The legendary Silicon Valley investor Bill Gurley thinks Los Angeles tech founders should be more focused on growing their business over the long term instead of selling to larger competitors too quickly.
"I think [they've] historically been a little too transactional, which I blame on Hollywood," Gurley said, speaking in a keynote session on the second day of the dot.LA Summit. "You tended to have more M&A outcomes than IPOs."
dot.LA Summit -- Bill Gurley & Spencer Rascoff www.youtube.com
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Hollywood took another step closer to Silicon Valley today.
San Francisco-based venture capital firm Benchmark is investing a Series A round into a new "creative accelerator" founded by film and TV heavyweights Ron Howard and Brian Grazer.
The Academy Award-winning duo founded Imagine Impact in September 2018 to bring new voices to an entertainment industry that can be difficult to break into.
"The old way of sourcing talent in the entertainment industry is based on who you know, which presents high barriers-to-entry for the fresh voices we need to hear from," Benchmark general partner Bill Gurley said in a statement. "Impact is knocking down these barriers through a marketplace model that reduces information asymmetry and levels the playing field. Ultimately this leads to more opportunities and better outcomes for everyone involved."