빌 걸리
General partner at Benchmark; early investor in Uber; blog Above the Crowd
916 records in all
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Episodes are real events from public sources, summarised by us.
In the late 90s, investors struggled to value Internet companies that were years away from profit. They created new proxies like market cap-per-unique visitor and market cap-to-revenues to justify high valuations.
LessonWhen standard financial tools fail, markets invent new metrics that can lead to dangerous overvaluation if not grounded in reality.
Bill Gurley highlights Amazon's one-click service as the gold standard for convenience. By removing the friction of re-entering credit card and address information, Amazon significantly boosted its conversion rate.
LessonReducing friction in the final steps of a transaction is one of the fastest ways to increase revenue.
Microsoft acquired Massive.com to lead in-game advertising and prevent the ad network from falling into competitors' hands. Bill estimated the price was closer to $100 million, despite higher press reports.
LessonStrategic acquisitions are often about controlling a key network or infrastructure before competitors can.
Yahoo entered foreign markets like Japan and Korea by taking partial ownership in joint ventures. They only started launching fully-owned subsidiaries after becoming a globally profitable powerhouse.
LessonLeverage local partners to gain traction in foreign markets before attempting to go it alone.
Benchmark partners hold Monday meetings without a fixed agenda or a list of topics to jump through. They allow for open, roving conversations where substantive topics emerge naturally from their collective discoveries.
LessonRemoving rigid structure can foster a more authentic environment for team-based truth seeking.
When a portfolio company's decision went off track due to rising emotions over a weekend, Chetan flew to Europe on a Monday to show support in person. His physical presence alone, without needing to say anything new, signaled such commitment that the situation resolved itself by the time he landed.
LessonShowing up in person during a crisis can change the entire dynamic of a relationship and prove your commitment to the team.
Benchmark invested $6.7 million in eBay when other VCs turned them down because the founder didn't fit the typical CEO profile. They structured the deal with equity-backed loans to the founders to compete with a $50 million acquisition offer from Knight Ridder.
LessonBeing the only firm willing to structure a non-traditional deal can lead to capturing a generational opportunity.
Benchmark recruited Matt Cohler, who was employee number five at Facebook and an early employee at LinkedIn. Despite not having a venture background, his deep understanding of consumer psychology and social products made him a vital addition.
LessonDeep operational experience in emerging sectors can be more valuable for a VC partner than a traditional background in finance.
As Uber's private valuation reached unprecedented levels, Bill Gurley began publicly warning about out-of-control valuations in Silicon Valley. He argued that raising too much money at extreme valuations in opaque private markets might not be in a company's best interest.
LessonExcessive private valuations and capital can create immense pressure and opacity that eventually harm the company's long-term health.
Benchmark explicitly marketed against 'mega funds' by highlighting their smaller partner-to-capital ratio. They argued that having fewer board seats per partner ensured better responsiveness and support for founders.
LessonClearly defining what you don't do can be a powerful way to differentiate your service from larger competitors.
Benchmark partners host weekly dinners at a custom table, inviting high-profile CEOs like Jeff Bezos and even founders they passed on. They use these sessions to learn from missed opportunities and understand why certain companies succeeded without them.
LessonDirectly engaging with the winners you missed is the fastest way to fix your blind spots.
Healtheon went public based on a big idea of simplifying healthcare via the Internet, even though its actual revenue at the time came from non-Internet services. Investors bought into the story of what the company would become rather than what it currently was.
LessonEarly-stage success often depends on selling the uniqueness and boldness of an idea before the proof exists.
Bill Gurley noticed success patterns among a restaurateur, a coach, and a singer nearly a decade ago. He spent six years researching job satisfaction and career regret to create a methodology for others to chase their dreams.
LessonDeep research and pattern recognition in unrelated fields can lead to original and impactful insights.
Bill observed LiveMocha offering language learning for free by using a community-driven model. This posed a significant threat to Rosetta Stone's high-priced software model because LiveMocha's content costs were near zero.
LessonEven if a free competitor lacks brand awareness, their low cost structure can eventually force you to change your business model.
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