sequoia capital: alfred lin at magento's imagine ecommerce conference
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Humble BeginningsTrue Entrepreneur Tales
Alfred LinFebruary 9, 2011
Steve Jobs
2011
Consumer electronicsStage Sector Investment
Venture Technology $100,000
Steve Jobs &Steve Wozniak
1976
John Riccitiello
2011
Consumer entertainment softwareStage Sector Investment
Venture Technology $900,000
Trip Hawkins
1982
John Chambers
2011
Internet hardware, software & servicesStage Sector Investment
Venture Technology $1,900,000
Sandy Lerner &Len Bosack
1987
Carol Bartz
2011
Internet communications, commerce & mediaStage Sector Investment
Venture Internet $900,000
Jerry Yang & David Filo
1994
Eric Schmidt
2011
Ultimate search engineStage Sector Capital Consumed
Venture Internet $6,000,000
Larry Page & Sergey Brin
1998
Max Levchin, Peter Thiel & Elon Musk
2011
Scott Thompson
Field Link“BEAM MONEY”
1998
Stage Sector Investment
Venture Financial $3,700,000
Digital payments services
Max Levchin, Peter Thiel & Elon Musk
Tony Hsieh
2011
Shoe retail servicesStage Sector Investment
Growth Internet $1,100,000
Nick Swinmurn
1999
Jonathan Kaplan
2011
One-time-use camerasStage Sector Investment
Venture Internet $3,500,000
Jonathan Kaplan
2001
Steve Chen &Chad Hurley
2011
Internet mediaStage Sector Investment
Venture Internet $3,500,000
Steve, Chad & Jawed
2005
Omar Hamoui
2011
Stage Sector Investment
Venture Mobile $3,300,000
Mobile advertising marketplace services
Omar Hamoui
2006
SEQUOIA CAPITAL CONFIDENTIAL 24
Commonalities
SEQUOIA CAPITAL CONFIDENTIAL 25
They Were Once In Your Shoes
26
The Founders Code™
✔ Underdogs
✔ Insight
✔ Personal
✔ Focused
✔ Unconventional
✔ Iterate
✔ Agility
✔ Relentless
✔ Long-term
SEQUOIA CAPITAL CONFIDENTIAL 27
Elements of a Sustainable Company
✔ Clarity of purpose
✔ Spectacular market
✔ Alleviate customer pain
✔ Team DNA
✔ Singular product
✔ Real operating margins
✔ Frugality
✔ Inferno with a single match
SEQUOIA CAPITAL CONFIDENTIAL 28
Q&A
SEQUOIA CAPITAL CONFIDENTIAL 29
SEQUOIA CAPITAL CONFIDENTIAL 30
SEQUOIA CAPITAL CONFIDENTIAL 31
Apple Sales
FOUNDERFIRED
FOUNDER RETURNS
SEQUOIA CAPITAL CONFIDENTIAL 32
The Wilderness Years
SEQUOIA CAPITAL CONFIDENTIAL 33
Apple’s “Adults”
JOHN SCULLEY
1983 – 1993
MICHAEL SPINDLER
1993 – 1996
GIL AMELIO
1996 – 1997
SEQUOIA CAPITAL CONFIDENTIAL 34
Newton
SEQUOIA CAPITAL CONFIDENTIAL 35
SEQUOIA CAPITAL CONFIDENTIAL 36
Michael Dell October 1997
“What would I do? I’d shut it down
and give the money back to the
shareholders.”
SEQUOIA CAPITAL CONFIDENTIAL 37
Think Different
SEQUOIA CAPITAL CONFIDENTIAL 38
Relentless Product Innovation
SEQUOIA CAPITAL CONFIDENTIAL 39
Software as the Secret Ingredient
SEQUOIA CAPITAL CONFIDENTIAL 40
Branded Experiences
SEQUOIA CAPITAL CONFIDENTIAL 41
People Personifying the Brand
181 US Stores 28 Non-US Stores 12,000 Retail Employees
SEQUOIA CAPITAL CONFIDENTIAL 42
Disrupting Markets
SEQUOIA CAPITAL CONFIDENTIAL 43
New Markets
SEQUOIA CAPITAL CONFIDENTIAL 44
Apple iPhone Sales
$40
$10
$0
$20
$30
1999 2001 2003 2005 2007 2009
#K
1999 2001 2003 20052007 20092008
20
10
5
15
0
#K
20
SEQUOIA CAPITAL CONFIDENTIAL 45
Apple Application Downloads
2007 20092008
20
15
10
5
0
#M
SEQUOIA CAPITAL CONFIDENTIAL 46
Apple Gross Margin
$40
$10
$0
$20
$30
%
1997 1999 2001 2003 2005 2007 2009
40
40
40
40
40
40
30
20
10
0
SEQUOIA CAPITAL CONFIDENTIAL 47
Apple Market Capitalization
$40
$10
$0
$20
$30
%
40
40
40
40
40
40
30
20
10
0
$B
1997 1999 2001 2003 2005 2007 2009
$200
$150
$100
$50
$0
SEQUOIA CAPITAL CONFIDENTIAL 48
2011
SEQUOIA CAPITAL CONFIDENTIAL 49
Thank You
lin [at] sequoiacap.com
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