Nike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot.If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works.We’ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it’s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don’t judge), head out for a long run or walk and enjoy!Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: Free access to Blinks of our episode research on Blinkist Scalable, clean and low-cost cloud AI compute from Crusoe  All of your product growth powered by StatsigRegister for Statsig’s SF Event with Ben and David!  More Acquired!:  Get email updates (+ hints on the next episode topic) Join the Slack Subscribe to ACQ2  Become an LP and support the show. Help us pick episodes, Zoom calls and more Links:Episode sourcesCarve Outs: Marc Andreessen on Lex Fridman and on Ben Thompson  Speak Now (Taylor’s Version) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Nike — it’s perhaps the most iconic and most prolific brand of the modern era. On any given day, swooshes adorn the feet of more people on earth than any other footwear company — by a long shot.If you read Shoe Dog or watched Air, you may think you know its history. But Shoe Dog ends in 1980, and Air… well let’s just say it’s an enjoyable piece of fiction. And it turns out (as always) that the real story is filled with far more drama, twists and business lessons than either of those works.We’ve been wanting to cover Nike for a long time, and thanks to our LPs who voted to choose this episode it’s finally here. So lace up your Vaporflys, Air Maxes, Dunks or Jordans (or your Monarchs, hey we don’t judge), head out for a long run or walk and enjoy!Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/BlinkistNike" rel="nofollow" target="_blank">Free access to Blinks of our episode research on Blinkist</a></li> <li><a href="https://bit.ly/acquiredcrusoe" rel="nofollow" target="_blank">Scalable, clean and low-cost cloud AI compute from Crusoe</a></li> <li> <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">All of your product growth powered by Statsig</a><ul><li><a href="https://bit.ly/acqstatsigevent" rel="nofollow" target="_blank">Register for Statsig’s SF Event with Ben and David!</a></li></ul> </li> </ul> More Acquired!:<ul> <li> <a href="https://www.acquired.fm/email" rel="nofollow" target="_blank">Get email updates</a> (+ hints on the next episode topic)</li> <li><a href="http://acquired.fm/slack" rel="nofollow" target="_blank">Join the Slack</a></li> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to ACQ2</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more</li> </ul> Links:<ul><li><a href="https://docs.google.com/document/d/1lzJ9sZ5z4U4FQOfwXQUTrG5QxSxS6Wiu0IN6_9DjmGc/edit?usp=sharing" rel="nofollow" target="_blank">Episode sources</a></li></ul> Carve Outs:<ul> <li>Marc Andreessen <a href="https://lexfridman.com/marc-andreessen/" rel="nofollow" target="_blank">on Lex Fridman</a> and <a href="https://stratechery.com/2023/an-interview-with-marc-andreessen-about-ai-and-how-you-change-the-world/" rel="nofollow" target="_blank">on Ben Thompson</a> </li> <li><a href="https://open.spotify.com/album/5AEDGbliTTfjOB8TSm1sxt" rel="nofollow" target="_blank">Speak Now (Taylor’s Version)</a></li> </ul> ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Nike

Doug Demuro

Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series.Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today.Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one &amp; only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :)ACQ2 Show + LP Program: Subscribe to the shiny new ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:  …in touch with Tiny! (just tell them Ben &amp; David sent you) Vanta: a free trial + $1,000 off any compliance audit product Pilot: 20% off your company’s first six months of service Links:  Doug’s YouTube channel (which we HIGHLY recommend) Cars &amp; Bids Episode sources Carve Outs: ResortPass Seinfeld Cast Charlie Rose Interview Compilation WhistlinDiesel ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Nobody’s perfect — including Porsche. Despite that phrase appearing in their famous 1983 magazine advertisement, they managed to get damn-close to the perfect luxury business (even Bernard Arnault would be jealous!). Porsche is both quality AND quantity, owning the most prestigious brand in its market, while at the same time churning out almost half a million mass-market soccer mom/dad SUVs per year. And like any good luxury brand, it’s packed with enough juicy family drama and creeping takeovers to fill a Netflix series.Yet, behind it all lies perhaps the darkest origin story we’ve ever told on Acquired. Not only was Porsche was started by Nazis, Adolf Hitler himself was deeply involved in its early fortunes. And, following WWII, the Allies simply looked past these facts and essentially bestowed a license to generate wealth on Porsche and its owners — setting the stage for them to become one of the top ~15 wealthiest families in the world today.Joining us to explore it all is perhaps the very most-qualified person in the person in the world: the one &amp; only Doug DeMuro. Not only is Doug the largest independent car reviewer on YouTube with millions of subscribers (we’re HUGE fans), he previously worked at Porsche corporate and owns a legendary Porsche Carrera GT — which served as the recording backdrop for this episode. Make sure you tune in to watch the video version! :)ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to the shiny new ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li> <a href="https://bit.ly/acquiredtiny" rel="nofollow" target="_blank">…in touch with Tiny!</a> (just tell them Ben &amp; David sent you)</li> <li><a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">Vanta: a free trial + $1,000 off any compliance audit product</a></li> <li><a href="https://bit.ly/acquiredpilot23" rel="nofollow" target="_blank">Pilot: 20% off your company’s first six months of service</a></li> </ul>Links:<ul> <li> <a href="https://www.youtube.com/channel/UCsqjHFMB_JYTaEnf_vmTNqg" rel="nofollow" target="_blank">Doug’s YouTube channel</a> (which we HIGHLY recommend)</li> <li><a href="https://carsandbids.com" rel="nofollow" target="_blank">Cars &amp; Bids</a></li> <li><a href="https://docs.google.com/document/d/1wOduOXDCcBi-o6bx3JeJ4YoVHhfzuHoailgLZvPKgg4/edit?usp=sharing" rel="nofollow" target="_blank">Episode sources</a></li> </ul>Carve Outs:<ul> <li><a href="https://www.resortpass.com" rel="nofollow" target="_blank">ResortPass</a></li> <li><a href="https://www.youtube.com/watch?v=L0TE_xXjp-0" rel="nofollow" target="_blank">Seinfeld Cast Charlie Rose Interview Compilation</a></li> <li><a href="https://www.youtube.com/@whistlindiesel" rel="nofollow" target="_blank">WhistlinDiesel</a></li> </ul>‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Porsche (with Doug DeMuro)

Dara Khosrowshahi

Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen &amp; Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it’s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it’s done it all while staying out of the headlines. Tune in!ACQ2 Show + LP Program: Subscribe to our interview show, ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: 20% off Common Room’s Team plan for 2023 Up to 10% off your first year of business insurance with Vouch A free trial of PitchBook + links to research reports! LinksBen &amp; David on My First MillionNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Uber CEO Dara Khosrowshahi dropped by the Acquired studio for an Eats delivery, so we broke out the cameras and asked him to hang out for a wide-ranging conversation. :) We talk about his 20 years working with Barry Diller, starting his career at Allen &amp; Company, how the Uber CEO search process ACTUALLY went down… and oh yeah, the massive transformation that’s happened at Uber over the past few years. When Dara took over the company it was bleeding huge sums of cash, losing share to competitors and embroiled in one of the biggest corporate controversies in recent memory. Fast forward to today and it’s turned cashflow positive while also having tripled revenue to over $30B (on $120B in GMV) and solidified its rideshare dominance in the US. And in perhaps the biggest change, it’s done it all while staying out of the headlines. Tune in!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to our interview show, ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/acquiredcommonroom" rel="nofollow" target="_blank">20% off Common Room’s Team plan for 2023</a></li> <li><a href="https://bit.ly/acquired-vouch" rel="nofollow" target="_blank">Up to 10% off your first year of business insurance with Vouch</a></li> <li><a href="https://bit.ly/acquiredpitchbook" rel="nofollow" target="_blank">A free trial of PitchBook + links to research reports!</a></li> </ul>Links<ul><li><a href="https://pod.link/1469759170/episode/dcec340c735d9bb01f08d4508f7c5caa" rel="nofollow" target="_blank">Ben &amp; David on My First Million</a></li></ul>Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Uber CEO Dara Khosrowshahi

Today we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you’ll learn about the history of our industry!ACQ2 Show + LP Program: Subscribe to the shiny new ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: Pilot: 20% off your company’s first six months of service Vanta: A free trial + $1,000 off any compliance audit product  …in touch with Tiny! (just tell them Ben &amp; David sent you) Links: Ben Rich’s Skunk Works Kelly’s 14 Rules of Skunk Works LMSC’s “Seven Tenets” Steve Blank’s Secret History of Silicon Valley Episode sources Carve Outs: Nier: Automata The Blackbird speed check story  EGO Lawn Tools (just in time for Fathers’ Day!) ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Today we bring you two absolutely incredible stories. The first is Lockheed’s legendary Skunk Works division — the elite team of aviation geniuses who produced some of the greatest airplanes in history: the U-2, the Stealth Fighter, and the incomparable SR-71 Blackbird. The second story is arguably even more important, but not widely known! It's the secret and true origins of Silicon Valley — and Lockheed’s primary role in it. We take you from WWII to the Cold War, all the way to today to unpack and analyze the industry dynamics of defense contractors in the modern era. Tune in and prepare to be blown away by what you’ll learn about the history of our industry!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to the shiny new ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/acquiredpilot23" rel="nofollow" target="_blank">Pilot: 20% off your company’s first six months of service</a></li> <li><a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">Vanta: A free trial + $1,000 off any compliance audit product</a></li> <li> <a href="https://bit.ly/acquiredtiny" rel="nofollow" target="_blank">…in touch with Tiny!</a> (just tell them Ben &amp; David sent you)</li> </ul>Links:<ul> <li><a href="https://www.amazon.com/Skunk-Works-Personal-Memoir-Lockheed/dp/0316743003" rel="nofollow" target="_blank">Ben Rich’s Skunk Works</a></li> <li><a href="https://www.lockheedmartin.com/content/dam/lockheed-martin/aero/photo/skunkworks/kellys-14-rules.pdf" rel="nofollow" target="_blank">Kelly’s 14 Rules of Skunk Works</a></li> <li><a href="https://youtu.be/E09qg-Kxm_M?t=8671" rel="nofollow" target="_blank">LMSC’s “Seven Tenets”</a></li> <li><a href="https://steveblank.com/secret-history/" rel="nofollow" target="_blank">Steve Blank’s Secret History of Silicon Valley</a></li> <li><a href="https://docs.google.com/document/d/15wJOKmpQ64-HVXykXWTo1-wndUlSmCJPjUxbF39Nopk/edit?usp=sharing" rel="nofollow" target="_blank">Episode sources</a></li> </ul>Carve Outs:<ul> <li><a href="https://en.wikipedia.org/wiki/Nier:_Automata" rel="nofollow" target="_blank">Nier: Automata</a></li> <li><a href="https://www.thesr71blackbird.com/Aircraft/Stories/sr-71-blackbird-speed-check-story" rel="nofollow" target="_blank">The Blackbird speed check story</a></li> <li> <a href="https://egopowerplus.com/power-blowers/?gad=1&amp;gclid=Cj0KCQjwjryjBhD0ARIsAMLvnF_te03nXGYJnmGkklzqFMCy5MUSn6tmCzHz1Zj0rup-s2UtUAlESv4aAmjEEALw_wcB&amp;gclsrc=aw.ds" rel="nofollow" target="_blank">EGO Lawn Tools</a> (just in time for Fathers’ Day!)</li> </ul>‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Lockheed Martin

Daniel Ek

We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world’s largest podcast platform — including close to home with the Acquired audience, where it has 60%+ market share among you all!We discuss the origins of this “second act” strategy with Daniel, the vision to move from a music company to an audio company, and what’s coming next with Spotify’s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in!ACQ2 Show + LP Program: Subscribe to our interview show, ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: All of your product growth powered by Statsig Up to 10% off your first year of business insurance with Vouch A free trial of PitchBook + links to research reports! LinksFollow Daniel on TwitterNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

We sit down with Spotify CEO Daniel Ek live in Stockholm at Spotify’s amazing HQ studio (check out the video version of this episode — which plays natively on Spotify!). This was an incredibly special and timely conversation: for those who haven’t been paying attention over the past few years, after revolutionizing music Spotify has now ALSO completely transformed our own industry in podcasting. Starting from way behind with ~zero market share in 2018, Spotify has now aggregated the listener market and amazingly surpassed Apple as the world’s largest podcast platform — including close to home with the Acquired audience, where it has 60%+ market share among you all! We discuss the origins of this “second act” strategy with Daniel, the vision to move from a music company to an audio company, and what’s coming next with Spotify’s entry into Audiobooks. And of course we relive some key moments from the Acquired canon that Daniel was involved in, including his pivotal conversations with Taylor Swift and her team convincing her to come back to streaming following the release of 1984. Tune in!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to our interview show, ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">All of your product growth powered by Statsig</a></li> <li><a href="https://bit.ly/acquired-vouch" rel="nofollow" target="_blank">Up to 10% off your first year of business insurance with Vouch</a></li> <li><a href="https://bit.ly/acquiredpitchbook" rel="nofollow" target="_blank">A free trial of PitchBook + links to research reports!</a></li> </ul>Links<ul><li><a href="https://twitter.com/eldsjal" rel="nofollow" target="_blank">Follow Daniel on Twitter</a></li></ul>Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Spotify CEO Daniel Ek

Mitch Lasky

We sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today.Regardless if you’re a gamer, understanding the incredible innovation that’s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in!ACQ2 Show + LP Program: Subscribe to our interview show, ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: All of your product growth powered by Statsig Up to 10% off your first year of business insurance with Vouch A free trial of PitchBook + links to research reports! Links The Gamecraft Podcast  Mitch and Blake on Twitter The Genius of the System Mitch’s old “Investing in Content” blog post  That Game Company and Sky  Riot and the League of Legends dota-allstars.com growth hack Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

We sit down Benchmark’s legendary gaming investors Mitch Lasky and Blake Robbins (now also of the excellent Gamecraft podcast fame) to discuss the history and future of gaming business models. This episode is the perfect bookend to our Nintendo/Sega gaming series this season on Acquired — no one is more qualified than Mitch and Blake to breakdown how the business side of the industry has evolved so radically from the Periscope quarter-drop days to the forever games and platform based publishers of today.Regardless if you’re a gamer, understanding the incredible innovation that’s taken place over the past two decades in gaming and what it portends for other industries is critical for any founder and investor to understand. Tune in!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to our interview show, ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">All of your product growth powered by Statsig</a></li> <li><a href="https://bit.ly/acquired-vouch" rel="nofollow" target="_blank">Up to 10% off your first year of business insurance with Vouch</a></li> <li><a href="https://bit.ly/acquiredpitchbook" rel="nofollow" target="_blank">A free trial of PitchBook + links to research reports!</a></li> </ul>Links<ul> <li><a href="https://www.gamecraftpod.com" rel="nofollow" target="_blank">The Gamecraft Podcast</a></li> <li> <a href="https://twitter.com/mitchlasky?lang=en" rel="nofollow" target="_blank">Mitch</a> and <a href="https://twitter.com/blakeir" rel="nofollow" target="_blank">Blake</a> on Twitter</li> <li><a href="https://www.amazon.com/Genius-System-Hollywood-Filmmaking-Studio/dp/0816670102" rel="nofollow" target="_blank">The Genius of the System</a></li> <li><a href="https://web.archive.org/web/20131013193226/http://mitchlasky.biz/investing-in-content/" rel="nofollow" target="_blank">Mitch’s old “Investing in Content” blog post</a></li> <li> <a href="https://thatgamecompany.com" rel="nofollow" target="_blank">That Game Company</a> and <a href="https://thatgamecompany.com/sky/" rel="nofollow" target="_blank">Sky</a> </li> <li><a href="https://www.hotspawn.com/dota2/guides/dota-allstars-com" rel="nofollow" target="_blank">Riot and the League of Legends dota-allstars.com growth hack</a></li> </ul>Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Benchmark’s Mitch Lasky and Blake Robbins on The Art of Business in Gaming

Sega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen??Today we’re launching Acquired Shorts in order to tell this story and others like it: side tales from the “Acquired Cinematic Universe” that are too brief for a full episode, but too good to leave in the vault. We’d love to hear your thoughts on the format (and this episode). Please send us your feedback in Slack, email or Twitter!ACQ2 Show + LP Program: Subscribe to our interview show, ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: Up to 10% on your first year of business insurance with Vouch A free trial of PitchBook + links to research reports! Links: The shortest and most famous speech in video game industry history Episode sources Carve Outs: Daryl Morey on Invest Like the Best Succession Starship 6 Days to Air Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Sega and the Genesis was THE underdog story of the early 90’s. In a single console generation, Sega went from ~zero to 50% US market share and dethroned Nintendo’s seemingly invincible global monopoly. But — somehow — it all then died. Two console generations later Sega was out of the hardware game entirely, and the company was sold off for pieces to a pachinko manufacturer. How on earth did this happen?? Today we’re launching Acquired Shorts in order to tell this story and others like it: side tales from the “Acquired Cinematic Universe” that are too brief for a full episode, but too good to leave in the vault. We’d love to hear your thoughts on the format (and this episode). Please send us your feedback in <a href="http://acquired.fm/slack" rel="nofollow" target="_blank">Slack</a>, <a href="https://www.acquired.fm/feedback" rel="nofollow" target="_blank">email</a> or <a href="http://www.twitter.com/acquiredfm" rel="nofollow" target="_blank">Twitter</a>!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to our interview show, ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/acquired-vouch" rel="nofollow" target="_blank">Up to 10% on your first year of business insurance with Vouch</a></li> <li><a href="https://bit.ly/acquiredpitchbook" rel="nofollow" target="_blank">A free trial of PitchBook + links to research reports!</a></li> </ul>Links:<ul> <li><a href="https://www.youtube.com/watch?v=ExaAYIKsDBI" rel="nofollow" target="_blank">The shortest and most famous speech in video game industry history</a></li> <li><a href="https://docs.google.com/document/d/1tTK88Hu_gUYoOnjWf9pIMPzj4Dm5DulT6wJvOFuJLn8/edit?usp=sharing" rel="nofollow" target="_blank">Episode sources</a></li> </ul>Carve Outs:<ul> <li><a href="https://www.joincolossus.com/episodes/50823211/morey-systems-thinking-in-sports?tab=transcript" rel="nofollow" target="_blank">Daryl Morey on Invest Like the Best</a></li> <li><a href="https://www.hbo.com/succession" rel="nofollow" target="_blank">Succession</a></li> <li><a href="https://www.spacex.com/vehicles/starship/" rel="nofollow" target="_blank">Starship</a></li> <li><a href="https://www.imdb.com/title/tt2076781/" rel="nofollow" target="_blank">6 Days to Air</a></li> </ul>Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Short: The Death of Sega

In the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo’s fall from grace and journey back to the top — capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued.ACQ2 Show + LP Program: Subscribe to the shiny new ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: Pilot: 20% off your company’s first six months of service Vanta: $1,000 off any compliance audit product  …in touch with Tiny! (just tell them Ben &amp; David sent you) Links: Our EA episode with Trip Hawkins Matthew Ball on why “Nintendo as Disney” is a flawed analogy Crossroads Capital’s investor letters outlining their Nintendo thesis Episode sources Carve Outs:  Kara Swisher in Vanity Fair (and our old episode with her!)  Hardcore History (finally!) The Tetris movie Daryl Morey on Invest Like the Best ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

In the 1980’s Nintendo was on top of the world, with the NES achieving over 90% market share of home video games globally. So how did they fall ALL the way down to ~10% in just a few short console generations? And how did they then build themselves back up (and down and up again) to the top of the world again? Spoiler: it all hinged on one very small, yet very large and durable platform… the Game Boy. Fire up your favorite portable entertainment device and tune in for the epic story of Nintendo’s fall from grace and journey back to the top — capped off by our robust discussion of where they go from here, and whether this 130+ year old company may still (!) be misunderstood and mis-valued.ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to the shiny new ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/acquiredpilot23" rel="nofollow" target="_blank">Pilot: 20% off your company’s first six months of service</a></li> <li><a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">Vanta: $1,000 off any compliance audit product</a></li> <li> <a href="https://bit.ly/acquiredtiny" rel="nofollow" target="_blank">…in touch with Tiny!</a> (just tell them Ben &amp; David sent you)</li> </ul>Links:<ul> <li><a href="https://www.acquired.fm/episodes/the-electronic-arts-ipo-with-trip-hawkins" rel="nofollow" target="_blank">Our EA episode with Trip Hawkins</a></li> <li><a href="https://www.matthewball.vc/all/onnintendo" rel="nofollow" target="_blank">Matthew Ball on why “Nintendo as Disney” is a flawed analogy</a></li> <li><a href="https://www.crossroadscap.io/investor-letters" rel="nofollow" target="_blank">Crossroads Capital’s investor letters outlining their Nintendo thesis</a></li> <li><a href="https://docs.google.com/document/d/1uz7J2qyEqLrcbuU5LUrStt4aM2vPvRiIPmKJcLOmQ7s/edit?usp=sharing" rel="nofollow" target="_blank">Episode sources</a></li> </ul>Carve Outs:<ul> <li> <a href="https://www.vanityfair.com/news/2023/03/kara-swisher-podcasts" rel="nofollow" target="_blank">Kara Swisher in Vanity Fair</a> (and <a href="https://www.acquired.fm/episodes/season-3-episode-4recode-with-kara-swisher" rel="nofollow" target="_blank">our old episode with her!</a>)</li> <li> <a href="https://www.dancarlin.com" rel="nofollow" target="_blank">Hardcore History</a> (finally!)</li> <li><a href="https://www.imdb.com/title/tt12758060/" rel="nofollow" target="_blank">The Tetris movie</a></li> <li><a href="https://www.joincolossus.com/episodes/50823211/morey-systems-thinking-in-sports?tab=transcript" rel="nofollow" target="_blank">Daryl Morey on Invest Like the Best</a></li> </ul>‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Nintendo: The Console Wars

Hamilton Helmer

7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success — Amazon and AWS, Nintendo and video games, Nvidia and CUDA — yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in!ACQ2 Show + LP Program: Subscribe to the shiny new ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: Up to 10% on your first year of business insurance with Vouch Free trial of PitchBook + links to research reports! Link to Hamilton's 2-Axis ChartNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

7 Powers author Hamilton Helmer and his Strategy Capital colleague Chenyi Shi join us again to discuss their latest research on a topic that’s highly relevant to the recent Acquired canon: how to build a second business line. This incredibly important “transforming” question faces every great company who has achieved initial product success (as well as their investors). Do we continue solely along the established path, or do we attempt to grow new branches on the tree? Some companies grow new businesses with tremendous success — Amazon and AWS, Nintendo and video games, Nvidia and CUDA — yet many others fail miserably. For the first time Hamilton and Chenyi share their research-based playbook on how companies should approach this decision and choose wisely. Tune in!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to the shiny new ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/acquired-vouch" rel="nofollow" target="_blank">Up to 10% on your first year of business insurance with Vouch</a></li> <li><a href="https://bit.ly/acquiredpitchbook" rel="nofollow" target="_blank">Free trial of PitchBook + links to research reports!</a></li> </ul><a href="https://uploads-ssl.webflow.com/5c29380b1110ec92a203aa84/642c3b165bd52ec4b2b3baff_Screenshot%202023-04-04%20at%207.55.48%20AM.png" rel="nofollow" target="_blank">Link to Hamilton's 2-Axis Chart</a>Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Interview: Hamilton Helmer & Chenyi Shi on How to Build an AWS-Like Second Business

David Senra

ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David’s case) and join us!ACQ2 Show + LP Program: Subscribe to the shiny new ACQ2!  Become an LP and support the show. Help us pick episodes, Zoom calls and more. Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get: Up to 10% on your first year of business insurance with Vouch One week of free PitchBook access! Links: Go subscribe to Founders! Some of our favorite episodes: Bernard Arnault, Brunello Cucinelli, Edwin Land, Kobe Bryant Topics: (00:01) - Intro (03:30) - David’s time with Charlie Munger (06:00) - Henry Flagler after Standard Oil (09:00) - What makes a great biography, and how to capture all sides of complex characters? (11:30) - Studying history is a form of leverage to achieve success (13:30) - How do we figure out what the true story is for an episode we're doing? (21:00) - Silicon Valley should focus more on durability than growth (22:00) - How David Senra got into reading biographies and podcasting (26:10) - What were each of their influences before starting Acquired and Founders? (36:00) - How to suck less over time (38:00) - What motivates, Ben, David, and David to get better? (45:30) - Dead ends: business model changes, paid podcasts, changing the name to “Adapting”, and Senra's “Autotelic” (52:00) - “You’re not advertising to a standing army, you’re advertising to a moving parade” (56:30) - Comparison of podcasting business models (01:00:40) - Senra’s insane Readwise "healthy twitter" habit (01:05:00) - Is it possible for the ultra-wealthy not to mess up their kids? (01:15:30) - The fleeting moments you get to spend with your kids (01:17:30) - The value of building relationships with best-in-class peers  (01:20:00) - How the book publishing industry works  (01:29:15) - How to differentiate yourself as an investor in 2023? (01:39:00) - The greatest historical examples as content marketing (02:02:30) - The best businesses are cults (and Senra starts one on the episode) (02:07:30) - Senra gives feedback to Ben and David on Acquired episode format (02:16:00) - Steve Jobs’ 1997 product matrix (02:17:30) - The moral imperative to market products that help people (02:23:30) - Ray Kroc and Steve Jobs: deeply flawed founders (02:24:00) - The founders we idolize are world-builders (02:28:30) - When yachts and jets are underpriced assets (02:32:30) - How to compete when money is cheap vs. when there are real interest rates (02:40:00) - When Ben and David have fixed broken episodes in post-productio (02:45:00) - Why masters of craft are so interesting to study (02:46:00) - Should you listen to advice? (02:53:00) - The Cuban experience immigrating to Miami (02:53:30) - Senra’s first job detailing cars (03:01:30) - College entrepreneurship programs (03:04:30) - Ben’s experience learning UNIX as a kid (03:09:00) - David remembers Tim Ferriss guest lecturing in college  Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

ACQ Sessions returns with David Senra of the Founders Podcast. David is one of our very favorite people in the world — it’s impossible to spend an hour (or 3!) with him and not come away inspired to go take over the world. This conversation is an “extended, IRL version” of monthly calls that we do together where we share stories, swap life and podcast advice, and just genuinely enjoy sharing time with someone who shares our outlook and enthusiasm for the history of entrepreneurship. Pull up a chair, grab a beverage (or energy drink in David’s case) and join us!ACQ2 Show + LP Program:<ul> <li><a href="https://pod.link/acquiredlp" rel="nofollow" target="_blank">Subscribe to the shiny new ACQ2!</a></li> <li> <a href="https://acquired.fm/lp" rel="nofollow" target="_blank">Become an LP</a> and support the show. Help us pick episodes, Zoom calls and more.</li> </ul>Sponsors:Thanks to our fantastic partners, any member of the Acquired community can now get:<ul> <li><a href="https://bit.ly/acquired-vouch" rel="nofollow" target="_blank">Up to 10% on your first year of business insurance with Vouch</a></li> <li><a href="https://bit.ly/acquiredpitchbook" rel="nofollow" target="_blank">One week of free PitchBook access!</a></li> </ul>Links:<ul><li> <a href="https://pod.link/founders" rel="nofollow" target="_blank">Go subscribe to Founders!</a> Some of our favorite episodes: <a href="https://pod.link/founders/episode/820a5119b72b76b210df24e7a4a8e1bf" rel="nofollow" target="_blank">Bernard Arnault</a>, <a href="https://pod.link/founders/episode/41a47a7535026098511ae2c16ff22804" rel="nofollow" target="_blank">Brunello Cucinelli</a>, <a href="https://pod.link/founders/episode/b5637cb4b83ff459da8d05d804cf636f" rel="nofollow" target="_blank">Edwin Land</a>, <a href="https://pod.link/founders/episode/bda7f5dbc148b894f7ba4ad494e45460" rel="nofollow" target="_blank">Kobe Bryant</a> </li></ul>Topics: <ul> <li>(00:01) - Intro</li> <li>(03:30) - David’s time with Charlie Munger</li> <li>(06:00) - Henry Flagler after Standard Oil</li> <li>(09:00) - What makes a great biography, and how to capture all sides of complex characters?</li> <li>(11:30) - Studying history is a form of leverage to achieve success</li> <li>(13:30) - How do we figure out what the true story is for an episode we're doing?</li> <li>(21:00) - Silicon Valley should focus more on durability than growth</li> <li>(22:00) - How David Senra got into reading biographies and podcasting</li> <li>(26:10) - What were each of their influences before starting Acquired and Founders?</li> <li>(36:00) - How to suck less over time</li> <li>(38:00) - What motivates, Ben, David, and David to get better?</li> <li>(45:30) - Dead ends: business model changes, paid podcasts, changing the name to “Adapting”, and Senra's “Autotelic”</li> <li>(52:00) - “You’re not advertising to a standing army, you’re advertising to a moving parade”</li> <li>(56:30) - Comparison of podcasting business models</li> <li>(01:00:40) - Senra’s insane Readwise "healthy twitter" habit</li> <li>(01:05:00) - Is it possible for the ultra-wealthy not to mess up their kids?</li> <li>(01:15:30) - The fleeting moments you get to spend with your kids</li> <li>(01:17:30) - The value of building relationships with best-in-class peers </li> <li>(01:20:00) - How the book publishing industry works </li> <li>(01:29:15) - How to differentiate yourself as an investor in 2023?</li> <li>(01:39:00) - The greatest historical examples as content marketing</li> <li>(02:02:30) - The best businesses are cults (and Senra starts one on the episode)</li> <li>(02:07:30) - Senra gives feedback to Ben and David on Acquired episode format</li> <li>(02:16:00) - Steve Jobs’ 1997 product matrix</li> <li>(02:17:30) - The moral imperative to market products that help people</li> <li>(02:23:30) - Ray Kroc and Steve Jobs: deeply flawed founders</li> <li>(02:24:00) - The founders we idolize are world-builders</li> <li>(02:28:30) - When yachts and jets are underpriced assets</li> <li>(02:32:30) - How to compete when money is cheap vs. when there are real interest rates</li> <li>(02:40:00) - When Ben and David have fixed broken episodes in post-productio</li> <li>(02:45:00) - Why masters of craft are so interesting to study</li> <li>(02:46:00) - Should you listen to advice?</li> <li>(02:53:00) - The Cuban experience immigrating to Miami</li> <li>(02:53:30) - Senra’s first job detailing cars</li> <li>(03:01:30) - College entrepreneurship programs</li> <li>(03:04:30) - Ben’s experience learning UNIX as a kid</li> <li>(03:09:00) - David remembers Tim Ferriss guest lecturing in college </li> </ul>Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Sessions: David Senra (Founders Podcast)

Every company has a story.Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.

My favorite podcast, specially the history and facts part! Just great!!

Great podcast!

This is my favorite podcast in the VC space and 2nd place isn’t close.

⭐️⭐️⭐️⭐️⭐️

Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.

Acquired

Over 13 years after its founding, one of the defining startup companies of the past decade finally makes its public debut — and boy was it a big one. But for all the hype (and all the legitimately great things Airbnb has accomplished), this is a company that looks very different today than in the past. Even before COVID, Airbnb's once-exponential bookings growth had declined to linear levels while the company's costs continued to balloon at accelerating rates. What’s going on here? Are public investors smart to bet on a permanent shift in travel behavior coming out of the pandemic? Or is this a case of unrealistic expectations? As always, we dive in. If you want more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryPlaybook Themes from this episode are available on our website at https://www.acquired.fm/episodes/airbnbCarve Outs: David — San Francisco Ballet's Nutcracker: https://www.sfballet.org/productions/nutcracker-online/  Ben — Star Wars Lofi HipHop:  https://open.spotify.com/playlist/5iu1sp3UBb1rjf8KNKETtJ?si=WxPdJcRpSnelHN9qh0xYSw  

Over 13 years after its founding, one of the defining startup companies of the past decade finally makes its public debut — and boy was it a big one. But for all the hype (and all the legitimately great things Airbnb has accomplished), this is a company that looks very different today than in the past. Even before COVID, Airbnb's once-exponential bookings growth had declined to linear levels while the company's costs continued to balloon at accelerating rates. What’s going on here? Are public investors smart to bet on a permanent shift in travel behavior coming out of the pandemic? Or is this a case of unrealistic expectations? As always, we dive in. If you want more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our live Book Club discussions with top authors. Join here at: <a href="https://acquired.fm/lp/" rel="nofollow" target="_blank">https://acquired.fm/lp/</a>Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Playbook Themes from this episode are available on our website at <a href="https://www.acquired.fm/episodes/airbnb" rel="nofollow" target="_blank">https://www.acquired.fm/episodes/airbnb</a> Carve Outs:<ul> <li>David — San Francisco Ballet's Nutcracker: <a href="https://www.sfballet.org/productions/nutcracker-online/" rel="nofollow" target="_blank">https://www.sfballet.org/productions/nutcracker-online/</a> </li> <li>Ben — Star Wars Lofi HipHop: <a href="https://open.spotify.com/playlist/5iu1sp3UBb1rjf8KNKETtJ?si=WxPdJcRpSnelHN9qh0xYSw" rel="nofollow" target="_blank"> https://open.spotify.com/playlist/5iu1sp3UBb1rjf8KNKETtJ?si=WxPdJcRpSnelHN9qh0xYSw</a> </li> </ul>

Airbnb

The Flywheel is strong with this one. We dive deep into the origins of one of the boldest business strategy decisions of our time: Disney CEO Bob Iger’s attempt to buck the Innovator’s Dilemma - and forego billions of dollars in cashflow from Netflix and pay TV providers - in order to establish a direct distribution relationship with its customers for the first time in the company’s history. Is this the force awakening within the house that Walt built, or a phantom menace that will drag Disney to the dark side of unprofitability? Tune in to find out!Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryLinks:  https://www.thewaltdisneycompany.com/wp-content/uploads/2019/01/2018-Annual-Report.pdf  https://www.thewaltdisneycompany.com/wp-content/uploads/q4-fy17-earnings-transcript.pdf  https://www.thewaltdisneycompany.com/wp-content/uploads/2019/11/q4-fy19-earnings.pdf The Disney flywheel:  https://kottke.org/15/06/walt-disneys-corporate-strategy-chart   Sources:  The Ride of a Lifetime by Bob Iger:  https://www.amazon.com/Ride-Lifetime-Lessons-Learned-Company-ebook/dp/B07PF6XTD8   https://www.nytimes.com/2019/09/22/style/disney-bob-iger-book.html https://en.wikipedia.org/wiki/Bob_Iger   https://www.hollywoodreporter.com/features/bob-iger-bets-company-hollywood-s-future-streaming-1247663    https://www.wsj.com/articles/can-kevin-mayer-deliver-the-future-of-disney-11573272027    https://www.bloomberg.com/news/features/2019-11-07/inside-disney-bob-iger-on-star-wars-pixar-and-more    https://podcasts.apple.com/us/podcast/bob-iger-the-ride-of-a-lifetime/id1264843400?i=1000451721143 Carveouts:  David: The Ride of a Lifetime Ben: The Imagineering Story on Disney+:  https://www.disneyplus.com/series/the-imagineering-story/6ryoXv1e1rWW  

The Flywheel is strong with this one. We dive deep into the origins of one of the boldest business strategy decisions of our time: Disney CEO Bob Iger’s attempt to buck the Innovator’s Dilemma - and forego billions of dollars in cashflow from Netflix and pay TV providers - in order to establish a direct distribution relationship with its customers for the first time in the company’s history. Is this the force awakening within the house that Walt built, or a phantom menace that will drag Disney to the dark side of unprofitability? Tune in to find out!Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Links:<ul> <li><a href="https://www.thewaltdisneycompany.com/wp-content/uploads/2019/01/2018-Annual-Report.pdf" rel="nofollow" target="_blank"> https://www.thewaltdisneycompany.com/wp-content/uploads/2019/01/2018-Annual-Report.pdf</a></li> <li><a href="https://www.thewaltdisneycompany.com/wp-content/uploads/q4-fy17-earnings-transcript.pdf" rel="nofollow" target="_blank"> https://www.thewaltdisneycompany.com/wp-content/uploads/q4-fy17-earnings-transcript.pdf</a></li> <li><a href="https://www.thewaltdisneycompany.com/wp-content/uploads/2019/11/q4-fy19-earnings.pdf" rel="nofollow" target="_blank"> https://www.thewaltdisneycompany.com/wp-content/uploads/2019/11/q4-fy19-earnings.pdf</a></li> <li>The Disney flywheel: <a href="https://kottke.org/15/06/walt-disneys-corporate-strategy-chart" rel="nofollow" target="_blank"> https://kottke.org/15/06/walt-disneys-corporate-strategy-chart</a> </li> <li> </li> </ul>Sources: <ul> <li>The Ride of a Lifetime by Bob Iger: <a href="https://www.amazon.com/Ride-Lifetime-Lessons-Learned-Company-ebook/dp/B07PF6XTD8" rel="nofollow" target="_blank"> https://www.amazon.com/Ride-Lifetime-Lessons-Learned-Company-ebook/dp/B07PF6XTD8</a> </li> <li><a href="https://www.nytimes.com/2019/09/22/style/disney-bob-iger-book.html" rel="nofollow" target="_blank"> https://www.nytimes.com/2019/09/22/style/disney-bob-iger-book.html</a></li> <li><a href="https://en.wikipedia.org/wiki/Bob_Iger" rel="nofollow" target="_blank">https://en.wikipedia.org/wiki/Bob_Iger</a></li> <li> <a href="https://www.hollywoodreporter.com/features/bob-iger-bets-company-hollywood-s-future-streaming-1247663" rel="nofollow" target="_blank"> https://www.hollywoodreporter.com/features/bob-iger-bets-company-hollywood-s-future-streaming-1247663</a> </li> <li> <a href="https://www.wsj.com/articles/can-kevin-mayer-deliver-the-future-of-disney-11573272027" rel="nofollow" target="_blank"> https://www.wsj.com/articles/can-kevin-mayer-deliver-the-future-of-disney-11573272027</a> </li> <li> <a href="https://www.bloomberg.com/news/features/2019-11-07/inside-disney-bob-iger-on-star-wars-pixar-and-more" rel="nofollow" target="_blank"> https://www.bloomberg.com/news/features/2019-11-07/inside-disney-bob-iger-on-star-wars-pixar-and-more</a> </li> <li> <a href="https://podcasts.apple.com/us/podcast/bob-iger-the-ride-of-a-lifetime/id1264843400?i=1000451721143" rel="nofollow" target="_blank"> https://podcasts.apple.com/us/podcast/bob-iger-the-ride-of-a-lifetime/id1264843400?i=1000451721143</a></li> </ul>Carveouts: <ul> <li>David: The Ride of a Lifetime</li> <li>Ben: The Imagineering Story on Disney+: <a href="https://www.disneyplus.com/series/the-imagineering-story/6ryoXv1e1rWW" rel="nofollow" target="_blank"> https://www.disneyplus.com/series/the-imagineering-story/6ryoXv1e1rWW</a> </li> </ul>

Disney, Plus

Acquired kicks off Season 3 with a gangbuster two-hour extravaganza on America’s most successful automotive startup since The Ford Motor Company: Tesla. We cover everything, from founding to its 2010 IPO to all that’s happened since, including the question on the minds of superhero fans everywhere: who came first, Elon Musk or Tony Stark? (Spoiler: Elon)Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryCarve Outs: Ben: The Dissect podcast  David: Harry Potter and the Sacred Text podcast  

Acquired kicks off Season 3 with a gangbuster two-hour extravaganza on America’s most successful automotive startup since The Ford Motor Company: Tesla. We cover everything, from founding to its 2010 IPO to all that’s happened since, including the question on the minds of superhero fans everywhere: who came first, Elon Musk or Tony Stark? (Spoiler: Elon)Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Carve Outs:<ul> <li>Ben: <a href="https://dissectpodcast.com" rel="nofollow" target="_blank">The Dissect podcast</a> </li> <li>David: <a href="http://www.harrypottersacredtext.com" rel="nofollow" target="_blank">Harry Potter and the Sacred Text podcast</a> </li> </ul>

Season 3, Episode 1: Tesla

Unicorns and ratchets and lawsuits, oh my! Our heroes dive into the history of Jack Dorsey’s famous “other” company, Square. Was the Square IPO a canary in the coal mine signaling doom &amp; gloom for the so-called unicorn companies of the early 2010’s, or a mispriced and misunderstood diamond in the rough? Acquired weighs in.Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryTopics Covered Include: Square’s deep origins in the early 90’s in St. Louis, MO with the initial meeting of its co-founders, Jack Dorsey &amp; Jim McKelvey McKelvey’s side glass blowing business and the “inspiration” for Square that came much later in the late 2000’s The complicated involvement of Washington University (in St. Louis) professor Robert Morley, who had worked for years developing payment card reading technology The company’s early meeting with Scott Forstall at Apple, and its “significant” impact on the its name and design The real disruptive innovation of Square and its business model (hint: not just building a mobile card reader) Square’s massive payments deal with Starbucks in 2012 and its impact on the company The evolution of Square’s business from a simple card reader to cloud-based Point of Sale (PoS) system and entire suite of merchant tools &amp; business management services The drama leading up to Square’s IPO (including at Jack Dorsey’s “other” company, Twitter), dynamics and narratives affecting its pricing, the effect of IPO “ratchets”, and the company’s performance over the ~2 years since  The Carve Out: David: Bob Iger on Nick Bilton’s  Inside the Hive podcast  Ben:  The World After Capital on GitBooks  

Unicorns and ratchets and lawsuits, oh my! Our heroes dive into the history of Jack Dorsey’s famous “other” company, Square. Was the Square IPO a canary in the coal mine signaling doom &amp; gloom for the so-called unicorn companies of the early 2010’s, or a mispriced and misunderstood diamond in the rough? Acquired weighs in.Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Topics Covered Include:<ul> <li>Square’s deep origins in the early 90’s in St. Louis, MO with the initial meeting of its co-founders, Jack Dorsey &amp; Jim McKelvey</li> <li>McKelvey’s side <a href="http://www.glassfaucet.com/" rel="nofollow" target="_blank">glass blowing business</a> and the “inspiration” for Square that came much later in the late 2000’s</li> <li>The complicated involvement of Washington University (in St. Louis) professor Robert Morley, who had worked for years developing payment card reading technology</li> <li>The company’s early meeting with Scott Forstall at Apple, and its “significant” impact on the its name and design</li> <li>The real disruptive innovation of Square and its business model (hint: not just building a mobile card reader)</li> <li>Square’s massive payments deal with Starbucks in 2012 and its impact on the company</li> <li>The evolution of Square’s business from a simple card reader to cloud-based Point of Sale (PoS) system and entire suite of merchant tools &amp; business management services</li> <li>The drama leading up to Square’s IPO (including at Jack Dorsey’s “other” company, Twitter), dynamics and narratives affecting its pricing, the effect of IPO “ratchets”, and the company’s performance over the ~2 years since </li> </ul>The Carve Out:<ul> <li>David: Bob Iger on Nick Bilton’s <a href="https://itunes.apple.com/us/podcast/inside-the-hive-with-nick-bilton/id1232383877?mt=2" rel="nofollow" target="_blank"> Inside the Hive podcast</a> </li> <li>Ben: <a href="https://www.gitbook.com/book/worldaftercapital/worldaftercapital/details" rel="nofollow" target="_blank"> The World After Capital on GitBooks</a> </li> </ul>

Episode 43: The Square IPO

Welcome to the big one. On the day of its IPO, we tell the story of Uber. It’s a story whose roots stretch back 130 years, but whose impact reverberates perhaps more powerfully on our current world than any other. A story that, in all of its greatness and in all of its ugliness, may just be the story of our time.Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryLinks: Austin Geidt’s incredible journey: https://youtu.be/-NjaqDMYNVs  Travis’s self-introduction as “the Wolf from Pulp Fiction”: https://youtu.be/VMvdvP02f-Y  Travis interview on TWiST: https://www.youtube.com/watch?v=550X5OZVk7Y Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile)

Welcome to the big one. On the day of its IPO, we tell the story of Uber. It’s a story whose roots stretch back 130 years, but whose impact reverberates perhaps more powerfully on our current world than any other. A story that, in all of its greatness and in all of its ugliness, may just be the story of our time.Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Links:<ul> <li>Austin Geidt’s incredible journey: <a href="https://youtu.be/-NjaqDMYNVs" rel="nofollow" target="_blank">https://youtu.be/-NjaqDMYNVs</a> </li> <li>Travis’s self-introduction as “the Wolf from Pulp Fiction”: <a href="https://youtu.be/VMvdvP02f-Y" rel="nofollow" target="_blank">https://youtu.be/VMvdvP02f-Y</a> </li> <li>Travis interview on TWiST: <a href="https://www.youtube.com/watch?v=550X5OZVk7Y" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=550X5OZVk7Y</a></li> </ul>Join the Acquired Limited Partner program! <a href="https://glow.fm/acquired/" rel="nofollow" target="_blank">https://glow.fm/acquired/</a> (works best on mobile)

The Uber IPO

Ben and David return to technology acquisitions by examining a classic: eBay's 2002 purchase of PayPal.Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryItems mentioned in the show:   How the 'PayPal Mafia' redefined success in Silicon Valley  - Tech Republic  Instagram Will Be a $3 Billion Business This Year: Analyst  President Obama and Bill Simmons: The GQ Interview "The Carve Out":  Antifragile: Things That Gain from Disorder -   The Bill Simmons Podcast - Chris Sacca 

Ben and David return to technology acquisitions by examining a classic: eBay's 2002 purchase of PayPal. Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Items mentioned in the show: <ul> <li><a href="http://How%20the%20'PayPal%20Mafia'%20redefined%20success%20in%20Silicon%20Valley" rel="nofollow" target="_blank"> How the 'PayPal Mafia' redefined success in Silicon Valley  - Tech Republic</a></li> <li><a href="http://fortune.com/2016/01/25/instagram-3-billion-business-this-year/" rel="nofollow" target="_blank"> Instagram Will Be a $3 Billion Business This Year: Analyst</a></li> <li><a href="http://www.gq.com/story/president-obama-bill-simmons-interview-gq-men-of-the-year" rel="nofollow" target="_blank"> President Obama and Bill Simmons: The GQ Interview</a></li> </ul>"The Carve Out":<ul> <li><a href="http://www.amazon.com/Antifragile-Things-That-Disorder-Incerto-ebook/dp/B0083DJWGO" rel="nofollow" target="_blank"> Antifragile: Things That Gain from Disorder - </a></li> <li><a href="https://soundcloud.com/the-bill-simmons-podcast/ep-95-billionaire-investor-chris-sacca" rel="nofollow" target="_blank"> The Bill Simmons Podcast - Chris Sacca</a></li> </ul>

Episode 11: PayPal

Tom Alberg

Ben &amp; David welcome very special guest Tom Alberg, board member and first lead investor in Amazon.com, to cover the IPO of "earth’s most customer-centric company". From longterm thinking to flywheels to riding big waves, this episode is chock full of lessons and stories from the journey of building one of tech’s most iconic franchises. We hope you enjoy listening as much as we did recording it! Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryTopics covered include:  Tom’s “prolific” bio from the Amazon S-1  Jeff Bezos’s journey from a Vice President at the New York hedge fund D. E. Shaw to founding Amazon in a Bellevue, WA garage in the summer of 1994 Jeff’s longterm thinking as evident in the early days of Amazon, and his approach that "failure is ok, but not trying things is not ok”  Raising the seed money for Amazon before product launch, how Tom met Jeff and decided to invest despite the “high” valuation Tom's (and Jeff’s) focus on the power of targeting large and growing markets  Amazon’s actual overnight success after launching the website: according to Tom at the time, "By the second or third week… It was clear there was a trend here.” How Amazon’s venture round, led by John Doerr of Kleiner Perkins, came together in the spring of 1996  Amazon’s torrid growth through 1996, Jeff’s mantra of “get big fast” to win the land grab of online book selling, and the board’s decision to prepare for a public offering in the spring of 1997  How Frank Quattrone and Bill Gurley, then of Deutsche Bank, won the lead position for the Amazon IPO, beating out more storied firms such as Goldman Sachs and Morgan Stanley  Development of the flywheel concept within Amazon, as an outgrowth of maniacal focus on creating superior customer experience Amazon's public offering on May 15, 1997 at $18 per share (effectively $1.50 relative to today’s stock price after splits), raising $54M at a market capitalization of $438M — and subsequently trading down during the first few months following the IPO   Amazon and Jeff’s management of investor perceptions of the company, and ability to sell the longterm vision over short term profits — “you get the investors you ask for”  The creation of the first annual letter to Amazon shareholders included in the company’s 1997 annual report (and republished every year since), and then-CFO Joy Covey’s role and contributions to it  Raising convertible debt just before the peak of the dotcom bubble and subsequent ability to survive the burst, and the impact of the downturn on Amazon culture   The Carve Out:  Ben: the band The Album Leaf  David: Cormac McCarthy (author of All the Pretty Horses, No Country for Old Men, etc)’s contribution to W. Brian Arthur’s landmark paper about the economics of the internet, “Increasing Returns and the New World of Business” Tom: Michael Lewis’s latest book The Undoing Project, chronicling the Nobel Prize winning partnership between Daniel Kahneman &amp; Amos Tversky in developing the field of behavioral economics 

Ben &amp; David welcome very special guest Tom Alberg, board member and first lead investor in <a href="http://Amazon.com" rel="nofollow" target="_blank">Amazon.com</a>, to cover the IPO of "earth’s most customer-centric company". From longterm thinking to flywheels to riding big waves, this episode is chock full of lessons and stories from the journey of building one of tech’s most iconic franchises. We hope you enjoy listening as much as we did recording it!  Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Topics covered include: <ul> <li>Tom’s “prolific” bio from the <a href="http://www.nasdaq.com/markets/ipos/filing.ashx?filingid=424000" rel="nofollow" target="_blank">Amazon S-1</a> </li> <li>Jeff Bezos’s journey from a Vice President at the New York hedge fund D. E. Shaw to founding Amazon in a Bellevue, WA garage in the summer of 1994</li> <li>Jeff’s longterm thinking as evident in the early days of Amazon, and his approach that "failure is ok, but not trying things is not ok” </li> <li>Raising the seed money for Amazon before product launch, how Tom met Jeff and decided to invest despite the “high” valuation</li> <li>Tom's (and Jeff’s) focus on the power of targeting large and growing markets </li> <li>Amazon’s actual overnight success after launching the website: according to Tom at the time, "By the second or third week… <a href="https://www.wired.com/1999/03/bezos-3/" rel="nofollow" target="_blank">It was clear there was a trend here</a>.”</li> <li>How Amazon’s venture round, led by John Doerr of Kleiner Perkins, came together in the spring of 1996 </li> <li>Amazon’s torrid growth through 1996, Jeff’s mantra of “get big fast” to win the land grab of online book selling, and the board’s decision to prepare for a public offering in the spring of 1997 </li> <li>How Frank Quattrone and Bill Gurley, then of Deutsche Bank, won the lead position for the Amazon IPO, beating out more storied firms such as Goldman Sachs and Morgan Stanley </li> <li>Development of the <a href="https://www.youtube.com/watch?v=5jcDlGn-tZA" rel="nofollow" target="_blank">flywheel concept</a> within Amazon, as an outgrowth of maniacal focus on creating superior customer experience</li> <li>Amazon's public offering on May 15, 1997 at $18 per share (effectively $1.50 relative to today’s stock price after splits), raising $54M at a market capitalization of $438M — and subsequently trading down during the first few months following the IPO  </li> <li>Amazon and Jeff’s management of investor perceptions of the company, and ability to sell the longterm vision over short term profits — “you get the investors you ask for” </li> <li>The creation of the <a href="http://media.corporate-ir.net/media_files/irol/97/97664/reports/Shareholderletter97.pdf" rel="nofollow" target="_blank">first annual letter to Amazon shareholders</a> included in the company’s 1997 annual report (and republished every year since), and then-CFO Joy Covey’s role and contributions to it </li> <li>Raising convertible debt just before the peak of the dotcom bubble and subsequent ability to survive the burst, and the impact of the downturn on Amazon culture</li> </ul>  The Carve Out: <ul> <li>Ben: the band <a href="http://thealbumleaf.com/fullsite/" rel="nofollow" target="_blank">The Album Leaf</a> </li> <li>David: Cormac McCarthy (author of All the Pretty Horses, No Country for Old Men, etc)’s <a href="https://andrewbatson.com/2016/12/13/cormac-mccarthys-contribution-to-the-theory-of-increasing-returns/" rel="nofollow" target="_blank">contribution</a> to W. Brian Arthur’s landmark paper about the economics of the internet, “<a href="https://hbr.org/1996/07/increasing-returns-and-the-new-world-of-business" rel="nofollow" target="_blank">Increasing Returns and the New World of Business</a>”</li> <li>Tom: Michael Lewis’s latest book <a href="https://www.amazon.com/Undoing-Project-Friendship-Changed-Minds-ebook/dp/B01GI6S7EK/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=" rel="nofollow" target="_blank">The Undoing Project</a>, chronicling the Nobel Prize winning partnership between Daniel Kahneman &amp; Amos Tversky in developing the field of behavioral economics</li> </ul>

Episode 28: The Amazon IPO with original Amazon Board Member Tom Alberg

Topics covered include:  Marvel’s corporate origins as "Timely Publications”, created in 1939 by pulp magazine publisher Martin Goodman in NYC, with the publication of Marvel Comics #1  Creation of enduring characters such as Captain America, the Fantastic 4, Spider Man, The X-Men, Iron Man, Thor, The Hulk and more Adoption in 1961 of the "Marvel Comics” brand, and writer-editor Stan Lee’s transition of the company towards focusing on edgier characters and stories targeted at older audiences  Marvel’s first sale in 1968 to the Perfect Film and Chemical Corporation (later Cadence Industries) The company’s “turbulent” corporate history through the 1980’s and associated mergers, acquisitions and lawsuits Marvel’s reinvention as a film-focused media company in the late 1990’s and early 2000’s with the launch of Marvel Studios   Disney’s ultimate acquisition of the company for $4.2 billion in August 2009, during the depth of the great recession  Marvel's—and in particular Marvel Studios’—performance since the acquisition  Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryFollowups:   People like Spectacles!   Hot Takes: Shoutout to  Hightower &amp; VTS merging   The Carve Out:  Ben: Westworld  David: Overdrive  

Topics covered include: <ul> <li>Marvel’s corporate origins as "Timely Publications”, created in 1939 by pulp magazine publisher Martin Goodman in NYC, with the publication of <a href="http://marvel.com/comics/issue/10008/marvel_comics_1939_1" rel="nofollow" target="_blank">Marvel Comics #1</a> </li> <li>Creation of enduring characters such as Captain America, the Fantastic 4, Spider Man, The X-Men, Iron Man, Thor, The Hulk and more</li> <li>Adoption in 1961 of the "Marvel Comics” brand, and writer-editor <a href="https://en.wikipedia.org/wiki/Stan_Lee" rel="nofollow" target="_blank">Stan Lee</a>’s transition of the company towards focusing on edgier characters and stories targeted at older audiences </li> <li>Marvel’s first sale in 1968 to the Perfect Film and Chemical Corporation (later Cadence Industries)</li> <li>The company’s “turbulent” corporate history through the 1980’s and associated mergers, acquisitions and lawsuits</li> <li>Marvel’s reinvention as a film-focused media company in the late 1990’s and early 2000’s with the launch of <a href="https://en.wikipedia.org/wiki/Marvel_Studios" rel="nofollow" target="_blank">Marvel Studios</a> </li> <li> <a href="http://www.nytimes.com/2009/09/01/business/media/01disney.html" rel="nofollow" target="_blank">Disney’s ultimate acquisition of the company</a> for $4.2 billion in August 2009, during the depth of the great recession </li> <li>Marvel's—and in particular Marvel Studios’—<a href="http://www.newsarama.com/24999-disney-s-4-billion-marvel-buy-was-it-worth-it.html" rel="nofollow" target="_blank">performance since the acquisition</a> </li> </ul>Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Followups: <ul><li> <a href="http://www.nytimes.com/2016/11/30/technology/personaltech/trying-snaps-spectacles-live-with-the-look-enjoy-the-view.html?_r=0" rel="nofollow" target="_blank"> People like Spectacles!</a> </li></ul>  Hot Takes: <ul><li>Shoutout to <a href="http://www.wsj.com/articles/tech-advisers-to-real-estate-industry-to-join-forces-1480431601" rel="nofollow" target="_blank"> Hightower &amp; VTS merging</a> </li></ul>  The Carve Out: <ul> <li>Ben: <a href="http://www.hbo.com/westworld" rel="nofollow" target="_blank">Westworld</a> </li> <li>David: <a href="http://app.overdrive.com" rel="nofollow" target="_blank">Overdrive</a> </li> </ul>

Episode 26: Marvel

Dan Primack

It’s an IPO, it’s a bailout, it’s an... acquisition? We’re joined by the one and only Dan Primack from Axios to recount the epic saga of the We Company in all its tragic glory. How did this business somehow go from chopping up commercial real estate to elevating global consciousness to rewarding its ousted CEO with a $1.7B “platinum parachute”, all while the company can’t afford severance for thousands of soon-to-be laid-off employees? Where did it all go wrong? And most importantly, who gets the Gulfstream G650??Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasury

It’s an IPO, it’s a bailout, it’s an... acquisition? We’re joined by the one and only Dan Primack from Axios to recount the epic saga of the We Company in all its tragic glory. How did this business somehow go from chopping up commercial real estate to elevating global consciousness to rewarding its ousted CEO with a $1.7B “platinum parachute”, all while the company can’t afford severance for thousands of soon-to-be laid-off employees? Where did it all go wrong? And most importantly, who gets the Gulfstream G650??Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>

The WeWork “Acquisition” (with Dan Primack)

Ben and David are once again live on the scene, this time covering the biggest disruption in grocery since… well, sliced bread: Amazon’s $13.7B purchase of Whole Foods Market. We place this deal in context by diving deep into the long, intertwining history of grocery, tech and Amazon, from the infamous dotcom flameout Webvan (domain name now owned by Amazon) to its much more successful progeny Kiva Systems (acquired by Amazon in 2012) to current Silicon Valley unicorn Instacart (founded by former Amazon logistics engineer Apoorva Mehta). One thing is clear: for Amazon and Jeff Bezos, realizing the longterm vision of the Everything Store truly means building the everything store.Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryTopics covered include: The  origins of Whole Foods Market as “Saferway” in the late 70’s Austin, TX hippie scene, founded by CEO John Mackey (“the Steve Jobs of grocery stores”) and his then-girlfriend Renee Lawson Hardy Whole Foods’ expansion through acquisition throughout the 80’s and 90’s The company’s recent struggles with competition, leading to sales declines and  attracting activist shareholder interest from Jana Partners    Amazon’s acquisition of the company on June 16, 2017 for $13.7 billion, a 27 percent premium to the stock's previous day closing price In depth history and analysis of the four keys to understanding this deal: Webvan, Kiva Systems, AmazonFresh and  Instacart  Followups: Walmart/Jet buys Bonobos for $310MThe Carve Out: Ben: Mark Zuckerberg’s 2005 CS50 guest lecture  David: Exponent on Podcasting and Centralization  

Ben and David are once again live on the scene, this time covering the biggest disruption in grocery since… well, sliced bread: Amazon’s $13.7B purchase of Whole Foods Market. We place this deal in context by diving deep into the long, intertwining history of grocery, tech and Amazon, from the infamous dotcom flameout Webvan (domain name now owned by Amazon) to its much more successful progeny Kiva Systems (acquired by Amazon in 2012) to current Silicon Valley unicorn Instacart (founded by former Amazon logistics engineer Apoorva Mehta). One thing is clear: for Amazon and Jeff Bezos, realizing the longterm vision of the Everything Store truly means building the everything store.Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Topics covered include:<ul> <li>The <a href="http://www.wholefoodsmarket.com/company-info/whole-foods-market-history" rel="nofollow" target="_blank"> origins of Whole Foods Market as “Saferway” in the late 70’s Austin, TX hippie scene</a>, founded by CEO John Mackey (“the Steve Jobs of grocery stores”) and his then-girlfriend Renee Lawson Hardy</li> <li>Whole Foods’ expansion through acquisition throughout the 80’s and 90’s</li> <li>The company’s recent struggles with competition, leading to sales declines and <a href="https://www.nytimes.com/2017/04/10/business/dealbook/whole-foods-investor-jana-partners.html" rel="nofollow" target="_blank"> attracting activist shareholder interest from Jana Partners</a> </li> <li> <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=176060&amp;p=irol-newsArticle&amp;ID=2281414" rel="nofollow" target="_blank"> Amazon’s acquisition of the company</a> on June 16, 2017 for $13.7 billion, a 27 percent premium to the stock's previous day closing price</li> <li>In depth history and analysis of the four keys to understanding this deal: <a href="http://www.sfgate.com/news/article/Webvan-runs-out-of-gas-Online-grocer-closes-it-2901363.php" rel="nofollow" target="_blank">Webvan</a>, <a href="https://www.bloomberg.com/news/articles/2016-06-29/how-amazon-triggered-a-robot-arms-race" rel="nofollow" target="_blank">Kiva Systems</a>, <a href="http://www.reuters.com/article/amazon-webvan-idUSL2N0EO1FS20130616" rel="nofollow" target="_blank">AmazonFresh</a> and <a href="https://qz.com/627605/inside-instacarts-fraught-and-misguided-quest-to-become-the-uber-of-groceries/" rel="nofollow" target="_blank"> Instacart</a> </li> </ul>Followups:<ul><li><a href="https://www.nytimes.com/2017/06/16/business/walmart-bonobos-merger.html" rel="nofollow" target="_blank"> Walmart/Jet buys Bonobos for $310M</a></li></ul>The Carve Out:<ul> <li>Ben: Mark Zuckerberg’s 2005 <a href="https://www.youtube.com/watch?v=xFFs9UgOAlE" rel="nofollow" target="_blank">CS50 guest lecture</a> </li> <li>David: <a href="http://exponent.fm/episode-118-podcasting-and-centralization/" rel="nofollow" target="_blank">Exponent on Podcasting and Centralization</a> </li> </ul>

Acquired Episode 39: Whole Foods Market

Ben &amp; David transcend the barriers of “real” reality, and dive into Facebook and Mark Zuckerberg’s geek-eutpoia vision of the future of gaming, social, and maybe even the entire internet: strapping goofy-looking goggles to your face. Is VR for real this time or are we living through another Virtual Boy moment? Tune in to find out! Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryTopics covered include:  Oculus’s origins in 2010 as a twinkle in the eye of the then-17 year old VR wunderkind, Palmer Luckey, who started by prototyping VR headsets in his parents’ garage in Southern California  Palmer’s time interning at  USC's Institute for Creative Technologies, and chronicling of his own VR efforts in the Meant to be Seen 3D internet forums Legendary game developer John Carmack’s own interest in virtual reality, his intersection with Palmer on the MTBS3D forums, and how he acquired and popularized one of Palmer's first early prototypes of the Oculus Rift (which was  literally held together with duct tape!) by demonstrating it onstage at E3 2012  How former Scaleform cofounders Brendan Iribe and Michael Antonov teamed up with Palmer after E3 to create the company Oculus VR The newly-formed Oculus’s wildly successful August 2012 Kickstarter campaign, including video endorsements from both Carmack and Valve founder Gabe Newell Oculus’s subsequent venture capital fundraisings, and catching the attention of Facebook and Mark Zuckerberg  Facebook’s acquisition of the company in March 2014 for $2.3B The Zenimax lawsuit filed against Oculus and Facebook following the acquisition  Valve (home of the most incredible company handbook of all-time) and Gabe Newell’s subsequent pivot from supporting Oculus to launching their own competing VR efforts with the Vive  Team changes at Oculus post-acquisition    Followups: SNAP:  still a public company   Hot Takes: Intel’s $15B acquisition of Mobileye (with reference to  Ben Thompson’s analysis of the deal and Smiling Curves)  The Carve Out:  Ben:  Kara Swisher interviews the Pod Save America team at SXSW  David: Adam Gopnik asks Are Liberals on the Wrong Side of History?  

Ben &amp; David transcend the barriers of “real” reality, and dive into Facebook and Mark Zuckerberg’s geek-eutpoia vision of the future of gaming, social, and maybe even the entire internet: strapping goofy-looking goggles to your face. Is VR for real this time or are we living through another <a href="https://en.wikipedia.org/wiki/Virtual_Boy" rel="nofollow" target="_blank">Virtual Boy</a> moment? Tune in to find out! Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Topics covered include: <ul> <li>Oculus’s origins in 2010 as a twinkle in the eye of the then-17 year old VR wunderkind, Palmer Luckey, who started by prototyping VR headsets in his parents’ garage in Southern California </li> <li>Palmer’s time interning at <a href="https://en.wikipedia.org/wiki/Institute_for_Creative_Technologies" rel="nofollow" target="_blank"> USC's Institute for Creative Technologies</a>, and chronicling of his own VR efforts in the <a href="http://www.mtbs3d.com/index.php" rel="nofollow" target="_blank">Meant to be Seen 3D</a> internet forums</li> <li>Legendary game developer <a href="https://en.wikipedia.org/wiki/Institute_for_Creative_Technologies" rel="nofollow" target="_blank">John Carmack</a>’s own interest in virtual reality, his intersection with Palmer on the MTBS3D forums, and how he acquired and popularized one of Palmer's first early prototypes of the Oculus Rift (which was <a href="http://www.theverge.com/2012/5/30/3052191/doom-3-bfg-edition-announced-for-the-fall-we-try-it-with-john" rel="nofollow" target="_blank"> literally held together with duct tape</a>!) by demonstrating it onstage at <a href="https://www.youtube.com/watch?v=kw-DlWwlXHo" rel="nofollow" target="_blank">E3 2012</a> </li> <li>How former Scaleform cofounders Brendan Iribe and Michael Antonov teamed up with Palmer after E3 to create the company Oculus VR</li> <li>The newly-formed Oculus’s wildly successful <a href="https://www.kickstarter.com/projects/1523379957/oculus-rift-step-into-the-game" rel="nofollow" target="_blank">August 2012 Kickstarter campaign</a>, including video endorsements from both Carmack and Valve founder Gabe Newell</li> <li>Oculus’s subsequent venture capital fundraisings, and catching the attention of Facebook and Mark Zuckerberg </li> <li>Facebook’s acquisition of the company in March 2014 for $2.3B</li> <li>The Zenimax lawsuit filed against Oculus and Facebook following the acquisition </li> <li>Valve (home of <a href="http://www.valvesoftware.com/company/Valve_Handbook_LowRes.pdf" rel="nofollow" target="_blank">the most incredible company handbook of all-time</a>) and Gabe Newell’s subsequent pivot from supporting Oculus to launching their own competing VR efforts with the Vive </li> <li>Team changes at Oculus post-acquisition </li> </ul>  Followups: <ul><li>SNAP: <a href="https://www.google.com/finance?q=NYSE%3ASNAP&amp;ei=EUftWLDeBYeJUceOr9gE" rel="nofollow" target="_blank"> still a public company</a> </li></ul>  Hot Takes: <ul><li>Intel’s $15B acquisition of Mobileye (with reference to <a href="https://stratechery.com/2017/intel-mobileye-and-smiling-curves/" rel="nofollow" target="_blank"> Ben Thompson’s analysis of the deal and Smiling Curves</a>)</li></ul>  The Carve Out: <ul> <li>Ben: <a href="https://art19.com/shows/pod-save-america/episodes/ec7a330f-0489-46ec-b27e-b8e61a65daa7" rel="nofollow" target="_blank"> Kara Swisher interviews the Pod Save America team at SXSW</a> </li> <li>David: Adam Gopnik asks <a href="http://www.newyorker.com/magazine/2017/03/20/are-liberals-on-the-wrong-side-of-history" rel="nofollow" target="_blank">Are Liberals on the Wrong Side of History?</a> </li> </ul>

Episode 35: Oculus

Ben and David cover the 3-day-old acquisition of LinkedIn by Microsoft for $26.2 billion. They cover LinkedIn’s founding story by Reid Hoffman, break down their core businesses, analyze recent stock behavior, and speculate on the future of the company inside Microsoft. The big question - were they worth the price tag?Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryItems Mentioned On The Show:  Adweek: Snapchat Launches a Colossal Expansion of Its Advertising, Ushering in a New Era for the App The Facebook Effect - David Kirkpatrick  LinkedIn’s Series B pitch deck   LinkedIn’s S-1 Microsoft and Apple Double Down - Stratechery  NYT Dealbook on stock based compensation at LinkedIn  Josh Elman - When people get confused about “BS metrics” Fred Wilson: The Dentist Office Software Story The Carve Out:  Jeff Bezos at Code 2016  Elon Musk at Code 2016 

Ben and David cover the 3-day-old acquisition of LinkedIn by Microsoft for $26.2 billion. They cover LinkedIn’s founding story by Reid Hoffman, break down their core businesses, analyze recent stock behavior, and speculate on the future of the company inside Microsoft. The big question - were they worth the price tag?Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Items Mentioned On The Show:<ul> <li><a href="http://www.adweek.com/news/technology/snapchat-launches-colossal-expansion-its-advertising-ushering-new-era-app-171924" rel="nofollow" target="_blank"> Adweek: Snapchat Launches a Colossal Expansion of Its Advertising, Ushering in a New Era for the App</a></li> <li><a href="http://amzn.to/1tytacT" rel="nofollow" target="_blank">The Facebook Effect - David Kirkpatrick</a></li> <li> <a href="http://reidhoffman.org/linkedin-pitch-to-greylock/" rel="nofollow" target="_blank">LinkedIn’s Series B pitch deck</a> </li> <li><a href="http://www.sec.gov/Archives/edgar/data/1271024/000119312511016022/ds1.htm" rel="nofollow" target="_blank"> LinkedIn’s S-1</a></li> <li><a href="https://stratechery.com/2016/microsoft-and-apple-double-down/" rel="nofollow" target="_blank">Microsoft and Apple Double Down - Stratechery</a></li> <li><a href="http://www.nytimes.com/2016/06/14/business/dealbook/linkedin-stock-based-compensation.html" rel="nofollow" target="_blank"> NYT Dealbook on stock based compensation at LinkedIn</a></li> <li><a href="https://medium.com/i-m-h-o/when-people-get-confused-about-bs-metrics-46e4a5f219f#.rdib1blkb" rel="nofollow" target="_blank"> Josh Elman - When people get confused about “BS metrics”</a></li> <li><a href="http://avc.com/2014/07/the-dentist-office-software-story/" rel="nofollow" target="_blank">Fred Wilson: The Dentist Office Software Story</a></li> </ul>The Carve Out:<ul> <li><a href="http://www.recode.net/2016/6/1/11826718/jeff-bezos-amazon-full-video-code" rel="nofollow" target="_blank"> Jeff Bezos at Code 2016</a></li> <li><a href="http://www.recode.net/2016/6/6/11840936/elon-musk-tesla-spacex-mars-full-video-code" rel="nofollow" target="_blank"> Elon Musk at Code 2016</a></li> </ul>

Episode 14: LinkedIn

Hey Acquired listeners. A note about this show: we recorded this episode the night before the 2016 Election Day in the US. At the time, the biggest change we saw coming was adding a new type of content to Acquired in analyzing IPO’s, which we introduce in this episode. Two days later, we woke up to a very different world than the one we were expecting. Reflecting on what’s happened, and the past few months of our show, we wanted to say two things:First, we want to apologize for our cavalier attitude toward this election cycle, and our glossing over the clearly very real problems and deep divide in America that it represented. In the Skype episode, David pretty glibly compared the AT&amp;T - Time Warner merger to "Make America Great Again", arguing that any reactionary force is “on the wrong side of history” and cannot be relevant in a changing world. That was wrong, the sentiment behind it was wrong, and it was insensitive to the very real pain a lot of people are feeling out there on both sides.Second, looking back on this particular episode about the Facebook IPO, we think it actually might present a relevant parable for our country right now and--we hope--some important lessons for the technology industry going forward. For all the wonderful aspects of the tech industry that we celebrate on this show, there is no doubt that it also bears a great deal of responsibility for the current divide in America, and especially in its contribution to wealth inequality. Likewise, for all the wonderful aspects to the Facebook IPO story, as told in this episode, there is a very dark side as well: Facebook shareholders, investment banks and institutional investors raked in billions of dollars at the expense of individual retail investors who lost their shirts.At the same time, Facebook’s perseverance through their “broken IPO", and their determination in overcoming with incredible speed the massive, existential challenge to their business model posed by mobile, is something we think *can be* an inspiration to us all on how to move forward even when that seems hard. We hope you’ll listen to this episode with that in mind and think about how you, we, and the technology industry as a whole can do better in serving everyone in this country and in the world.Thanks for being on this journey with us. We’re sorry for our shortcomings, and we’re going to keep working hard to do better. -Ben &amp; DavidSponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryTopics covered include: Introducing a new content vertical for Acquired: analyzing IPO’s!  Facebook turning down early acquisition offers, including including the  famous $1B overture from Yahoo in 2006    The Wikipedia entry on the Facebook IPO referencing it as a “cultural touchstone” Trading of pre-IPO Facebook stock on SecondMarket and SharesPost   The infamous 2011 Facebook - Goldman Sachs deal attempting to circumvent then-active SEC regulations on number of permissible shareholders in a private company, and Goldman’s eventual loss of “lead left” status to Morgan Stanley for the ultimate Facebook IPO   Facebook’s S-1 filing on February 1, 2012 The company’s "small problem" at the time (read: gaping chest wound) with mobile Acquiring Instagram for $1B while on file to go public in April 2012 Facebook’s $16B IPO finally taking place on Friday May 18, 2012, priced at $38 per share giving FB an initial market cap of $104B NASDAQ’s “technical glitch” (read: egregious f*&amp;# up)  preventing the stock from trading when it supposed to and resulting in $500M of investor losses  Facebook’s stock tanking following a flat first day of trading, losing 25% of its value during the first month and over 50% 4 months later, leading some to label it “The Biggest IPO Flop Ever" Later revelations that Facebook had  unprecedentedly lowered revenue guidance during its IPO roadshow due to continuing challenges with mobile, resulting in an information asymmetry between its underwriting investment banks and their institutional investor clients versus the investing public at large  How, from the ashes of its “broken IPO”, Facebook amazingly rose to fix its mobile problem at lighting speed, going from mobile comprising zero percent of ad revenue to 23% in one quarter, and over 50% one year later Zuckerberg's belief that the difficult IPO process and "terrible first year” as a public company "made our company a lot stronger”… and silicon valley’s bizarre, antithetical and counter-productive take away to “stay private longer”  Followups:  The scoop on Microsoft’s use of foreign cash to buy Skype, thanks to longtime listener and friend Nick Seguin Hot Takes:Twitter shutting down (or selling?) Vine The Carve Out: Ben: Amazon employee #1 Shel Kaphan on the great Internet History Podcast  David:  Connectography: Mapping the Future of Global Civilization by Parag Khanna 

Hey Acquired listeners. A note about this show: we recorded this episode the night before the 2016 Election Day in the US. At the time, the biggest change we saw coming was adding a new type of content to Acquired in analyzing IPO’s, which we introduce in this episode. Two days later, we woke up to a very different world than the one we were expecting. Reflecting on what’s happened, and the past few months of our show, we wanted to say two things: First, we want to apologize for our cavalier attitude toward this election cycle, and our glossing over the clearly very real problems and deep divide in America that it represented. In the Skype episode, David pretty glibly compared the AT&amp;T - Time Warner merger to "Make America Great Again", arguing that any reactionary force is “on the wrong side of history” and cannot be relevant in a changing world. That was wrong, the sentiment behind it was wrong, and it was insensitive to the very real pain a lot of people are feeling out there on both sides.Second, looking back on this particular episode about the Facebook IPO, we think it actually might present a relevant parable for our country right now and--we hope--some important lessons for the technology industry going forward. For all the wonderful aspects of the tech industry that we celebrate on this show, there is no doubt that it also bears a great deal of responsibility for the current divide in America, and especially in its contribution to wealth inequality. Likewise, for all the wonderful aspects to the Facebook IPO story, as told in this episode, there is a very dark side as well: Facebook shareholders, investment banks and institutional investors raked in billions of dollars at the expense of individual retail investors who lost their shirts. At the same time, Facebook’s perseverance through their “broken IPO", and their determination in overcoming with incredible speed the massive, existential challenge to their business model posed by mobile, is something we think *can be* an inspiration to us all on how to move forward even when that seems hard. We hope you’ll listen to this episode with that in mind and think about how you, we, and the technology industry as a whole can do better in serving everyone in this country and in the world.Thanks for being on this journey with us. We’re sorry for our shortcomings, and we’re going to keep working hard to do better. -Ben &amp; DavidSponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Topics covered include:<ul> <li>Introducing a new content vertical for Acquired: analyzing IPO’s! </li> <li>Facebook turning down early acquisition offers, including including the <a href="http://www.inc.com/allison-fass/peter-thiel-mark-zuckerberg-luck-day-facebook-turned-down-billion-dollars.html" rel="nofollow" target="_blank"> famous $1B overture from Yahoo in 2006</a> </li> <li> <a href="https://en.wikipedia.org/wiki/Initial_public_offering_of_Facebook#cite_note-2" rel="nofollow" target="_blank"> The Wikipedia entry on the Facebook IPO</a> referencing it as a “cultural touchstone”</li> <li>Trading of pre-IPO Facebook stock on SecondMarket and SharesPost</li> <li> <a href="http://dealbook.nytimes.com/2011/01/02/goldman-invests-in-facebook-at-50-billion-valuation/" rel="nofollow" target="_blank"> The infamous 2011 Facebook - Goldman Sachs deal</a> attempting to circumvent then-active SEC regulations on number of permissible shareholders in a private company, and Goldman’s eventual loss of “lead left” status to Morgan Stanley for the ultimate Facebook IPO</li> <li> <a href="https://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm" rel="nofollow" target="_blank"> Facebook’s S-1 filing</a> on February 1, 2012</li> <li>The company’s "small problem" at the time (read: gaping chest wound) with mobile</li> <li>Acquiring Instagram for $1B while on file to go public in April 2012</li> <li>Facebook’s $16B IPO finally taking place on Friday May 18, 2012, priced at $38 per share giving FB an initial market cap of $104B</li> <li>NASDAQ’s “technical glitch” (read: <a href="https://www.youtube.com/watch?v=lRe7VvWHfb4" rel="nofollow" target="_blank">egregious f*&amp;# up</a>) <a href="https://techcrunch.com/2013/03/25/ip-oh-my-gosh-all-that-money-just-disappeared/" rel="nofollow" target="_blank"> preventing the stock from trading when it supposed to and resulting in $500M of investor losses</a> </li> <li>Facebook’s stock tanking following a flat first day of trading, losing 25% of its value during the first month and over 50% 4 months later, leading some to label it “<a href="http://www.theatlantic.com/business/archive/2013/05/facebook-one-year-later-what-really-happened-in-the-biggest-ipo-flop-ever/275987/" rel="nofollow" target="_blank">The Biggest IPO Flop Ever</a>"</li> <li>Later revelations that Facebook had <a href="http://venturebeat.com/2012/05/23/facebook-revised-revenue-estimates/" rel="nofollow" target="_blank"> unprecedentedly lowered revenue guidance during its IPO roadshow due to continuing challenges with mobile</a>, resulting in an information asymmetry between its underwriting investment banks and their institutional investor clients versus the investing public at large </li> <li>How, from the ashes of its “broken IPO”, Facebook amazingly rose to fix its mobile problem at lighting speed, going from mobile comprising zero percent of ad revenue to 23% in one quarter, and over 50% one year later</li> <li>Zuckerberg's belief that the difficult IPO process and "terrible first year” as a public company "<a href="https://techcrunch.com/2013/09/11/zuckerberg-says-he-was-too-afraid-of-taking-facebook-public/" rel="nofollow" target="_blank">made our company a lot stronger</a>”… and silicon valley’s bizarre, antithetical and counter-productive take away to “<a href="http://abovethecrowd.com/2016/04/21/on-the-road-to-recap/" rel="nofollow" target="_blank">stay private longer</a>” </li> </ul>Followups:<ul><li> <a href="http://nickseguin.tumblr.com/post/5608679473/on-msft%20" rel="nofollow" target="_blank"> The scoop on Microsoft’s use of foreign cash to buy Skype</a>, thanks to longtime listener and friend Nick Seguin </li></ul>Hot Takes:<ul><li>Twitter shutting down (<a href="https://techcrunch.com/2016/11/07/revive-vine/" rel="nofollow" target="_blank">or selling?</a>) Vine </li></ul>The Carve Out:<ul> <li>Ben: Amazon employee #1 <a href="http://www.internethistorypodcast.com/2015/02/amazon-technical-co-founder-and-employee-1-shel-kaphan/" rel="nofollow" target="_blank">Shel Kaphan on the great Internet History Podcast</a> </li> <li>David: <a href="https://www.amazon.com/Connectography-Mapping-Future-Global-Civilization-ebook/dp/B015VABIRC" rel="nofollow" target="_blank"> Connectography: Mapping the Future of Global Civilization</a> by Parag Khanna</li> </ul>

Episode 25: The Facebook IPO

In a world ravaged by late fees and lack of rewinding, one man two men from a sleepy California beach town make a stand against tyranny, daringly dethrone an evil empire and… oh who are we kidding, they just copied Amazon’s business plan for books and applied it to movie rentals. But as always there is much more to the story than that! We dive into the fascinating, true, and oft-untold history of Netflix in our first two-part special on Acquired. Part 1 covers Netflix’s original DVD rental business from founding to 2009, and next time on Part 2 we’ll cover the (rocky) transition to streaming from 2010 to present. Buckle up for a wild ride!Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryLinks: Netflix’s original logoCarve Outs: Ben: The Good Place on… Netflix! David:  The Broken Earth Series by N. K. Jemisin 

In a world ravaged by late fees and lack of rewinding, one man two men from a sleepy California beach town make a stand against tyranny, daringly dethrone an evil empire and… oh who are we kidding, they just copied Amazon’s business plan for books and applied it to movie rentals. But as always there is much more to the story than that! We dive into the fascinating, true, and oft-untold history of Netflix in our first two-part special on Acquired. Part 1 covers Netflix’s original DVD rental business from founding to 2009, and next time on Part 2 we’ll cover the (rocky) transition to streaming from 2010 to present. Buckle up for a wild ride!Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Links:<ul><li><a href="https://vignette.wikia.nocookie.net/logopedia/images/4/41/NetFlix_1998_logo.jpg/revision/latest?cb=20120213032242" rel="nofollow" target="_blank"> Netflix’s original logo</a></li></ul>Carve Outs:<ul> <li>Ben: <a href="https://www.netflix.com/title/80113701" rel="nofollow" target="_blank">The Good Place</a> on… Netflix!</li> <li>David: <a href="https://www.amazon.com/gp/kindle/series/B01NGTJDSR/ref=st_kb_B01947LZ8A" rel="nofollow" target="_blank"> The Broken Earth Series</a> by N. K. Jemisin</li> </ul>

Season 3, Episode 8: Netflix (Part 1)

Ben and David continue Acquired’s “tech and sports” mini-series with Disney’s 2016 acquisition of a minority stake (with the right to purchase a majority stake at a later date) in BAMTech, the internet streaming company originally founded as part of Major League Baseball in the early 2000’s. However the importance of this story goes deeper than just sports, with major ramifications for nearly every major technology company from Amazon to YouTube. Even if you’re not not sure if baseball’s played on a diamond or a gridiron, tune in as we swing for the fences in predicting the future of TV! Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasury Topics covered include:  What is BAMTech, and why is it, according to The Verge, "the future of television”? BAMTech’s origins as part of Major League Baseball's Advanced Media division ("MLBAM)”) MLBAM’s founding CEO Bob Bowman’s decidedly “non-tech” background, and growth into one of the most important tech leaders of the past 15 years Initial technology struggles and learnings from early streaming efforts (including a botched audio package of Ichiro Suzuki’s games with the Mariners for fans in Japan) Landing on a streaming model that works with the launch of MLB.tv in 2002/2003—three years before YouTube is founded!  Improvement of the MLB.tv service and MLBAM’s streaming expertise over the next ten years through the rise of mobile, and simultaneous  growth of MLBAM’s revenues to over $1B annually  MLBAM’s initial deals to expand its streaming services beyond baseball, starting with ESPN in 2010, then WWE, the PGA,  HBO and  the NHL  The importance of media rights, and MLBAM’s transition from a simple tech/infrastructure provider to  a full-fledged media company  The decision to initiate a spin-off process for BAMTech from MLB in August 2015, and Disney’s $1B investment into the newly created spin-out company in August 2016 Disney’s subsequent announcement that they’ll be  working with BAMTech to create a direct-to-consumer ESPN streaming service  BAMTech’s  $300M deal with Riot Games in December 2016 for the media rights to League of Legends eSports content  Bob Bowman’s announcement in February 2017 that he’ll be stepping back to from a day to day role, and  hiring of former Amazon VP of Video Michael Paull as BAMTech’s new CEO    Followups &amp; Hot Takes:   Facebook’s struggles with Instant Articles   Microsoft killing Wunderlist (David is VERY sad)  Instagram continues its torrid growth, passes 700M MAU   Amazon’s new Look   The Cloudera IPO Confirmation the ride sharing wars are far from over:  Didi raises $5.5B in the largest private funding round ever    The Carve Out:  Ben: NYT’s 4th Down Bot  David: Wait But Why on Elon Musk’s “Wizard Hat"  

Ben and David continue Acquired’s “tech and sports” mini-series with Disney’s 2016 acquisition of a minority stake (with the right to purchase a majority stake at a later date) in BAMTech, the internet streaming company originally founded as part of Major League Baseball in the early 2000’s. However the importance of this story goes deeper than just sports, with major ramifications for nearly every major technology company from Amazon to YouTube. Even if you’re not not sure if baseball’s played on a diamond or a gridiron, tune in as we swing for the fences in predicting the future of TV! Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a> Topics covered include: <ul> <li>What is BAMTech, and why is it, according to The Verge, "<a href="https://www.theverge.com/2015/8/4/9090897/mlb-bam-live-streaming-internet-tv-nhl-hbo-now-espn" rel="nofollow" target="_blank">the future of television</a>”?</li> <li>BAMTech’s origins as part of Major League Baseball's Advanced Media division ("MLBAM)”)</li> <li>MLBAM’s founding CEO <a href="https://en.wikipedia.org/wiki/Robert_A._Bowman" rel="nofollow" target="_blank">Bob Bowman</a>’s decidedly “non-tech” background, and growth into one of the most important tech leaders of the past 15 years</li> <li>Initial technology struggles and learnings from early streaming efforts (including a botched audio package of <a href="https://en.wikipedia.org/wiki/Ichiro_Suzuki" rel="nofollow" target="_blank">Ichiro Suzuki</a>’s games with the Mariners for fans in Japan)</li> <li>Landing on a streaming model that works with the launch of <a href="http://MLB.tv" rel="nofollow" target="_blank">MLB.tv</a> in 2002/2003—three years before YouTube is founded! </li> <li>Improvement of the <a href="http://MLB.tv" rel="nofollow" target="_blank">MLB.tv</a> service and MLBAM’s streaming expertise over the next ten years through the rise of mobile, and simultaneous <a href="http://www.themoneystreet.com/2016-mlb-advanced-media-revenues-projected-to-reach-1-1-1-2-billion/" rel="nofollow" target="_blank"> growth of MLBAM’s revenues to over $1B annually</a> </li> <li>MLBAM’s initial deals to expand its streaming services beyond baseball, starting with ESPN in 2010, then WWE, the PGA, <a href="https://www.wsj.com/articles/hbo-to-use-mlb-advanced-media-for-stand-alone-streaming-product-1418150584" rel="nofollow" target="_blank"> HBO</a> and <a href="https://www.nhl.com/news/nhl-major-league-baseball-advanced-media-form-transformative-digital-rights-partnership/c-776246" rel="nofollow" target="_blank"> the NHL</a> </li> <li>The importance of media rights, and MLBAM’s transition from a simple tech/infrastructure provider to <a href="http://www.sportsbusinessdaily.com/Journal/Issues/2017/01/23/Media/MLBAM.aspx" rel="nofollow" target="_blank"> a full-fledged media company</a> </li> <li>The decision to initiate a spin-off process for BAMTech from MLB in August 2015, and Disney’s $1B investment into the newly created spin-out company in August 2016</li> <li>Disney’s subsequent announcement that they’ll be <a href="http://variety.com/2016/digital/news/espn-sports-streaming-disney-bamtech-1201834006/" rel="nofollow" target="_blank"> working with BAMTech to create a direct-to-consumer ESPN streaming service</a> </li> <li>BAMTech’s <a href="http://variety.com/2016/digital/news/bamtech-league-of-legends-mlb-disney-esports-1201944167/" rel="nofollow" target="_blank"> $300M deal with Riot Games</a> in December 2016 for the media rights to League of Legends eSports content </li> <li>Bob Bowman’s announcement in February 2017 that he’ll be stepping back to from a day to day role, and <a href="http://variety.com/2017/digital/news/michael-paull-ceo-bamtech-mlbam-disney-1201992713/" rel="nofollow" target="_blank"> hiring of former Amazon VP of Video Michael Paull as BAMTech’s new CEO</a> </li> </ul>  Followups &amp; Hot Takes: <ul> <li><a href="https://www.theverge.com/2017/4/16/15314210/instant-articles-facebook-future-ads-video" rel="nofollow" target="_blank"> Facebook’s struggles with Instant Articles</a></li> <li> <a href="https://thenextweb.com/apps/2017/04/20/microsoft-just-killed-wunderlist-to-launch-a-new-to-do-app/" rel="nofollow" target="_blank"> Microsoft killing Wunderlist</a> (David is VERY sad)</li> <li><a href="https://www.nytimes.com/2017/04/26/technology/why-instagram-is-becoming-facebooks-next-facebook.html?_r=0" rel="nofollow" target="_blank"> Instagram continues its torrid growth, passes 700M MAU</a></li> <li> <a href="https://www.theverge.com/2017/4/26/15435550/amazon-echo-look-200-smart-camera-mirror-stylist" rel="nofollow" target="_blank"> Amazon’s new Look</a> </li> <li><a href="http://www.cnbc.com/2017/04/28/cloudera-valued-at-three-times-rival-hortonworks-after-ipo.html" rel="nofollow" target="_blank"> The Cloudera IPO</a></li> <li>Confirmation the ride sharing wars are far from over: <a href="https://www.bloomberg.com/news/articles/2017-04-28/china-s-didi-raises-over-5-5-billion-in-record-tech-funding" rel="nofollow" target="_blank"> Didi raises $5.5B in the largest private funding round ever</a> </li> </ul>  The Carve Out: <ul> <li>Ben: <a href="https://twitter.com/nyt4thdownbot" rel="nofollow" target="_blank">NYT’s 4th Down Bot</a> </li> <li>David: <a href="http://waitbutwhy.com/2017/04/neuralink.html" rel="nofollow" target="_blank">Wait But Why on Elon Musk’s “Wizard Hat"</a> </li> </ul>

Episode 37: BAMTech, Disney and "the Biggest Media Company You've Never Heard Of”

Acquired dives into the history behind storied venture firm Sequoia Capital and its legendary founder, Don Valentine. Part 1 tells Don’s story, starting from humble beginnings born to uneducated parents in Yonkers, NY, through shaping the fabric of Silicon Valley first as head of Sales &amp; Marketing at both Fairchild and National Semiconductor, and then for generations to come via his pioneering concept of “company building” at Sequoia Capital. No matter where you sit in the ecosystem today, Don and the companies he helped build laid the foundation for nearly everything technology has become over the past 60 years.Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryLinks: Silicon Valley’s “Traitorous Eight”: https://en.wikipedia.org/wiki/Traitorous_eight  Don Valentine’s lecture at Stanford GSB: https://www.youtube.com/watch?v=nKN-abRJMEw&amp;t=2555s  Berkeley’s oral history with Don:  http://digitalassets.lib.berkeley.edu/roho/ucb/text/valentine_donald.pdf  Carve Outs: Ben: The Business Roundtable on The Daily:  https://www.nytimes.com/2019/08/21/podcasts/the-daily/business-roundtable-corporate-responsibility.html  David: Amazon Music on 25 years of “Ready to Die”: https://youtu.be/Dsna1nIZzB4  Sources: https://en.wikipedia.org/wiki/Traitorous_eight  https://www.sfgate.com/technology/article/Silicon-Valley-Shockley-racist-semiconductor-lab-13164228.php https://signallake.com/innovation/Valentine101409.pdf  http://digitalassets.lib.berkeley.edu/roho/ucb/text/valentine_donald.pdf  https://www.amazon.com/dp/0875849385/ref=cm_sw_r_cp_tai_ZB8IDb7NNAFAH  https://www.amazon.com/Troublemakers-Silicon-Valleys-Coming-Age-ebook/dp/B06ZZ1YDTX/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr= https://www.scaruffi.com/svhistory/arun3.html http://www.ianhathaway.org/blog/2019/7/31/vc-an-american-history  https://www.axios.com/sequoia-capital-shakes-up-leadership-1513300220-7d255e34-f4bf-4178-af62-ec68023726e3.html  https://www.slideshare.net/lebret/a-history-of-venture-capital-lebret-vers-11 https://www.hbs.edu/faculty/Pages/item.aspx?num=47240 https://www.inc.com/magazine/19850501/7289_pagen_5.html  https://www.amazon.com/VC-American-History-Tom-Nicholas-ebook/dp/B07QV2YM3X/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr= https://www.youtube.com/watch?v=nKN-abRJMEw&amp;t=2555s 

Acquired dives into the history behind storied venture firm Sequoia Capital and its legendary founder, Don Valentine. Part 1 tells Don’s story, starting from humble beginnings born to uneducated parents in Yonkers, NY, through shaping the fabric of Silicon Valley first as head of Sales &amp; Marketing at both Fairchild and National Semiconductor, and then for generations to come via his pioneering concept of “company building” at Sequoia Capital. No matter where you sit in the ecosystem today, Don and the companies he helped build laid the foundation for nearly everything technology has become over the past 60 years.Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Links:<ul> <li>Silicon Valley’s “Traitorous Eight”: <a href="https://en.wikipedia.org/wiki/Traitorous_eight" rel="nofollow" target="_blank">https://en.wikipedia.org/wiki/Traitorous_eight</a> </li> <li>Don Valentine’s lecture at Stanford GSB: <a href="https://www.youtube.com/watch?v=nKN-abRJMEw&amp;t=2555s" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=nKN-abRJMEw&amp;t=2555s</a> </li> <li>Berkeley’s oral history with Don: <a href="http://digitalassets.lib.berkeley.edu/roho/ucb/text/valentine_donald.pdf" rel="nofollow" target="_blank"> http://digitalassets.lib.berkeley.edu/roho/ucb/text/valentine_donald.pdf</a> </li> </ul>Carve Outs:<ul> <li>Ben: The Business Roundtable on The Daily: <a href="https://www.nytimes.com/2019/08/21/podcasts/the-daily/business-roundtable-corporate-responsibility.html" rel="nofollow" target="_blank"> https://www.nytimes.com/2019/08/21/podcasts/the-daily/business-roundtable-corporate-responsibility.html</a> </li> <li>David: Amazon Music on 25 years of “Ready to Die”: <a href="https://youtu.be/Dsna1nIZzB4" rel="nofollow" target="_blank">https://youtu.be/Dsna1nIZzB4</a> </li> </ul>Sources:<ul> <li><a href="https://en.wikipedia.org/wiki/Traitorous_eight" rel="nofollow" target="_blank">https://en.wikipedia.org/wiki/Traitorous_eight</a></li> <li><a href="https://www.sfgate.com/technology/article/Silicon-Valley-Shockley-racist-semiconductor-lab-13164228.php" rel="nofollow" target="_blank"> https://www.sfgate.com/technology/article/Silicon-Valley-Shockley-racist-semiconductor-lab-13164228.php</a></li> <li><a href="https://signallake.com/innovation/Valentine101409.pdf" rel="nofollow" target="_blank">https://signallake.com/innovation/Valentine101409.pdf</a></li> <li><a href="http://digitalassets.lib.berkeley.edu/roho/ucb/text/valentine_donald.pdf" rel="nofollow" target="_blank"> http://digitalassets.lib.berkeley.edu/roho/ucb/text/valentine_donald.pdf</a></li> <li><a href="https://www.amazon.com/dp/0875849385/ref=cm_sw_r_cp_tai_ZB8IDb7NNAFAH" rel="nofollow" target="_blank"> https://www.amazon.com/dp/0875849385/ref=cm_sw_r_cp_tai_ZB8IDb7NNAFAH</a></li> <li><a href="https://www.amazon.com/Troublemakers-Silicon-Valleys-Coming-Age-ebook/dp/B06ZZ1YDTX/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=" rel="nofollow" target="_blank"> https://www.amazon.com/Troublemakers-Silicon-Valleys-Coming-Age-ebook/dp/B06ZZ1YDTX/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=</a></li> <li><a href="https://www.scaruffi.com/svhistory/arun3.html" rel="nofollow" target="_blank">https://www.scaruffi.com/svhistory/arun3.html</a></li> <li><a href="http://www.ianhathaway.org/blog/2019/7/31/vc-an-american-history" rel="nofollow" target="_blank">http://www.ianhathaway.org/blog/2019/7/31/vc-an-american-history</a></li> <li><a href="https://www.axios.com/sequoia-capital-shakes-up-leadership-1513300220-7d255e34-f4bf-4178-af62-ec68023726e3.html" rel="nofollow" target="_blank"> https://www.axios.com/sequoia-capital-shakes-up-leadership-1513300220-7d255e34-f4bf-4178-af62-ec68023726e3.html</a></li> <li><a href="https://www.slideshare.net/lebret/a-history-of-venture-capital-lebret-vers-11" rel="nofollow" target="_blank"> https://www.slideshare.net/lebret/a-history-of-venture-capital-lebret-vers-11</a></li> <li><a href="https://www.hbs.edu/faculty/Pages/item.aspx?num=47240" rel="nofollow" target="_blank">https://www.hbs.edu/faculty/Pages/item.aspx?num=47240</a></li> <li><a href="https://www.inc.com/magazine/19850501/7289_pagen_5.html" rel="nofollow" target="_blank">https://www.inc.com/magazine/19850501/7289_pagen_5.html</a></li> <li><a href="https://www.amazon.com/VC-American-History-Tom-Nicholas-ebook/dp/B07QV2YM3X/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=" rel="nofollow" target="_blank"> https://www.amazon.com/VC-American-History-Tom-Nicholas-ebook/dp/B07QV2YM3X/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=</a></li> <li><a href="https://www.youtube.com/watch?v=nKN-abRJMEw&amp;t=2555s" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=nKN-abRJMEw&amp;t=2555s</a></li> </ul>

Sequoia Capital (Part 1)

Snap! Acquired is live on the scene reporting from the "Super Bowl" of 2017 tech events: Snap Inc's hugely anticipated (and just plain huge) IPO. What does the future hold for this plucky “camera company”? Will Snap's IPO endure as tech's most important picture-frame since the  2012 debut of Facebook, or is it destined to fade as just another snapshot? We debate! Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryTopics covered include:  Reference to our previous Acquired episode on Snap covering Facebook’s failed attempt to acquire the company in 2013, which goes deep on Snap’s origins and early history Snap’s busy years since: launching Discover,  Lenses,  Geofilters,  new Chat,  Memories, an  ads API, acquiring Bitmoji, and, of course,  debuting Spectacles  The incredible document that is  Snap's S-1 filing (read starting from the  “BUSINESS” section on p.93) Snap Inc’s “unique” voting structure Evan Spiegel’s “CEO Award” bonus for successfully completing an IPO: an extra 3.0% of the company worth more than $600M Snap’s IPO pricing, first day of trading “pop”, and momentum carried into day two  Introducing a new show section (for IPOs): Narratives!   Snap  is a “camera company"  Snap's opportunity is  winning television ad dollars  Snap is a cult of the “product genius” Snap has a growth problem… and its name is Instagram (Stories) Snap has a cost problem: the (first?)  gross margin negative IPO Wall Street to Evan: “we trust you… for now"   Chris Sacca’s biggest email fail of 2012  …And of course all the classics from the Acquired canon: waves, moats, flywheels, network effects, starting small and more!    The Carve Out:  Ben:  The Bill Simmons Podcast with Ben Thompson  David: The Art of War, also Evan Spiegel’s Carve Out for 2013 :) 

Snap! Acquired is live on the scene reporting from the "Super Bowl" of 2017 tech events: Snap Inc's hugely anticipated (and just plain huge) IPO. What does the future hold for this plucky “camera company”? Will Snap's IPO endure as tech's most important picture-frame since the <a href="http://www.acquired.fm/episodes/2016/11/11/episode-25-the-facebook-ipo" rel="nofollow" target="_blank"> 2012 debut of Facebook</a>, or is it destined to fade as just another snapshot? We debate! Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Topics covered include: <ul> <li>Reference to our <a href="http://www.acquired.fm/episodes/2016/5/22/episode-12-snapchat-" rel="nofollow" target="_blank">previous Acquired episode on Snap</a> covering Facebook’s failed attempt to acquire the company in 2013, which goes deep on Snap’s origins and early history</li> <li>Snap’s busy years since: launching <a href="https://techcrunch.com/2015/01/27/snapchat-launches-discover/" rel="nofollow" target="_blank">Discover</a>, <a href="http://mashable.com/2016/11/08/snapchat-world-lenses/#t4YQeiohD5qS" rel="nofollow" target="_blank"> Lenses</a>, <a href="https://techcrunch.com/2016/02/22/snapchat-introduces-on-demand-geofilters-for-parties-and-events/" rel="nofollow" target="_blank"> Geofilters</a>, <a href="http://www.theverge.com/2016/12/13/13935568/snapchat-new-group-chat-feature" rel="nofollow" target="_blank"> new Chat</a>, <a href="http://www.theverge.com/2016/7/6/12102294/snapchat-memories-private-snap-archive" rel="nofollow" target="_blank"> Memories</a>, an <a href="http://adage.com/article/digital/inside-snapchat-s-ad-delivery-system/306172/" rel="nofollow" target="_blank"> ads API</a>, <a href="http://fortune.com/2016/03/24/exclusive-snapchat-buys-bitmoji-maker/" rel="nofollow" target="_blank">acquiring Bitmoji</a>, and, of course, <a href="https://theringer.com/snapchat-spectacles-best-2016-tech-release-fb4397eb5f38#.whoulhanm" rel="nofollow" target="_blank"> debuting Spectacles</a> </li> <li>The incredible document that is <a href="https://www.sec.gov/Archives/edgar/data/1564408/000119312517056992/d270216ds1a.htm" rel="nofollow" target="_blank"> Snap's S-1 filing</a> (read starting from the <a href="https://www.sec.gov/Archives/edgar/data/1564408/000119312517056992/d270216ds1a.htm#rom270216_11" rel="nofollow" target="_blank"> “BUSINESS” section on p.93</a>)</li> <li>Snap Inc’s “unique” voting structure</li> <li>Evan Spiegel’s “CEO Award” bonus for successfully completing an IPO: an extra 3.0% of the company worth more than $600M</li> <li>Snap’s IPO pricing, first day of trading “pop”, and momentum carried into day two </li> <li>Introducing a new show section (for IPOs): Narratives!  <ul> <li>Snap <a href="https://qz.com/922490/snaps-ipo-is-about-to-drop-but-how-exactly-is-it-a-camera-company/" rel="nofollow" target="_blank"> is a “camera company"</a> </li> <li>Snap's opportunity is <a href="http://www.thewrap.com/snapchat-ipo-the-pitch-is-a-replacement-for-tv-ad-dollars/" rel="nofollow" target="_blank"> winning television ad dollars</a> </li> <li>Snap is a cult of the “<a href="https://www.theguardian.com/technology/2017/feb/25/snapchat-ipo-evan-spiegel-investors" rel="nofollow" target="_blank">product genius</a>”</li> <li>Snap has a growth problem… and its name is Instagram (<a href="http://blog.instagram.com/post/148348940287/160802-stories" rel="nofollow" target="_blank">Stories</a>)</li> <li>Snap has a cost problem: the (first?) <a href="https://medium.com/daphni-chronicles/you-need-to-lose-money-but-a-negative-gross-margin-is-a-really-bad-idea-82ad12cd6d96#.k9tz127c3" rel="nofollow" target="_blank"> gross margin negative</a> IPO</li> <li>Wall Street to Evan: “<a href="http://www.marketwatch.com/story/investing-in-snap-ipo-is-an-impotent-bet-on-unproven-executives-2017-02-23" rel="nofollow" target="_blank">we trust you… for now</a>"</li> </ul> </li> <li>Chris Sacca’s <a href="https://twitter.com/sacca/status/837400028352151552" rel="nofollow" target="_blank">biggest email fail of 2012</a> </li> <li>…And of course all the classics from the Acquired canon: waves, moats, flywheels, network effects, starting small and more! </li> </ul>  The Carve Out: <ul> <li>Ben: <a href="https://itunes.apple.com/us/podcast/the-bill-simmons-podcast/id1043699613?mt=2" rel="nofollow" target="_blank"> The Bill Simmons Podcast</a> <a href="https://soundcloud.com/the-bill-simmons-podcast/ep-179-the-battle-for-tech-supremacy-with-ben-thompson" rel="nofollow" target="_blank">with Ben Thompson</a> </li> <li>David: <a href="https://www.amazon.com/Art-War-Sun-Tzu-ebook/dp/B009XH5V6Y" rel="nofollow" target="_blank">The Art of War</a>, also <a href="http://www.businessinsider.com/spiegel-gave-employees-the-art-of-war-2014-1?IR=T" rel="nofollow" target="_blank">Evan Spiegel’s Carve Out for 2013</a> :)</li> </ul>

Episode 32: The Snap Inc. IPO

Ben and David deviate entirely from the stated purpose of the show, tackling this non-technology acquisition that is so recent, we have no idea if it went well yet. But, the April 2016 acquisition of Virgin America by Alaska Airlines was so fascinating, we had to do it!Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryItems mentioned in the show:  Louis C.K. - Everything is Amazing and Nobody is Happy Alaska Acquires Virgin America Investor Deck “Measuring The Moat” Paper - Michael J. Mauboussin Business Adventures - Twelve Classic Tales from the World of Wall Street Carve Out:Michael Mauboussin: "The Success Equation:Untangling Skill and Luck" | Talks at Google

Ben and David deviate entirely from the stated purpose of the show, tackling this non-technology acquisition that is so recent, we have no idea if it went well yet. But, the April 2016 acquisition of Virgin America by Alaska Airlines was so fascinating, we had to do it! Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Items mentioned in the show: <ul> <li><a href="https://www.youtube.com/watch?v=q8LaT5Iiwo4" rel="nofollow" target="_blank">Louis C.K. - Everything is Amazing and Nobody is Happy</a></li> <li><a href="http://phx.corporate-ir.net/External.File?t=1&amp;item=VHlwZT0yfFBhcmVudElEPTUyMjI1MjV8Q2hpbGRJRD02MjgzODc=" rel="nofollow" target="_blank">Alaska Acquires Virgin America Investor Deck</a></li> <li><a href="http://csinvesting.org/wp-content/uploads/2013/07/Measuring_the_Moat_July2013.pdf" rel="nofollow" target="_blank">“Measuring The Moat” Paper - Michael J. Mauboussin</a></li> <li><a href="http://amzn.to/1T9Irpy" rel="nofollow" target="_blank">Business Adventures - Twelve Classic Tales from the World of Wall Street</a></li> </ul>Carve Out:<ul><li><a href="https://www.youtube.com/watch?v=1JLfqBsX5Lc" rel="nofollow" target="_blank">Michael Mauboussin: "The Success Equation:Untangling Skill and Luck" | Talks at Google</a></li></ul>

Acquired Episode 10: Virgin America

Ben and David test the widely-held belief that YouTube was one of the most successful tech acquisitions of all time. In today's world of next-generation video platforms, mobile video, streaming, and chord-cutting, was it actually a great purchase by Google? As discussed in the show, here is Sequoia's original YouTube investment memo - a rarely-shared gold mine for anyone interested in startup investing.Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasury

Ben and David test the widely-held belief that YouTube was one of the most successful tech acquisitions of all time. In today's world of next-generation video platforms, mobile video, streaming, and chord-cutting, was it actually a great purchase by Google? As discussed in the show, <a href="https://www.scribd.com/doc/214802896/Botha-on-YouTube#page=10" rel="nofollow" target="_blank">here is Sequoia's original YouTube investment memo</a> - a rarely-shared gold mine for anyone interested in startup investing.Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>

Episode 7: YouTube

Call it the playoffs. Call it the Olympics. Call it March Madness. No matter which sports analogy you borrow, it falls short of capturing what Lyft's IPO yesterday kicked off in the tech world. A generational changing of the guard from the FAANG to the APLUSS (Airbnb, Pinterest, Lyft, Uber, Slack, Stripe). A breaking of the liquidity dam that's kept capital, technology and talent locked up in a small number of Silicon Valley winners for longer than ever in history. And most importantly, a public market avenue for investing in the largest single market created since the advent of the internet. Acquired is live on the scene recounting and analyzing the history of Lyft (and ridesharing broadly) in every exquisite detail!Sponsors:Vanta: https://bit.ly/acquiredvantaStatsig: bit.ly/statsigacquiredModern Treasury: https://bit.ly/acquiredmoderntreasuryLinks: Lyft’s S-1:  https://www.sec.gov/Archives/edgar/data/1759509/000119312519059849/d633517ds1.htm  Donate to Homobiles: http://bit.ly/2TM40nAÂ  Carve Outs: Ben: Bill Gurley on "Runnin' Down a Dream" https://www.youtube.com/watch?v=xmYekD6-PZ8  David: "Cricket Fever" on Netflix: https://www.netflix.com/title/80222770  Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile)

Call it the playoffs. Call it the Olympics. Call it March Madness. No matter which sports analogy you borrow, it falls short of capturing what Lyft's IPO yesterday kicked off in the tech world. A generational changing of the guard from the FAANG to the APLUSS (Airbnb, Pinterest, Lyft, Uber, Slack, Stripe). A breaking of the liquidity dam that's kept capital, technology and talent locked up in a small number of Silicon Valley winners for longer than ever in history. And most importantly, a public market avenue for investing in the largest single market created since the advent of the internet. Acquired is live on the scene recounting and analyzing the history of Lyft (and ridesharing broadly) in every exquisite detail!Sponsors: Vanta: <a href="https://bit.ly/acquiredvanta" rel="nofollow" target="_blank">https://bit.ly/acquiredvanta</a>Statsig: <a href="https://bit.ly/statsigacquired" rel="nofollow" target="_blank">bit.ly/statsigacquired</a> Modern Treasury: <a href="https://bit.ly/acquiredmoderntreasury" rel="nofollow" target="_blank">https://bit.ly/acquiredmoderntreasury</a>Links:<ul> <li>Lyft’s S-1: <a href="https://www.sec.gov/Archives/edgar/data/1759509/000119312519059849/d633517ds1.htm" rel="nofollow" target="_blank"> https://www.sec.gov/Archives/edgar/data/1759509/000119312519059849/d633517ds1.htm</a> </li> <li>Donate to Homobiles: <a href="http://bit.ly/2TM40nA%C3%82" rel="nofollow" target="_blank">http://bit.ly/2TM40nAÂ</a> </li> </ul>Carve Outs:<ul> <li>Ben: Bill Gurley on "Runnin' Down a Dream" <a href="https://www.youtube.com/watch?v=xmYekD6-PZ8" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=xmYekD6-PZ8</a> </li> <li>David: "Cricket Fever" on Netflix: <a href="https://www.netflix.com/title/80222770" rel="nofollow" target="_blank">https://www.netflix.com/title/80222770</a> </li> </ul>Join the Acquired Limited Partner program! <a href="https://glow.fm/acquired/" rel="nofollow" target="_blank">https://glow.fm/acquired/</a> (works best on mobile)

The Lyft IPO

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