This Week in Startups ANGEL: Surviving a down market, early VC stories & more with four-cycle investor Geoff Yang | E1676
Feb 11, 2023
Geoff Yang, co-founder of Redpoint Ventures with a mind for navigating venture capital since the 80s, shares his insights on surviving down markets. He discusses what sets standout CEOs apart and the traits that help companies thrive in tough times. Yang highlights the shift from growth to efficiency in corporate strategies and emphasizes the importance of resilience and adaptability. He also reflects on his favorite investments and the evolving impact of generative AI on entrepreneurship, blending innovation with principled decision-making.
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Breaking into VC
- Breaking into VC requires persistence. Geoff sent letters and called numerous firms listed in Stan Pratt's Guide.
- Many firms preferred experienced executives, but he found an associate position at Smith Barney's venture arm.
First Deals
- Geoff's first deal was with Conquered Communications, focusing on manufacturing floor networking.
- At IVP, he worked on Synoptics (networking hubs) and Wellfleet Communications (routers).
Dot-com vs. GFC
- The dot-com crash created a buyer strike lasting 2-3 years, unlike the shorter GFC correction.
- Early-stage companies struggled to survive without sales, highlighting the importance of a sustainable model.