12/6/2023 0 Comments Benchmark venture capitalBenchmark partners had selected one another on the basis of perceived ability to subordinate individual ego to the larger interests of the collective.” Page xviii “John Doerr for example excelled at promoting the visibility of John Doerr, but he evinced no ability or wish to raise up his partners to the same prominence he enjoyed, (and after hearing so much about Doerr, what entrepreneur who approached his firm, Kleiner Perkins, wanted to be deflected to one of the other partners, an unknown not-Doerr?). By the next spring, the company was valued at more than $21 billion the value of Benchmark’s stake had grown 100,000 percent in less than two years’ time, making it the Valley’s best performing venture investment ever.” Page xv “When Benchmark invested $6.7mm in eBay in 1997, the auction company’s valuation was put at $20 million. Below are some of the excerpts I found most valuable. It chronicles the early days of one of the finest venture funds ever: Benchmark. By doing so, you can enhance your portfolio's returns, risks, and impact.Learnings from the best VC ever – BenchmarkĮBoys by Randall Stross is a classic. Benchmarking your portfolio performance against others is a vital practice that can help you improve your venture capital skills and results, so make sure to choose a relevant benchmark to measure and compare your performance. Track and report your performance improvement to stakeholders such as investors or customers, celebrating and rewarding achievements while learning from challenges. Consult with peers and mentors to learn from their experiences and insights, then identify and implement the best practices that can help you improve your performance. Analyze the results to identify factors that affect your performance, such as market trends or investment decisions. To do this, you should regularly measure and compare your portfolio's performance against your benchmark. Improving performance is a continuous process, so you should use a feedback loop to monitor and evaluate your performance, identify and implement best practices, and track and report your progress. For example, you can use the Cambridge Associates US Venture Capital Index or the PitchBook-NVCA Venture Monitor to compare your portfolio to the US venture capital market the Kauffman Fellows Fund Report or the Prequin Private Equity Online Database to compare your portfolio to other funds of similar size, stage, sector, or geography and annual reports or press releases of a leading fund or company in your industry or sector to compare your portfolio to their results. Common benchmark types include industry benchmarks, which are based on the aggregated performance data of a large group of venture capital funds or companies in a specific industry or sector peer benchmarks, which are based on the performance data of a smaller group of venture capital funds or companies that share similar characteristics or criteria with your portfolio and target benchmarks, which are based on the performance data of a specific fund or company that you aspire to emulate or surpass. You must take into account your portfolio's size, stage, sector, geography, and objectives, as well as the availability and quality of data, the frequency and consistency of reporting, and the comparability and relevance of the metrics. Choosing a benchmark is not an easy decision, as there is no single solution that fits all.
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