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Humble Beginnings
V I TA L S I G N S   A Little Personal History




                                             © 2011 Sequoia Capital   2
 FOUNDERS
          IDEA
          TIMING


THINGS
                  © Play Bigger Advisors
NOW




© 2011 Sequoia Capital   4
THEN




       © 2011 Sequoia Capital   5
NOW




L AR R Y
P AG E




           © 2011 Sequoia Capital   6
THEN
1998




       L AR R Y      P AG E
       S E R G E Y     B R I N




                    1999         2004    TODAY
                  Series A        IPO   Market Cap
                   $7.5M         $27B    $194B
                                              © 2011 Sequoia Capital   7
NOW




J O H N
C H AM B E R S



    © 2011 Sequoia Capital   8
THEN
1987




       S AN D Y   L E R N E R
       L E N   B O S AC K


                    1987         1990    TODAY
                  Series A        IPO   Market Cap
                   $1.9M        $224M     $95B


                                              © 2011 Sequoia Capital   9
NOW




J E F F
W E I N E R



     © 2011 Sequoia Capital   10
THEN
2003




       R E I D   H O F F M AN




                     2003       2011    TODAY
                    Series A     IPO   Market Cap
                     $4M        $4B       $9B


                                             © 2011 Sequoia Capital   11
NOW




O M AR
H AM O U I
             © 2011 Sequoia Capital   12
THEN
2006




       O M AR   H AM O U I


                        2006       2010
                      Series A   Acquired
                       $3.3M      $750M



                                            © 2011 Sequoia Capital   13
PROPS TO PAUL, JESSICA & TEAM




                                P AU L
                                G R AH A M
                                J E S S I C A
                                L I V I N G S T O N




                                  © 2011 Sequoia Capital   14
THE
FOUNDERS
CODETM




          Misfits
   Failures Iterate
            Relentless
           Insight
         Focused
         Rebels
            Underdogs
         Unconventional
       Long-term
      Agility
                     © 2011 Sequoia Capital   15
THEY WERE ONCE IN YOUR SHOES




                               © 2011 Sequoia Capital   16
Idea
UNIQUE & COMPELLING




                      © 2011 Sequoia Capital   18
C R E AT I V E
TENSIONS


          Obvious     Unique or novel

Lots of competitors   Handful of niche players

      Easy to build   “Turing” award

 50% improvement      10X better

         Too Early    First Mover



                                    © 2011 Sequoia Capital
Timing
S&P DECLINE 1973 – 74 43%                                 1980 – 82 17%                                                   1987 30%

 1973              1975               1977           1979             1981               1983          1985                 1987
                   ATARI TANDEM              APPLE   AMCC        LINEAR TECH           ORACLE                               CISCO
                                                                   LSI LOGIC          SYMANTEC
                                                                     3COM                EA

    UPS AND DOWNS



             1990 15%                                                                                  1998 15%                        2000-02 44%

 1989                     1991                  1993                    1995                    1997                    1999
MICROCHIP                  ARBOR              FLEXTRONCIS              YAHOO!      REDBACK               PAYPAL                      GOOGLE
                        DOCUMENTUM               NVIDIA                NETAPP                          NETSCREEN                    RACKSPACE
                                                  INS




                                                                               2007 – 08 16%

 2001                         2003                   2005                       2007                   2009                                2011
            GREENDOT       ARUBA      SOURCEFIRE      YOUTUBE     ADMOB      DROPBOX                  UNITY          SQUARE
                            ISILON      ZAPPOS       PALO ALTO    FIREYE       JIVE                POCKETGEMS        TUMBLR
                          LINKED-IN                    KAYAK                                          BUMP           MONGO
                                                                                                     AIRBNB
                                                                                                                  © 2011 Sequoia Capital     21
INTERNET/MOBILE START-UP COSTS
                                                         DROPPED 90%



                         marketplace
$ STARTUP COSTS




                                                       App Store




                  2000                                                   2011
                                                              © 2011 Sequoia Capital   22
MOBILE OUTPACES PC, INTERNET RAMP
                1980                          1990                                2000                                   2010



     PCs
~7 years
 from 10
 to 100M   1976-78                   1987                 1994                                        2005
           Apple, Microsoft          10M                  100M                                        800M
           founded                   users                users                                       users




                               Internet
                              ~5 years
                               from 10
                               to 100M       1990        1993     1996        1998                    2005
                                             HTTP, web   10M      AOL flat-   100M                    1B
                                             browser     users    rate        users                   users
                                             invented             pricing




                                                                    Mobile
                                                                   Internet
                                                                  <4 years
                                                                   from 10               2002         2005         2007
                                                                   to 100M               First RIM    10M          iPhone
                                                                                         Blackberry   users
                                                                                         launched

                                                                                                              © 2011 Sequoia Capital   23
POST-PC RAMP TO 10 BILLION




                             © 2011 Sequoia Capital   24
THE WEB GRAVITATED TOWARDS
              FREE + AD SUPPORTED

                                                       Payment Ongoing
                                    Advertising   Training &            Premium        In App         Transaction
                             None    Lead-gen      Support             Subscription   Content            Based




                     Paid
Payment Upfront




                                                               SaaS
                                                                Web
                  Contract                                     2000s




                      Free




                                                                                                © 2011 Sequoia Capital   25
NEW AND DIVERSE MODELS ARE BEING EXPERIMENTED
                  WITH IN THE MOBILE ECONOMY TODAY

                                                  Payment Ongoing
                                    Advertising   Training &    Premium        In App         Transaction
                             None    Lead-gen      Support     Subscription   Content            Based




                     Paid
Payment Upfront




                  Contract




                      Free




                                                                                        © 2011 Sequoia Capital   26
…Great Causes
NOT THE REAL STORY




Top VC Firms Benefit From Wave of IPOs
Silicon Valley's technology boom is giving a lift to the venture-capital
industry. But many of the gains are being disproportionately reaped by
brand-name venture firms, which are benefiting from a wave of Internet IPOs
and the soaring valuations of closely held companies….


                                                               © 2011 Sequoia Capital
THE REAL STORY

MacArthur Foundation
International Justice




                                © 2011 Sequoia Capital
THE REAL STORY

Rockefeller Foundation
Community Safety and Survival




                                        © 2011 Sequoia Capital
THE REAL STORY

Sloan Kettering
Cancer Research and Treatment




                                        © 2011 Sequoia Capital
THE REAL STORY

Moore Foundation
Ecosystem Conservation




                                 © 2011 Sequoia Capital
THE REAL STORY

Wellcome Trust
Biomedical Research




                              © 2011 Sequoia Capital
THE REAL STORY

MIT
Student Scholarships




                               © 2011 Sequoia Capital
Alfred I Dupont Trust      MIT
Amherst College            Northwestern University
Barr Foundation            Norwich University
Boston College             Princeton University
Boston University          Rensselaer
Bowdoin College            Rw Johnson Foundation
Brown University           Rockefeller Foundation
Bush Foundation            Smithsonian Institution
Claremont McKenna          Stanford University
Colby College              The Ford Foundation        GREAT CAUSES
Columbia University        University Of Chicago
Cornell University         University Of Minnesota
Dartmouth College          University Of Notre Dame
Duke University            University Of Rochester
Georgia Tech Foundation    USC
Harvard University         Vanderbilt University
Hewlett Foundation         Washington University
James Irvine Foundation    Wellcome Trust
Johns Hopkins University   Wellesley College
Macarthur Foundation       Williams College
Moore Foundation

                                                            © 2011 Sequoia Capital   35
Q&A
goetz@sequoiacap.com
THEY WERE ONCE IN YOUR SHOES




                               © 2011 Sequoia Capital   37
JOIN US




          © 2011 Sequoia Capital   38
Thank You
Jim Goetz (goetz@sequoiacap.com)

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Sequoia Capital: Jim Goetz at Y Combinator's Startup School At Stanford

  • 2. V I TA L S I G N S A Little Personal History © 2011 Sequoia Capital 2
  • 3.  FOUNDERS  IDEA  TIMING THINGS © Play Bigger Advisors
  • 5. THEN © 2011 Sequoia Capital 5
  • 6. NOW L AR R Y P AG E © 2011 Sequoia Capital 6
  • 7. THEN 1998 L AR R Y P AG E S E R G E Y B R I N 1999 2004 TODAY Series A IPO Market Cap $7.5M $27B $194B © 2011 Sequoia Capital 7
  • 8. NOW J O H N C H AM B E R S © 2011 Sequoia Capital 8
  • 9. THEN 1987 S AN D Y L E R N E R L E N B O S AC K 1987 1990 TODAY Series A IPO Market Cap $1.9M $224M $95B © 2011 Sequoia Capital 9
  • 10. NOW J E F F W E I N E R © 2011 Sequoia Capital 10
  • 11. THEN 2003 R E I D H O F F M AN 2003 2011 TODAY Series A IPO Market Cap $4M $4B $9B © 2011 Sequoia Capital 11
  • 12. NOW O M AR H AM O U I © 2011 Sequoia Capital 12
  • 13. THEN 2006 O M AR H AM O U I 2006 2010 Series A Acquired $3.3M $750M © 2011 Sequoia Capital 13
  • 14. PROPS TO PAUL, JESSICA & TEAM P AU L G R AH A M J E S S I C A L I V I N G S T O N © 2011 Sequoia Capital 14
  • 15. THE FOUNDERS CODETM Misfits Failures Iterate Relentless Insight Focused Rebels Underdogs Unconventional Long-term Agility © 2011 Sequoia Capital 15
  • 16. THEY WERE ONCE IN YOUR SHOES © 2011 Sequoia Capital 16
  • 17. Idea
  • 18. UNIQUE & COMPELLING © 2011 Sequoia Capital 18
  • 19. C R E AT I V E TENSIONS Obvious Unique or novel Lots of competitors Handful of niche players Easy to build “Turing” award 50% improvement 10X better Too Early First Mover © 2011 Sequoia Capital
  • 21. S&P DECLINE 1973 – 74 43% 1980 – 82 17% 1987 30% 1973 1975 1977 1979 1981 1983 1985 1987 ATARI TANDEM APPLE AMCC LINEAR TECH ORACLE CISCO LSI LOGIC SYMANTEC 3COM EA UPS AND DOWNS 1990 15% 1998 15% 2000-02 44% 1989 1991 1993 1995 1997 1999 MICROCHIP ARBOR FLEXTRONCIS YAHOO! REDBACK PAYPAL GOOGLE DOCUMENTUM NVIDIA NETAPP NETSCREEN RACKSPACE INS 2007 – 08 16% 2001 2003 2005 2007 2009 2011 GREENDOT ARUBA SOURCEFIRE YOUTUBE ADMOB DROPBOX UNITY SQUARE ISILON ZAPPOS PALO ALTO FIREYE JIVE POCKETGEMS TUMBLR LINKED-IN KAYAK BUMP MONGO AIRBNB © 2011 Sequoia Capital 21
  • 22. INTERNET/MOBILE START-UP COSTS DROPPED 90% marketplace $ STARTUP COSTS App Store 2000 2011 © 2011 Sequoia Capital 22
  • 23. MOBILE OUTPACES PC, INTERNET RAMP 1980 1990 2000 2010 PCs ~7 years from 10 to 100M 1976-78 1987 1994 2005 Apple, Microsoft 10M 100M 800M founded users users users Internet ~5 years from 10 to 100M 1990 1993 1996 1998 2005 HTTP, web 10M AOL flat- 100M 1B browser users rate users users invented pricing Mobile Internet <4 years from 10 2002 2005 2007 to 100M First RIM 10M iPhone Blackberry users launched © 2011 Sequoia Capital 23
  • 24. POST-PC RAMP TO 10 BILLION © 2011 Sequoia Capital 24
  • 25. THE WEB GRAVITATED TOWARDS FREE + AD SUPPORTED Payment Ongoing Advertising Training & Premium In App Transaction None Lead-gen Support Subscription Content Based Paid Payment Upfront SaaS Web Contract 2000s Free © 2011 Sequoia Capital 25
  • 26. NEW AND DIVERSE MODELS ARE BEING EXPERIMENTED WITH IN THE MOBILE ECONOMY TODAY Payment Ongoing Advertising Training & Premium In App Transaction None Lead-gen Support Subscription Content Based Paid Payment Upfront Contract Free © 2011 Sequoia Capital 26
  • 28. NOT THE REAL STORY Top VC Firms Benefit From Wave of IPOs Silicon Valley's technology boom is giving a lift to the venture-capital industry. But many of the gains are being disproportionately reaped by brand-name venture firms, which are benefiting from a wave of Internet IPOs and the soaring valuations of closely held companies…. © 2011 Sequoia Capital
  • 29. THE REAL STORY MacArthur Foundation International Justice © 2011 Sequoia Capital
  • 30. THE REAL STORY Rockefeller Foundation Community Safety and Survival © 2011 Sequoia Capital
  • 31. THE REAL STORY Sloan Kettering Cancer Research and Treatment © 2011 Sequoia Capital
  • 32. THE REAL STORY Moore Foundation Ecosystem Conservation © 2011 Sequoia Capital
  • 33. THE REAL STORY Wellcome Trust Biomedical Research © 2011 Sequoia Capital
  • 34. THE REAL STORY MIT Student Scholarships © 2011 Sequoia Capital
  • 35. Alfred I Dupont Trust MIT Amherst College Northwestern University Barr Foundation Norwich University Boston College Princeton University Boston University Rensselaer Bowdoin College Rw Johnson Foundation Brown University Rockefeller Foundation Bush Foundation Smithsonian Institution Claremont McKenna Stanford University Colby College The Ford Foundation GREAT CAUSES Columbia University University Of Chicago Cornell University University Of Minnesota Dartmouth College University Of Notre Dame Duke University University Of Rochester Georgia Tech Foundation USC Harvard University Vanderbilt University Hewlett Foundation Washington University James Irvine Foundation Wellcome Trust Johns Hopkins University Wellesley College Macarthur Foundation Williams College Moore Foundation © 2011 Sequoia Capital 35
  • 37. THEY WERE ONCE IN YOUR SHOES © 2011 Sequoia Capital 37
  • 38. JOIN US © 2011 Sequoia Capital 38
  • 39. Thank You Jim Goetz (goetz@sequoiacap.com)