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Archivo del Autor: Belen De Leon

The state of the IPO market

Sixteen months ago, I predicted 2017 would be “the best year for tech IPOs since the dot-com heyday almost two decades ago.” 

Well, that was not exactly what happened — though 2017 was a good year for IPOs compared to previous years. Despite strong public markets, where we saw the NASDAQ jump 28 percent and the Dow by 25 percent — there were 59 VC-backed IPOs, which was an improvement over the 41 we had in 2016 (2018 NVCA Yearbook) — last year was far from the torrent I expected. One key reason was concerns by private companies that public valuations might not give private investors a solid gain. At the same time, there was abundant private capital for those companies, so IPOs were not critical for raising capital.

2018 IPOs are off to a strong start

The highly anticipated and successful IPO by Dropbox (DBX) in March and Spotify’s (SPOT) direct listing in April have put a spotlight on the U.S. tech IPO market. Four recent tech IPOs — Avalara (AVLR), Carbon Black (CBLK), Smartsheet (SMAR) and DocuSign (DOCU) — all revised the filing ranges upward, priced at or above the high-end of the new range, and are trading up an average of 79 percent since their debuts in late April through mid June. This is consistent with tech IPOs so far this year, which have traded up 92 percent.

Halfway through 2018, VC-backed IPOs in the U.S. have reached $6.9 billion, second only to 2012 when Facebook made its debut. I am feeling bullish about the IPO environment over the next 18 to 24 months, with some new factors that merit close attention. As IPOs take off, we will also see an acceleration of M&A.

So what’s in store for the rest of 2018?

We see a pipeline of later-stage companies with strong fundamentals, and pent-up investor demand for fast growth investments. The pipeline of later-stage companies seems larger than ever, and tech IPOs are the strongest among industry sectors so far this year — and at double the pace of last year, according to Renaissance Capital. High-profile companies like Lyft, Sonos, Eventbrite and Airbnb are all in various stages that signal they may go public.

When venture-backed U.S. technology companies go public, it opens the doors for others.

Valuations, though still sky-high in some cases, may not be a roadblock. Some people were worried about whether these companies could sustain the valuations and be able to achieve a strong exit. We have quite a few vivid examples of highly valued private companies that marched forward to an IPO and trade at levels giving good returns to their private investors.

More companies are starting to realize that it is a good time to go public. Even with some temporary pullbacks like Facebook after the Cambridge Analytica incident, Zuck and team went on to blow out first quarter earnings. The markets are still at great levels by historic standards.

A very strong exit environment is good for the VC ecosystem. When venture-backed U.S. technology companies go public, it opens the doors for others.

Strong IPO market will fuel M&A

Robust M&A and IPO cycles tend to flow together, and we seem to be riding that wave already. The last strong joint cycle was in 2014, which saw 124 IPOs and 941 acquisitions (NVCA).

The new tax laws have lowered corporate tax rates, encouraged repatriation of massive offshore cash held by tech companies and brought the cash positions of large tech companies up to the highest levels they have ever been. Not only will there be an uptick in the number of acquisitions, but in the size of transactions as large tech companies become active buyers. Salesforce’s $6.5 billion acquisition of MuleSoft, which had gone public last year, and Microsoft’s acquisition of GitHub for $7.5 billion, are good examples. Expect Amazon, Facebook, Google and Microsoft to continue to be active.

We are seeing a number of acquisitions of private tech companies that are realistic IPO candidates. The most vivid example of this was the acquisition of AppDynamics by Cisco last year for $3.7 billion, which was announced at the “11th hour” before what would have been a successful IPO by AppDynamics (which had completed its roadshow and was poised to price).

An IPO filing, even the prepping for an IPO, can serve as a catalyst for an acquisition. The big tech acquirers are tracking all the great young private tech companies, and when an IPO is imminent, it can motivate them into action to acquire a company that is a great strategic fit.

Just recently, Glassdoor was acquired by Recruit Holdings for $1.2 billion and Walmart bought 77 percent of Flipkart for $16 billion — either company could have gone public, but once companies are either on file and preparing for an IPO or make a confidential filing, it becomes a catalyst for potential buyers that have been tracking them for a while to make an acquisition.

Not only will we see acquisitions by the big technology companies, but more traditional-sector companies as well. For example, in October, General Motors acquired Strobe, a startup focused on driverless technology, building on its earlier buy of Cruise Automation. Walmart’s acquisition of Flipkart, the Indian e-commerce giant, is another example.

Technology opportunity follows public demand

Growing concerns about privacy and security have created a lot of interesting opportunities, and emerging companies in those sectors are achieving scale rapidly. We are seeing a lot of demand for companies using technology to solve cybersecurity issues; for example, Zscaler saw its shares more than double on its first day of trading back in March. 2018 is projected to be a strong year for cybersecurity IPOs, with companies like Cloudflare, Illumio and Lookout.

Startups now have more options, including remaining private.

We have seen this movie before — back in the early 2000s when the tech industry was climbing its way out of the dot-com bust, cybersecurity companies were among the first to gain traction, along with startups using technology to help Fortune 500 companies cut costs — an early standout was VMware, which pioneered server virtualization and was quickly gaining market share before it was acquired by EMC in 2004.

Regulatory easing

The current administration’s relaxation of the JOBS act has made the regulatory environment more benign than it has been for a long time, which could make things easier for companies to go public.

Larger private companies can now use the confidential filing provision of the JOBS Act that smaller tech companies have had access to over the last few years. The SEC is also proposing to allow the larger private equity companies to use the test-the-waters provision of the JOBS Act. These provisions dramatically reduce any perceived risk of a disappointing IPO.

New exit opportunities via private equity and direct listings

Startups now have more options, including remaining private. That said, times are even more interesting for private companies looking for liquidity. Private equity firms and sovereign wealth funds are coming into the game and buying up tech startups, thereby providing another exit opportunity.

Recently, Spotify turned heads with its unusual IPO by doing a direct listing. For companies that do not need primary capital and are already well-known by investors, the direct listing is a realistic option. For a company with these characteristics, the biggest reason a company would do a direct listing is to save on fees and redirect who benefits from the first day pop.

There is a lot of speculation whether more companies will choose a direct listing over the traditional IPO and how it impacts VC. I believe it is beneficial for the VC ecosystem as it is another way for companies to go public. However, I do not expect too many companies will follow the direct listing approach Spotify took, as they were in a somewhat unique position.

It’s exciting to see alternatives to the traditional IPO, and the second half of this year into 2019 will likely see a boom of IPOs. Going public enables startups to provide liquidity for employees and investors, as well as generate much-needed publicity and credibility, which in turn bring customers and revenue. It’s an exciting time to be in the technology VC space following a year of unexpected drama.


Source: TechCrunch

Star Wars: The Last Jedi remake poster mocks angry fans – CNET

“A film by a bunch of dudes from the internet.” Oh, and Mark Hamill offers his thoughts.
Source: CNET

Philips Hue Entertainment sounds awesome. Here's why it isn't – CNET

At least not yet. For now, I have a couple of notes.
Source: CNET

Nvidia’s GTX 11 Series may get people ready for the next generation of VR

Unnamed sources claim that Nvidia’s upcoming GeForce GTX 1180 add-in graphics card for desktops will likely include a proprietary connector for virtual reality headsets to support 120Hz refresh rates over a single cable.

The post Nvidia’s GTX 11 Series may get people ready for the next generation of VR appeared first on Digital Trends.


Source: Digital trends

How to make Windows 10 look like Windows 7

There’s no simple way of switching on a Windows 7 mode in Windows 10. Instead, you can install third-party software, manually tweak settings, and edit the registry. We provide instructions for using these tweaks and tools.

The post How to make Windows 10 look like Windows 7 appeared first on Digital Trends.


Source: Digital trends

Win cash and prizes in the Virtual Hackathon at Disrupt SF 2018

Our Startup Battlefield pitch competition may be legendary, but it’s not the only throw-down going on at TechCrunch Disrupt SF 2018 on September 5-7. This year, in honor of the largest Disrupt event ever, we’ve launched the Virtual Hackathon. Thousands of the best developers, coders and hackers will compete — from anywhere in the world — to build tech products that address and solve a range of challenges.

And we have even more contests, cash and prizes to share with you — more on that in a minute. Right now, you better sign up and get moving, because the deadline to submit your hacks is August 2.

Our team of judges will review every eligible project and assign each submission a score between 1-5. Score criteria include the idea quality, technical implementation and potential market impact.

The 100 highest-scoring teams will receive up to five Innovator Passes to attend TechCrunch Disrupt SF 2018. They can enjoy everything the show has to offer, including (for starters) Startup Alley, incredible speakers from four unique stages, Startup Battlefield, Q&A sessions and the TC After Party — the perfect place to network in a fun atmosphere.

The teams who make the top 30 will move on to compete in the semifinals at Disrupt SF, where they will demo their creation to a team of judges. Those judges will then select 10 teams to go on to the finals, where they will step onto The Next Stage and showcase their baby to an audience of thousands of Disrupt SF attendees.

Finally, one team will rise above the rest, win the $10,000 grand prize and become the first-ever TechCrunch Disrupt Virtual Hackathon champ.

OK, let’s get back to the bit about more contests, cash and prizes. You also can win some sweet cash from contests sponsored by BYTON, TomTom and Viond, plus Visa and HERE Mobility.

The Virtual Hackathon takes place at TechCrunch Disrupt SF 2018 on September 5-7, but you have only until August 2 if you want your hack to be eligible. Don’t miss the fun and excitement. Sign up to participate in the Virtual Hackathon and start hacking today.


Source: TechCrunch

The brains behind one of marketing’s biggest hits are out to reshape the industry again… with direct mail

Postie, a new Los Angeles-based startup, has a vision for the future of advertising and marketing — and it’s direct mail.

Founded by some of the men responsible for the biggest hits in online marketing (like the Dollar Shave Club commercial that launched what became a billion-dollar acquisition) think that it’s time to take technology where it’s never gone before — into targeted, direct mail campaigns using the best ad-targeting that money can buy.

Postie uses a combination of online data collection and an on-demand print and mail technology to give its customers turnaround times on print orders in as little as 24 hours, and what the company boasts is the equivalent of online ad-targeting.

Using the service, customers can access demographic, interest and behavioral data of more than 320 million people; can use retargeting to provide direct mail campaigns; and integrate with existing customer relationship management tools.

The company was founded by Dave Fink and Jonathan Neddenriep, two former principals at the startup studio and early-stage investor, Science. At the early-stage investment firm, Fink said he was responsible for marketing activities for companies including Dollar Shave Club, DogVacay, SpringRole, Wishbone and Hello Society over the six years he worked at the company. Neddenriep served as the chief technology officer for Science — a role he’s continuing at Postie.

Where once Fink focused on reaching the widest possible audience with a viral message that could cut through the noise of online advertising, the scale of his messaging is now much smaller, even if the scope of the market he’s trying to capture remains just as vast.

“A highly targeted physical piece of mail, especially in today’s ephemeral world, elicits an emotional response that goes above and beyond what is possible online,” says Fink, in a statement. “It’s now possible to open up a whole new scalable media channel by leveraging the same data driven insights and quantitative approach as digital.”

According to study from the Direct Marketing Association, direct mail campaigns rang up $46 billion from advertisers and companies in 2014, and Fink and his co-founder are hoping that number will climb.

They aren’t the only ones. Postie has raised $3.5 million in seed funding from the Los Angeles-based firms Bonfire Ventures and Crosscut Ventures to expand its business (maybe through direct marketing?).

 


Source: TechCrunch

Spotify users push back at the over-the-top Drake promotion

Some Spotify users were so annoyed by the recent Drake promotion that they asked for and were granted refunds, according to a report from Billboard. The streaming service had heavily promoted the artist’s latest album, “Scorpion,” even using his image on playlists that didn’t even contain his music, like “Massive Dance Hits,” “Best of British” and “Happy Pop Hits,” for example.

The promotion, dubbed “Scorpion SZN,” was the first-ever global artist takeover of Spotify’s service and the first time an artist took over multiple Spotify playlists on the same day.

While it’s not uncommon for artists to receive promotion on Spotify, some felt that the Drake promotion had gone too far — the album and Drake’s image were everywhere in sections like Browse and Playlists.

One Reddit user shared how they were able to obtain a refund from customer service, and that post soon went viral. The screenshot of their chat with the support rep has, to date, been viewed nearly 12,000 times. That transcript doesn’t indicate any official policy on Spotify’s part here, but was instead the efforts of a customer service rep helping retaining an individual’s business.

However, a few other people then tried similar tactics, and were also able to get refunds, they said.

Spotify isn’t officially commenting on the pushback from users, but Billboard claims the number of refunds were minimal.

It’s clear that the streaming service noticed the complaints, however, as it was responding to users on Twitter to clarify that things would soon be back to normal.

While Spotify has never refunded customers unhappy over a promotion — the larger news here is not the financial loss of those refunds, or even that they happened at all, but rather the damage this has done to Spotify’s reputation.

For those who complained, the problem wasn’t just that they weren’t Drake fans (though that’s obviously a part of it), but rather that they felt they were viewing advertisements when they were paying for a Premium, ad-free version of Spotify’s service.

In addition, a heavy-handed promotional effort like this flies up against Spotify’s desire to position itself as a service that’s personalized to its subscribers’ musical tastes.

With Drake showing up all over Spotify playlists and recommendations, the overall effect was one of discounting users’ own interests — those who complained were likely not Drake fans or perhaps not even heavy listeners of hip-hop in general. As a result, they felt like Spotify was trying to push them to listen to music they didn’t like.

Though Drake is a hugely popular artist, there may not be an artist out there who could withstand a promotion like this. It’s just too much. After all, there’s a fine line between being excited about an album release and promoting it, and shoving something in people’s faces. Spotify crossed that line.

Billboard noted that some people had even compared this to the Apple/iTunes scandal when the company gave away U2’s “Songs of Innocence” back in 2014 by downloading it without consent to users’ iTunes libraries. But it’s not quite as bad as that. The issue was not one of stealthily downloading content to your device, which is far more of a violation.

That said, the user outrage feels similar: I don’t like this music, why are your forcing it on me?

Spotify’s original intention was to promote Drake’s album and the artist in a more playful way. It put Drake on the cover of its biggest Rap, R&B, Pop and Mood playlists, including RapCaviarBeast ModeAre & BeSummer PartyToday’s Top Hits Morning Commute and others.

In those cases where Drake’s image was used on the playlist but not his music, the idea was that it would showcase the artist’s personality. But these efforts clearly fell flat. Users were confused as to why Drake was appearing on playlists that didn’t make sense — like those featuring a different genre of music.

From a sheer numbers standpoint, meanwhile, Spotify’s promotional efforts were successful.

The album broke the U.S. one-week streaming record for an album in three days, Billboard also reported, and the album was being streamed more than 10 million times per hour the weekend of its release, Spotify said. The album is estimated to reach more than 700 million streams in the U.S. by the end of the tracking week on July 5. 

Not everyone thought the promotion was that big of a deal.

Some people said that while they noticed the suggestions, they just bypassed them and listened to their own music as usual. But even then, some sympathized with those who complained that this felt like an advertisement on what’s supposed to be an ad-free service.

Spotify collaborates with artists on promotions — the details of Drake’s takeover weren’t dictated. (In fact, it’s not even the biggest promotion from a financial investment standpoint.) So Spotify will likely chalk this up to a learning experience that may help it craft better promotions in the future that don’t involve as much overreach.


Source: TechCrunch

Philips claims ‘world’s first’ with a new 4K HDR desktop display

The 43-inch Philips Momentum 436M6 Quantum Dot monitor revealed in April is now up for grabs on Amazon for $999. It’s the world’s first DisplayHDR 1000 panel, residing at the top of VESA’s new HDR certification system.

The post Philips claims ‘world’s first’ with a new 4K HDR desktop display appeared first on Digital Trends.


Source: Digital trends

How the Pentagon Keeps Its App Store Secure

To keep malware at bay, the GEOINT App Store has created a screening process that no commercial platform could ever match.
Source: Wired

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