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justin.ahn.eth pfp
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the header from an email sent by my french bank: IPO, an alternative to raising private capital?
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rphgrc.base.eth ↑ pfp
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yeap, normal route, instead of raising pre-seed, let's ipo like it's 1998
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justin.ahn.eth pfp
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to me it's like saying, why build a rocket when you can invent nuclear physics instead? but maybe it's just me 🤷
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rphgrc.base.eth ↑ pfp
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(and by the way, it makes total sense for BNP to say 'go to our investment banking, because we're so crap at VC, we haven't been able to win and pick a single great early stage deal')
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justin.ahn.eth pfp
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>because we're so crap at VC tbf, i think this applies well beyond bnp in france, if i may be so bold 😆 perhaps a vc sweet spot more recently at late A or B, but at that point i'd like to think the banks would/should be more happy to step in with other products? 🤷
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rphgrc.base.eth ↑ pfp
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It's a broader question about misaligned incentives of the VC team from junior to senior, who can't be compensated like in vc So why take the risk of bold bets
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justin.ahn.eth pfp
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sure, but again at that point a bank as large as bnp should have other growth products available to support newer businesses vc is not the only option for capital and that a bank's guidance towards smes is "have you thought about ipoing?" is woefully out of touch imo
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rphgrc.base.eth ↑ pfp
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Comparatively, credit agricole has done quite a good at accompanying startups with their Villages...
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