IPOs Are Being Replaced скачать в хорошем качестве

IPOs Are Being Replaced

In this episode of Run the Numbers, CJ sits down with Mike Jung, Co-Founder and Managing Partner of Founders Circle Capital. They unpack the rise of structured liquidity, how secondaries went mainstream, and what CFOs should know before running a tender. Mike shares lessons from the dot-com era, AI’s “super cycle,” and what separates durable growth companies from hype. — SPONSORS: RightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.com Rillet is an AI-native ERP built for modern finance teams that want to close faster without fighting legacy systems. Designed to support complex revenue recognition, multi-entity operations, and real-time reporting, Rillet helps teams achieve a true zero-day close—with some customers closing in hours, not days. If you’re scaling on an ERP that wasn’t built in the 90s, book a demo at https://www.rillet.com/cj Tabs is an AI-native revenue platform that unifies billing, collections, and revenue recognition for companies running usage-based or complex contracts. By bringing together ERP, CRM, and real product usage data into a single system of record, Tabs eliminates manual reconciliations and speeds up close and cash collection. Companies like Cortex, Statsig, and Cursor trust Tabs to scale revenue efficiently. Learn more at https://www.tabs.com/run Abacum is a modern FP&A platform built by former CFOs to replace slow, consultant-heavy planning tools. With self-service integrations and AI-powered workflows for forecasting, variance analysis, and scenario modeling, Abacum helps finance teams scale without becoming software admins. Trusted by teams at Strava, Replit, and JG Wentworth—learn more at https://www.abacum.ai Brex is an intelligent finance platform that combines corporate cards, built-in expense management, and AI agents to eliminate manual finance work. By automating expense reviews and reconciliations, Brex gives CFOs more time for the high-impact work that drives growth. Join 35,000+ companies like Anthropic, Coinbase, and DoorDash at https://www.brex.com/metrics Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That’s why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com — LINKS: Mostly Talent: https://mostlymetrics.typeform.com/to... Mike:   / mikjung   https://www.founderscircle.com/ CJ:   / cj-gustafson-13140948   https://www.mostlymetrics.com — TIMESTAMPS: 0:00 Preview and Intro 1:08 Founder Circle origin 3:15 The founder liquidity insight 5:16 Staying private longer problem 6:04 Secondary market control vs chaos 8:44 Secondaries over IPOs 10:12 Liquidity keeps VC alive 11:27 Ask Jeeves dot-com lesson 12:26 $190 to $1 + AMT reality 13:10 Sponsors — RightRev | Rillet | Tabs 16:39 Private share opacity risk 20:25 Founder + employee liquidity playbooks 21:55 Early investors need liquidity too 22:31 Cap table math actually matters 24:17 SPV fee stacking insanity 25:37 Sponsors — Abacum | Brex | Metronome 28:54 Tender offer guardrails 30:09 Minimum vs maximum liquidity balance 33:01 Growth stage sweet spot + IPO bar rising 34:17 AI Cambrian explosion 34:58 Buying fear vs buying hype 36:29 AI growth sustainability 37:19 Founder-led advantage + product velocity 38:47 TAM is created, not measured 41:06 Anti-portfolio lessons 43:01 What is a supercycle 44:34 Do supercycles end in crashes? 46:16 AI’s unprecedented adoption curve 48:31 Community as a moat 52:50 Earning the right to be on the cap table 55:06 Building a firm vs managing a fund #RunTheNumbersPodcast #Secondaries #GrowthStageInvesting #VentureCapital #FounderLiquidity