YouSaid · the spoken record

Steve Murray

lines on the record: 87
first: 2018-05-18
most recent: 2018-05-18
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Certainly could have been, and for sure, venture investors have limited partners of institutions that need money back at some point. That said, if you talk to a lot of them, I'm sure you hear from others, that if they find a great company that continues to grow at a fast pace and is continuing to gain market share in a developing opportunity, that's not something they want to get out of quickly, right? So on some level by these companies, the best of them. Not going public, it allows some of these venture investors to hold longer and capture more of the upside where perhaps in previous years with the company goes public, they're under a lot more pressure to sell their shares because there's a public market for that.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“For sure, there's some piece of it that is not prioritized with a lot of companies. But what has enabled it, I believe, as you referred to earlier, is really the access of capital to allow for the growth without having to tap the public market. So that's a...”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there's two reasons really, I think. One is because of some of the regulations that's happened around Sarbanes-Oxley and other things, the cost and complexity of being a public company has gone up. And so There's certainly some piece of it that it's just difficult, it's expensive, oftentimes, particularly technology-based companies, deprioritize building the infrastructure to support that over the next product, more sales and marketing, expand into international activities and the like. And so there's a part of it that is hey, we don't want to do that. And then there's what has made it.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“We just did the investment in Tala that we referred to earlier, which is in Santa Monica, right outside of LA. I mean, so we believe that there are Pittsburgh is where Google has their autonomous, and I think Uber has a lot of their autonomous work being done there. So a lot of these cities that have great universities, a lot of young folks, a supportive local community, they can do this. And we're really starting to see this. So this isn't a press release. This is a real commitment to those areas.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Amazing. If you walk into, I think it's 600 West Chicago Avenue where these two companies, Tempest and Uptake, are located. You would think you're in Silicon Valley. The offices are vibrant and there's young folks coming in and out of the building all day long and there's the activity level is really buzzing. So Chicago's for sure one of those areas that's coming along. I've done some stuff down in Atlanta. Atlanta's coming along. LA's coming along.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's very realistic, and I think we're seeing it. Two of the most exciting companies in our portfolio are in Chicago.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the living through the roof. So there's lots of things that make it challenging. Those are great places and there are great companies and they will continue to be. So the rise of the rest is not sinking of these other places. It's that these other opportunity, there are places where new opportunities can be created and we should be really sponsoring those. And so that's really what that's all about.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it speaks to the power of the idea. The first phases of this investments were funded mostly from Steve Case's personal resources. And as he traveled around the country and as he talked to people that he had known and worked with and interacted with, what he heard was, geez, this is a great idea. I want to be part of it. And a decision was made about a year ago to institutionalize that activity, at least in terms of the deploying of capital around a fund. And based on the names of people, you can imagine, you know, they really thought that this was a powerful idea. They believed that it is. Important for the country, important for the growth of entrepreneurship across the country. I mean, anybody that runs companies in Boston, New York, and San Francisco knows that labor shortage type, hiring and retaining engineers is tight.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Half a million per tour generally, although sometimes he finds a way to involve a couple of the runner-ups sometimes get something as well, but apparently that's not to be known. So the activity really is Steve's, and it's one of a personal passion. And so there are a number of other great cities in the country that can and should be producing more entrepreneurial based technology companies. It's important for the country. It's important for the people in those communities. And it's a real business opportunity. So we combine all those three and that's really the impetus behind Rise of the Rest. Rise of the Rest has become much more than a bus tour, right? So it started really as a bus tour. It's now become a real platform of folks. There's a real team there, as you mentioned earlier. there's now a fund associated with it”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's something that he's been, and it started as an idea and some activities around a bus tour. They've recently done their seventh bus tour.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, everything Apple does is they do a great job. They have a real loyal fan following. They're passionate. They make great products that they're following loves. So they're a credible competitor, and I think that they will have and continue to be one of the real leaders in the wearable category for sure.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Threw pins right on the through his. So those are the types of applications that I think are easy to use, much more likely to have early success. I think the form factor for general commercial use hasn't quite got there”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. I think what we'll see, particularly for those types of applications on the, I've seen something like that that's on the construction floor where actually it was, I think it was something with Boeing or Lockheed or something where somebody who was putting together the intricate pieces of a wing of a plane can look at the, through his glasses. Full blueprint.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it ties back to what we were just talking about with respect to sensors and battery life and usability. It appears as if the form factor never got to a point where people really wanted to wear it. It looked kind of geeky. It looked kind of weird. And what we've seen with the Fitbit devices, and I think will be applicable for a lot of wearables, is that the fashionable piece of this is very important. Is this something that you would wear in public and use? So I think that might have impacted Google Glass.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Battery life, you know, so this ionic device lasts four or five days. Could put more sensors on it to do more things, it might last four or five hours, in which case what do you need to watch for that lasts four or five hours? That's of no value to you. So the constant push and pull and struggle and researches around how do you create sensors that identify things that make the form factor usable enough for people to wear on a regular basis?”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, the real trick in all this is figuring out what pieces of sensors people would be willing to wear or use regularly so that the data comes through regularly because periodic data isn't as valuable as regular data. So there's this constant battle between”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“That feeds a central depository like a mobile application. And the real key will be when that can be integrated into your health system, if you will, your doctor. If you imagine your doctor at some point getting your report about what's going on with you and a check engine light, if you will, goes off and says, hey, Barry, you know, looks to me like your blood sugar level's pretty low. You might want to get home and you might want to get something to eat or eat an apple or something. Or geez, your pulse is way high. You have the symptoms of somebody that looks like you might be having some heart issues that you might want to go to your doctor about. So if you think about some of where this is going, I think in the next phase is around this check engine light for yourself. Without getting”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Like sleep, there will be things that will add things around blood pressure perhaps, blood sugar contact. You could imagine a whole series of. Sensors that get added into whether it's a wrist device or something else.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“And so the sleep thing for me as somebody that travels every week and has a lot of functions that I attend to and are in different cities a lot I find particularly as I'm not getting younger my vibrancy, my health, everything seems to directly correlate with the number of hours of sleep I get, it seems. And so as an example, I was looking yesterday, I was talking to somebody about this yesterday evening. I looked at my Fitbit data on my phone yesterday as I was traveling someplace, and I noticed that it has been over a month since I've had more than seven hours of sleep. I said, you know, something is not good there. I got to fix that. Right. So there's a mindfulness piece of it there. You got to report at the end of the week says your average sleep has gone up or down since last week. And so those basic things that are being provided now materially change people's behavior. Where is it going? I think is the next step. And I think of it as around health. So they'll be just as they added functions around things like pulsed and things.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“72. Right now. Very chill. And people sometimes say, when I'm working out, I should get to 130 or 140 beats a minute. Okay, how is that? You can drill into that in your mobile app after your workout and look at how that goes. The other feature that I use a lot, and I don't know if you do, but many users do, and it actually has really influenced me, is the sleep function.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“It really does the mindfulness piece of it, which you're referring to is really the key piece of the first generation of these things, which is really we're on maybe the first and a half generation of these things. So we started out with really basic trackers that did a”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Excellent. My wife I think the existing status of wearables means a lot for a sedentary overweight nation, which is that it provides basic information around things like how active you are, what is your pulse, how much sleep have you gotten, things that are very basic in theory, but those pieces of information, when provided to people in easy to use formats with easy-to-use devices, change behavior for many, many users?”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that's a fair and accurate summary. I do think there are obviously some and many companies that are using it more effectively. There are industries that allow for it to be used more effectively. The pace at which some of these industries are going to be able to adopt the technology is not at the same pace that we've seen in some other industries. So as an example, when you talk about healthcare and you talk about money supply and you talk about things like that that are heavily regulated, the pace at which some of these changes are going to be happening is not going to be like how long it took Facebook to be public.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm not suggesting that there will be multiple more hundred billion dollar funds. But I think what it does suggest is that the world has recognized the importance of technology in major industries and therefore the ability to deploy big amounts of capital in those. So things like industries like real estate, industries like healthcare, financial systems, and others are really now being fundamentally changed by technology in a way that is really just starting to happen, although there's been a lot of talk about it. the industrial complex and the like those things are really now starting to change materially and those give real opportunities to deploy real amounts of capital we see this with a bunch of different opportunities that that bank is deploying so i think that they are hugely influential investor in the marketplace i don't think a fund like this was possible 10 years ago i'm not sure there's 10 more of them that are coming down the path but i do think it speaks to”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, outside of the financial crisis. I don't believe so Think maybe a combination of both, but I think what has come to more clarity for people which makes something like this possible, although it is an inventive one, so you can't make too many broad conclusions about it, and it is sponsored by MASA, who is one of the world's great dealmakers.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, clearly there's been a lot of talk about SoftBank's Vision Fund. I think it's actually really an amazing thing. And what does it say about the market and what does it say about where we are in the market and things? I think if we take a half a step back, what it says is certainly something like this was not possible 10 years ago as an example. So what's changed? Is that true?”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“When we get involved in them, tend to have substantive revenue, but not a billion dollars of revenue. We tend to put $20 to $50 million to work in almost every instance. We're on the board of these companies, and we serve to try to help them out, get them through their journey, and use the experiences and references and networks that we have to try to make them successful.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“In fast casual restaurants, so we're investors in sweet green. We're investors in kava that are both using technology to change the supply chain and change the ordering patterns and change the, so that's a fast casual thing that we think is really big. We're involved in FinTech. So we recently made an investment in a company called Tala, which is doing micro loans in developing nations through the use of information on people's cell phone. We're involved in sports-related technologies like DraftKings, where I'm on the board, sport radar, which we're involved in. I'm sure we'll get to that topic later. We're involved in data companies, places like Uptake in Chicago, Tempest in Chicago, interactions in Boston. So those are the types of companies. So they tend to be companies.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Generally not billion dollar companies, generally companies that have 20, 30, 50, 100 million dollars of revenue. We generally invest $20 to $50 million in each opportunity. We usually have a pretty significant minority ownership, so we're not a private equity shop where we take control of businesses. We are more like a venture capital, even on some level structured like an early stage venture capital firm where we own 5% of a business, 10% of a business. But we get involved as the business is really starting to scale. And so the types of businesses that we get involved in, generally are technology-related businesses, but they can be across a number of different verticals, right? So we have companies actually as diverse versus some of the folks that we work with as co-investors.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“There we go. I have three more podcasts. I'm sure they'd be happy to come. So the three of them started Revolution a number of years ago, really to do what at the time they were trying to figure out what was big and what was next for them in their careers after they left the AOL situation after that merger. And they ultimately created a series of investment funds.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So revolution growth is a growth fund based out of Washington, D.C. It was started maybe 10 years ago by three folks that previously were partners together at AOL. So it was Steve Case, Ted Leonces, and Don Davis started revolution.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Counting skills come in very here and I do find that my background of accounting skills is actually quite helpful with the companies, particularly as they scale. As they say, there's nothing like that ruins a good story like fax and accountants on some level have facts, which is how are the companies doing versus their plan? How much cash is left in the bank? Can we last another year or five years? How would we be viewed relative to comparable companies in the marketplace? Although for sure the venture capital market is a lot of an art project, not necessarily a pure science project. I think having the background in accounting actually has been helpful.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I'd say a touch of cowboy might be an understatement someday. But I guess it takes all types. I actually really enjoyed my time at Deloitte and was my background. I was a CPA for a while. I was in the accounting and auditing function within Deloitte for six years. So my first six years of my career were there. I spent an inordinately large amount of time on companies. And I think why it translated to my softbank activities. I spent a large amount of my time on companies that were heavily transaction orientated. companies like Primark that was buying a lot of data service companies at the time, a company like Harcourt General at the time that was buying Harcourt Brace Jovanovich and Neiman Marcus and other things. So I was involved in the assignments that I ended up being on were very transactional oriented. They were doing a lot of acquisitions and they were doing a lot of activity.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Which was a real partnership, actually, I think it was a 60 40 partnership or something like that between SoftBank as the controlling and managing partner of that entity and Yahoo US. They also created Yahoo Korea, Yahoo UK, and some other things. So there was really a global partnership that was set up. And that really was on some level the basis for a lot of soft banks, US and other internet activities, really that's the flagship investment early on in the SoftBank story on the internet.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so that's one of the great stories of lore, which is Softbank made an investment in Yahoo and owned about a third of Yahoo. At the same time that they made the investment in Yahoo US, at the time that was a huge investment, I think it was about $100 million and they bought a third of it right now. Wow. Put things in context. That's amazing. It was a pre-IPO investment where Masayoshi Son and Jerry Yang got together and decided that Masa wanted to be a big partner here in the US of Yahoo's, but also at the same time, they created Yahoo Japan.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Really, that internet was just starting and SoftBank had just acquired companies like Ziff Davis, Kingston Technologies, Comdex trade shows, N plus I trade shows. And so there were seven different operating units that had been put together here in the US. And outside of Japan, there was a grand total of four people that worked for Softbank. So I joined initially from an infrastructure perspective to really put together all the information systems, the accounting, legal tax, and other activities in managing that and reporting into Japan and working with them on their strategies there. That quickly, as the commercial development of the internet sort of moved along rapidly, the tasks that I were doing really moved much more into the investing side of life, which really started in current out of early 2000s. I spent most of my time on the investing side.”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“20 years is a long time. I can't imagine that I was there for that long, but it was a lot of fun. I guess in summary, I got to sort of be on the front row of the sidelines of the commercial development of the internet. So what I did functionally as I started there. What you use with...”
2018-05-18 · Masters in Business · Steve Murray Discusses Startup Valuation · IDENTIFIED FROM THE TRANSCRIPT · source