Kevin Stevens - Kevin Stevens

Procore S-1 Teardown

Company and Market OverviewProcore Technologies, the leading construction management software provider, filed an amended S-1 this week ahead of its IPO. Procore's mission is to "connect everyone in construction on

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Why buy the haystack when you can build it?

The world of finance is changing rapidly. In the last 6 months we've seen three new trends all with profound implications: community-based investing (Reddit/GME), SPACs, and NFTs. Retail investors

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SPACs and the New SEC

Recently, new SEC Commissioner Gary Gensler indicated the agency would be focusing more on SPACs. The SEC scrutiny will likely center on the S-4 where SPACs leverage projections to highlight

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Grow Big, or Go Home: SPAC Business Metrics

So you want to SPAC? Or maybe you want to invest in a SPAC personally? I track over 50 SPACs related to the energy transition and sustainable industry. You can find that data here. Like any financial asset, there will be winners and losers,

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Post-SPAC Cap Tables

In an earlier post this week, I mentioned the dilution argument for SPAC depends on a company's trajectory as SPACs become increasingly competitive. As suggested by Sitetracker CEO Giuseppe Incitti on Twitter, let's take a look at the median SPAC structure for energy and

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Modern SPACs and Retail Investing

Recently, I've seen several articles focused on the performance of SPACs for retail investors. Most of those concentrate on the negatives of past SPACs in what is a classic case

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3 SPAC Trends Worth Watching

The SPAC market is here to stay, but like any trend or technology, it will endure various phases of the hype cycle. A few of the SPAC mergers that push tech risk into the public markets will go bust and create a class of

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2 Easy Wins for Growing Startups

My first month at Energize is in the books and I've been reflecting a lot on my time at Choose Energy as I think about the attributes of successful high-growth companies on the brink of market leadership. There will certainly be more moving forward,

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GM, Kodak, and The Battle of Norway

Yesterday, GM launched a seemingly harmless ad starring Will Farrel attempting to start a war with Norway in a battle for EV supremacy. The ad was labeled "too little, too late" by some, and I'm unsure how major auto manufacturers joining the race to

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The Next Chapter

In potentially the worst kept secret of the last two weeks, I'm excited to announce that I've joined Energize Ventures as a Principal leading our new growth platform. With this

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20 Lessons from Poor Charlie's Almanack

This year, I read Poor Charlie's Almanack for the first time. I'd read several of Charlie Munger's talks, but never read what many consider to be one of the preeminent

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Evaluating Biden's Two Climate Paths

President-elect Biden will come into office with the highest mandate on climate than any other US president. According to a survey conducted by the Pew Research Center at the beginning

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Is it different this time?

I'll never forget the first time I saw Choose Energy listed as an exit example in a pitch deck. There are many surreal moments as an investor, and this was

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Setting Up a Ghost Blog and Newsletter in 5 Steps

The search for the perfect blog and newsletter setup is a never-ending one. I've recently redesigned my blog to memic a Substack + Medium combination where I own the content and

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C3.ai S1 Teardown

OverviewC3.ai is an enterprise AI software company and founded in 2009 by Silicon Valley technology legend Tom Siebel of Oracle and Sibel Systems fame. The applications built by C3