Architecting valuations (building a house of cards)

In a day and age of valuations as  score card there are in some cases extraordinary efforts being made to forcefully make certain milestone valuations happen (100m, 500m, 1bn etc). The right way to make a high(er) valuation happen is of course to have someone just pay that price with fair and appropriate growth / later… Continue reading

The third wave of Berlin startups

The first wave of Berlin startups was predominantly German MBAs, mainly first time entrepreneurs, building German companies often based on US role models for the German market (with some internationalisation later), backed initially by German investors. This wave has created billions of exits but is now more or less over. The second wave was more original companies… Continue reading

Let’s stop free photo opportunities for politicians at startups.

One thing that has been bugging me more and more recently is politicians getting great photographs / PR stories while touring startup offices. It has become quite the fashion and I can see why. For the politicians. Here’s what the Berlin startup scene has gotten in return from these politicians so far:_____________ . Let me know if… Continue reading

What the facts say about Berlin’s “pressure” to have exits

I’ll make it short: Berlin’s ecosystem has raised enough money both in total and on average / median to produce large companies that should result in outsized exits. However Berlin’s most advanced companies are on average a lot younger than their peers in other ecosystems and – more importantly – much younger than the time-to-exit of… Continue reading