue last year (that's over 10M devices sold!) and maintained an EBITDA margin of close to 26%. It was even more surprising how well FIT was received by public market investors. Fitbit's  stock… Continue reading The Bear Case on Fitbit

The Emergence of “Pre-Seed” Capital

Notation Capital, founded by former Betaworks folks, is a new pre-seed investment fund launched a couple of months ago.  Notation Capital is attempting to institutionalize the round of funding that’s usually done by “Friends and Family”. With just an idea and a co-founder, one could actually raise up to $500K in exchange for 5% to… Continue reading The Emergence of “Pre-Seed” Capital

Is 2015 The Year Legal Weed Changes The Future Of The American Economy?

I wrote an article on VC investing in the marijuana industry… a fun topic given how big and common weed is in the valley. Also an interesting topic to consider for all investors, in light of Neumann’s most recent blog post, where he claims,  the only thing VCs can control that will improve their outcomes… Continue reading Is 2015 The Year Legal Weed Changes The Future Of The American Economy?

Fundraising Acceleration as a Flawed Paradigm

For the last 12 to 18 months, the private technology market has seen sky high valuations and a significant disconnect from the public markets. Recently, much talked-about startup Slack raised $120M at a $1.12B valuation with just $1M in monthly revenue. My friend, Danny Crichton, wrote a really insightful piece on TechCrunch regarding this new… Continue reading Fundraising Acceleration as a Flawed Paradigm