17 Burst results for "James Joaquin"

"james joaquin" Discussed on Squawk Pod

Squawk Pod

10:42 min | 8 months ago

"james joaquin" Discussed on Squawk Pod

"Of the the other greatest hedge fund managers of all time piped up that would be Stanley druckenmiller Duquesne capital his now closed Hedge Fund had a track record nearly unheard of on wall. Street the thirty percent average annual return to investor's is a legend in the industry temper has been the subject a really positive comments from someone that it may be the best ever in business stand druckenmiller so I asked him About Kemper and his comments and stand doesn't like the pine lightly very often and I appreciate that he did this today but he said of the current market I revealed very bullish posture. Austere Intermediate term in an interview on December thirteenth. Since October when Powell guaranteed that he would not rescind the the insurance cuts unless inflation was persistently above target in other words would not change even if trade brexit worked out since then both of worked out and the Fed is still whining about inflation being below target in addition trump's election prospects of increased to trade agreements in a big win in Iran on which the Democrats have responded poorly to so in his words. I am still riding the horse. As well and bullish intermediate-term all right so druckenmiller and temper are both following the momentum on this and think that up is where the market is headed and there is playing in the net show. Yes and I and like I said it would tempers call when you put in the qualifier that I saw this horse down you know that could be hours days or weeks. I mean so you know. I don't know how long the probably important to say to that. Neither one of these two gentlemen woke up this morning thinking no neither one. Advertising position is to be incumbents tation with them and this is what you I appreciate it but he said if you must. You're just for people who think they're manipulating us. And they're gonNA tell this so so they can sell. That was not the intent. Either of them woke up with then. Just tell you what they actually think about the market right right exactly and you know what you have to worry about saying saying something on a global financial and that's what cell site people. These guys have skin in the game. They got much bigger problems about whether they they say something something on somebody because they have. That's why the buy side is so much. That's why even predicted next next on Squawk pod Internet entrepreneur ev Williams on ESPN investing and the attitudes of Silicon Valley employees toward the tech companies. They work in Silicon Valley for example employee's care tremendous amount about this. It's not district customers. But if you want you want talented full be right back. You're listening to swap good morning. Welcome squawk box right here on. CNBC interests working along with becky. Quick Joe Kernan. Silicon Valley entrepreneurs tour's often want to shake up industries but obvious ventures wants to do more than that the early stage venture fund founded in two thousand fourteen takes a long term view and makes investments in companies the the tackle some of the world's toughest challenges such as climate change healthcare and education its portfolio includes magic leap electric bus startup patera notably beyond meat which was the firm's first public exit. Join US right now can I. We can just say he's one of the creators of the modern Internet Williams's here twitter of course medium. Jim This is the guy. And then James Joaquin co-founder of obvious ventures as a is the CO founder of twitter C- of medium. What what other fabulous fabulous things? What was the original? If there isn't blogger lager. That's what I was thinking to Google in two thousand and three so We've got a lot of topics to talk to them about out. But why don't we just start real real briefly I with the fund. And what you're trying to do with today's big day for us we're announcing our third fund. We're entering our seventh year ear and this is a major growth milestone for us. Our Third Fund is two hundred. Seventy one million eight hundred twenty eight thousand one hundred eighty eighty two dollars. How did you choose that number? Well those are the first nine digits of one of the most important constants in mathematics called oilers number universally known as e so so we like to say E. Equals lovie three for us with this third fund. Do you have. Investors hit themselves investors. who either wanted to get in at a certain number or this and you said we can't do it because because we need to actually equal the certain number two for twenty we're not a cannabis fund all right? This is a tradition for us. Our first fun was just one two three four five six seven eight nine. Yeah your second. One was a pal Andrew in one thousand nine Allen Drummond. We love to celebrate math and science. It's a lot of the cutting edge technology we invest in and so getting our third fund to eat. It was a lot of work to get our. LP's right the right number but we did it. This is the Einstein either equals MC squared or. It's named after Leonard. Swiss mathematician founder the Houston Women's or no connection. There were a little bit older. Ask about a PRI- one of the things. We talked about a lot out on. The show is private valuations relative to public valuations in this marketplace. Right now and what we've seen over feels like the transition at least the last year where there were these very high I public or private valuations and then came down in the public markets. And how you think that's changing the landscape or if it all well I think we got it right with beyond me right right in our. Our private valuations were much lower than the public market valuation. That we see with that company. That's been a fantastic return for us and a fantastic proof point. Join of the word that we do but to your question I think Silicon Valley is increasing. Its focus on profitability and invest at the early stage. So we're not public markets experts but we do focus on making sure that every investment we make there's a thesis and a path to profitability and. We're seeing more investors focused on that. We're seeing some of the late Stage companies start to do some layoffs to reduce burn to get closer to profitability. Maybe that's in anticipation of how they're going to be valued in the public. Let me ask you a beyond meat. Related Eighty question it relates to the news and Our has out in terms of refocusing his firm around climate and sustainability issues like that. He says it's an economic decision. Meaning he he. This is not a political decision. It's not even a to some degree even a science decision for him personally. It's he thinks. The world as investors millennials and others are moving towards sustainable investing. I mean obviously that's part of the trend bought beyond beyond me. What percent? How far do you think that goes? And how quickly do you think it happens. Well I think it's happening right now and beyond is a proof point as James said but it goes back to our original thesis says and which was we don't think of ourselves impact investors we think of ourselves as financial investors who are choosing things that are addressing major problems. Because because if you figure out how to do that profitably it's GonNa be huge business. And so it's very in line with Larry is saying I think it's not just new generations choices it's a necessity necessity and and so what what we've seen beyond and lots of other portfolio companies diamond found agree is about lower carbon diamonds. There's there's all these kinds of things that people are choosing because they realize there's there's a better way to solve these problems but how much of that is a bit for example apple and thinking of a lot of the also going to see the big silicon valley companies that do have big balance sheets. That are now moving in this direction. In terms of some of the work that that they're they're doing at cops to them by the way because you see apple for example now running I think all of their operations the US tolman off of carbon neutral. Well it's Ed cost to them and there's a bigger equation there. I know in Silicon Valley for example employees. Cara tremendous amount about this stuff. So it's not just your customers but if you want you want talent that that feels like you're doing the right thing as a company it becomes a real issue to do that and we think high carbon companies are fragile Rachel right there. They are at risk of a price on carbon fundamentally changing the economics of their business we can flip trillion dollar industries to low-carbon even think about food energy transportation resources a lot of the companies in our portfolio have better economics when Pro Tara sells the city of New York an electric bus. It costs less to operate than diesel bus. So the numbers are just before we let you go. I have a couple of social media questions for you. Okay Tick Tock Doc. What do you think it's fun? It's fun would you use it to use it. I've I've played with it. I liked understand all all the new things. It's not my genre right. Haven't yet made a tick tock video. I don't think I can compete on average snap. I think I think Evan is one of the greatest product thinkers. There is an. I'm sure they're gonNA come out with lots of more creative things. He's very nice and polite. Have James Thank you thanks. That's that's the show for today next week. The World Economic Forum in Davos Switzerland. It's cold the walk everywhere but I think it might be worth the most influential eventual minds in global business and politics in the Alps with us and before that money might be a market holiday spot. pod will be here with a very special interview from last year's Davos a conversation with conservationist ecology and overall wonderful Human Jane Goodall. But it's very rare. We're I'm MM starstruck and I was genuine starstruck by Jingo squawk boxes hosted by Joe Kernan Becky quick and Andrew Ross Sorkin Weekday Mornings on CNBC eastern at six am eastern to get the smartest takes and analysis from our TV. Show right into your ears. Subscribe to swap pod. Wherever you get your news we'll meet you back here on Monday? Have a good weekend are clear skies this CNBC. He podcast is brought to you by TD AMERITRADE investing isn't one-size-fits-all every investor has a unique style. That's why TD AMERITRADE offers two different mobile APPS. There's Tedi Ameritrade Mobile. Which lets you manage your portfolio with streamlined? Simplicity or thinker. Swim Mobile. which gives you tools? You need for more or advanced trades and in-depth Analysis Visit T._d.. AMERITRADE DOT com slash APPs to find the one. That's right for you once again that's T._D.. AMERITRADE DOT com slash APPs members A._B._C...

Silicon Valley Third Fund James Joaquin CNBC Joe Kernan Becky US Hedge Fund TD AMERITRADE Andrew Ross Stanley druckenmiller Duquesne Tedi Ameritrade Mobile apple twitter Kemper Fed Jim This ev Williams Powell Joe Kernan
"james joaquin" Discussed on This Week in Startups

This Week in Startups

03:37 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"You'll see I don't know what fifty six over fifty now. Yeah. Lot amounts to feel real positive companies a lot of world positive companies. But yeah, I think it's interesting when you when you have the capital to deploy. You know, it's I see this with the jewel company, which was originally the packs company the other jewel cigarettes that are destroying worlds if we're all negative, but they're in their minds. They thought they were world positive. They really started just as cannabis whatever you think is Canada's world pas or not. But they thought they were or at least it's the front. They were putting out was we're gonna get people off cigarettes, and I don't buy it. I don't buy. Yeah. And then the when I first saw that as an investment opportunity. I don't buy it. Now, I and they didn't they take money from big tobacco company. I think those people need to get their heads examined on teen and tween age nicotine addiction. We sm- there's a chart it has smoking going down like this and teens, and then all of a sudden you see vaping. And it's like what's the point of being rich and powerful and having money if the way you operate in the world. Brings back. Yeah. How would we feel if if a pharma company made Chewable, mango or mint flavored vicodin? How would we feel about the not so good? Hey, would you like these prima Coletta Oxy's like what? So here we have these kids flavored very high dosage nicotine, Vate pens that look like USB drive inch of a halls honestly to the people at jewel kill yourself. Honestly, I just. If you work there, and they just paid off all their employees a million dollar bonus dividend so disgusting, and like people were friends of mine who owned the stock just sell the stock in the second Morgan get yourself out of that. So make a a less negative comment. But you know for any entrepreneur thinking about doing something like that. If you have so much intellect and creativity and talent clearly redirected go after something world, positive go solve a big problem. Yeah. Go reimagined, transportation and create electric planes in electric cars and electric buses. There's some I mean, and there's a bunch of stuff in the middle that maybe isn't world positive, but it's not gonna bring back cancer. And you know train. We literally spent decades trying to unwind what the cancer. Stick companies did where they would have ads with doctors in them saying two out of three doctors prefer camel like really using doctors cancer scumbags jewel. These. Horrible, disgusting human beings who work there, these horrible. Disgusting. Investors who are profiting from you are so dishonest saying that this is not for kids. And that you're doing this for that reason because they had ads with a bunch of millennials in them the ads they have just type in jewel ads and they're getting regulated on this stuff now. Yeah, I mean, and if you. Regulated by the government. This is the lowest form, and you, and I are not fans of government regulation. No. When the government has to regulate you that means, you're horrible human being and the last person that could regulate you has shown up regulate yourselves. God I'm so here now anyway, well, if you wanna get if you weren't offset if you wanna get happy, go, look at dot com slash portfolio. Look good. Gustav to. Yes, we gusto gusto guys, we love gusto, and we love magically. I don't have a magic. That's the real deal. Right. We should get one. It's the real deal. Correct. It's the real deal talking about light.

nicotine Morgan Canada Oxy cannabis Vate Gustav million dollar
"james joaquin" Discussed on This Week in Startups

This Week in Startups

02:48 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Amazon exacts who are building Mitch Kapor and freida component. I are on the board. I used to work for Mitch. You did. Yeah. He's one of my mentors for where. Well at Cape were capital. And before that a company called x marks that was originally FOX marks. I remember that Mitch started the book market, Mark synchronization? I remember that. Wow. That was such a great category, which delicious and sold. Right. I remember when you were at FOX marks. Okay. But back to rush. Oh, well, that's number two. The first one I call farming the door number two is hunting where we're gonna go out and chase. And there's been an interesting door number three. It was one of the early investments that we made it obvious when we started the firm, one of our with these three pillars sustainable systems healthy living and people power that are the theme that kind of meta themes, we care about within sustainable systems. Evan. I both, you know, just have this huge passion for how do we find four prophets solutions to climate change? And I was an angel investor in a company called open. Our that created a breakthrough method of getting consumers to use less energy in their homes through competition with their neighbors. Oh, yes. Oprah had a successful IPO. And then post IPO they got acquired by oracle. Wow. And you know, once you get acquired by oracle. Who knows what's going to happen? Probably the innovations gonna slow so so I asked the question are we really done with energy efficiency. Or is there something more after? Power. And so we went looking at met with a woman named Susan Norris. Who runs the energy efficiency team at at PG any mar California utility and told her what we were doing with the founding of obvious and that we were interested in this category. And if you ever see a company that your team is excited about or piloting the energy efficiency space. Please introduce them to me. And it literally was like six weeks later. I got an Email and she introduced me to L A entrepreneur named Matisse Kerr wig who had founded a company called NRT and Susan had glowing things to say about this energy efficiency marketplace that they had built in that the pilot went so well that PG knee was moving to a multi year contract. That's great signal as Bester. And so we jumped on the next plane to LA, and we'd never met this entrepreneur before and we ended up leading the seed round of that company. Amazing. I like that. All right, listen, we could talk for hours, and we do when we're. Out socially. But here we'll just talk for an hour because I don't want to burn. But you gotta come back and come back soon. Congratulations and continued success with ventures. You can go to obvious dot com. You can follow obvious VC on the Twitter as well. And if you wanna peruse their incredible portfolio, good obvious dot com slash portfolio..

Mitch Kapor Susan Norris FOX Mitch Amazon Twitter Evan Oprah Bester California LA Matisse Kerr NRT six weeks
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:31 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Trying to figure well sad. And I think somebody was explaining to me like they were talking about blockchain less than at dinner. We had our dinner and was like. You know, the immutable blockchain, and this technology is the one of the least efficient database models ever created, and and nobody being in charge and it going away or getting fifty one percent attacked or any of these things in the case of voting you probably want to have somebody sensually in control of that and your Bank account, and I was trying to think of cases where it not being. Centrally controlled would be better. And I I was at a loss. Yeah. How's that a loss? I can't find the application. I mean, I think the application where everybody can see the blockchain. I could see that work. But I haven't found one where thought like I I really want this to not be controlled by anybody. Well, a lot of smart people are working on it. So I'm confident we're going to see them. We just. Well, I mean, if you look at the tour network as an example, this is the example. Yeah, what is the primary use case bad behavior? It's generally not being used by people are Tatum. You're a dissident, and you know, in Thorin country, we censorship and you're trying to get around their firewall and not by be like one on one thousand people or something. That's the problem seeing like, it's a very interesting intellectual debate technologies are just tools, so they're not inherently good or evil. What we entrepreneurs and investors do those technologies. So we'll see I am fascinated by other racking my brain the one application I heard that. I thought was very clever to love the concept of a smart contract where we can participate in a contract at Aligarh doesn't have to do that is on the blockchain somehow code codified. And I was thinking in art or. Electable 's imagine some emerging artists said as my first ten paintings. I'll sell them to James Jason for five hundred bucks, each all I ask is that if it gets resold during my lifetime for the next hundred years every time it gets old. I get ten percent back or whatever it is. So if I become Cosso, and that one hundred million dollar painting when you sell it for one hundred million my kids get ten percent of that. This would be such a wonderful beautiful interesting application of music. I mean, how many lawyers there are in Los Angeles that just manage these rights of riots rules form in mechanical lyrics while the stuff. Yeah. Right. And now, we have streaming music services. We have all the digital plumbing where that could happen really quickly. That'd be fascinating. Imagine. If Phil Kaplan's destroyed kid, Phil. Yeah. Destroy kid was the first service that let a recording artists set the rules for how they're streaming revenues could get split up amongst all the musicians. So the bass player gets something and EM. Am a drummer. So, you know, you're never gets paid. Yeah. Just pushing the back you're a drums interested by people who are drawn to drumming middle child. But chance the youngest of two, okay. Because I the drummer was like somebody who needed to vent, really. Well, you banging and you're in the back. It's like in your own world. Just banging on the wrong framing. Jason. It's not. It's not that. We're banging we're the backbone. We're the metronome with clock. We're just kidding everything together blue. That's what we're doing any. If somebody wants to raise money from you. Yes, have you ever invested in a company that Email cold that you got over the transom or they always ones that came in through a trusted referral or friend of a friend or you knew an investor ever come in direct three mill. I'm going to describe three categories of God deals that we've done the first categories. The is the the the most obvious which is the warm referral through our network or through one of our entrepreneurs or the usual way, you get to a V C that's door number one door to is that because we do the Matic investing. We actually we do these things we call investment sprints on the team where we take a an area of interest like building construction, and we map out the whole market, and we talked to experts, and we talked to customers, and we we look through your syndicate on angel list. And see what's happening. The seed stage and and get smart on that. Yup. And once we.

James Jason Phil Kaplan Thorin recording artists Tatum Cosso Aligarh Los Angeles ten percent one hundred million dollar fifty one percent hundred years three mill
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:21 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Hundred angel investors. I'm the largest syndicate I've done the largest number of these. I understand many hands makes for light work. There's an appetite. To participate in private companies. This is all would you say world positive positive super world positive? Yes. I want ten thousand people to participate in the next syndicate. I do for good eggs, or whatever it is. But how do you do that across a hundred different regions that have different definitions of accredited investor in different regulations and reporting you can't, but it showed that people would put a billion dollars into was it ios that want raised a billion or two billion over some period of time staggering amount of money. I'm just like, okay. Well, that's basically what ten of your funds, and how much work is it for you to go. Raise a fund. I mean, six months of work. Maybe more more a year of work and a lifetime building reputation than these dip shit. Crypto dip shits dot com. Go raise two billion dollars crypt dot com. Goes raise two billion dollars. And nobody knows who they are. And they wrote a white paper one of your listeners. Suggest register that domain. You're not too late. I got cryptic crypto dipped shit. You're ahead. I'm not saying domain name here unless they have an interest in it. I was looking at it just going, you know, God I wanna participate so badly, but I just don't want to participate in a fraud. The other missing piece for us. It was around governance. Yeah. He's anybody. In charge is anybody in charge. I've been in this game long enough to know that it doesn't always go perfectly. And you want a set of people and brains around the table that can help when you encounter volumes of direct like aboard like a board. And these shares people were buying tokens. You're not a shareholder do not a shareholder over for two new legal rights zero rights. They could literally take they could sell a million tokens and issue. A billion more dilute everybody. And and forgetting legal rights. Don't you wanna back entre preneurs that are actually open to import and help? Yeah. I mean, if all these white paper, some are there's one school of thought that you don't want that you just want the, you know, the monster entrepreneur that's done it twenty times. And you get out of your way, give her a check and let her go. Yeah. And that's you know, that's one school thought. But for seed stage early stage, the kind of work that we do I think, governance and advice is really helpful. Yeah. And I have a responsibility for the capital, I manage shit. You might have people who have given you money who are pension funds or endowments from schools or family offices that do good in the world xactly. You wanna give them their money by the of those interesting is you brought up distributed applications and this to me find very interesting. The the concept of distributed Twitter or distributed because there is one that has been going around forgot the name of it. It's like some. Some name of an animal or something like nine or something. Anyway, there's a distributed Twitter Jimmy where producer Jackie we'll put in the chat room and a second. But there's a distributed crypto peer to peer Twitter that exists. None of us broken out. I was I was thinking about like the distributed YouTube. What do you think of this idea is distributed YouTube, it's on a blockchain nobody controls? It you invest in this and anybody can put up any video nobody can take video down. Is this a world you wanna live in? This is an investment you wanna make not an investment I wanna make because I just I don't think it's fits our world positive seize that were focused on people who thought this out easy answer for me, a YouTube. That's everybody's like, oh, I'm going to vest in this YouTube. That's distribute. I'm like, okay. When child porn or revenge porn, or a wedding charisma. Children's shows that you don't want your kids watching because they yeah. When all that stuff gets put on this distributed YouTube that you invested in your name is on all of these misapplication that are now forever on the immutable YouTube blockchain centralization is not always bad. Exact decentralisation is not always good. Yeah. We have to find the intersection of where these technologies can actually do something. Good for the end consumer ours..

YouTube Twitter fraud Jackie producer two billion dollars billion dollars six months
"james joaquin" Discussed on This Week in Startups

This Week in Startups

02:32 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"What is the application, right? Besides money store transfer and speculation those were abundant, right. And I have a couple of investments Abbas doing money transfer. And I know too much about money transfer from zoom day. So I know about the layers of regulation, and yeah. Three letter agencies. The governments. And so, you know, I think there's there's some irrational exuberance in how you use these technologies there again because the governments are not super interested in giving up their control over monetary up and say super giving up monetary control period and some of that is national security control. It's beyond on crime terrorism. Also, money laundering ENA. We there could be economic terrorism that could occur. You know, if everything is what forty nine percent attack where you take over forty nine percent or fifty one. Pursue into theorem which fifty one percent attack on the United States dollar would not be a good thing. Right. Conversely, building new distributed application that had that is trust Louis that incentivizes consumers for the value that they put into the service or the network that could be incredibly real positive. Yeah. No, it seems to me developers being able to have like a stake in an open source project that manifest itself over time through the crypto currency is pretty cool. I have you paying twenty three and me shouldn't they pay. You your genetic information can opt into different research projects for sure they should maybe they should give you some coins. Appreciate as research projects occur. You know, things like that. That's that's what we're I think in the early days of an optimistic that will see what did you think of people raising money on a global scale. Yeah. Anonymously via wallets without doing any security filings or anything what could possibly go wrong. You know, exactly as they is like, I think they're seventy cases that have been already started. Yeah. Yeah. Is what I read in the Wall Street Journal. That's seventy out of nineteen hundred ICO's that I think people have tracked. Yeah. Seems like a long way to go right on the one percent in directionally. Correct. Can we democratize investing? Yes. That's directionally. Correct. That's the thing that was the conundrum for major. Yes, I'm looking at that going. I have a syndicate of twenty eight hundred twenty eight.

Louis Abbas Wall Street Journal United States ICO forty nine percent fifty one percent one percent
"james joaquin" Discussed on This Week in Startups

This Week in Startups

03:49 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"There are they're just happy to have you. And well, if they're back talking to us, they didn't hold it against us. Sure. There's some that we missed because they didn't come back. I'm sure it's possible. You know, the other thing we do Jason that I think is critical, and I don't think all these do this my partner v Shaw really kind of an invented this at obvious, which is before we make an investment, we try to do a whiteboard session with the founders to really deeply understand their long term strategy and road map. How do you want to grow the business? How you how do you wanna go to market how many years long term strategy in your world? Five years. Yeah. Okay. But the point being in the time line is is is less important than the alignment. We wanna make sure that we believe in their vision. Right because they're the operators. They're the ones that are gonna have to execute on that vision. And as an entrepreneur, I saw some VC's that want to invest because they want to change the company to match their vision. Right. And I don't think that's a recipe for success. That's where it gets a little toxic. Where the founders like. Yeah. I think we can double revenue, and then we not to cities in the VC's like how about twenty cities. Yeah. Can you give me that model? Yeah. What what's the worst behavior? You saw on your twenty thirty years doing this. What's the worst thing you've seen from an investor without saying the names of the moms sent to start a war here? But you've seen some bad behavior that one the one that you just looked up at the line, right? Doc, I'm not gonna name the worst behavior. I've seen as an investor trying to force a start up management team to merge with another startup in the portfolio. Oh, God to try to rescue some other investment. So they want one founded catch another knife as it's falling to the ground. Instead of just letting when you drop it, maybe it's not so dreamy. Maybe it's not as dramatic. Maybe be. It's an apple in an orange and they want to duct tape them together. Right. Well, that makes a lot of sense. Yeah. Yeah. And they would the motivation. There is to mask the loss in company a by folding to company bay wouldn't be LP's the limited partners investors in the VC fund understand that implicitly when they see it sounds like such a dump strategy for VC to do it. I can't comment because wasn't my strategy. I know, you know, now with L PS like send your L P A report. And it's like, yeah. Acme company got bought by delta companies. Aren't you? On the boards of both those companies, what's the beasts here. Yeah. It's like you're getting a save. I think there's something really important for investors, and founders to always remember, which is to stay focused on the customer, listen to the customer, delight the customer, and I think sometimes with investors they're more focused on buzzwords in momentum and industry shifts and thinking, hey, if we just, you know, add this expand this other thing or acquire this company. You're invest in this new thing, it'll give us this new technology. That's really hot right now. But maybe that's not what our customer needs right and crypto on it. Right. What do you think? I mean, you were around like, I was the dot com. Bubble burst. Use the financial crisis had nothing to do those. And you saw this crypto boom and bust. What are your thoughts on crypto as technology when abouts crypto as a boom and bust cycle while I think as technology. Blockchain and then crypto currencies on top of blockchain are layers of the new web three point our wed four point zero whatever number you wanna sign to it. We think those are going to be breakthrough building blocks to create new kinds of distributed apps new kinds of solutions that we haven't seen before. And we're actually actively hunting for world positive applications of that. Gotcha. Okay. So we're we're heat-seeking for it. But we've gone very judiciously very slowly..

Blockchain delta companies Jason partner Shaw apple Doc twenty thirty years Five years
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:03 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"We know newsflash there faster than the competition faster than regulators faster than normal. Businesses would consider saying large large rounds of funding. Follow the end goal is to celebrate public producing astonishing returns early stage. Investors sounds good to me. The setup has spawned house names, Facebook, Google, Uber as well as hundreds of other so called unicorn billion, but for every unicorn there are countless other startups that grow too fast, burn through their investors money and died on this possibly possibly this is why like the New York Times link bidding possibly unnecessarily. I don't know. I find this article kind of silly because peop- it's but one option in your into it. And it's like if you picked the fog Rah and the steak on the menu, you pick that if you pick the, you know, beyond me, whatever. People have choices. Right. What do you think about the fact that your in an industry that is considered to be grow? At what some people think is unsustainable violent what what's the fair assessment of this criticism slash link baiting article in the New York Times, I think the truth is in the middle. Okay. You can't you can't lump all venture capital and all venture capitalists into the same bucket. Yup. Look as an entrepreneur in my career. I think I did six or seven startups total that would have been possible without venture capital. So to me, I'm a huge fan of asset. And now from both sides has an investor, you know, I'm helping to create jobs and more importantly these these world positive solutions to big systemic challenges. So I think that's really important. And I I don't think we can just with one broad stroke say that venture is bad. I think that would not you you need to be more intellectually curious than that. And unpack it I do think that venture capital has a responsibility. To kind of mate with our own species. We need to actually do the work and make sure when we invest in a company that number one, we have an underwriting thesis as to how we're gonna drive venture capital returns. There's a lot of math in venture capital. Yeah. What did you the return expectation when you put some money into good edge? What do you expect to get out? You know for an we do early end growth mostly mostly early and a simple rubric for us as anyone early stage investment should have the potential to return the entire fund. Okay. So if you put finally into something like good eggs you typically. Right. A what a three or four five million dollar check one two five to start but figure ten to twelve over the life of the company you ten million dollars in from one hundred hundred ninety one ninety two million dollar fund. Right. You need to get twenty. X anyone has to have the ability to go twenty acts, which means their revenue has to grow twenty six. And when I say ability there has to at least be that X factor for that that possibility possibility, right? Which means if you have a pizzeria or some business, you automatically are excluded from that possible. That's right. And I have a responsibility to be really clear for my LP's and also to entre preneurs, I'm meeting with whether I think there's a fit for venture capital in what they're doing. The toughest part of my job. You you do this a lot as well. Which is saying, no, right? And I see so many amazing world positive things. But a lot of them are not big enough addressable markets to fit venture capital. Yeah. And this okay in the industry venture scale. I guess your scale how do you? How do you tell a founder who thinks they're venture scale that you think they're not? How do you have? I mean with transparency and with humility and say, look, if you clearly you think otherwise, and I'm going to root for you from the sidelines and maybe prove me wrong. Yeah. And you have the option to come back. If we didn't insult you too much. Maybe we can make up for necessarily be you ever have. That happen where you said no in a seed series and you come back in the series seriously hundred percent. Yeah. And it's great when that happens when you see a company that did everything they said they were going to do. And so if you get another bite at the apple that can be great. And do they hold it against you that you didn't do the previous round is like a little animosity?.

New York Times Facebook Google apple founder one hundred hundred ninety one four five million dollar ten million dollars hundred percent
"james joaquin" Discussed on This Week in Startups

This Week in Startups

03:36 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Yes industry, they love to watch this database like a hawk yes. And so that the moment they see that x y z fund raised a billion dollar fund. They can write the tech crunch article. They beat each other out and it's a race. They're camped and number one. We observed that that's the easy part. I think the hard part or the the more meaningful insight is that we observe that. The numbers were all boring to fifty five hundred right one point two. And we thought you know, if you have the best finance and tech press in the world all watching at your doorstep for what you're gonna file. Why don't you actually do something interesting? So with our first one we were trying to raise one hundred million dollars as our Naga fund. We were very fortunate to get what's called oversubscribed and business we had a little more money. So when we got into the kind of hundred twenty million zone, I showed up at office. And I said, hey, will you sign this amendment? That increases your capital commitment to the fund by this weird number. And he looked at it. He signed it. And then he looked at me. And he said, why am I signing this? Trust moment, and I smiled, and I said will you're gonna find out tomorrow morning because you know, for PM I'm in explain we're going to submit the form d for the final close of our fund, and then I went to the whiteboard. And I said this is going to be the number and in mathematics terms. It's one nine sequential went three four five six seven eight nine and the next day. Not only do we get a ton of printed press got invited onto CNBC. Nice. Walk alley to talk about this one two three four five six seven eight nine fun. So that's the origin story of that. Number. Tell me about some of the companies, and are you? Tied to doing good in the world because I I think people perceived obvious as like an ommittee are kind of a fund where it was. I dunno triple bottom line or purpose and use purpose a lot in this conversation. Are you focused on returns, or are you focused on better place one hundred percent focused return? Okay. So you're not an impact fund. We are not. In fact, we ban the I word gone office. So let me if I may tell you quickly the origins of obvious in Silicon Valley are is the work that Evan biz did when they left Google. They started obvious group, and they want something called Odio podcasting didn't work thanks to apple building it into tunes. And so then they started working on some new things in one of those new things was Twitter. Yeah. So chapter one of obvious turned into Twitter, pretty good outcome. Yeah. You think when Evan biz left operating roles in. Also, Jason Goldman when they left operating roles at Twitter, they got the back together. And they started obvious corporation was chapter two, and they were doing a mix of incubating an angel investing in around this idea of world positive. Yes, startups, the incubated jelly, which is went and got quired by Pinterest. They incubated something called medium. Yep. Have decided he was going to run full time that that was publishing platform, which is now a publisher itself is a subscription publisher as well as a network with a with a free meal model and Jason Goldman went into the digital services team for Obama. So he went into public service. But at that moment, that's when obvious ventures really started..

Naga fund Jason Goldman Twitter Evan biz publisher Obama better place CNBC Odio Pinterest Silicon Valley apple Google one hundred million dollars one hundred percent billion dollar
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:19 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Okay. Let's get back to this amazing episode. We'll come back to this week. So I'm your host Jason Kao cannabis in my guest today James Joaquin you can follow on the Twitter, James J, O A, Q U. I N keen. What is what is the origin of Joaquin? I wonder I don't actu-. No will to Spanish name, but it's not my actual family heritage neon that is schwa- team ending an M Shuki. So it probably got changed at Ellis Island, but my ethnic heritage is a mix of Portuguese and Cape. Verdean Cape Verdean now called Kabul, Verde, it's its own island. That's nation. Excuse me. But it was a Portuguese colony off the coast of Senegal. Wow, coast of west Africa. Wow. Do you take twenty three? And may or you afraid to take that in your heritage is not none thought it was not only did I take twenty three and me, I'm friends with Annan, Linda, the co founder. So I went to their launch spit party. And it just so happened filmed by the CBS evening news as spitting into a tube into a tube. Yeah. And it soon be migrated dearly Spitzer. Yes, did it align would it what you thought your heritage was aligned perfectly. Or were there things that you didn't know great question. I thought on my mother's side of the family, which is the wailing side of that they were from the Azores, but through twenty three and me is how I discovered that. It was actually couple Verde. Not the as worse you had. There's a lot of people right now discovering things about their heritage. They didn't know I bet and I have a couple of friends. And one of my friends are going to name names. No, I cannot because this has nothing to do with origin. This has to do it siblings. And I have a friend who was alerted through twenty three and me that they had a sibling they didn't know about. And I guess the way twenty three me does it is you can opt in to know, Saddam, blonde to double optin, and if both people opt in it share reveals, my friend. You know, our age discovered they have a sister, isn't that cool? That's world pie. I guess it's world positive. He could also be could shake you. If you don't have a foundation because you might have found out that your parent had a liaison right at some point. And didn't tell anybody and that the other person writes didn't know who the thought their father for fifty years was their father wasn't. Yeah. So that's what's coming out is shakes you. That's when you call your CO, coach, absolutely. What is he yoked cost? And who are these people? What makes them qualified? What are they they build they build an hourly rate box different ones. What do you think thousand? I think it's less five hundred hundred. Oh, that's it. I get some referrals on if anybody's CEO coach, I need to know about this Jason is obvious. We've we've built a whole set of referrals for founders. I can send you that. Yeah. That'd be amazing. I think it's a good idea because if you're spending what do they do like four hours a month or something, you know, different things different strokes to different folks. But like a weekly check in with shown our week as check in pretty good. Yeah. What are coaches well-spent coaches doing something comes up that feels like it's about a more personal than business because all businesses personally? And I you, and I know that but do they refer I guess I think they do some some of these coaches are licensed, therapists, some are not. I don't think any of them are psychiatrists right. Go into the medical right? But they certainly if it's if it's something where they think, hey, you know, this is a family therapy issue. I'm gonna make a referral to someone. I know and trust one two three four five six seven eight nine. Why? I do you know what the form d databases that the SEC runs? Yes. The form database is when people are doing a a raise of some kind of. Yeah. Raising raising of capital, you have to disclose it to the federal government. Right. And when we were first starting obvious ventures, one of the things that we learned is that the tech press your former..

Verdean Cape Verdean Jason Kao James Joaquin Ellis Island Senegal Twitter M Shuki Azores cannabis CBS James J Spitzer Kabul SEC west Africa Saddam CEO co founder Annan Linda
"james joaquin" Discussed on This Week in Startups

This Week in Startups

03:13 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Fuels it to solve big problems to reimagined big industries. And that's a lot of what I was trying to do in my arc Mike career in venture capital. And you know, that conversation led to f- saying like, hey, are you serious about creating a purpose built fund to do that? If so so am I well, and you know, we joined forces with our third co founder v Shaw, the who spent eleven years with von Shinar building Patagonia, you probably own one or more pieces of do Patagonia clothing. It's one of my favorite examples of purpose driven north star company. That's what do you mean by that? A company that is genuinely authentically mission driven. They make their business decisions based on their mission of treading lightly on the planet got it. And when they make those decisions historically for Patagonia. It is generated more profits for them got. So they have created a flywheel where that purpose drives their profit got an important for founders to have some sort of clearly stated mission. Why? How much time do you have four thousand reasons give the top one or two? I how long do you think you're on this planet for Jason eighty years? I think you're lucky I think longer because I think we tend to not we not we don't think exponentially. But yeah, let's let's say you're into the like we might live two hundred twenty. Well, let's say you live for eighty to a hundred years we'll pick that as arrange how would love that. That's a pretty short period of time in the history of the universe. What do you want to do while you're here? What's your purpose? What kind of dent do you wanna make what kind of legacy? Do you wanna leave behind to me creating purpose driven business is part of having purpose driven life. And I think we're seeing a generational shift. Young entrepreneurs more than I've ever seen. They are all about this. Yeah. Yes. They wanna make money, but they also want meaning in their work. And so that that's what I mean. But it is interesting the generational shift between millennials even and jet. Where gen-x than there's millennials our unit. We are were Perennials. What does it mean? A term coined by the brilliant, gene appel. Okay. And it's in response to defining people by their birth year. Putting you in in an age box doesn't give you enough credit for the fact that you're polymath. You're always learning. You're staying creative. You're learning new things. And so that's a perennial someone who stays young and stays creative and stays fresh a love that. I I agree. I I will say that. I am not as a perennial. I skip the millennial because that was just too much narcissism and not enough actual skills. But when we get back, I want to go through the portfolio in a lot of these incredible investments you've made and we have to talk about the funds number for the first fund. Yes. And why you raise the one hundred twenty three million four hundred fifty six thousand seven hundred eighty nine dollars for the first time. We get back on this week in startups. Happy new year everybody it's twenty nineteen. And you know, what you need for your startup you need to scale your infrastructure to match all your explosive growth. Well, if you want the best cloud platform to.

Patagonia co founder Mike Shaw gene appel Jason one hundred twenty three milli hundred years eighty years eleven years
"james joaquin" Discussed on This Week in Startups

This Week in Startups

03:57 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"How do you handle? It was gonna ask you Jason you you do a lot of crazy early angel investing with the young founders you're working with early. Do you ever see them getting a CEO coach any kind of founder coach? A kind of feel I play that role when things are bad. But not when things are good another words like they know they can call me 'cause I give them a little speech when things truly eft up, and you can't tell your team how after up it is Chris O quit. You can't tell your board or your investors. How it is. Because you'll fire you and not fund you who you call. And I I just tell them call me because I'm investing knowing that every company invest in is on the verge of going off the rails. So that's a huge benefit. They have but not coaching specifically, but not all companies have that. And for us we strongly recommend to our CEO's. And we do a lot of matchmaking to get them a coach, really. And I think it's fifty percent performance. Right. Enlightened self interest on better business, performance and fifty percent mental health. There's a component of coaching. That's you know, like cognitive behavioral therapy CB two. Yeah. If people don't even know what that term is. It's how would you define CBT for? Cognitive behavioral therapy. I mean, I'm not a. I mean, we've all we all I think no something about there are people that have a therapist or have been to whether it's couples therapy or family therapy. That's you know, there's decades of research and efficacy around that that modality of treatment called CBT. Yeah. I would tell people that the way I like to describe who's how you think about your thinking, right? Like, it's sort of a meta cognition level thinking. So when you think about the future does it put you into a sense of panic and exactly you think about the past are, you filled with rage or regret? Right. And are you aware of it? Because being self aware is something you I think you get to later in life. Hopefully, but what our young people don't have any of that software. So they don't know. Oh, I'm acting out of fear. Right because what happened to my pass or acting out of? I've got this anxiety. I'm feeling is because of the future right at all. I raise my next round nine months thirty or this aggression over that is if you can observe that. And then detach. Yeah. Your sense of self from that emotion that you're experiencing run. He probably be a lot healthier and high process it. Yeah. Exactly. Which is what I think. That's why meditation sweeping league rate stoicism probably as well. Like everybody's gonna little stoic out there. We might co founder of Williams the first person to really turned me onto meditation. Yeah. No, big something. We do we bring you know, guided meditation into the office. Yeah, we're big proponents here. We were like big investors in com dot com. Smarted? And it's right. We how did you have hook up and decide you were going to venture. Some why the name is obvious question. Evan I met in two thousand four he was doing what blogger he had just so blogger to Google and we met at the Ted conference in Monterey, California. I remember you may remember a long time. Ted ster Ted's, my better half them. Yes. And we're friends with Megan Smith, she's an old colleague of mine from planet apple days in we were at apple together before she did it out. I didn't know that Megan for your listeners went on to be the chief technology officer of the United States under Obama under Obama and Megan at the time was an executive at Google. And so she was kinda showing around and introducing him to folks. And that's what we first met, and we became fast friends in that led to what I would describe as a multi year conversation with have about what's the role of venture capital. What's the role of capitalism? How do we use entrepreneurship and the money that?.

Megan Smith CEO Ted ster Ted Obama Jason founder Chris O apple Google CB United States co founder Monterey chief technology officer California Evan I Williams executive
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:49 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Okay. Let's get back to this amazing. Welcome back to this week in startups. I'm your host Jason Kao, Kansas. My guess today James Joaquin which is like Joaquin Phoenix. Correct. River, Phoenix, brother. Naming my son Phoenix. But it was just be a cruel upon it wouldn't be. Yeah. I miss river. Phoenix. That was so sad. I will you born in seventy sixty eight seventy two where sixties late six older than you little older than me. And. Do you remember ever fainting? Yeah. It's just so sad when he died, but his and his brother is so good. I love Joaquin Phoenix. I just saw maybe love all Joaquin's. I it is. Well, I do affinity for you as well. James? But it is interesting like his brother did the film, the master. Have you ever seen the mass have never seen it? It's on my wishlist when it comes out and thirty five millimeter, they have a seventy millimeter print 'em. Sorry when that comes back around you, and I will go see this is one of my most favorite fa my what am I top ten films of all time because of the performances of what can Phoenix and Philip Seymour Hoffman. Who plays kind of like our on Hubbard, right? Has nothing to do with Scientology just has to do with two men. Yes. Trying to be important in the world and trying to make sense of the world and the power dynamics in just a legend man, search for meaning it's not about Scientology's everybody. That's why I think the film, and this is the movie you're gonna take me on for a date night. Absolutely. Because it is one of the most beautiful movies. Rachel Adams incredible. I mean, the performances are ridiculous. But it was also shot. Incredibly. Okay, I'm in. Okay. Amy Adams are Rachel. Amy adams. Thank you. Offman died of an overdose too. Guts heroin is if I have one message for every young person never ever in your life, ever, take opioids it is such a quick path to death and destruction of careers. I mean. Scary stuff is super scary. Just all these talented people to they're all trying to get rid of their pain. It's terrible new kind of venture capital to build solutions to this challenges. It's interesting because. Before we went for the break. We were talking about mental health. It is a major issue in our industry. Because absolutely is high believe that people who are drawn to extreme pursuits might also be drawn to them for certain reasons, he grew with that. I do. What is it about being a founder that leads to suicide depression, anxiety, all these things? Maybe an obvious question. But I think it's probably a long answer. Let's see the obvious part you, and I both know you have to be risk prone and fearless. And so you're doing something that is inherently likely to fail yet. You have to convince others that you are infallible. And we'll succeed. So the distance between the reality. And what you're putting out. There is great. Yes. That's never good for grounding. And when you add to that start up environments where people are living and working together in a ninety hours a week and loving it pressure. Cooker you lose maybe some of the support system of a separate family friends support that's outside of that startup reality distortion field that you're creating and then you have a gap between the the ground truth of your startup, which is listen, they're all likely going to fail. The majority foul you're putting out there. We're going to change. The world. So is a big gap. That's right, which you know, but you're forced to deny that reality. Almost like somebody going into war or something after put your fear on pause. And then you have to ignore friendships relationships everything else that might have kept you grounded now. So that is a quick way to get knocked off of center. I was still founders you are not the startup the startup is something you created. And this is your first idea where your second idea slightly to not be your best idea. Your best ideas, probably in front of you. So look at this just Moi's. Remember that James you a photo? Oh photo did not create gyms. Right. Doesn't define me. It doesn't define not who you are it. It's it's what you've built, and it's one in a series of things that you will build..

Joaquin Phoenix James Joaquin Phoenix Amy Adams founder Rachel Adams Jason Kao Philip Seymour Hoffman Kansas heroin Moi Hubbard Offman ninety hours
"james joaquin" Discussed on This Week in Startups

This Week in Startups

02:13 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"What do you think is the common weights done a little bit of cash a little bit of I think, there's two kinds of INTERPOL? Owners to be on. I think there's a part time venture partner, and those, you know, those folks usually have very small economics. But they want a brand association with the arm in the firm wants brand association with them. So that's sort of like a scout. Almost almost like a scout. Yeah. That's different than where I started which I was a fulltime investor taking board seats, I had 'economics in the full fund across the portfolio that it was really a try before you buy on ramp to being a full partner and at that time. Correct me if I'm wrong venture was still the domain of MBA's, or it was just starting to turn out that maybe people could consider founders for this kind of that I wave of laugh, maybe founder could do this job because founder friendly venture capital was just starting at that time, I guess poses October. Yep. Poche Sean Parker drama with plaques. Oh, etcetera the world. To change a bit. I think a few years after I first crossed over to the venture side of the table. I saw that world changing. But when I first showed up, it was very much people with finance investment banking. Yeah. Harvard MBA Stanford MBA usual suspects, no operating expense, telling operators in the thick of it. How to run their businesses which I had experienced firsthand as an operator that gap. And so I was real it was real. And I think I was part of a whole generation of operators. That said, hey, we think we can do this in a different way we can actually roll up our sleeves and help we can be more aligned with the founders because we understand what they're going through. We can be certainly have more empathy for the founders. Right. A lot of the stress a lot of the mental health issues a lot of. Yeah. Just brutal process that would go through to defy gravity to put a start up on the map. All right when we get back from his quick break. I wanna talk about the founding of obvious ventures, which I believe you did with our friend. Evan Williams and the closing of the.

founder venture partner INTERPOL Sean Parker partner Evan Williams Harvard
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:19 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"Did you see that coming? We fortunately did because we would make regular trips to Japan. So we would scour the Akihabara district of Japan. I was just there. And we would see these amazing prototypes. And we watched what was happening with NTT DOCOMO, KOMO service. Right. And that is that was really the first kind of mobile phone, cloud connected service where in. Japan. These phones had they would run Java. They would have an app store and developers were building these kind of mobile social geo apps. You wore these were buzzwords in the United States. Yeah. There were flip phone. They were flip phones with with color displays colors by. But it was it was like a weird format. It was like a rectangle a tall skinny rectangle. Yes. And I remember when I saw they were all playing a fishing game where they were on the subway in Japan flipping the phones open, and they would be fishing on their phones. Like, you know, that was the big popular app. And I happened to be there there. But you saw it clearly you knew this was going to happen. How he did. Yeah. We actually built we'd already Solta Kodak, but we built a version of a photo. Call Kodak mobile so that we could partner with the cell phone company is because even though the nails on the film coffin were still warm. We saw mobile photography showing up ready to wipe out the digital still camera. The low end of the camera market. And so we tried to get ahead of that. What we didn't see was the the rise of the smartphone. Of course. Right. It is amazing this pixel three people are talking about the taking pictures at night that are as crisp as daylight, and it's all done to software, which is super weird. When you think about the software on the phones is making a reality that then winds up on Instagram, which was that reality is, of course, layer riphil tres. So you have this two step process where reality is being distorted, and then we all consume each other's reality that have gone through two layers of filter one. That's people don't even know Jason that's not dissimilar to how your retina in your uptick nerve in your brain work. Explain what you're seeing is. You know? A bunch of processing that your brain is done. All of these light field photons that are hitting your eyes. That's true. Very very small amount of that information actually makes it to your brain. And then your brain just fills in the rest. Right. So in a way, what the pixel three might be doing is taking a better rendering of actually what's happening in while. Seth fascinating. It's interesting. I was talking to somebody. And they were telling me that their corporate clients are asking for though like in the drone technology because there's so much stabilization going so much refining of reality or of the pixels that they're saying the corporate clients are saying, please remove all that we want the raw interesting or just give us the raw and the other ones because we need to see ground truth. We don't want you taking out. It's like going back to vinyl. It is I go back to vinyl away. And then I guess you got into venture capital somewhere. Right before the financial crisis, basically. Yeah, time and. Yeah. And when I say, great timing people are laughing like are making joke. It's not a job at actually is the best time to get in one market is on the floor. We have a mutual friend. Matthew Cowen who gave me my start in venture capital? No, that's how that went down explained. Well, he had co founded a growth stage firm called bridge scale partners. And he and his co founder rob plan ski recruited me in as a venture partner. Explain what your listeners venture partner is a term of art not science in the venture capital world. And it's a way to try someone on for size as an investor that maybe has shown success in a different domain successful entrepreneur or successful journalist or who knows what Brett. But you really wanna find out whether that person's good adventure? Whether they like venture whether venture likes them so venture partners at great kind of entry point to start. And they give you a piece of the carry on just your deals, I guess different firms do at different ways..

Japan venture partner Matthew Cowen Kodak NTT DOCOMO Akihabara United States partner KOMO Brett Jason Seth co founder
"james joaquin" Discussed on This Week in Startups

This Week in Startups

04:21 min | 1 year ago

"james joaquin" Discussed on This Week in Startups

"We host this podcast one hundred times a year we've done so for a decade, and we're gonna hit thousand. Episodes soon nine hundred right around the corner. And we have a couple of different types of gas on this podcast. Sometimes we'll have journalists. Sometimes we'll have investors other times founders today, we have a founder turned investor in his name is James Joaquin who I've known since the L days back in the day. You are one of the vets of web one point oh did a bunch and web two point zero. And then onto being venture capitals. Welcome to this week in startups. Thank you for having me. It's it's it's time. It's been a while. I was hoping I'd be your, you know, thousandth caller. But. People are betting that the thousand will be on on the pod. Okay. Everybody else has been on the pod. But yeah, we haven't had Nealon. So maybe thousands should be Tim cooked because Saturday apples always late to the category. But they do it. Well, so that makes a lot of I we saw you as before we knew each other became friendly. I always thought you were kind of like the hired gun CEO who when you know, the founders kinda needed some adult in the room or somebody polished, they'd bring you in. That's not true. I mean, I did that once with photo with zoom would zoos I was recruited into a money transfer company called zoom. I was not the founding CEO sequoia company. What's coin any a any? I I had peer lemonde and dick cram like on my board. These are two of the founding fathers adventure capital hair. Lemonde was one of the founders of sequoia, I believe or he joins the Koya. He was I think founder of National Semiconductor an early partner with. Done Valentine at sequoia. Are these are the people who are working in the seventies and eighties valley or seventy? Claes guys like us. Look young exactly. But you were also presidency of photo. Yeah. You the founder of that as well. I was there from daisy row, I was a founding angel investor and was kind of hanging around keeping an eye on my investment. And and the company needed a CEO, and it was kind of mutual love, and you want to take in the rent, and I jumped in. Yeah. Oh photo got choir by Kodak, one of the first like flicker like serve before flickering. We were before flicker. We were one of the the, you know, OG online photo sharing services. There were three was photo shutter fly and snap fish, right? Those were the three and we were the early breakout in our day, we were bigger than shatter fly and buy bigger, it was like you had ten million people maybe twenty million because there weren't that many people on the web in ninety nine before we sold to Kodak. That's right. I mean after we sold a Kodak with grew the service to seven. Eighty million members in my under my watch it probably got bigger after that. But and around for three years. Yeah. The nails taking digital photos, or they taking film photos, and then sending you the negatives to scan we offered both. We really started with digital the company was photo was formed around this idea that consumers we're going to rediscover photography with the advent of digital cameras that actually worked and there were digital cameras at that time for me. There was a a lightning rod moment. I bought a Nikon cool picks nine fifty cool. This was two megapixel camera and it cost two thousand dollars. So and that was amazing deal, and you could fit how many photos on your camera foamy in the memory cards were in the megabytes gigabytes. Right. But the key thing was two megapixel was enough image resolution that you could make up youthful print. And so we started photo to create online albums that you could then turn. Into beautiful Kodak prints, and here, we are twenty years later, and you think about it did, you know, at that time that did you ever think when you guys were scanning and people's negatives. Or you know, you had such a small number of people uploading photos, which what it takes up load a photo back, then like a minute or two Raval it paying for it was painful. Did you ever think we will get to the point where we would have the type of that the cameras on mobile phones would be better because of software and we'd be uploading in real time to the entire globe..

Kodak founder CEO sequoia company Lemonde CEO James Joaquin sequoia Tim Nealon Nikon National Semiconductor Valentine Koya partner two thousand dollars twenty years three years
"james joaquin" Discussed on This Week in Startups

This Week in Startups

02:16 min | 2 years ago

"james joaquin" Discussed on This Week in Startups

"For it with your diabetes, and your, you know, all kinds of issues later on eat healthy now. Yeah, I agree. And I think that that category is another one that can boot chose. I'm going to become a main. What else did you? I didn't direct consumer and small retail apparel brand called Taylor Stitcher in the city, and then third I did food brand that is about to launch don't stealth mode gold, better foods, that's not the brand name the company name, you'll find very cool more about that. So you go to Bill early with this idea say, hey, listen, the company's been kind of rebooted. The cap table got cleaned up. I guess in that process a little bit hard to do. It wasn't the most fun period of time to restructure business. But it was also what three years ago it was necessary. But it was three years ago was kind of really hot market. It was a hot market with lots of competition how Reich and that actually if I think back is at twenty fifteen era that was the arrow where everybody was saying. If I remember correctly union economic union, 'economics Instagram is to cart will never work insta- cart will never work and instant car was getting dogged in the media because they were reportedly losing a lot of money on every transaction then they decided to come up with a membership fee or they started charging, but still kind of a hard business said that huge dependency on whole foods. So you had to go into Bill early and your existing investors. My understanding these investors did not react. They didn't know exceptions Danny rhymer from index is in the early round. And he actually he led are low round when I came into the business and we restructured, and then we do have it's not just Bill. We have action. Incredible board of Danny from indexes on Bill is on it for Shalva Assif. Who was is it? Obvious ventures in Chuck Templeton, founder of got obvious ventures Williams's firm to invest, yeah. I've known James Joaquin be at Plum when I was there. So we know what we need to get James Joakim on the program, EMMY winning producer Jackie and then Danny Rymer is this Moby Dick kind of situation. He's the white whale. We gotta get him. I don't mean it that way guys at and trim very attractive man, we need to get him on the program. So we have a good board is my point. That's an all star team. What he's talking about the warriors all stars. It isn't all star team. And actually what I love my team always makes fun of me because I walk at a board meetings..

Bill Danny Rymer Danny rhymer Taylor Stitcher economic union Danny James Joaquin James Joakim Reich Chuck Templeton EMMY Shalva Assif founder Williams producer Jackie three years