Bill Gurley
{{Use mdy dates|date=October 2022}}
{{short description|American businessman}}
{{Infobox person
| name = Bill Gurley
| image = Bill Gurley, 2013.jpg
| caption = Gurley in 2013
| alt = Bill Gurley
| birth_name = John William Gurley
| birth_date = {{birth-date and age|May 10, 1966}}
| birth_place = Dickinson, Texas, U.S.
| education = {{Unbulleted list|University of Florida (BS)|University of Texas (MBA)}}
| known_for = Investing, general partner at Benchmark
| spouse =
| awards =
}}
John William Gurley (born May 10, 1966) is an American businessman. He is a general partner at Benchmark, a Silicon Valley venture capital firm in San Francisco, California.
Education and early career
John William Gurley was born in Dickinson, Texas, outside of Houston, on May 10, 1966. Gurley graduated from the University of Florida in 1989 with a Bachelor of Science degree. While at the University of Florida, he was a member of the men’s basketball team.{{Cite news|url=https://www.forbes.com/profile/bill-gurley/|title=#3 Bill Gurley|date=2016|newspaper=Forbes|access-date=November 13, 2019|language=en}} Gurley received his Masters of Business Administration degree from the University of Texas McCombs School of Business in 1993.{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=70771&privcapId=19153|title=John William Gurley CFA: Executive Profile & Biography - Bloomberg|website=www.bloomberg.com|access-date=January 19, 2017}}
Prior to his investment career, Gurley was a design engineer at Compaq Computer, where he worked on products such as the 486/50 and Compaq's first multi-processor server. Before Compaq, he worked in the technical marketing group of AMD's embedded processor division.[http://www.benchmark.com/sv/general_partners/gurley.shtml Benchmark Capital: Silicon Valley Team: General Partners: Bill Gurley] {{webarchive|url=https://web.archive.org/web/20080616190430/http://www.benchmark.com/sv/general_partners/gurley.shtml|date=June 16, 2008}}
Gurley was a partner at Hummer Winblad Venture Partners. He spent four years on Wall Street as a research analyst, including three years at CS First Boston. Author Jeffrey Pfeffer called him “one of Wall Street’s premier technology analysts."Jeffrey Pfeffer, The Human Equation. (Boston: Harvard Business School Press, 1998) p.82. He covered companies including Dell, Compaq and Microsoft and was the lead analyst on the Amazon.com IPO.Byran Eisenberg, Call to Action: Simple Formulas to Improve Online Results. (Nashville, TN: Thomas Nelson Publishing, 2006) p. 27.
Benchmark
At Benchmark, Gurley has led investments in and holds (or held) board seats on Brighter, DogVacay,{{cite news|url=https://techcrunch.com/2012/11/13/the-airbnb-for-pets-dogvacay-raises-6m-from-benchmark/|title=The Airbnb For Pets, DogVacay, Raises $6M From Benchmark|last=Rao|first=Leena|date=November 13, 2012|newspaper=TechCrunch|access-date=November 13, 2012}} Good Eggs,{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-15/benchmark-makes-contrarian-bet-on-small-grocery-startup-in-age-of-amazon|title=Benchmark Makes 'Contrarian' Bet on Small Grocery Startup in Age of Amazon|date=May 15, 2018|work=Bloomberg.com|access-date=May 15, 2018|language=en}} GrubHub, HackerOne,{{cite news|url=https://blogs.wsj.com/venturecapital/2014/05/28/hackerone-emerges-with-9-million-to-root-out-software-bugs/|title=HackerOne Emerges With $9 Million to Root Out Software Bugs|last=Gage|first=Deborah|date=May 28, 2014|newspaper=Wall Street Journal|access-date=May 28, 2014}} Linden Lab, LiveOps, Nextdoor, OpenTable, Sailthru,{{cite news|url=http://www.businessinsider.com/sailthru-series-b-funding-2013-2|title=Sailthru Raises $19 Million For Using Big Data Respectfully|last=Nisen|first=Max|date=February 11, 2013|newspaper=Business Insider|access-date=February 23, 2013}} Scale Computing,{{Cite web |last=Arrington |first=Michael |date=2010-03-09 |title=Benchmark, Others Store $9 Million In Scale Computing |url=https://techcrunch.com/2010/03/08/benchmark-others-store-9-million-in-scale-computing/ |access-date=2024-07-12 |website=TechCrunch |language=en-US}} Stitch Fix,{{cite news|url=https://techcrunch.com/2013/10/17/stitch-fix-funding-series-b/|title=Stitch Fix, The Online Personal Shopping Startup, Sews Up $12 Million Series B Led By Benchmark|last=Taylor|first=Colleen|date=October 17, 2013|newspaper=TechCrunch|access-date=October 17, 2013}} Vessel,{{cite news|url=http://recode.net/2014/06/24/jason-kilars-new-startup-has-a-name-and-some-money/|title=Jason Kilar's New Startup Has a Name, and a Whole Lot of Money|last1=Kafka|first1=Peter|date=June 24, 2014|work=Re/Code|access-date=August 29, 2014|publisher=Re/Code|ref=Re/Code}} and Zillow.{{Cite news|url=https://www.geekwire.com/2017/bill-gurley-reunites-zillows-spencer-rascoff-talk-insane-curiosity-finding-good-leaders/|title=Bill Gurley reunites with Zillow's Spencer Rascoff to talk 'insane curiosity' and finding good leaders|date=July 2, 2017|work=GeekWire|access-date=May 15, 2018|language=en-US}}
Other investments of his have included: Avamar Technologies (acquired by EMC Corporation), Business.com (acquired by R.H. Donnelley), Clicker.com (acquired by CBS Interactive), Demandforce (acquired by Intuit), Employease (acquired by ADP, Inc.), JAMDAT Mobile (acquired by Electronic Arts), Nordstrom.com (acquired by Nordstrom), Shopping.com (acquired by eBay), The Knot, Uber, and Vudu (acquired by Walmart). He is listed consistently on the Forbes Midas List.{{Cite web |last=Schubarth |first=Cromwell |date=April 24, 2020 |title=The Funded: Perennial Midas List investor Bill Gurley takes a step back at Benchmark |url=https://www.bizjournals.com/sanjose/news/2020/04/24/the-funded-perennial-midas-list-investor-bill.html |work=Silicon Valley Business Journal |access-date=November 26, 2024}}
= 2008 recession =
With the economic collapse in the fall of 2008, Gurley garnered attention[http://www.businessinsider.com/2008/10/benchmark-s-bill-gurley-how-to-survive-depression-without-canning-everyone?op=1 How To Survive Great Depression 2.0 Without Firing Everyone] article by Henry Blodget on Business Insider October 17, 2008, accessed March 16, 2015 when he sent a letter[http://news.cnet.com/8301-10787_3-10069083-60.html How Tech Start-ups Plan on Getting By] to his portfolio companies, advising CEOs to exercise caution in spending but to look for and take advantage of opportunities[https://techcrunch.com/2008/10/09/benchmark-capital-advises-startups-to-conserve-capital/ Benchmark Capital Advises Startups To Conserve Capital, Look For Opportunities] that become available during harsh economic times. In a 2015 interview Gurley said of private tech investing, "It’s my belief that Silicon Valley and the venture-backed businesses have moved into a world that is both speculative and unsustainable."[https://www.wsj.com/articles/bill-gurley-sees-silicon-valley-on-a-dangerous-path-1445911333 Bill Gurley Sees Silicon Valley on a Dangerous Path] Wall Street Journal. October 28, 2015 Gurley’s warnings, and posts on his personal blog,{{Cite web|url=https://www.bloomberg.com/news/articles/2016-04-21/vc-gurley-tells-startups-to-beware-of-dirty-fundraising-terms|title=VC Bill Gurley Tells Startups to Beware of 'Dirty' Fundraising Terms|last=markmilian|first=Mark Milian|website=Bloomberg.com|access-date=August 24, 2016}} Above the Crowd, on venture capital spending, have been widely discussed in the industry.{{Cite web|url=http://fortune.com/2015/10/20/bill-gurley-unicorns-ipo/|title=Silicon Valley investor: Unicorn startups are like career college students|date=October 20, 2015|website=Fortune|access-date=August 24, 2016}}{{Cite web|url=http://bits.blogs.nytimes.com/2015/03/15/silicon-valley-investor-says-the-end-is-near/?_r=1|title=Silicon Valley Investor Warns of Bubble at SXSW|last=Isaac|first=Mike|access-date=August 24, 2016}}
In March 2016, Gurley was named VC of the Year at TechCrunch’s annual Crunchies awards.{{Cite web|url=https://techcrunch.com/2016/02/08/and-the-winners-of-the-9th-annual-crunchies-are/|title=And The Winners Of The 9th Annual Crunchies Are…|last1=Lardinois|first1=Frederic|last2=Kumparak|first2=Greg|website=TechCrunch|access-date=August 24, 2016}}
= Uber =
Gurley left Uber's board of directors in June 2017. The announcement was released one day after the company announced the resignation of CEO Travis Kalanick following months of controversy over Uber's corporate culture.{{Cite web|url=https://techcrunch.com/2017/06/21/bill-gurley-to-leave-ubers-board-of-directors/|title=Bill Gurley to leave Uber's board of directors – TechCrunch|website=techcrunch.com|language=en-US|access-date=May 10, 2018}}{{Cite news|url=https://www.nytimes.com/2017/06/21/technology/uber-board-bill-gurley.html|title=Amid Tumult at Uber, Bill Gurley Is Said to Be Leaving Board|date=June 21, 2017|work=The New York Times|access-date=May 10, 2018|language=en-US|issn=0362-4331}}{{Cite news|url=https://www.bloomberg.com/news/articles/2017-06-21/uber-investor-gurley-said-in-talks-to-leave-board-of-directors|title=Kalanick Critic to Step Down From Uber Board of Directors|date=June 21, 2017|work=Bloomberg.com|access-date=May 10, 2018|language=en}}
Gurley reportedly had a close relationship with CEO Travis Kalanick. He was Uber’s most engaged board member and the closest thing Mr. Kalanick had to a consigliere.{{Cite news|url=https://www.nytimes.com/2017/03/18/technology/bill-gurley-uber-travis-kalanick-silicon-valley.html|title=In Silicon Valley, a Voice of Caution Guides a High-Flying Uber|date=March 18, 2017|work=The New York Times|access-date=May 14, 2018|language=en-US|issn=0362-4331}} Gurley shared his support for Kalanick on Twitter, stating "There will be many pages in the history books devoted to @travisk - very few entrepreneurs have had such a lasting impact on the world."{{Cite news|url=https://twitter.com/bgurley/status/877414347575746560|title=Bill Gurley on Twitter|work=Twitter|access-date=May 14, 2018|language=en}}
In April 2020, The Wall Street Journal reported that Gurley would be stepping back from Benchmark as he was not investing in a new fund that his venture capital firm was raising.{{Cite news |last=Winkler |first=Yuliya Chernova and Rolfe |date=April 23, 2020 |title=WSJ News Exclusive {{!}} Venture Capitalist Bill Gurley Isn't Joining Benchmark's Next Fund |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/venture-capitalist-bill-gurley-isnt-joining-benchmarks-next-fund-11587586136 |access-date=April 23, 2020 |issn=0099-9660}}{{Cite web |title=Bill Gurley is stepping away from an active role at Benchmark, 21 years after joining the firm |url=https://techcrunch.com/2020/04/22/report-bill-gurley-is-stepping-away/ |access-date=April 23, 2020 |website=TechCrunch |language=en-US}}
In popular culture
A fictionalized version of Gurley portrayed by actor Kyle Chandler appeared in the Showtime drama series Super Pumped.{{Cite web |last=Kiefer |first=Halle |date=2021-05-27 |title=Kyle Chandler to Take You for a Ride in Showtime's Super Pumped |url=https://www.vulture.com/2021/05/kyle-chandler-to-star-as-ubers-bill-gurley-in-super-pumped.html |access-date=2022-11-14 |website=Vulture |language=en-us}}
Personal life
Gurley is known for his above-average height; he is {{cvt|6|ft|9|in}}.{{cite web|title=When $8 billion is yours to lose: How Uber's top investor suffered through the wildest tech drama of the year|url=https://www.cnbc.com/2017/12/14/bill-gurley-2017-profile-uber-stitchfix-snap.html| work=CNBC|accessdate=3 August 2023}} The title of his blog, Above the Crowd, and the book eBoys: The First Inside Account of Venture Capitalists that profiles the Benchmark team, both reference his height; the subtitle of eBoys is “The true story of the six tall men who backed eBay, Webvan, and other billion-dollar start-ups."[https://www.amazon.com/dp/0345428897 Amazon.com: eBoys: The First Inside Account of Venture Capitalists at Work: Randall E. Stross: Books]
Gurley is married with three children and currently lives in Austin, Texas.{{Cite web |last=Mathews |first=Jessica |date=May 16, 2023 |title=From his new home in Austin, legendary VC Bill Gurley opens up about why he stepped back from Benchmark and his next act |url=https://finance.yahoo.com/news/home-austin-legendary-vc-bill-224443607.html |access-date=November 13, 2019 |website=Yahoo Finance |language=English}}{{Cite web |url=https://www.mercurynews.com/2007/04/07/bill-gurley/ |title=Bill Gurley |date=April 7, 2007 |work=The Mercury News |access-date=November 26, 2024}}
References
{{reflist|30em}}
Further reading
- Randall E. Stross, eBoys : The First Inside Account of Venture Capitalists at Work. (New York: Ballantine Books, 2000). {{ISBN|0-345-42889-7}}.
External links
- Bill Gurley on CNBC's TechCheck https://www.cnbc.com/video/2021/06/08/bill-gurley-on-the-ipo-market.html
- [https://techcrunch.com/2008/06/19/the-matt-cohler-exit-interview/ Bill Gurley and Matt Cohler interview on TechCrunch]
- [http://abovethecrowd.com/ Above the Crowd blog]
- [http://www.linkedin.com/pub/bill-gurley/0/4/283/ Bill Gurley on LinkedIn]
- [https://www.forbes.com/profile/bill-gurley/ Official Forbes Profile]
{{DEFAULTSORT:Gurley, Bill}}
Category:American financial businesspeople
Category:University of Florida alumni
Category:McCombs School of Business alumni
Category:American venture capitalists
Category:People from Dickinson, Texas
Category:Florida Gators men's basketball players