How Today's Startup Market Is Not Like 1999, And What You Need To Build A Hot Series A - TechCrunch
How it was damaged in 2022 down, the Exchange wanted to dig into what might happen if the starter stopped playing. So we got a former venture capitalist Matt Murphy on the phone to talk about.
Murphy began his career at Sun Microsystems back in the mid-90s, joining the enterprise store Kleiner Perkins in 1999, where he remained until 2015. From there, the teams investor to Menlo Ventures, where he has been working ever since. For some context, Murphy has invested in DocuSign, Egnyte, AppDynamics and Carta, among others.
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But most relevant today is his experience investing in a time of recession, including both the early 2000s abstraction and the 2008 financial crisis. recording, we talked through a number of topics, from standard start-up criteria to today’s start-up stability and changes to the overall entry level.
Our conversation with Murphy was extensive. To manage its length, we have broken down its responses by topic, subtitling where the subject has changed slightly. We have also quickly edited our questions and made minor adjustments to the transcription for clarity and length, including an extension of some acronyms.
Enjoy your snow day read on!
Whether the current tense is too hot or supported by foundations
Matt Murphy: Well, I'm perfectly right with the investments I've already made highlighted, because that makes you feel like a hero, and overwhelmed by trying to get into new stuff, because that makes you feel like a chump. [Laughter]
[But yes,] the way valuations have changed and continue to change in such a short space of time has been remarkable. Definitely more than in 1999. It just feels like this has been more sustainable over time. It's more relaxed, and every time you think it's a new max, something else happens.