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Cover image of The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC takes you inside the world of Venture Capital, Startup Funding and The Pitch. Join our host, Harry Stebbings and discover how you can attain funding for your business by listening to what the most prominent investors are directly looking for in startups, providing easily actionable tips and tricks that can be put in place to increase your chances of getting funded. Although, you may not want to raise funding for a startup. The Twenty Minute VC also provides an instructional guide as to what it takes to get employed in the Venture Capital industry, with VCs giving specific advice on how to get noticed from the crowd and increasing your chances of employment. If that wasn't enough our amazing Venture Capitalists also provide their analysis of the current technology market, providing advice and suggestions on the latest investing trends and predictions. Join us so you can see how you can get BIG, powerful improvements, fast. Would you like to see more of The Twenty Minute VC, head on over to www.thetwentyminutevc.com for more information on the podcast, show notes, resources and a more detailed analysis of the technology and Venture Capital industry.

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20VC: Benchmark's Peter Fenton on How To Differentiate Between Good & Great VCs, Why Ownership Is A Bigger Determinant Of Returns Than Valuation & What Makes A Truly Exceptional Board Member

Peter Fenton is a General Partner @ Benchmark, one of the world's leading VC funds with a portfolio including the likes of Twitter, Uber, Snapchat, eBay, WeWork, Yelp and many more revolutionary companies of the last decade. Peter himself sits or has sat on the board of Twitter, previous guest Cockroach, Optimizely, New Relic and ZenDesk just to name a few. Prior to Benchmark, Peter was a Managing Partner @ Accel. It is clearly not just me that has a man crush on Peter though as he has been named to Forbes Midas List for many consecutive years with the last list placing Peter as No 3 in the world. In Today’s Episode You Will Learn: 1.) How Peter made his way into the world of VC with Accel and came to be a General Partner @ Benchmark? 2.) How does Peter differentiate between the good and the great VCs? How can VCs use hyper-curiosity and hyper-competitiveness to improve their investing ability? Why does Peter not believe that operational experience is a necessity pre-VC? 3.) How does Peter view the importance of valuation in the investment decision making process? How much of a role does it play for him and what is his psychology around valuation, especially with regards to ownership levels? 4.) Why is Peter amused when he hears other investors say they must 'invest in big markets'? What were his big takeaways from watching the investment and hyper-growth journey of Snapchat? How did that influence his view on markets? 5.) Peter has previously said that he is a 'student of great board members'. What are the commonalities among the truly great board members? How do they engage and interact with the entrepreneur? How do they get the most out of their fellow board members? Items Mentioned In Today’s Show: Peter's Most Recent Investment: Zen.ly As always you can follow Harry, The Twenty Minute VC and Peter on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. eShares is the No 1 Cap Table Management platform, allowing for equity management, 409A valuations, and liquidity, all in one place. eShares is made for companies of all sizes with over 5,000 trusted customers including the likes of Squarespace, Kickstarter, and DoorDash just to name a few. To try out the must have service of the industry, simply head over to esharesinc.com it is a must. Fond is the employee engagement suite with 3 core products, rewards: a recognition platform for rewarding achievements and milestones, perks: a premium corporate discounts program to show employees you care about them and then finally engagement IQ, a free employee engagement survey that allows you to measure the health of your organization. To check it out head over to fond.co

33mins

19 Jun 2017

Rank #1

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20VC: Benchmark's Bill Gurley on 5 Traits Benchmark Look For When Adding To The Partnership, Why The Abundance of Capital Is Today's Biggest Challenge in VC & The Right Way To Think About Market Size When Assessing Opportunities

Bill Gurley is a General Partner @ Benchmark Capital, one of the most successful funds of the last decade with a portfolio including the likes of Uber, Twitter, Dropbox, WeWork, Snapchat, StitchFix, eBay and many many more. As for Bill, widely recognised as one of the greats of our time having worked with the likes of GrubHub, NextDoor, Uber, OpenTable, Stitch Fix and Zillow. Prior to Benchmark, Bill was a partner with Hummer Winblad Venture Partners. Before entering venture, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at CS First Boston where his research coverage included such companies as Dell, Compaq, and Microsoft, and he was the lead analyst on the Amazon IPO. In Today’s Episode You Will Learn: 1.) How did Bill make his way into the world of VC from Credit Suisse and come to be GP at one of the world's leading funds in the form of Benchmark? What were Bill's biggest takeaways from seeing the boom and bust of the dot com? How did that impact Bill's investment mentality today? 2.) Why does Bill believe that one of the biggest challenges today is the abundance of capital? Subsequently, does Bill agree with Peter Fenton statement, "never turn down a deal based on the valuation it is a mental trap"? How does Bill assess his own price sensitivity? What was his learning here in meeting Larry and Serge early on with Google? 3.) How does Bill think about and approach market sizing today? How important is it to him when analysing an investment? Where does Bill believe a lot of managers make mistakes when assessing market sizing today? What was his big lesson here with Uber? How does Bill think about and evaluate market creation and market expansion plays? 4.) Bill has spent over 3,000 hours on some of the most famed boards of the last decade, how has Bill seen his style of board membership change over the last 10 years? What advice would you give to someone who has just joined their first board? How does Bill think about time allocation across the portfolio? What is the right ratio? 5.) How does Bill and Benchmark approach the element of partner selection today? What are the 5 core things that Bill looks for when adding to the partnership? What have Benchmark done that have allowed them to be so successful in generational transition? Why is an equal partnership so transformative when it comes to generational transition? Items Mentioned In Today’s Show: Bill’s Fave Book: Complexity: The Emerging Science at the Edge of Order and Chaos Bill’s Most Recent Investment: Good Eggs As always you can follow Harry, The Twenty Minute VC and Bill on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

34mins

24 Jun 2019

Rank #2

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20VC: Khosla's Keith Rabois on How To Create Sustainability Behind Growth, How To Assess The Potential Of Individuals & Teams & The Biggest Takeaways from LinkedIn, Paypal & Square

Keith Rabois is an investment partner at Khosla Ventures where he has led investments in Stripe, Thoughtspot, HealthTap and Teespring among many others. He also started OpenDoor, which aims to transform the process of selling a home through technology. Keith's unparalleled operational track record does not stop there as he has forged several of the most important new social and commerce platforms over the last decade holding key roles at LinkedIn, Paypal and being COO at Square. As a board member, Keith guided Yelp [NYSE: YELP] and Xoom [NASDAQ: XOOM] from inception to successful IPOs. Simultaneously, he also invested in other like-minded entrepreneurs with early stakes in YouTube [acquired by GOOG], Yammer [acquired by MSFT], Palantir, Lyft, AirBnB, Eventbrite and Quora. In Today’s Episode You Will Learn: 1.) How Keith made the move from key executive at LinkedIn, Paypal and Square to being a VC with Khosla? 2.) Question from Lee Hower: What were the biggest learnings from playing a key role at LinkedIn, Paypal and Square? How do they compare to learning from Slide, a not so successful project? Does one learn more from success or failure? 3.) Question from Jason Lemkin: How can founders assess the potential of their teams? How long is it possible to allow individuals to stretch to their roles? What are the signs that people are either exceeding or falling below expectations? 4.) Eric Yuan @ Zoom has previously illustrated the importance to me of sustainable growth. What is Keith's view of this? Why does he not like this term? What are his thoughts on the key constraints on growth for most startups? Items Mentioned In Today’s Show: Keith’s Fave Book: The Upside of Stress Keith's Fave Blog: Stratechery Keith’s Most Recent Investment: Forward As always you can follow Harry, The Twenty Minute VC and Keith on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Eight is a sleep innovation company. With their latest product, the Eight Smart Mattress, being a bed that literally tells you how well you slept last night, paired with an intelligent sensor cover that measures the quality of your sleep and delivers a daily sleep report. In order to bring you the best product, Eight used anonymized sleep data and feedback from over 10,000 people, to understand which materials and types of mattresses give customers the best sleep resulting in their unique blend of four responsive and high-density foam layers plus one layer of proprietary technology that helps people track and improve their sleep. You can check it out on Eightsleep.com – and if you use the code 20VC you will get a whopping 20% discount! FullContact provides the ability to organize your contacts, gain rich insights into them and therefore build deep relationships. With features like automatically identifying and merging duplicate contacts to the ability to snap a photo of a business card and FullContact will transcribe them for you, so no more lost and loose business cards at events. It is with these features just being the tip of the iceberg, FullContact really is the best all in one solution for contact management and you can check them out on fullcontact.com.

31mins

15 May 2017

Rank #3

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20VC: Preparing For The Next Big Trend, Why Conversational Will Be The Next Big Thing & How Entrepreneurs Should View Market Size with Sarah Guo @ Greylock Partners

Sarah Guo is an investor @ Greylock Partners, which she joined in 2013. Prior to Greylock, Sarah was at Goldman Sachs, where she invested in Dropbox and helped take Workday public. She advised pre-IPO private technology companies (as well as public clients including Zynga, Netflix and Nvidia) on strategic and financial issues. Previously, Sarah worked with Casa Systems, a venture-funded startup that enables cable operators to meet growing demand for broadband services. She is an advocate for STEM education for women and the underserved, as well as education more generally. In Today’s Episode You Will Learn: 1.) How Sarah made her way into VC with Greylock Partners? 2.) Question from Josh Elman: What were Sarah's biggest learnings from taking key companies public with GS in 2011? Why is narrative so important? Who has done it well? 3.) How does Sarah view market size and market creation? What is a big enough market size to be attractive? How does this change with time and product? 4.) How does Sarah view the next fundamental platform shift? Where does conversational fit into this thesis? Will we see 'machine learning as a service'? 5.) What does the future of VC look like? What does the next generation of VC need to do to stay on top and ensure pattern matching algorithms do not outperform them? Items Mentioned In Today’s Show: Sarah’s Fave Book: The Most Human Human Sarah’s Most Recent Investment: Rhumbix As always you can follow Harry, The Twenty Minute VC and Sarah on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. The Simba Hybrid. The most advanced mattress in the world. With a unique combination of two thousand five hundred conical pocket springs and responsive memory foam, it offers the perfect support for two people. A mattress that responds to you and your partner’s sleeping patterns. Delivered free, with a one hundred night sleep trial, free returns and a ten year guarantee. Start your free trial at simbasleep.com Cirrus Insight is a plugin for sales pros who use Gmail and Outlook.  It automatically updates activities in Salesforce so you don’t have to.  It was named #41 on the Inc. 500 list of fastest-growing companies, and it has more than 1,700 customer reviews on the Salesforce AppExchange. Today, it serves over 150,000 sales people across 5,000 organizations using Gmail, Outlook, iPhone, iPad, and Android. Cirrus Insight is perfect for sales, support, and success teams who want to save time, schedule 3x more appointments, track email opens and much more with Salesforce information at their fingertips in the inbox. www.cirrusinsight.com/20VC

26mins

25 Jan 2017

Rank #4

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20VC: Redpoint's Tom Tunguz on Winning with Data: How To Gain A Competitive Advantage & Dominate Markets with Data and 5 Steps To Create A Data Driven Company

Tom Tunguz is a Partner @ Redpoint Ventures, where he has invested in the likes of Axial, Dremio, Expensify, Electric Imp, Looker, and ThredUP. Tomasz is also the co-author of Winning with Data: Transform Your Culture, Empower Your People, and Shape the Future, which explores the cultural changes big data brings to business, and shows you how to adapt your organization to leverage data to maximum effect. Before joining Redpoint, Tomasz was the product manager for Google’s AdSense social-media products and AdSense internationalization. In Today’s Episode You Will Learn: 1.) When did Tom perceive the true power of data for the first time? 2.) What is the biggest difference between a company that is data driven and one that is not? What are the inherent benefits and how can non data driven businesses become data driven? 3.) What are the best data driven teams doing to operationalise their data today? 4.) Adam Grant: 8% of job interviews are productive. So what structure can management use to ensure higher efficiency in the hiring process? 5.) What are the complexities and skills required for strong data analysis in today's environment? 6.) Data often leads to over confidence in decision making, how do you prevent illusion bias once data has been obtained? Items Mentioned In Today’s Show: Tom’s Most Recent Investment: Dremio As always you can follow Harry, The Twenty Minute VC and Tom on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Eve make 1 perfect mattress – made with 3 layer technology and next generation memory foam. It comes packaged in a beautiful box and arrives the day after you order. You get 100 nights to try it with free return pick-up – it really is the perfect mattress for everyone. Just go online to evemattress.co.uk and enter the code 20VC for £50 off. Everybody deserves the perfect start with Eve.   Cooley are the global law firm built around startups and venture capital. Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund’s lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also at cooleygo.com.

26mins

12 Sep 2016

Rank #5

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20VC: Michael Dearing on 5 Key Principles He Uses To Assess Startup Founders, Why Benevolent Dictatorship Is A Beautiful Thing & Why Markets Are Better Capital Allocators Than CEOs

Michael Dearing has established himself as an icon of early-stage venture over the last decade. With his founding of Harrison Metal in 2006, he has backed the likes of Twitter, MoPub, Birchbox, 99Designs and PagerDuty just to name a few of his incredible companies. Prior to being in VC, Michael spent 6 years at eBay across numerous roles and before that held positions at Shoe Warehouse as CEO, The Walt Disney Company in corporate strategy and then Bain & Co as a consultant. In Today’s Episode You Will Learn: 1.) How Michael made his way into the world of venture from selling shoes with Shoe Warehouse to eBay to founding his own fund? 2.) Michael has said before that he looks for "personal exceptionalism" within the teams he backs, what does that really mean? How does he distinguish brilliance from arrogance? What is the balance between vision and stubbornness? 3.) How does Michael think about price sensitivity? How does he use it as a determining factor to test his level of conviction in the deal? More broadly, how does Michael view pricing in the market today? Why are the convertible debt markets so toxic? 4.) How does Michael view strategy around reserve allocation? Why does Michael believe reserves are where he has made the biggest mistakes? What are his takeaways from those mistakes? Why does recycling not feature as a core tenet of his strategy? 5.) Why does Michael believe that "benevolent dictatorship" is a beautiful thing? Does this thesis change in the debate over founder vs company first? How does Michael use McCallum's 5 key principles to assess founders and their ability? Items Mentioned In Today’s Show: Michael’s Fave Book: Confederacy of Dunces Michael’s Most Recent Investment: Astro As always you can follow Harry, The Twenty Minute VC and Michael on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Lattice is the #1 performance management solution for growing companies. With Lattice, it’s easy to launch 360 performance review cycles as often as you want. And you also get a continuous feedback system with OKR goal tracking, real-time feedback, and 1-on-1 meetings to make sure employees get feedback between reviews. Find out why the likes of CoinBase, PlanGrid, Birchbox and WePay trust Lattice as their performance management solution by heading over to lattice.com to start investing in your people. That’s Lattice.com. Recurly, the company powering subscription success, with Recurly’s enterprise-class subscription management platform providing rapid time-to-value without requiring massive integration effort and expense and they have the ability to not only increase revenue by 7% but also reduce the all-important churn rate. That is why thousands of customers from Twitch to HubSpot to CBS Interactive trust Recurly as their subscription management platform. Check them out on recurly.com that really is a must.

27mins

9 Oct 2017

Rank #6

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20VC: AngelList's Naval Ravikant on The Secrets To Success At Seed, Why Micro VC Is The Return of Traditional Series A & Why We Will See The Unbundling Of Traditional VC Brands

Naval Ravikant is the CEO and a co-founder of AngelList, where the world meets startups either to find great jobs, invest in startups or raise funding. Before AngelList, he co-founded Epinions, which went public as part of Shopping.com, and Vast.com. He is an active angel investor and has invested in more than 100 companies, including more than a few “unicorn” mega-successes. His deals include Twitter, Uber, Yammer, Postmates, Wish, Thumbtack, and OpenDNS, which Cisco just bought for $635 million in cash. In Today’s Episode You Will Learn: 1.) How Naval made his way into angel investing and came to found AngelList? 2.) Question from Parker Thompson: How does Naval internalize the power law math and how does that affect his ability to pick the best companies? 3.) Why does Naval believe venture to be a bundle of advice, control and money? How does that affect his thought process surrounding what makes a good investor? 4.) Why does Naval believe we will see the unbundling of VC firm brands and the rise of personal partner brands? How will this affect access to proprietory deal flow? 5.) Question from Jonathan Abrams @ Nuzzel: What is the vision for AngelList? How much further up the funding stack can AngelList go? Items Mentioned In Today’s Show: Naval’s Fave Book: Sapiens: A Brief History of Humankind Naval’s Fave Blog: Farnham Street As always you can follow Harry, The Twenty Minute VC and Naval on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Foundersuite makes the leading CRM for raising startup capital. Since March of 2016, Foundersuite customers have raised over $130M in seed and venture capital. Foundersuite’s CRM sits on a database of over 50,000 investors, which will help you quickly populate your fundraising funnel including a beautiful and easy-to-use investor update tool, and the recently launched a new portal that helps investors and accelerators track their portfolio companies on a single dashboard. For a whopping 40% off a Monthly or Annual subscription use the code “20MinuteVC” at checkout. Greenhouse Software designs tools that help companies hire great people and ultimately build better businesses. Greenhouse works with over 1,500 of the world’s most innovative companies such as Airbnb, Slack, Snap Inc. and Lyft. A wrong hire is not only costly for a company but can also turn an employee into an unhappy one. With Greenhouse’s Applicant Tracking System, companies can make well-informed decisions and hire qualified candidates who are empowered to do the best work of their careers. Anybody who has a company that’s scaling quickly but has trouble hiring and retaining the right people. Visit www.greenhouse.io today to discover how your company can grow.

27mins

10 Apr 2017

Rank #7

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20VC: First Round's Josh Kopelman on Why Price Is Both An Art and A Science, Why Ownership Must Be Built on First Check and The Negative Consequences of Attribution in Venture

Josh Kopelman is Founder & Partner @ First Round, one of the world’s leading seed funds with a portfolio including the likes of Uber, Warby Parker, Flatiron Health, Square, HotelTonight, GOAT and more incredible companies. As for Josh, he founded First Round in 2004 to reinvent seed stage investing. Since he has invested in over 200 startups and been ranked 4th in Forbes Midas List and named one of the top ten ‘angel investors’ in the US by Newsweek magazine. Josh has previously sat on the boards of Flatiron Health, Clover Health, AppNexus and more.  In Today’s Episode You Will Learn: 1.) How Josh made his way into the wonderful world of venture from angel investing and what the inspiration behind the founding of First Round was? 2.) How does Josh think about price sensitivity today? What were his learnings from being priced out of the seed round for Twitter and Dropbox? How has Josh seen his relationship to price change over time? How did witnessing the boom and bust both as operator and investor affect his investing mentality today? 3.) How does Josh and First Round think about reserve allocation? How has their thinking changed and evolved over time? Does Josh believe that ownership is fundamentally built on first check? What does the investment decision-making process look like for reserves? In terms of allocation, how does Josh think about time allocation across portfolio? Spend it with the winners, they return the fund or the strugglers and save cents on the dollar? 4.) Josh has spent over 3,000 hours on boards, what have been some of the biggest inflection points that have changed the way he thinks about being a good board member? How has he seen his style and approach change over time? What advice would Josh give to an individual that has just gained their first institutional board seat? 5.) Why does Josh believe that we fundamentally neglect "the pick" today in startup world? Why does Josh believe a high degree of startup mortality begins at the pick (idea) stage? How do the very best founders aproach this stage? How should these founders approach picking their investors? What should they look for? What should they be wary of? 6.) Why does Josh want to be known as a better picker of partners than investments? How has Josh thought about the building ou of the first round partnership over time? If there was anything he would have done differently, what would it be? Why does Josh fundamentally disagree with attribution? How does Josh think about generational transition? What are the steps required to do it well? Items Mentioned In Today’s Show: Josh’s Fave Book: Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts As always you can follow Harry, The Twenty Minute VC and Joel on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC. Are you thinking about life insurance in the new year? Ladder is the smart and easy way to get term life insurance online. With Ladder there are no commissioned agents and no policy fees — you can be done in minutes. Even better, coverage can start today, if you qualify, and you can cancel anytime. Ladder is licensed and backed by trusted partners, with billions in coverage. Visit ladderlife.com to apply and get an instant decision on fully underwritten term life insurance, and check life insurance off your list TODAY. Ready for tax season? Wishing you’d kept a closer eye on your books this year? Set yourself up for success in 2019 with Pilot. Pilot is a bookkeeping company focused on the needs of startups. Their team of SF-based bookkeepers are assisted by engineers to automate the most error-prone parts of bookkeeping, so you know you’re getting an accurate report every month. Plus, Pilot does accrual basis bookkeeping in Quickbooks Online, so you’re never locked into a proprietary platform. Learn more and sign up here. Don’t wait – the first 100 members of the Twenty Minute VC community get 20% off Pilot Core for six months.

41mins

28 Jan 2019

Rank #8

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20VC: Sequoia's Mike Vernal on His Biggest Lessons From 8 Years of Hyper-Growth at Facebook, Why The Strength of Data Moats Is Over-Rated Today and The Challenge of "Overthinking Investments" In Venture

Mike Vernal is a General Partner @ Sequoia, one of the world’s leading and most renowned venture firms with a portfolio including WhatsApp, Zoom, Stripe, Airbnb, Github and many more incredible companies. As for Mike he has led and sits on the board of Citizen, rideOS, Rockset, Threads and Houseparty (acquired by Epic). Prior to venture, Mike spent 8 years at Facebook as VP of Product & Engineering leading multiple different teams including Search, Commerce, Profile, and Developer product groups. Prior to Facebook Mike spent 4 years at Microsoft as a PM lead in Microsoft's Developer Division. In Today’s Episode You Will Learn: 1.) How Mike made the move from VP of Product & Engineering at Facebook to General Partner at the world-famous, Sequoia Capital? What were Mike's biggest takeaways from his 8 years at FB seeing the hyper-growth first hand? 2.) Mike has previously said that he has struggled in the past when it comes to "overthinking investments". What does he mean by this? How does it play out in reality? How does Mike balance between trusting his gut and relying on the data? How does Mike think venture partnerships should participate in this balancing act? 3.) Why does Mike believe decision-making in venture to be fundamentally different to decision-making in operations? How do they compare? How does the decision-making process and approach change as a result of this contrast? How does Mike think about his own time allocation now in venture? What is the most challenging element? 4.) How does Mike evaluate the proliferated SaaS landscape today? Why does Mike believe that the notion of SaaS as a construct will fade over the coming years? What does Mike believe is the reasoning for SaaS apps becoming more and more niche? What problem does that pose for VC? Will we enter a period of consolidation in SaaS? What size do the incumbents have to be to really engage in the M&A process moving forward? 5.) Why does Mike struggle to see the strength of data moats? What are the major downfalls associated with the argument of their strength? At what point is the asymptotic point of the utility value of the data for models today and how does that change over the coming years? What does Mike instead see as durable and sustainable moats? Items Mentioned In Today’s Show: Mike’s Fave Book: One Hundred Years of Solitude  Mike’s Most Recent Investment: Verkada As always you can follow Harry, The Twenty Minute VC and Mike on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

26mins

26 Aug 2019

Rank #9

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20VC: Most Downloaded Episode of 2019 with Bill Gurley, General Partner @ Benchmark Capital

Bill Gurley is a General Partner @ Benchmark Capital, one of the most successful funds of the last decade with a portfolio including the likes of Uber, Twitter, Dropbox, WeWork, Snapchat, StitchFix, eBay and many many more. As for Bill, widely recognised as one of the greats of our time having worked with the likes of GrubHub, NextDoor, Uber, OpenTable, Stitch Fix and Zillow. Prior to Benchmark, Bill was a partner with Hummer Winblad Venture Partners. Before entering venture, Bill spent four years on Wall Street as a top-ranked research analyst, including three years at CS First Boston where his research coverage included such companies as Dell, Compaq, and Microsoft, and he was the lead analyst on the Amazon IPO. In Today’s Episode You Will Learn: 1.) How did Bill make his way into the world of VC from Credit Suisse and come to be GP at one of the world’s leading funds in the form of Benchmark? What were Bill’s biggest takeaways from seeing the boom and bust of the dot com? How did that impact Bill’s investment mentality today? 2.) Why does Bill believe that one of the biggest challenges today is the abundance of capital? Subsequently, does Bill agree with Peter Fenton statement, “never turn down a deal based on the valuation it is a mental trap”? How does Bill assess his own price sensitivity? What was his learning here in meeting Larry and Serge early on with Google? 3.) How does Bill think about and approach market sizing today? How important is it to him when analysing an investment? Where does Bill believe a lot of managers make mistakes when assessing market sizing today? What was his big lesson here with Uber? How does Bill think about and evaluate market creation and market expansion plays? 4.) Bill has spent over 3,000 hours on some of the most famed boards of the last decade, how has Bill seen his style of board membership change over the last 10 years? What advice would you give to someone who has just joined their first board? How does Bill think about time allocation across the portfolio? What is the right ratio? 5.) How does Bill and Benchmark approach the element of partner selection today? What are the 5 core things that Bill looks for when adding to the partnership? What have Benchmark done that have allowed them to be so successful in generational transition? Why is an equal partnership so transformative when it comes to generational transition? Items Mentioned In Today’s Show: Bill’s Fave Book: Complexity: The Emerging Science at the Edge of Order and Chaos Bill’s Most Recent Investment: Good Eggs As always you can follow Harry, The Twenty Minute VC and Bill on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

34mins

23 Dec 2019

Rank #10

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20VC: Investing Lessons From Fred Wilson & Brad Feld and Why Fundraising Is An Art & Not Everyone Can Be An Artist with Howard Lindzon Founder @ Stocktwits & Managing Partner @ Social Leverage

Howard Lindzon is the Managing Partner @ Social Leverage, where he has made investments in the likes of Angellist, Datafox, previous guest Robinhood, Rent.com (acq by eBay for $415m) and many more incredible companies. Howard is also the Founder of StockTwits, a social network for traders and investors, named one of the ten most innovative companies on the web. He is also an author with multiple published titles that can be found here. If that was not enough, he also continues to manage the hedge fund he started in 1998. A man of many hats for sure! In Today’s Episode You Will Learn: 1.) How Howard made his way into the world of hedge funds, tech and now VC with Social Leverage? 2.) Why is trend following a good thing to do when starting investing? How can you trend follow and still invest with conviction? 3.) Why Howard believes people need to lose money to learn about the market and ecosystem What have been his learnings from missing Twitter and Zynga? 4.) Who Howard believes that fundraising is an art and not everyone can be taught it? What are the core elements that lead to a successful fundraise? 5.) What was Howard's biggest lesson from investing alongside Fred Wilson and Brad Feld? How did that alter his approach to price and ownership? Items Mentioned In Today’s Show: Howard’s Fave Book: Reminiscences of a Stock Operator Howard’s Fave Blog or Newsletter: Fred Wilson, Abnormal Returns, Josh Brown: The Reformed Broker Howard’s Most Recent Investment: Civic As always you can follow Harry, The Twenty Minute VC and Howard on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Angelloop is the leading post funding management platform for private market investors and their portfolio companies. They help investors manage and track their portfolio companies on the cloud while providing them with access to their investments performance data. Angelloop helps founders of startups track their performance, manage their cap table and keep their investors in the loop. Investors get free access while their portfolio companies pay only $49/Month. Use or share the promo-code 20MinVC to get your portfolio companies online with a two month trial. This episode was brought to you by DesignCrowd, the online marketplace for custom graphic, logo and web design that helps startups, entrepreneurs, web developers and agencies outsource design projects to designers from around the world.

30mins

17 Oct 2016

Rank #11

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20VC: Reddit's Alexis Ohanian on How It All Started With Paul Graham @ YC, The Biggest Surprises About Making The Move Into VC & Why Alexis Believes All The Best Investors Have Operating Experience

Alexis Ohanian is co-founder of Reddit & Initialized Capital. After graduating from UVA in 2005, Alexis and his co-founder Steve Huffman started Reddit, which they sold in 2006 to Conde Nast. In 2015, he returned to a full-time capacity with Steve Huffman as the two returned to the helm of a fully independent Reddit, which is now the 8th largest US website. In 2016, he joined Garry Tan in kicking off the third fund for Initialized Capital, an early stage venture capital firm. He's invested in and advised over two hundred tech startups and was a partner at Y Combinator; Alexis has also written a national best-selling book, Without Their Permission and was named on Forbes 30 Under 30 list two years in a row. In Today’s Episode You Will Learn: 1.) How Alexis made his way into the world of VC from founding Reddit? 2.) What were the biggest surprises for Alexis about making the move into venture full time? What have been the biggest challenges? 3.) How do Alexis and Garry (Alexis' partner) look to integrate process into their investing with Initialized? What is core to the success of this process? Why should more VCs be doing so? 4.) What does Alexis believe makes the best seed investors? What are the benefits of investors that have been in the trenches? How can they add to their companies in a way those without operating experience cannot? 5.) How does kindness integate into Alexis' role as an investor? Can one win in investing while being kind? How does Alexis look to show his kindness to founders and investors? Items Mentioned In Today’s Show: Alexis’ Fave Blog: Reddit Alexis’ Fave Book: Slaughterhouse 5  Alexis' Most Recent Investment: Workramp As always you can follow Harry, The Twenty Minute VC and Alexis on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Pearl believes the latest automotive technology should be available to every driver – whether it’s time for you to buy a new car or not. RearVision is our first step in driving this commitment forward. Pearl RearVision is the only wireless backup camera and alert system that installs in minutes and updates throughout its lifetime. Pearl literally takes less than 10minutes to install and is completely wireless because it’s solar powered. Since RearVision is software based, we’re able to push updates and new features over the Pearl App in the exact same way you receive updates for other apps on your phone. Pearl RearVision is perfect for anyone who wants to upgrade their car in minutes. Pearl RearVision is $499.99 and available at PearlAuto.com. It’s also available on Amazon and through Crutchfield. Xero is beautiful, easy-to- use online accounting software for small businesses. With Xero, you can easily manage your accounting anytime, anywhere from your computer or mobile device.When you add Xero to your small business you are able to: Send online invoices and get paid faster. Get an instant view of your cash flow. Track your payroll and keep tabs on your inventory. Partner with your accountant and bookkeeper in real time whenever you like. You can also customize your Xero experience with over five hundred business apps, including advanced solutions for point-of- sale, time tracking, ecommerce and more. Sign up for a free thirty-day trial at xero.com/20vc

27mins

12 Dec 2016

Rank #12

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20VC: The Metrics That Matter In Early-Stage Consumer, Why Moats Matter More Than Brand Today and How VCs Deal with S*** Hit The Fan Moments with Jason Stoffer, Managing Partner @ Maveron

Jason Stoffer is Managing Partner @ Maveron, the consumer-only venture fund backing a new breed of brands. Their stellar portfolio includes the likes of eBay, Zulily, General Assembly, Allbirds and Dia&Co, just to name a few. As for Jason, Jason is the master of all things consumer education, e-commerce and marketplace businesses. He has been a Board Member of a number of category-leading consumer businesses, such as zulily (Nasdaq: ZU), General Assembly (acquired by Adecco), Common and more. Prior to Maveron, Jason was Senior Director of Strategic Operations at Career Education Corp where he saw the business scale to a market cap of over $4.5Bn. In Today’s Episode You Will Learn: 1.) How Jason made his way into the world of VC from the world of journalism? What were his biggest takeaways from seeing the boom and bust cycle of 2001 and 2008? 2.) Why does Jason believe that moats matter as much, if not more than brand today? How can founders look to create the strongest form of defensibility? How does Jason analyze the 2 paths for consumer businesses today; raise large amounts of capital and buy growth or raise little, grow slowly, understand unit economics and channels over time? Does Jason think we will see a graveyard of immensely funded consumer businesses? 3.) How does Jason view paid acquisition today? Does Jason agree with Peter Fenton. "there is a lack of free and open distribution in consumer today"? When does Jason believe that consumer founders should really focus on CAC/LTV? What metrics really matter in the early days for consumer? How does Jason analyse acquisition channel mortality? When does he mean when he says, "CAC works, until it does not"? 4.) Jason has said before that "VC is a struggle". What elements does Jason find most challenging? How does Jason deal witht he shit hit the fan moments as a VC? Can VCs in this hyper-competitive world be openly vulnerable in Jason's eyes? How has Jason seen his approach to hard and challenging situations in VC develop over time? 5.) Does Jason believe we are in a consolidatory environment today or will we see the next generation of mega consumer brands being built? When investing, does Jason ask, who is the potential acquirer? Why? What multiple is achievable? Would Jason agree with Kirsten Green that "Amazon does more to make the market than destroy it"? How does Amazon affect Jason's investment philosophy and approach? Items Mentioned In Today’s Show: Jason’s Fave Book: 100 Years of Solitude Jason's Most Recent Investment: Imperfect Produce As always you can follow Harry, The Twenty Minute VC and Jason on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC. Are you told your standards are too high, well The League is the app that tells you to keep them that way, they know your time is valuable so simply tell them your preferences and they will handle the scouting and vetting for you. Plus even better, your profile will only ever be seen by people who match your preferences, matches expire after 21 days and so there are no drawn-out games and they even require LinkedIn to protect your privacy and block you from matching with co-workers and business connections. You can apply now by downloading The League on the app store or heading to The League.com Zoom is the fastest-growing video and web conferencing service, providing one consistent enterprise experience that allows you to engage in an a variety of activities including video meetings and webinars, collaboration-enabled conference rooms, and persistent chat all in one platform. Plus, it is the easiest solution to manage, scale, and use, and has the most straightforward, affordable pricing. And you can see for yourself! Sign up for a free account (not a trial!). Just visit Zoom.us. Culture Amp is the platform that makes it easy to collect, understand and act on employee feedback. From onboarding surveys to company-wide engagement, individual effectiveness and more, the platform manages multiple sources of feedback and connects the dots for you and that is why companies like Slack, Nike, Oracle and Lyft all trust Culture Amp. It enables leaders to make better decisions, demonstrate impact and turn your company culture into a competitive edge.  Find out more on cultureamp.com.

30mins

23 Jul 2018

Rank #13

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20VC: Why Now Is The Hardest Time To Raise an Institutional Pre-Seed in the Last Decade, What To Do When The Founder and VC Interests Do Not Align & The Rise of Pre-Emptive Rounds with Gaurav Jain, Founder & Managing Partner @ Afore Capital

Gaurav Jain is Co-Founder & Managing Partner @ Afore Capital, one of the west coast's leading pre-seed funds with a $124M fund focused purely on pre-seed. To date, they have backed the likes of Petal, BetterUp, BenchSci and Modern Health to name a few. Prior to co-founding Afore, Gaurav was a Principal @ Founder Collective where he was directly involved with some incredible companies including Cruise (Acq. by General Motors for $1B+), Periscope (acq. by Twitter), Airtable and Dia & Co. Before venture, Gaurav spent time in operations both at Google as one of the first engineers for Android and then also founding his own company, Polar, a leading mobile solutions provider with $10m in funding. In Today’s Episode You Will Learn: 1.) How Gaurav made his way into the world of venture with Founder Collective and how that led to the realisation that Afore needed to exist in the funding landscape? What were the 3 biggest takeaways for Gaurav from his time at Founder Collective? 2.) Why does Gaurav believe now is the hardest time in the last decade to raise your first institutional round of funding? What is driving these capital reductions at pre-seed? How does Gaurav assess the rise of operator funds and super angels we have seen in the last 5 years? How does Gaurav advise founders on investor selection at pre-seed? 3.) What does Gaurav make of large multi-stage funds entering into pre-seed? Why does Gaurav strongly believe that you cannot apply the same financing product to a different market? Does this mean the multi-stage funds will revert back to later stages? 4.) How is Gaurav seeing Series A funds behaving? Why are they more aggressive now than ever before? What does Gaurav make of the rise of pre-emptive rounds? How does he advise founders on pre-emptive rounds? 5.) How does Gaurav think about portfolio construction today with Afore? What is the right level of diversification across the portfolio to be sufficiently diversified at pre-seed? How does Gaurav think about reserve allocation today? How does the decision-making process compare when comparing initial to re-investment decision? Items Mentioned In Today’s Show: Gaurav’s Fave Book: Trillion-Dollar Coach: The Leadership Handbook of Silicon Valley’s Bill Campbell Gaurav’s Most Recent Investment: Modern Health As always you can follow Harry, The Twenty Minute VC and Gaurav on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

39mins

6 Jan 2020

Rank #14

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20VC: Inside The World's Leading Crypto Fund, The Future Exit Environment for Crypto Assets & The Beauty Of Benevolent Dictatorship with Olaf Carlson-Wee, Founder @ Polychain Capital

Olaf Carlson-Wee is the Founder & CEO @ Polychain Capital, one of the world's premier funds actively managing a portfolio of blockchain assets. Having founded the firm less than 2 years ago with their initial $4m fund, Polychain now has over $200m AUM with backing from the likes of Sequoia, Founders Fund, Andreessen Horowitz and USV just to name a few. Prior to founding Polychain, Olaf was the first employee at Coinbase serving as their Head of Risk and as product manager. In addition, Olaf has also been an active angel with a portfolio including the likes of Robinhood, Ethereum and Numerai. In Today’s Episode You Will Learn: 1.) How Olaf made his way into the world of crypto from academic studies to Coinbase to today with Polychain? 2.) What really is Polychain Capital and what is the primary mandate with the $250m AUM? With the firm's investments being always liquid, how does one look to stay aligned to founders with an exit possible at any time? How does Olaf think about LP fund withdrawal, would that symbolize a snowball effect in the crypto space? 3.) How does sourcing crypto opportunities differ from sourcing venture opportunities? How does the subsequent DD process change when evaluating crypto opportunities? What does Olaf want to see in whitepapers and what are the big red flags when analysing crypto investments? 4.) How does Olaf think about the exit environment for crypto assets? How does Olaf believe traditional corporate acquirers will respond to crypto assets and those that have raised through ICO? What does Olaf mean when he says, "we will see token network acquisitions in the future"? 5.) Have tokens created a paradigm shift in the method through which companies are funded? Charlie Lee @ Litecoin stated on the show, "ICO's were his biggest concern for crypto". Does Olaf share this concern and where does he see the nuances? Items Mentioned In Today’s Show: Olaf’s Fave Book: Infinite Jest Olaf’s Most Recent Investment: 0x Project As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Namely is the all-in-one HR, payroll, and benefits platform your employees will love to use. It’s as intuitive as social media, but powerful enough to support the complexity of today’s workforce. Namely’s mission is to help mid-sized companies build a better workplace. See how Namely can transform your workplace at www.Namely.com. Eero is the world’s best-reviewed wifi. A system of eero and eero Beacons wirelessly connects to blanket your home in fast, reliable WiFi, so despite the increased number of devices with Christmas coming, you’ll still be able to get powerful mesh WiFi in every nook and cranny of your home, backyard included. No more dead spots, slow spots, drop-offs, or buffering — right out of the box. Eero is only available in the US and Canada and you can check it out here!

27mins

11 Dec 2017

Rank #15

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20VC: Howard Marks on How COVID-19 Impacts Our Economy, Liquidity and National Debt, Why The Theory of Falling Knives and Market Bottoms is Wrong & Why The Best Investors Are Fundamentally Unemotional

Howard Marks is the Co-Founder and Co-Chairman of Oaktree Capital Management, a leading investment firm with more than $120 billion in assets. Prior to founding Oaktree, Howard spent 10 years at The TCW Group, where he was responsible for investments in distressed debt, high yield bonds, and convertible securities. Previously, Howard was with Citicorp for 16 years, where he served as Vice President and senior portfolio manager in charge of convertible and high yield securities. Howard has also written two books, most recently Mastering the Market Cycle: Getting the Odds on Your Side, and it was Warren Buffet who said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” In Today’s Episode You Will Learn: 1.) How Howard first made his way into the world of finance over 50 years ago? How did not getting an investment banking job change the course of Howard’s life? 2.) What does Howard believe is the fundamental economic crisis occurring today? How does Howard expect liquidity availability to change over the next few years? What analogies of prior downturns and recessions can we look to learn from? How does this downturn differ and align to prior recessions and downturns? What policies would Howard like to see governments enact to prevent the worst-case scenario? 3.) In conditions of such uncertainty, how does Howard think about how to manage and move forward with such volatility? What are Howard's frameworks and mechanisms to analyse crises events like this? Taking the analysis one level further, how bad does Howard believe this could get? If short of The Great Depression, are there scenarios that could lead there? What are the leading signals? 4.) Being proactive, how does today's situation change the mentality and activity at Oaktree? Why does Howard not agree with the notion of "the falling knife"? How does Howard think about market bottoms? How does Howard determine the right insertion point? Why does Howard believe the best investors are unemotional? How can one manage the psychology of catching a falling knife that falls further? 5.) What advice would Howard give to the may millions of working professionals today that have never seen a recession in their professional career? What makes Howard the most nervous when he looks at and assess the landscape today? What does Howard believe is the biggest misconception people believe with regards to the current economic crisis? Items Mentioned In Today’s Show: Howard’s Fave Book: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets As always you can follow Harry, The Twenty Minute VC and Howard on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

25mins

30 Mar 2020

Rank #16

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20VC: Sequoia Partner, Pat Grady on Why Data Is The New Oil, Why We Will See The Return of The Apprenticeship Model in VC & The Defining Characteristics of The Next Generation of Great Software

Pat Grady is a Partner @ Sequoia Capital, one of the world's leading funds with prior investments in the likes of Apple, Google, Whatsapp, Paypal, Stripe and many more. At Sequoia, Pat has made investments in many past guests of this show and the SaaStr podcast including Zoom, Namely and Qualtrics, just to name a few. Prior to Sequoia, Pat spent 3 years with the team at Summit Partners. In Today’s Episode You Will Learn: 1.) How Pat made his way into the world of VC and one of the most famous funds in the world, Sequoia? 2.) How does Pat view the apprenticeship model in VC? How can VCs attempt to develop and convey the founder empathy when they have not been a founder? Do 'career VCs' get the same respect from founders? 3.) What does Pat believe to be the defining characteristics of the next generation of great software? What are the commonalities? 4.) Pat has said before that 'data is the new oil', what makes Pat think this? How does this affect his investment thesis going forward? Are there elements of being 'data long' that make Pat nervous? 5.) How does Pat think the data incumbency advantage can be mitigated? What can startups do to build a moat? Items Mentioned In Today’s Show: Pat’s Fave Book: The Boys In The Boat Pat's Fave Blog: CB Insights Pat’s Most Recent Investment: Namely  As always you can follow Harry, The Twenty Minute VC and Pat on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. X.ai is AI-poweredered personal assistant for scheduling meetings bringing you Amy or Andrew. The assistant you interact with like you would to any other person and it allows you to avoid the tedious hours of email ping pong in order to schedule one meeting. Even better, there is no sign in, no password, no download, all you do is cc amy@x.ai beautiful! And you can check it out now on x.ai it really is a must! Workable is the all-in-one recruiting software for ambitious companies. From posting a job to tracking and managing candidates, Workable provides everything you need to hire better. Transparent communication, organized candidate profiles, structured interviews and a full reporting suite gives hiring teams the information they need to make the best choice. Workable is available for desktop and mobile and you can find out more on workable.com where you can try it for free.

27mins

13 Mar 2017

Rank #17

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20VC: Social Capital's Mamoon Hamid on Disrupting The Venture Model & Advancing Humanity By Solving The World's Toughest Problems

Mamoon Hamid is a Co-Founder and General Partner at Social Capital, a firm he co-founded in 2011 with the mission to transform society by using technology to solve the world’s hardest problems. Mamoon leads the firm’s private investing activities which focuses on building breakthrough healthcare, education, financial services, consumer and enterprise software companies. He currently sits on the board of companies that includes Slack, Intercom, Netskope and Greenhouse. Prior to starting Social Capital, Mamoon was a Partner at U.S. Venture Partners (USVP), where he led early stage investments in companies like Box and Yammer. Mamoon started his Silicon Valley career in 1997 at Xilinx where he spent six years in various engineering and marketing roles.  In Today’s Episode You Will Learn: 1.) How Mamoon made his way into VC and came to found Social with Chamath and Ted? 2.) How did Mamoon approach the team building aspect of Social? What did he look for in his partners and additional team members? 3.) According to Mamoon, what have been the inflection points in the incredible rising story of Social Capital? When has Mamoon's and the team's learnings really increased? 4.) What does Mamoon think of 'The Top 5 US Companies by Market Cap Being Tech Companies'? Why does he believe that there will be more from this cohort than any other cohort? 5.) What are Mamoon's expectations of growth, goals achieved at different stages of the company lifecycle etc? How does this differ according to the market he invests in? Items Mentioned In Today’s Episode:  Mamoon’s Fave Book: Blue Ocean Strategy Mamoon’s Most Recent Investment: Front: The Invoice For Teams As always you can follow The Twenty Minute VC, Harry and Mamoon on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. The Twenty Minute VC is proudly sponsored by Luma, Luma is the world’s first ever Surround WiFi system that brings speed, security and control to the home network. And Unlike traditional routers, Luma comes in a pack of two or three sleek devices to place in different rooms in your home. Luma then creates a mesh network that work together to create an outrageously-fast, ultra-secure Surround WiFi network.  Lastly, Luma’s app lets you easily see and control which devices, users and content are on your network. To buy your Luma, simply dead to getluma.com or amazon.com.

27mins

31 Oct 2016

Rank #18

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20VC: Benchmark's Sarah Tavel on Why Investing Success Lies In Small Markets Adjacent To Very Large Ones, Why You Have To Be Judicious On When To Pay Up vs Be More Price Sensitive & Why Crypto Investing Is Like The Early Days of AdTech Investing

Sarah Tavel is a General Partner at Benchmark, one of the world’s leading VC funds with a portfolio including the likes of Twitter, Uber, Snapchat, eBay, WeWork, Yelp and many more revolutionary companies of the last decade. As for Sarah, Sarah has led Benchmark's investments in and currently sits on the boards of Chainalysis and Hipcamp. Prior to Benchmark, Sarah was a Partner at Greylock Partners, where she led Greylock's investment in Sonder and another (unannounced) company. Before Greylock, Sarah was one of the first 35 employees at Pinterest where she led the company's international expansion and aided in the closing of the Series C financing. Sarah was also the product lead for search, recommendations, machine vision, and pin quality and led three acquisitions as she helped the company scale through a period of hyper-growth. In Today’s Episode You Will Learn: 1.) How Sarah made her first foray into the world of venture with Bessemer over 10 years ago? How that led to Pinterest and how she came to be a GP at Benchmark today? 2.) Speaking of Sarah's operating career with Pinterest, Pat Grady said on the show "never has the rate of decay on operating experience been greater". How does Sarah think about and respond to this? How has operating made Sarah a strong investor? What are the drawbacks that this operating experience can present for investors? 3.) Moving to evaluation, Andy Rachleff, Founder @ Benchmark said on the show, "good team poor market, market wins; good market, poor team, market wins. How does Sarah think about the balance between founder vs market? Why is going after big markets so hard? What should investors look for in a market with that in mind? How does Sarah determine the right time to open up adjacent markets? 4.) There has never been a greater supply of capital in the market than today, does Sarah believe we have an excess supply today? Does Sarah agree with her Partner, Peter Fenton, "no good deal is too expensive in hindsight"? How does Sarah assess her own price sensitivity? How does it depend on the opportunity? How has it changed over time? 5.) Having 2,5000 hours on boards, how has Sarah seen herself develop and change as a board member? What have been some of the biggest learning curves? What are the commonalities in the very best board members Sarah works with? how doe the best entrepreneurs manage and use their boards effectively? 6.) Why does Sarah think that crypto today is very much like the world of adtech in the early days? How does Sarah think about the requirement for specialisation in the space? WIll this be a game for the specialised crypto funds or can generalist VC funds compete? Items Mentioned In Today’s Show: Sarah’s Fave Book: Creating the Kingdom of Ends Sarah’s Most Recent Investment: Hipcamp As always you can follow Harry, The Twenty Minute VC and Sarah on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

36mins

24 Sep 2018

Rank #19

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20VC: Venture Capital Is One Hell Of A Drug, What VCs Expect From Founders Once They Have Raised & Why Customers Validate Your Business Not Venture Capital with Eric Paley, Managing Partner @ Founder Collective

Eric Paley is the Managing Partner at Founder Collective, one of the world’s most successful seed funds with investments in the likes of Uber, Hunch, Makerbot and About.me. Prior to Founder Collective, Eric was the Co-Founder and CEO of Brontes Technologies, later acquired by 3M for $95m. Following it’s acquisition Eric began making angel investments and it was not long before Eric and David, ‘super angel’ at the time, saw the potential for a Founder First seed fund and Founder Collective was born. In Today’s Episode You Will Learn: 1.) How Eric made his move into the wonderful world of venture from founding Brontes Technologies? 2.) How does raising VC money affect the founders in both the long term and the short term? How does it alter exit expectations and time horizons? 3.) How does raising VC money affect startup management and burn rates? At what time is it too late to cut the burn? When should this moment of realisation be? What are Eric's rough expectations of valuation uptick based upon VC funding? How does Eric approach the bridge round? What metrics are required for Eric to think it is an acceptable round? Is it merely a case of failing to hit Series A metrics? 5.) Does Eric believe VCs really need $Bn exits to succeed? What is the math behind it? How should founders think of exits with the investors hat on? What does Eric make of the rise of mega funds? Items Mentioned In Today’s Show: Eric’s Most Recent Investment: Crayon As always you can follow Harry, The Twenty Minute VC and Eric on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. The Twenty Minute VC is proudly sponsored by Luma, Luma is the world’s first ever Surround WiFi system that brings speed, security and control to the home network. And Unlike traditional routers, Luma comes in a pack of two or three sleek devices to place in different rooms in your home. Luma then creates a mesh network that work together to create an outrageously-fast, ultra-secure Surround WiFi network.  Lastly, Luma’s app lets you easily see and control which devices, users and content are on your network. To buy your Luma, simply dead to getluma.com or amazon.com. So many problems start with your head: stress, depression, anxiety, fear of the future. What if there was some kind of exercise you could do, that would help you get your head in shape. That’s where the Headspace app comes in. Headspace is meditation made simple. The Headspace app provides guided meditations you can use whenever you want, wherever you want, on your phone, computer or tablet. They have sessions focused on everything from dealing with stress and depression, to helping you eat more mindfully. So download the Headspace app and start your journey towards a happier, healthier life. Learn more at headspace.com/20vc. That’s headspace.com/20vc.

23mins

23 Nov 2016

Rank #20