Rip Good Times A Different Perspective

R.I.P. Good Times? A Different Perspective on the Downturn 2882 Sand Hill Road, Suite 100 Brendon Kim / bkim@altosventures.com Menlo Park, California 94025 Han Kim / hkim@altosventures.com (650) 234-9771 Ho Nam / hnam@altosventures.com www.altosventures.com Anthony Lee / alee@altosventures.com

Slides from Sequoia Presentation to CEOs, October 7, 2008 Widely publicized meeting was “very somber…”

Boom and Busts: Been there before! (just a sampling over past 178 years) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Less Cash Required Than Ever to Build Great Companies Yet most of the biggest tech homeruns have raised less than $10M (or none at all) ,[object Object],[object Object],The U.S. venture industry has been investing at near-record levels 1997 2007 $13M $66M Median VC raised prior to IPO ($M) Total U.S. VC investment ($B) 1997 2007 $13B $30B

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If You Are Ready to Jump… We’re still open for business: # of new companies in 1 st Half 2008: 2 # of new companies in 2 nd Half 2008: 6+ 2882 Sand Hill Road, Suite 100 Brendon Kim / bkim@altosventures.com Menlo Park, California 94025 Han Kim / hkim@altosventures.com (650) 234-9771 Ho Nam / hnam@altosventures.com www.altosventures.com Anthony Lee / alee@altosventures.com

[object Object],[object Object],[object Object],What we look for beyond Capital Efficiency and Hedgehogs

You Think This is Bad?? How about 24.9% unemployment (vs. 6.1?%)

[object Object],[object Object],[object Object],[object Object],Lessons from Helzberg Diamonds

Rip Good Times A Different Perspective

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Rip Good Times A Different Perspective