Kraft Heinz and Why The D2C Revolution May Be Bigger Than You Think


This post is by Ezra Galston from BreakingVC


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Late last week, Kraft-Heinz, one of the largest global food conglomerates reported disappointing earnings, admitted to an SEC investigation, and wrote down the value of a couple of its iconic brands. The market responded by dumping their stock 30% – the single largest daily drop in its history – wiping out ~$15B of market value. […]

Kraft Heinz and Why The D2C Revolution May Be Bigger Than You Think


This post is by Ezra Galston from BreakingVC


Click here to view on the original site: Original Post




Late last week, Kraft-Heinz, one of the largest global food conglomerates reported disappointing earnings, admitted to an SEC investigation, and wrote down the value of a couple of its iconic brands. The market responded by dumping their stock 30% – the single largest daily drop in its history – wiping out ~$15B of market value. […]

Dressing Down the FarFetch IPO


This post is by Ezra Galston from BreakingVC


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Earlier this week, UK based FarFetch filed to go public, with media experts expecting an ultimate public market valuation above $6B. You’d be forgiven if you actually didn’t know much about FarFetch – it’s largely been a non US focused story to date. But you’d also be remiss if you didn’t study the business: at a $1B+ […]

For Love of The Product


This post is by Ezra Galston from BreakingVC


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Although it’s rather topical to mock Silicon Valley for its “elevated” housing prices, shortage of UHaul vans, and celebrity investors, there are some things that the Valley undeniably does better than anyone else. One of those unique traits is to emphasize – almost to the point of idolatry – a focus on expertly designed and thoughtful […]

Game On! (Well, Sorta…Maybe?)


This post is by Ezra Galston from BreakingVC


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Monday, in a mostly expected move, the Supreme Court struck down a federal ban prohibiting sports betting. The move opens the door for states to legalize sports wagering under their own terms, with analysts expecting several dozen states to flood in, likely as early as Memorial Day in the state of New Jersey. Enthusiasts embraced […]

Double Clicking Arteen’s Marketplace Calculator


This post is by Ezra Galston from BreakingVC


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Earlier this week, Arteen Arabshahi at Fika Ventures released his Marketplace Calculator, which is a framework his firm uses to assess two/three sided businesses, with network effects. In general, I think these frameworks can be dangerous in that they commoditize a nuanced process, but I actually thought Arteen’s was nicely done, simple, and appropriately weighted […]

Thank You: On Leaving Chicago Ventures


This post is by Ezra Galston from BreakingVC


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The last six years have been the most exciting, important and fundamental of my life. Over that period, I graduated from business school, was blessed with three beautiful children with my wife Shira, and purchased my first home, amongst other major life events. But throughout it all, there was a constant presence – my second […]

The Future of Government (A Primer on Masternodes)


This post is by Ezra Galston from BreakingVC


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Happy new year everyone! As many readers know, I’ve been actively writing about and investing in the cryptocurrency sector since early 2013. And 2017 was obviously been a pretty extraordinary year for the space. Over the past few months, there’s been so much noise about bitcoin in the mainstream media, that I haven’t felt I’ve […]

Unboxing Stitch Fix’s S-1


This post is by Ezra Galston from BreakingVC


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The following article was initially published by TechCrunch on October 23, 2017 When Zulily went public in 2013, it sparked a resurgence of interest in an otherwise lagging e-commerce market. Quickly trading up to reach an $8B market cap – valuing the company at over 10 times revenues – Zulily became the poster child of the flash […]

On Being Early and Being Right


This post is by Ezra Galston from BreakingVC


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Over the past ten years or so, I have been relatively early to three highly nascent, wild wild west style industries: online poker, daily fantasy sports and bitcoin. In two of them – poker and bitcoin – I experienced significant professional and financial successes. In the other, daily fantasy, I lost my shirt. With bitcoin’s […]

You May Not Want to Tell Your Customers You’re the Cheapest


This post is by Ezra Galston from BreakingVC


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Last week, while speaking with a founding team building a new marketplace connecting buyers to suppliers, I mentioned offhand that it can actually be quite detrimental to actively advertise one’s platform as the cheapest. The insight took them by surprise and after some discussion, felt it was worthy of unpacking a bit in a post. […]

Anatomy of a Managed Marketplace


This post is by Ezra Galston from BreakingVC


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The following article was originally published on Techcrunch on May 25, 2017. Managed marketplaces (also known as end-to-end or full-stack marketplaces) have been one of the hottest categories of venture investment over the past several years. Recent examples of high-flying managed marketplaces include The RealReal, Opendoor, Beepi, Luxe and thredUP, which have collectively raised nearly […]

Why the Midwest Needs Silicon Valley’s Respect


This post is by Ezra Galston from BreakingVC


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The past couple of months have brought several visible pieces on the opportunity and strengths of Midwestern startups, and underserved ecosystems in general. From Dear Midwest: Stop Trying to Compete with Silicon Valley to The Midwest’s Healthy Fear of Failure Beats Silicon Valley’s Fail Fast Manta to my own piece that I authored with Samir […]

How J.Jill’s IPO Could Help Define E-Commerce Valuations


This post is by Ezra Galston from BreakingVC


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You’d be forgiven for missing a small cap retail IPO last week in the midst of the global Snapchat mania. Last Thursday, without much fanfare, J.Jill, a nearly sixty year old former mail order catalog company selling women’s apparel, quietly went public at a nearly $900M enterprise value. And surprisingly, for the complex world of […]

Looking Out Towards 2017


This post is by Ezra Galston from BreakingVC


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2016 was a good but challenging year for me. It was a year in which I watched family members battle serious health issues, a year where I allowed myself to become distracted and reactive at home and at work, and one where my professional insecurities often got the better of me. But, like most challenges, […]

Why the Micro-VC Surge Will Drive Innovation Across the US


This post is by Ezra Galston from BreakingVC


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The following was co-authored by Ezra Galston of Chicago Ventures(@ezramogee) and Samir Kaji (@samirkaji) of First Republic Bank. Over the last several years much has been made of the opportunity, or perceived lack thereof in technology centers outside of the Bay Area and NYC. From Steve Case’s Rise of The Rest Tour, to Google for […]

Trump’s Rust Belt and the Hoofbeats of Technology


This post is by Ezra Galston from BreakingVC


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I am permitting myself one political/policy related post on this blog. I can’t help it. I am child of the beltway: my father served in the Clinton White House and I spent my early years on the floor of the West Wing doing 3rd grade homework. This piece takes no sides. It merely offers observations based […]

The First Time Founder Discount


This post is by Ezra Galston from BreakingVC


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Venture is a cyclical business. But in spite of dire bubble warnings, recent unicorn implosions, and a February 2016 nosedive in public SaaS valuations, the NASDAQ has now been on fire for nearly the past decade. In layman’s term, we’ve been on a (only slightly variable) linear up and to the right curve since 2009. […]

How Slack and Facebook Are Making Access to Information Less Democratic


This post is by Ezra Galston from BreakingVC


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Earlier this month Jonathan Libov, an Analyst at Union Square Ventures penned a widely circulated piece on the importance of paying attention to “fringe” technology and interests in the corners of the internet. He noted: “Fringiness, if you will, is in many ways vital to the business of venture capital. Sure, there is a large segment […]

The Hidden Challenges of Starting a Company in Secondary Markets


This post is by Ezra Galston from BreakingVC


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Fred Wilson’s much debated post, Second and Third Tier Markets and Beyond, sparked an important discussion about operating and investing in businesses outside of the Valley. Case in point: within 48 hours, the piece generated a heated Twitter exchange (including input from the one and only Bill Gurley), a Pitchbook analysis of the best M&A outcomes […]