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As 2021 wound down, The Change wished to dig into what would possibly occur if the startup music stopped taking part in. So we obtained veteran enterprise capitalist Matt Murphy on the cellphone to speak it over.

Murphy began his profession at Solar Microsystems again within the mid-90s, becoming a member of enterprise store Kleiner Perkins in 1999, the place he stayed till 2015. From there, the investor modified groups to Menlo Ventures, the place he’s labored since. For just a little little bit of context, Murphy has invested in DocuSign, Egnyte, AppDynamics and Carta, amongst others.

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However most related at the moment is his expertise investing throughout downturns, together with each the 2000-era startup contraction and the 2008 monetary disaster. So, armed with a grip of questions and a recorder, we talked by means of a number of matters, from present startup benchmarks to the sturdiness of at the moment’s startups and adjustments to the general startup hit price.

exchange banner sq orng plusOur chat with Murphy was wide-ranging. To handle its size, we’ve sectioned his solutions by theme, including subheadlines in locations the place the subject modified barely. We’ve additionally edited our questions down sharply and made modest edits to the transcript for readability and size, together with increasing sure acronyms.

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On whether or not the present interval is overheated or backed by fundamentals

Matt Murphy: Effectively, I’m very OK with the investments I’ve already made being marked up, as a result of that makes you’re feeling like a hero, and really traumatized by making an attempt to get into new stuff, as a result of that makes you’re feeling like a chump. [Laughter] [But yes,] the way in which that valuations have modified and proceed to vary in a comparatively brief time period has been astonishing. Positively extra so than in 1999. It simply looks like this has been extra of a sturdy interval. It’s extra distributed, and each time you assume it’s a brand new max, one thing else occurs.

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