Customer Reviews

Done Deals: Venture Capitalists Tell Their Stories

5 star:		(6)
4 star:		(4)
3 star:		(1)
2 star:		(4)
1 star:		(1)

 

 

I really enjoyed reading this book. Others may be critical of the quality of writing but no one can be critical of the quantity and quality of information provided. (But if you're looking for "insider information", look elsewhere.) These VCs probably did write what is attributed to them. Brilliantly organized (and probably edited somewhat) by Gupta, the 31 individual commentaries address two themes: "the sharp contrast between the practitioners of early venture capital and those practicing today, and the coastal divide -- the difference in venture capital and practice between the West Coast and the East Coast." Gupta includes first-person perspectives on "the newest incarnation of venture capital"; how several VC's got their start and their impressions "of the industry's more recent success and notoriety"; "contrasts [on the West Coast] between the first forty-five years and the past five"; commentaries on "the early days in Silicon Valley" and those circumstances "that enhanced its entrepreneurial process"; and other commentaries which focus on the future and "where the industry is headed in the next fifty years." I know of no other single source which provides the number and quality of commentaries which are assembled in this volume. By reading them, you will gain a much better understanding of one of the most widely-discussed and least-understood components within our nation's economic history during the past 50 years.

Best articulation of the evolution of the VC industry dating back to the 1950s. Learned more about the VC industry in this one book than other previous books collectively. Unravels various and competing schools of thought among the great VC minds, of past and present. Very candid and insightful, and makes one appreciate its history. Have fun reading this book ... a definite page-turner.

Where are the great stories that are promised? I read the whole book and am still scratching my head! Most of the stories surround how the VC's got started in the business, what it was like being a VC in the 60's & 70's, how much money investors made on different investments, etc...not why deals were funded. I was hoping to get a better sense of what decision making criteria were used to justify various investments and left severely disappointed.

Where is the industry going? Again, no real insights here...

As someone stated earlier, if I wanted a historical perspective on the VC industry or a who's who in the industry, there are many, many sources on the internet for this information.

Try Ruth Ann Quindlan's book for better insights into the decision making that goes into dealmaking.

While this book was written at the height of the Internet boom and contains nothing but some intimations of the subsequent crash (some of the VCs stated that they suspected returns would turn negative sometime in the near term), it is a fascinating capturing of the history of the venture capital industry in the words of those that built it. It is not a book on how to become a VC or how to submit your b-plan in a way to attract VC money. If you want books on getting investment money, I recommend - The Venture Capital Cycle - by Paul Gompers or for angel money - Angel Investing - by Mark Van Osnabrugge.

The book begins with a very short summary of the growth of the VC industry after WWII and then presents the VCs in five groups. It begins with the "Fast Forward" or the hot Internet and computer based VCs. Then come the "Beginnings" - the group after WWII that built the industry. A contrast is made with the next two groups, the East Coast versus the West Coast VCs. Finally, a group is presented in Visions.

Each of the VCs is presented with a little drawing in the WSJ style. I think this book is worthwhile just to get to know some of the big names, where they work - or used to work (there have been some changes since 2000) - and what projects these firms and people did. It can help in building professional associations let alone dinner conversation.

Is it a must read? I don't think so. However, if you are interested in the venture capital industry I think this would be a very good way to get some understanding of the terrain the industry has occupied and who some of the movers and shakers are (and were).

Many of the yesteryear superstars from the boom hitech sector may have unceremoniously gone belly up, and VC is not exactly as "hot" as it was at the turn of the century, but turns out that circling overhead the dot-com carnage was an enthusiastic Gupta scribbling detailed notes of what was going on in the industry. He rounded up a flock of 35 leading venture cap investors, from early pioneers such as Eugene Kleiner and Arthur Rock to current industry stars Geoff Yang and John Doerr. Had them reveal a great deal of gripping skinny on their ventures, solid facts from actual deals they'd worked on. Organized the stash of all this collective wisdom into a neat little bound volume -- and voila - we have a ripper of a book!

Organized into five parts (Fast Forward, Beginnings, West Coast, East Coast and Visions), the book examines the industry's humble beginnings to its extraordinary present (ok, very very recent past and hopefully a recent future). For a non-US reader such as myself, it also contains a priceless critique on the differences between West Coast and East Coast investing, which is unique because you'll recognize that a relatively nascent industry such as VC can sport widely varying investment philosophies as well. As investment spreads out to Europe, Australia and China, this becomes even more useful.

The book packs info about the hottest deals we had heard about - from Yahoo to www.Amazon.com - which makes for a gripping read in of itself. But beyond that, there are invaluable insights and discussions at length about how the VCs set up their partnerships and hand pick top management teams. Much better than reading a "VC 101" text book because it presents a hands-on glimpse at the industry's past and future from the veterans' point of view.

Consider this book to be a detailed case study introduction to some of the more successful companies, from some of the more committed (and recognized) minds. A highly recommended possession for your libraries -- if not as investment advice, at least as an insider guide to the fascinating industry of venture capital.

As a VC myself, I found this book to be very inspirational. What struck me as a common theme among the great VCs was that there was a sense of vision and purpose. Sure everyone wanted to make a lot of money but you get the feeling all of these guys cared about creating a frontier and exploring it. With the bursting of the internet bubble I think people need to get back to that. Unfortunately, VCs are too busy raiding distressed companies to really think about creating the next tech frontier. But the next great VC will be the one that follows the instincts laid out in this book. Hopefully it will be me!

I believe the big mistake of this book is that the VCs did write their own stories. This means 2 things: (1) you're reading the same things over and over again and (2) the writing isn't all that good. If the author had access to all these great people and told their stories for them, we may have gotten something more interesting.

These interviews are really good insights into the people and the flavor of their firms. Some better than others, but they help you understand how firms have evolved differently. Some good anecdotes, but I think this presupposes a fair amount of sophistication.

The stories of the pioneers of the industry were captivating and showed the "pure" spirit of the early VC world. Their warnings on the collapse of the fee-driven, vapor business plan-led, and greedy VC environment of the 00's and its dangerous deviation from the "let's build profitable businesses and let the entrepreneurs shine forth" mindsets that got it all started were prescient. The stories tell you how it began, and how to build long-term success by tempering your craving for instant gratification (in fact, several of the pioneers warned that the lust for quick money can destroy the industry), then read this book. If not for the poor proofreading (lots of grammatical errors, from a Harvard book, no less!), I would have given this 5 stars. Probably... well, I saw this in a bookstore in China and read through it on the plane to Europe last week. If the Chinese read this... watch out!

I was disappointed with this book. Rather than a behind the scenes look into the strategy and excitement of today's dealmaking, it is a look into the past (poorly edited)of several VCs really not relating to their current successes. Better historical perspective in "The Big Deal" by Wasserstein and better strategy in "Winning at M&A" by Clemente and Greenspan.