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The Return of the Internet IPO

Zillow priced their IPO yesterday and began trading today. Zillow increased their pricing range during their roadshow and then priced above the range at $20 per share and ended the day at $35.77 per share (valuing the company at $540 million when they priced and closing the day at $960 million). This is a great start for the first Internet company with run-rate revenues of less than $50 million to go public in a long time (with the exception of Jiayuan (NASDAQ: DATE) which did go public with a $50 million run rate but likely was able to price successfully due to its Chinese market focus). I remember the first IPO of a company I had invested in 1997. The company was Andover.Net (NASDAQ: ANDN), it went public in late 1999 with $5 million in revenue (it priced its IPO at $270 million). It is interesting to compare the relative revenue multiples of these, the company from the first Internet wave valued at 54x revenue, the second company from the current Internet IPO wave priced its IPO at 12x revenue.

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The Implications of the Global Web for US Startups

It is extraordinary to think about the recent events in Egypt and the catalyzing impact of both Facebook and Twitter. Not only is it amazing to see people organizing and communicating through new methods on mobile devices, but these services are delivered by companies in the US that are less than a decade old.

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The Liberal Arts Entrepreneur

Last week was proclaimed as National Entrepreneur Week by our President and Friday, November 19th, was National Entrepreneurs’ Day. When I read this, I asked myself the question “So, where do you go to school to become an entrepreneur?”

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