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Part IV: How Venture Firms Changed Their Criteria

Part IV: How Venture Firms Changed Their Criteria

“Yes it was bad, and yes, valuations were bullshit, and yes, money was free and grew on trees, and shame on us for paying all those prices for companies. Then the land grab was over that day in April 2000. One, we stopped spending recklessly, and two, we told our portfolio entrepreneurs, 'You've got to slow down here and treat this as though this may be your last round. You need to get to breakeven on this money.' We took more of that mindset. I wished we'd realized it sooner. But at least when it was blatantly obvious we caught on.”

—Comment on the bubble from a top venture capitalist who prefers not to be identified



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