i5growth reposted this
Coming back to Miami for SuperReturn North America after almost a decade - having spent half a year here back in 2016 - was a real full-circle moment. One of my biggest takeaways from the roundtable discussions was a perspective on venture valuations that really stuck with me: A study of 135 U.S. unicorns found headline post-money valuations averaged 48% above fair value, and nearly half would have lost unicorn status once preferred-share protections were priced in. The number in the press release and the value of common stock are often not the same thing. I don’t read this as “founders are inflating” or that “VC is broken.” Quite the opposite! It’s a reminder that startup finance is inherently nuanced. The headline number, the economics of the round, and the value of common equity can diverge meaningfully. For founders, that’s a useful mindset shift: build for durability, leverage, and real company value - not just the valuation headline. Across LPs, GPs, and family offices, there’s a clear sense that we’re entering a cycle where technical defensibility and real-world impact matter more than ever. In line with this it was particularly striking to see how topics like quantum computing have moved much more into the focus of GPs, alongside broader momentum in hard tech and cybersecurity. To top it off, the journey didn’t end in Miami! I headed on to San Francisco & Monterey right after to visit GCVI, which was just as exciting and inspiring in its own way. Grateful for the conversations and perspectives - lots to build on. 🚀 Souce: https://lnkd.in/dQMdFNDr?