35 Burst results for "VC"

Are All Reagan Presidential Foundation Board Members Reaganites?

Mark Levin

02:07 min | 6 months ago

Are All Reagan Presidential Foundation Board Members Reaganites?

"It looks like mostly the board Of the Reagan foundation Which I feel a very close affinity to our Friends and surrogates and confidants of the chairman Fred Ryan to make sure he has no challenges And your little fare early on he was staff assistant at the pregnant president Reagan in the office of presidential advance Where of course he would have met his friend Fred Ryan Just giving you some examples Let's see here We have John lonsdale cofounder managing partner 8 VC a U.S. based venture capital firm which manages $4 billion Something is strange here mister producer Why all these individuals these investors these finance guys there aren't many reaganites on the Reagan border directors ladies and gentlemen and McLaughlin core locus is Steve Forbes is Then you have Susan McCall businesswoman former diplomat and philanthropist She served as the U.S. ambassador to the republic of Austria under whom And is currently president of S and R capital investments We have Rupert Murdoch and Lachlan Murdoch those are two reaganites Peggy noonan really a reaganite name only Ted Olson used to be an old buddy of mine but he's crossed the railroad tracks Gerald parsky chairman of aurora capital Jim Patterson chairman chief executive officer for sole owner of the Patterson group Canada's third largest privately held company I know that was here oregano

Fred Ryan Reagan Foundation John Lonsdale President Reagan Susan Mccall VC Steve Forbes U.S. Lachlan Murdoch Republic Of Austria Mclaughlin Reagan Rupert Murdoch Peggy Noonan Gerald Parsky Ted Olson Aurora Capital Jim Patterson Patterson Group Canada
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:01 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"I think whether there's a good business or not he called. It was a good business and he looked at the team and us it. The team saw he was the first to put an. He messaged his own money. Shakoor came late. Okay so and then we did a good job. And he followed up. Reducing les wilson. Everybody else followed and actually we did three rounds this year but two years ago we did another also lost two years with forearms and each time. We do it wrong. You know we give to some rumours that we wanna hit in the near future. We almost always hit goes learners than we did better than what we get. So this is quite rare actually starbucks giving numbers to get the money and we saw with different okay so that creates a lot of trust in us. Oh we are the guys who say something and do it. Does it make. I'm an older guy for the start up scene. I'm fifty nine. This is quite. I came into this industry at age. Fifty it's like. You're trying to learn to play the violin at age fifty. Okay and learn it and play it so entrepreneurs i've met anyone who came into the office usually much younger than that and you know it work song. That's why we're talking and expediency has he's been rounding the in this for so long. Some of the experiences shared is very valuable. Because i don't need to go to the same experience and just leave it myself. It's it's nice to learn from others experiences. And i'll seize any mestre. I also course Now can i was the hottest adamant of your with gas. Hits eyeing good people as fast as i would like. We don't grow just open up an office with five people. Listen that in our business is anti and and then you know once we go to a city we hire a lot of people and hire the right people if you haven't people you don't have a good business. You can't have the good food with bad ingredients good companies. They have to have good people and of course with people. You always have a chance of making steak so if you do least amount of mistakes and if you seen you're mistaken corrective fast so that's the thing when you look at the next five ten years just how baking get it be. I won't answer that. I don't put a ceiling to myself. We'll see where it goes. It's gonna be exciting and that's why what the enjoyable it's we'll see. Do you know. I've ain't you deserve a medal for putting up with my prying questions. Honestly i really appreciate it. I really appreciate the patience with the prime questions to even fantastic. Thank you so much for day. Miss thank you. thanks for your time to can. I mean. I just love that discussion. That was the question of just how deeply and asking about the mattress but it was so much fun and team was so patient with me. That as always i serb reshaped ios port listening to the show. If you'd like to see more from us you can on the twenty minute. Vc dot com. How the before we leave each day. Did you know that more than eighty percent of. Us public stories owned by just ten percent of americans. This divide is.

Shakoor les wilson starbucks Us
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

08:28 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"We're lucky enough that we have operating people. I think we have the best people in any partnership in engineering will bill. Corn used to run google search in bogomil who did the same of them wear in product management product marketing in carlson bach. You probably knows who ran a sales operation from sixty million to six billion and so on and so when you need is the larger you go the later you come near these companies the more you have to convince a founders you have real operational muster to help them so why were we investors in zoom. I can tell you that. Eric juan didn't need money need karsh mba and the same can be said for many of us. It's happened many times. Same thing with service now and me and so on but it is better to do this at the seat state because then you can help them set the right dna and so on and of course if you come even later at that point they have everything the have correlation back or bogomil or doug. Leoni at that. Point is purely price you know. There's nothing to tell a. Founder we can help with the ipo while that is a commodity type of benefit. That help can be many different ways. And so you wanna get early now going. That early isn't just writing checks early as these latest stage partners is now looking to do. Let me get into as because they're missing the company building. How they're missing the forty nine years fifty years of expertise and that's what we can bring to the table so it's not as easy as investing early. It's everything else that goes with investing. That's the tough part. Doug i'm did you know in terms of the geography expansions of sequoia brandon and activity saudi on geography. Anti thousand five. You made the decision to do sequoia china. Why was that. And how did he think about that position. So i wrote a memo in. Oh four one pay. That said i don't know if we're doing this. For defense reasons or offensively since i was noticing that the founders in california where many ethnic founders from india china italy france all over the place and i said i don't know what's to happen twenty years from now and i remember saying if any a has posters from chinese or india companies in their offices and we're tracking us-based chinese found. So they're gonna come to us. They're going to go to any a. I consider that defense. And then i made a point of where the largest and growing economy and it was bric brazil india china and we prioritize them. We sit china one india too because if you wanna be a partner to the most valuable companies in the world which is our mission. It could only happen large economies. It's not going to happen in thailand a small economy and so we decided for defensive and offensive reasons that we needed to be in these other locations and so two of us when shopping for context for teams in china than in. And that's what we into. It all started with a one page memo in an offsite dinner at some restaurant whose name i cannot recall in san francisco patted hogan's heroes episode. Impact your thinking around population for the founded sequence. So what hogan's zeros is is politically incorrect. Sitcom that ran in the seventies about americans in a german pow in world war two. And of course. The americans smart and the germans were dumb and the gentleman who ran the cam. Colonel klink was particularly dumb. Invulnerable where hogan the lee. Pow is smart and hogan's and cling find themselves in front of a safe in clinks office. That had been jerry rigged with a bomb. And if you turn the handle of the safe one way the bomb would explode and if you turn it the other way the safe would be opened and there was money in a safe and hogan the american looked at klingler german as clink which way for the handle and cling said left and hogan turned the right and opened the safe and they got some money and clinks at he goes. How did you know. And hogan said. I wasn't sure whether i'd get a right but i was positive that you would get a wrong. And that little vignette was what mike morrison i used. When we went into china in other words we were absolutely sure that he and i would get a wrong. We didn't know we're gonna recruit neil hsien. We didn't know we were gonna find someone who would get it absolutely right. But we liked the chances of a non known person we had more than we liked the chances of him in me and i brought up hogan zero. I told them the same thing. I told you agreed. So we took a shot we when looking for people and we luckily and fortunately and thank god. We came across nielsen. Do you have to kind of be on. You know when you look at sequoia china's square india. They've both been so successful. What else do you think he did looking back now. The drive success in such a pivotal way. Well first of all. I should explain what sequoias. It's a brand that is run by local people in local geos who make every important choice decisions about investing hiring firing that is the key is finding the right people and by the way in every line of business. Whether it's china india southeast asia are hedge fund a multifamily office called heritage. We've had to win and affect changes once so it wasn't that we gotta so perfect from the beginning so we ought to go in aggressively in effect change but finding rape people going in if you have to and then leaving them alone most of the time knowing that local people are the best suited and then in my role making show we all row the same way we have one culture with centralized compliance financial reporting those a secondary. My role lives a secondary importance to the rule of rule off in the. Us shetlander lender in india. Neil in china. Charlie cow in china hedge fund jeff wang in our us fund and keith johnson heritage. The decisions important. Part of the business is there. But that's what's sequoia is. It is a decentralized organization under the one umbrella brand when you look at those different incredible people in teams. This has been so shanas fact bump me my question shoes. Is there ever a time on flashing point advantage. When you think that success zuma cyclical and self-fulfilling now for sequoia at brands the companies associated. So good and the what we've done is so good that it's who myself felling. Look there are a number of people in the world. Think that we sequoia investor sit by. The couch would look at the clock. It's three o'clock let me have a drink. It's three thirty. Let me put my net install. Here's a fish. Nothing could be further from the truth. It is an every second everyday thing. There is no such thing as self-fulfilling prophecy. We have gone as far as taking all the posters from our companies away from conference room once upon a time and say let's act like we've done nothing in fact. Our success is the greatest danger we've had because it can confuse people that yesterday's tomorrow success has to do with yesterday but tomorrow is the only thing that matters and it's always the next partnering opportune with founders and success has little to do with it. No found calls us and says i've got a great investment. Hey sequoia why don't you partner with us. We only want you know. We're always a fighting like cats and dogs for every single opportunity without the venture firms. You know and so on. So self-fulfilling prophecy. I wish if that were the case. I'd work forty hours eighty hours. It is a go. Gogol compete compete compete business. And it's going to continue to do that and anybody else. That thing can relax. They will be quickly out of business. I run the pat. One said to me look at every tech company that goes public and is amazing if they didn't have the core on the table. That's something that i am. We have missed and we always walk connor together. We would like to have one hundred percent market share. We have been responsible Somewhere around six trillion of partnering opportunity meaning but companies with which we partner generated six and a half trillion of market cap about a quarter of the nasdaq. God knows much of the nyse in hong kong now somewhere near three hundred and fifty and four hundred. Ipo's but that's all yesterday that is all yesterday. We've done nothing tomorrow. I've got one final question for you. Dominates all on the like you said thereby incredible companies going public on the south side of a big question. That often is posed. When is the right time to sell. What is the right time to accident position. And we don't let the line. We should forgive me for the language. When's the right time to sell. How do you think about on. Do you.

hogan china india carlson bach Eric juan karsh mba bogomil sequoia brandon Colonel klink klingler Leoni mike morrison neil hsien bric doug Charlie cow jeff wang saudi Doug shanas
Very Big Things Founder Chris Stegner on Outsourcing the Role of Technical Co-Founder

Mixergy

02:29 min | 1 year ago

Very Big Things Founder Chris Stegner on Outsourcing the Role of Technical Co-Founder

"I wouldn't have thought that investors would be willing to back accompany where the key part of what they do is outsource to someone else. You realize this was a thing because you worked in a venture capital firm. And what did what were you seeing that made you say i think i have new idea for what i know. I love it. That's a that's a great question So to your point. I was i was a cto and junior partner ida vc fund in biscuit the idea was we cut a check to a startup for three to five million bucks on at that. Point is supposed to jump in helping figure out whatever game whether it's the good market strategy monetization their development design. Whatever it was and something that i'd get plagued with was say okay. Here's three million bucks now build a deb team or expand your one person deb team to a real dev team because we want to see all this stuff that built in the next six months gave you three million bucks six months better be done ready to rock and then six months later. They're sitting there and they're still trying to hire two or three people that can just work well together. Didn't lie on their resume. Paying there wasn't drama k. or they realized. Hey we need front. People need back in people. Need all these roles and it's just taking a long time to hire them so there's dad said things which drove us to say to them. Okay forget about building a team right now. You can do that over time. Just go and hire agency. An agency is the flip side or they're like cool. Give us a scope. Give us a check. Give us three months and we'll come back. And here's your product and good luck right okay for anybody building. Businesses especially businesses her determine agile. You need to be constantly paying attention to what's happening. Throughout the development what features people are liking doing focus group testing all these different things for the actual in product. Should never really be you. Set out to build on day one and there was no agency to do this purity. So it's it's the old best advice entrepreneur ever solve your own problem right. So at that point. I just i grabbed from the fund our vp of investment. Our creative director. You hire them away from the bbc fund hired him away okay said hey guys. This is a problem. We're all facing. Nobody solved it. Why don't we meet the guys solve it. People have the same problem

Ida Vc Fund DEB BBC
Interview With Zach Coelius of Coelius  Capital

The Meb Faber Show

02:27 min | 1 year ago

Interview With Zach Coelius of Coelius Capital

"Zach. Welcome to the show. Thanks for having me longtime listener for caller huge fan of the work. You do good man while look. I've known you for a long time. Virtually and in your honor. I poured myself a glass of mud. Water which we can talk about later but we had the founder on the podcasts. I'm trying to remember about a year ago. Attitudes shown links is available. Shane's awesome fun story listeners. It's basically a mushroom coffee. Turn it yvonne. And i have sort of an issue. Which is i love coffee but like to my detriment. So i've been trying to go kinda half mud. Half coffey as a segue to not drinking a pod today in the morning. And it's working so far it's a nice blend so that's awesome. We'll come back to later. We're gonna talk about all things. Angel investing entrepreneurship wing foiling all sorts of odds and ends. You got a pretty say if there is a traditional path for angel or vc. You kind of have it right. It's the founder who starts out doing some companies and eventually start investing. Was that sort of the right path through yet. The only differences the traditional half is your founder start companies. You make of money and then you take that money and he wants to do with it and you start. Throwing things doesn't angel and my experience was founder starts in companies have facebook ripped my guts out and leave me dead in bleeding on the side of the streets and sort of like as i was crawling around trying to figure out what to do with my life. And like what your next i mean. I literally got gut. It is crazy Tell the story was crazy stories. I stumbled into back in two thousand fifteen the very beginning of angel angels syndicates and one of the companies that i had been advising for a long time a company branch metrics mobile deep linking platform and Ben arison who introduced mea through the seed and men when it happened. You guys mind if. I put a two hundred allocation angel. Listen see what happens. And they were like sure. Go for it inside like wrote the memo by awesome. It is literally january fifteen when endless syndicates. Were nothing put it out by email all my best friends unlike. Please look this in twenty four hours later. The allocation was full when i was like. I'm an investor. Now

Zach Coffey Yvonne Shane Ben Arison Facebook
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

05:10 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"They've played on in terms of just providing not runway sunshine. It's interesting because there's a term that i use with founders. That i help and i call it everything that you do is either proof or anti proof right. Everything that you learn falls into one of those two categories. You're either proving that the assumption you had is correct or you're getting anti evidence that it actually isn't correct and to me a lot of times that's the market slapping you in the face and telling you that who's a nice try but it's not the way a consumer wants to buy the product. It's not helpings are really gonna work. And the problem with insider rounds is usually. It comes on the backs of having some anti right. It's about something that didn't go. Well something that didn't go according to plan and now you're staring at anti evidence in the face of new projections for the business going forward trying to attract new capital at a time when you just surfaced a whole bunch of anti proof is the wrong time to raise from new investor so inside around come together. Usually when you haven't accomplished enough you haven't proven enough. You have anti evidence that something that you tried didn't work and now you have to earn your way out of that anti evidence. You now need to figure out something else to go right to basically brush the anti evidence under the rug insane. We're back on track so inside around when they come together and this is not universally true. There are good reasons for insider rounds to come together when a company is doing extraordinarily well but for most insider rounds when they come together. When it's not preemptive and it's not just saying you're doing so well here's some more money get back to work. Don't be distracted with sharing your information out with other investors in on the street. We don't want daily like again. There are a lot of good reasons for insider rounds coming together. But if it's an insider bridge around it really is about figuring out more proof on the board to overcome the anti proof that you probably just generate fry when you do a situation says hey place. I'm a people please it when my terrible criticisms of me i find it really hard to explain to found his why. I'm not going to be reinvesting him why beyond to proof isn't enough meeting. Continue on capitals that over the lines in portfolio. Do you have any lessons. Vice me in terms of how to communicate that in emphatic but also constructed way. It's hard. I mean you build long term relationships with people who you hopefully light and you want to see succeed. The hardest part of the business is when someone is trying. They're executing well in. The thesis is just wrong right and the market is basically telling them that the businesses just harder to build than they thought it was going to be and as an investor. You've got to think about that. Every dollar that you put to work in company acts is a dollar. don't work in some other company. You know so having that tough conversation with the founder in saying look the business actually is having troubles. The thesis isn't playing out the way that we thought it. Would you know. We want to be supportive of the company in many ways but maybe not with a capital check and that is a very very hard situation to navigate especially when founder is trying to raise capital. You know. I like to think in terms of truisms and i can tell you with the tens of thousands of businesses in the venture world. I would be surprised if you didn't analysis of them. If it was more than one percent of the companies probably even a fraction of one percent where the founders shuts the door on the business for any reason other than they ran out of cash right so founders quit when they run out of cash not when they run out of ideas so the founder is going to constantly be trying to get to yes answers and trying to figure out how to fix the business. Identity is actually wrapped up in the business the people they've hired a their identities wrapped up in it. You know they've spent a lot of time championing this idea. Their identity is the business so they are going to keep trying and the hard conversation to have sometimes as an investor is to say. It's okay you did everything you were supposed to do. It just didn't work. You know there is a fine line about being supportive and actually being supported to point where you're actually enabling the business to continue that maybe the market is telling you shouldn't exist. I think almost responsibility investors to latin I've not a lotta is a waste of responsibility. Mccartney's your money in your life note you can like this is the point of venture like you're not supposed to win and then not for them. It's awesome in some cases i find. Yeah it is amazing. When i was very early in the investing journey you realize that the pain of a company actually not succeeding is so much greater than the joy that you get from company hitting plan or growing or raising funding round like the pain of founder. Who's struggling who you like at just a friend level in addition to being a mentor and advisor and hopefully someone who is along the journey with the founder which is very very hard. Now i totally agree. And i think you're absolutely right. I mean only inside around element. Sometimes they can be used to build new on sometimes. Vc's position mid not lake something strategically in terms of ownership in sizing. I'd love hear your lessons from relief. Impulsive initial sizing of that initial position. Yeah it's gotten to be very very difficult to buy up..

Mccartney Vc
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

05:29 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"When you've been rules price. Have you subsequently been pleased. And they have turned out to be the best deals Have they known in on. We'd a too high price for a lot of the companies that we ended up paying for so far so good you know. They were the ones that we stretch. They were the companies that had massive momentum on their side. I mean extraordinarily high growth. Companies are hard to out. What the right prices. Because you're staring at a plan. And you're looking at trajectory of the company and momentum that they have and the plan is almost unbelievable right. I mean the speed with which companies can grow. Today are so far beyond the speed at which they were able to grow in the past. When i first started in this industry in two thousand eight two thousand nine two thousand ten the early vintages of companies that we ended up investing in the best companies would grow by two x year over you. and now you're looking at companies that between the signing of a term sheet and the final documentation getting across the finish line company could have doubled or tripled. But i think that gives the unit the rise of preemptive brown's a law but also kind of blend the question on deployment cadence missiles my other one which is like. I'm the student eventually of the palestinian palestinians arm when we will set three cycles three cycles and now funds being the point in twelve months or do you. She believes Dowsman state to three swell when you're being entrusted by your lp's but money to work hopefully trust more than a plan that has to change. When you hit the field the environment that we're in is the environment wherein and the if you have the right l. p. base understand that this is an illiquid asset class. It runs in ten year cycles. Hopefully the lp's that you have are in it for more than one fun. i mean when. You're underwritten atypical. Vc is underwritten for multiple funds. By their lp's right to three funds. Pretty typical some of them. They intend on being with you forever. So the lpzoo. They are the right l. P. base have an understanding that these things come and go in cycles so this is the environment that we're in if you end up investing at the pace that you see good quality companies coming across your desk which might mean deploying capital faster putting more money to work in a deal than you intended when you originally went out. It means that if you're right it's because everyone is right and if you're wrong it's because everyone is wrong right and it's not like you know you're going to be different than the entire vintage and it could be that they're vintages adventure that just underperform relative to other vintages but within that you know. Hopefully you of a decision process that works so please edge. That makes you better than the others out there. You hopefully you of a brand value proposition. that brings the best companies in so within the vintage. You'll do better than the average bear. I would suggest anyone. Who's in the industry. You're in the industry and you really do have to play the game in. That's out there right now. I do know awesome because we spoke about. Why should you actually speed to southern growth rate or revenue number one meeting of speed of windows like county. Think about lessons. You've learned in terms of speed about like companies in the hell falls. Do you know that that break house. It's interesting the one truism in in venture is whatever. The financial plan is the founder puts in front of. You just isn't going to come true. Always doesn't mean you shouldn't analyze it. In fact i spent a lot of time analyzing plans because i think about the plans as a numerical articulation financial articulation of how the founder sees the future playing out. There's actually a lot of insight in financial plans that you know people ignore. I find it lazy underwriting when they say well. The plan isn't going to happen. So why should i spend time on it. But there's a lot of embedded information that you can pull out of plans by having conversations with the founders and understanding. What they expect to happen win. They expected to happen. Why they expected to happen. And it's all embedded in their financial plan. Just helped me understand this. Like how do you deepa when you see the financial plan and you see mocking span going up into the right. Will you see can't production. How do you take percents. Deeper strapped insight from a potassium enough for apply. A lot of it is really spending time with the founder questioning. What you have to believe in order for the plan to come true. What do they already know that. They're putting money behind versus. What have they not figured out that. They're going to have to figure out. And what is their learning agenda. That's behind the plans. And what are the expectations assumptions. They're making to deliver that plan. So of marketing spend is going up. Do they know where they're going to spend that money. Have they tested those channels. They tested how deep the channels are. Have they ever spent that amount of money before so there. A lot of questions that you can actually ask for any given dimension of a financial plan you know you can ask about margins increasing like do they understand where that margin improvement is going to come from. Do they already have plans in place. Are there resources being put against is. They're agenda or is it just saying we will figure out how to improve margin by two points every year for the next four years. That's a very different type of thinking. Then spending time with the founder really diving into the business itself in tearing it apart down to the atomic unit and figuring out where they're going to put their time and energy. I totally agree comes the atonement unit. In guy as grinders. You can go if the plan ready doesn't lockout in. It's just like slightly missing but it really doesn't like Say doesn't inside around the tastes place. I'd love to dig in on how you think about the effective you seen as these insider rounds and tell..

Dowsman brown deepa
OnlyFans Pulls a Tumblr

Techmeme Ride Home

02:10 min | 1 year ago

OnlyFans Pulls a Tumblr

"Only fans announced late yesterday that it will be prohibiting users from posting any quote sexually explicit conduct unquote starting in october but will continue to allow nude photos and videos on the platform. So i guess that conduct word is key there now number one if the reaction on twitter is indicative of anything only fans is way more popular than i thought because everyone was freaking out about this last night number two. Remember when tumbler band porn. How did that work out for them. Number three. I didn't mention it this week but there were rumors floating around earlier this week. That only fans was struggling to find investors possibly due to hosting adult content a pitch deck that was circulating for only fans to attempt to raise money showed that the company was predicting five point. Nine billion dollars in gross merchandise value in twenty twenty one and one point two billion dollars in net revenue so they were looking for some financing that would value them above a billion dollars in aid of probably going public sometime in the near future. Quoting axios the rain group. A merchant bank focused on tech and telecom. This past spring began helping only fans to solicit investors several deep-pocketed firms quickly past not even engaging in serious due diligence. The money it's hoping to raise with partially cash out majority owner and porn. Mogul leo radinsky. While providing management with what one venture capitalist calls more legitimacy by the numbers any other company with growth like only fans would be able to raise big money in a matter of minutes in short only fans has a porn problem even though it never once mentions porn in it's pitch deck something that multiple investors called disingenuous some. Vc funds are prohibited from investing in content per limited partnership agreements. Several investors are concerned about minors creating subscription accounts. Although the company says it has controls in place to prevent that some investors say they could get past the porn but worry that the company's reputation would prevent it from attracting brand partners despite this week announcing a safer work product that features it's growing number of clothed

Leo Radinsky Twitter
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

01:32 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"Moore's also tell me what's your biggest strength in your biggest weakness one key strength is probably an ability to see what is important even in the most complex or even a nalchik situations that we see so often in startups and these extents probably a good review around. What's going on with the harder facts but also good perceptions around the softer intangible signals the week this site an introvert i would define myself an introvert and they really don't like the spotlight. I love one or worse. i love small groups. Deep conversation by this job requires one too. Many public exposure many different types of occasions. I don't do a lot of those. Because i find stressful. I wish i could relax and enjoy them. But so far have not learned how to. And i think this is weakness to really get this job than to its best. I have to minutes not a weakness that i share. I quite enjoyed the spotlight. Tell me nico on. Your team told me that you have the most incredible memory when it comes to sporting events question was on the nine hundred eighty two world cup and what was the school eighty two. Oh that's about memory. Because argentina was a serious candidate with basically the same team that want in seventy eight and they brought a young madonna addition but overall worker well. Italy ended up winning beating germany in the final three to one but the good news is that in eighty six. They might not at his best. He went to work with a group of very angry players. Then argentina beat germany..

Moore nico argentina madonna Italy germany
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

01:45 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"Returns whether another fund does better or worse doesn't matter you just have to do the best thing you can do and don't sell wurley flying alum for you. Mike was the most recent publicly announced investment. And why did you say yes in. Get so excited. I've talked about this company. Bunch leo labs which is our last one. We just announced it. Sixty five million dollars series. B funding dovid see led the round insight partners. We've now we've made three investments as a fund into the company by partner. John was one of the early investors in the company as well. I mean it's extra sweet because there are many more competent or nice people than dan. You know dance separately. Who is the founder. Ceo we made the investment because they've been executing we think it'll be one of the most important companies in one of the largest marching markets which is low earth orbit which really is where the action is in commercial space and they basically made the business of space possible. We are so excited to be a partner with kenya's while an opening bounce discussion. I called hyun off putting out with my way questions and i appreciate you coming on the shy now. I love the show. I so honored to be here in your first three thousand guests. I try to be the first three thousand guests of podcasts. You're a true legend in venture. And i really appreciate everything you do. I mean just such special episodes tomato. That as i said i just had so many great things from so many former gasoline. Show if you wanna see more from light which is a musty and follow him on twitter at lahser likewise with great see behind the scenes you can find us on the two thousand eighteen. Abc dot com. But before we leave each day. I have to say i just love. Using angel is fundamental platform to manage my investments team in the platform. An angel takes care of all. My office needs so that i can focus on

round insight partners dovid Mike hyun dan John kenya twitter Abc
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

02:17 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"I totally get you there. And i'm sorry. I was too intrigued. Not want. I do want to move into equate finding might say short statement you mir media will see ready to rock and roll. I can't wait. This is my favorite part of your show. His favorite team and i really hope. I don't screw it up but a little nervous for this. But i'm ready the joy of editing. My friend tell me what is the book. i'm why do i have to read it. My favorite book by far and not even close is viktor. Frankl man's search for meaning. It was a book. I've read many times. I've given it away too many of your listeners. The captures victor's years as a prisoner in nazi concentration camps during world war two. And it's really about the most important part of being human. Which is identifying your purpose identifying something that gives you purpose no matter how miserable the circumstances are something to feel positive about something to immerse yourself into and it's just been an inspiration for me. I don't have any rate here my desk in new york city next to my i have just a stack of these and when i think someone needs it i send it to them. Tell me what to rich people tell themselves most often a biggest lies. I know the answer. What i found was the day we made money or the day. Most people make money as a date. People think they know all the answers. You know everyone around. You thinks you know the answers and work dangerously. It's a day. You start to think you know all the answers. Just because he made money doesn't mean you're an expert in anything let alone everything it usually means. He worked hard and got a little lucky. You know be careful not to think that you know all the answers what these advice to. You often give be fine. Hawks take yourself hinted at this earlier. It's just trust your got like at least for me. God is always right trusted tune into it. believe it. Yeah there's something about like intuition and experiencing all these things that first reaction is the right reaction every other reaction is typically bad. Now if your gut has gotten in trouble Shouldn't listen to my gut. It really is awful. Then don't listen to it. But i most people. The gut is really where the truth lies. What do you know now that you wish at the start of you. Investing career. I mean really is what matters is not what deals you miss. It's easy to sit back and look at all the success of your friends or having you know what matters is what deals you do and that drives how you spend your day and most importantly drives the size of your.

Frankl viktor victor new york city Hawks
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:09 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"Our day is loaded with bad news. We have a huge problem is surprises. Don't tell me you're you're going to run out of money next month. Don't tell me after the fact like three months and you lost the biggest customer share all the good news the bad news. Not in a way that you're trying to kane in a certain way and typically it comes in like here the winds. Here's what i'm worried about. We lost these customers. We lost these. Employees are net promoter. Scores down twenty percent. Whatever it is right. We didn't hit our revenue numbers. It also feels good because bad news eats you inside. If you don't get it out if you don't share it with someone it will just stack on top of each other like really heavy books. You don't wanna read. And then eventually fall over and either create disastrous effects for the business or vassar effects for your health founder. Depressed on. it's really a big ally is because of the gap between what they think. The expectations are and the reality of their situation. Can i ask in terms of that. Willingness to communicate not bad news. I totally agree with my question is like what do you do is invested as a full member to let me found that. This is a safe space. You can tell me anything. Because i think it's all job to create that safe-space while they feel they can tell you anything you do. And what did you as much Walked from your invested to know. That was a safe space any relationship. That's worthwhile just communication. It's over communicating. I feel like as the entrepreneur who now is an investor. It's up to me to share expectations and my expectations is keep me posted. Be real good news bad news. We'll try help with which is which are issues that are important. I don't want to run a business but if you get an offer from company to buy you who else are we gonna talk to you. And i can help. Set up those conversation. Ray if you're gonna raise money. I can start making introductions year before too great investors a lot of the people who we've spoken to just sharing the expectations that i wanna be a partner. I don't want to be your boss now. I have the benefit of having cast on my side and cast is the best ceo whisper. I've ever met because she doesn't take board seats for the most part and there is a dynamic as an entrepreneur. you're bored investors. You feel that they have more weight than your investors who are not on report you know. It's natural as a human being to feel that way sometimes their issues that they don't come to me and i don't want them to. I'm on super rare. Nfc art marketplace on the board. John crane has a great relationship with casts and cast helped on hiring and structure and processes. I looked at the dan separately over at leo labs who has worked with chasse to find a general counsel a cfo and help do the deck for the series b. And then we made the intro to incite that lead with us. Sixty five million dollars series. B for the low-earth-orbit company. Those are relationships. that may be. it's not a board level thing but having this person who is empathetic who is bidding there. See picking up some of their work and just helping them like. It's not easy for first time entrepreneurs to find world-class cfo cro's.

leo labs Ray John crane Nfc chasse
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:48 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"It's usually an issue right the al ventures kind of binary these things go or they don't and if you're really looking at financial engineering and your control provisions and all this stuff as your downside protection you're actually going to activate it. It usually means something is messed up. And you know all i can say to other. Investors is the most important thing is to listen. I go into board meetings. Saying i'm going to save very little of what i say i would like to count. And so it's really listen to what's going on and in the cases where i am on the board because i'm so different than just the typical investor board member. I actually will have a conversation with the founder before the board. And i'll do a deep dive like. Hey let's talk about what's going on. And i'll help you figure out how to structure the meeting. There's nothing worse than showing up to a meeting. They're just regurgitating information to read before him. I turn ingredient. Tastes me to something. That actually i loved jaffa. Gv told me about the two three pages used to write pre meeting. He said if you don't read it double the coming towards me about that. How he pad bull meetings what. Those pages contained what you wanted to get out. Yeah so board. Meaning for the investor. I don't think are as important as the entrepreneur and so for the board meeting. I treated as a way for me. It was a forcing function to step away for a second year. Shed did this on the weekend. And i would. All of my direct reports would provide me information so financials and marketing plan young. But i was. I wanted them to present to me. As if i was the board of like. What are you focused on. What are the key metrics. All that stuff. I would then take it in synthesize it and then put together ios usually much longer than two or three pages is usually ten pages you know sometimes longer than that and my belief is that if i can clearly articulate where the company is where it's going and the resources that we need to get there no one in the organization's going to know it and so if i can't convince myself that what we're doing is right. It's definitely not right and even if it is right if we're just kind of meandering in a directionally correct way. No one on my team knows is gonna know what's going on and so creating i learned more from. I think mark off with his veto mom and how he a lot of people said you know. Salesforce has a lot of offsites but mark really drove home. The idea that they're only eight to ten things we're going to do as a company each one's going to have an owner each of the owners gonna have metrics and obstacles associated potential obstacles. And so the board meeting for me was kind of my way to communicate to the board. This is what's going on. I'm not going to present to you. And i would like drop stuff in letters. Is jeff price told you that i would ask about like totally random stuff right and the no way that they would know like personal stuff about me and i would ask someone in the board meeting just that see if a read it because there's nothing worse than an investor shows up to a board meeting like unprepared in mind. They haven't brought most of them. Did because i think after the first meeting they were scared because you know the good investors look at entrepreneurs as their customers. If they didn't. I would have been like dude not cool or i wouldn't have been karen klein. She'd like reads everything. And we'll call you and be so great about her discussion. I guess i'm i'm really digging here. What do you advise found is to get the most out of that. Old is in the bull crap. Is that the communication. The is the pointed. Nece questions they ask. What do you advise families to get the best out of that. Bold communicate clearly communicate regularly communicate the winds communicate all of this shit sandwiches that are going on. There's not one company that doesn't have just stop blowing up every day. Let's just say great venture. Investors have no problem with bad news..

al ventures jaffa jeff price Salesforce karen klein mark Nece
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:26 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"It would be a good person. Can say to them. You know any of these traits that we would love to give to them self awareness and compassion and empathy. You can't talk about them. You just have to show it to them. Part of that is being there for them. And i say every night for my kids go to bed. I still do their around. You love you always be here for you and everything will be okay right like it's going to be supported. They wanna have guardrails and they wanna learn like what does it mean to have a meaningful life. Be good person. I think the only way to that is the model. Unfortunately if you model it on the other side of not doing those things that's where you see a lot of young kids spiral out of control. But it's hard for kids these days with social media always on external validation little more difficult than when i was. I think there's an interesting parallel. Hey what she's you mentioned guardrails that and you have to take the guard rows away to let them fall in line in some cases and have those experiences you do with founded to you've seen so many companies scanning the days and make mistakes. I'm sure you have it with the finish they were. You know that going wrong but you call him cross the line of operator and so. I guess my question is not things about a guardrail to keep up thus is gonna rattle to remove and let them learn on either side is a follower was founder. So it's much easier with founders. And the reason. I say that is we have experienced doing what they did. We can share our ideas if they listen great if they don't great right. We don't wanna run companies. We love entrepreneurs if the entrepreneur isn't happy. They're not feeling supported if they're not comfortable they're never going to succeed in. So we do not have a heavy and you know at the second that week and with guardrails with any sort of parental type heavy hand. It kills the relationship. I didn't like it when entrepreneurs investors tried it with us. Having said that. I love robust conversation disagreement. Our board meetings were combination at bunny media. Wwe and hug fess yet. We'd strong opinions on our board. We'd eric hippeau. And ian siglo from great cross and jeff richards and karen klein. These are big brains big personalities and we just went at it and then we all hugged at the end and moved on and so kids. I can't say. I have experience as parents is at first time right. Your the default position is you're wrong. Founders that default positions may be right founders. Respect you your kids. You're embarrassing me. Your goofy you sound. I don't want you to see my friends right. Odds funny you mentioned the ball member and he said about not having the tight reigns of control. And i find that interesting. Because i'm with you. I absolutely deny that. How do you think you'll start a membership. So i don't think the board membership matters to the funds so we don't say we need a board seat. We don't say that we don't need and soap and entrepreneur invites us on the board and weekend contribute will be on the board. And so i'm on some boards right now but i don't look at startup boards and i say startups really create. Po as anything other than the sounding board and the guidance that the entrepreneur needs to push forward. Now there's a committee. There are certain things that are just nuts and bolts. You have to do the audit committee but those are combine working groups from the country venture. If there's a decision that you have to make adventure company that everyone is on the same page..

eric hippeau ian siglo jeff richards karen klein
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:19 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"But with the three kids in the life that we have. We totally get you. Can i ask you mentioned about retiring. Why did it not let him. What did you learn about yourself from that time. The so i i love painting i gotta studio. I was a little burned-out traveling the world. Frankly salesforce incredible company. I was working probably harder at salesforce. That i was at but immediately i was working really hard buddy media. You're traveling all over. The world dreamed force. And you know. It's always on so when i left. I just wanted to take a little time. And what i realized is that hobbies or things you love. But you're not and so. I found myself just getting frustrated trying to be an artist and gravitating back to what i love which is entrepreneurs and checking very soon. We started ramping up investing activities and took a little time to understand that. It's just what we do. So what we do is venture and it's part of who we are. It's our friend group. It's our support group. It's our love. We feel so lucky to be able to do it for the fact that we get to learn about new companies meet entrepreneurs and make money in the process. We're so lucky in so many ways. How do you feel about your relationship to money. We challenged about it a little bit before the show Even had many successes the pratfalls change financially. How do you feel now about your relationship to money. Money was never the reason. I started the companies so when i was at northwestern in nineteen ninety-three you do not start an internet company. 'cause you wanna make money thirteen million people on the internet. There are no viable business models. Even though you see them coming you have no. Examples of huge companies that have emerged. This is like pre mosaic browser rate. I think what it represented for me is. The money became my ticket to freedom. So i didn't have to go be a reporter at the delaware state news which is where one of the internships i have. I didn't have to go get a job in finance or anything else. This became my way of not getting a job and what became not getting a job all of a sudden. I was the most experienced person in the room because there's no internet. No one's an expert internet's all the sudden. You have these twenty two twenty. Three twenty four year olds who had lived the internet. And the same way that you have these crypto rich entrepreneurs who have just grown up you know trading and in this decentralized world and i think what we realize is the money provided a few things security peace of mind health insurance for us you know as i said at the hardest shoes and the ability to have experiences that have really changed our life whether it's through philanthropy or taking the kids africa or other places that's really matters we don't buy stock at us. It is also you mentioned obviously three children. You wanna bring them up also without in mind and with the right relationship to money county Instilling implementing the work ethic designed that you had when the financial profile fewer children may be very different. It's hard. I didn't grow up in new york city. I didn't grow up around our hope and this is a work in progress. So our kids. Are you know we're talking. Nineteen seventeen and fourteen so by no means. Do we think we have mailed us but we think if we model the behaviors that we think are important. That's the only way to learn. There's nothing we can save them..

salesforce delaware africa new york city
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:25 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"Faster you need if it's a bad vision and you're executing the wrong thing going to work if it's a great vision with no execution it's not gonna work. And so as we look at investments we are a firm bettas unanimous therefore partners and so it's a family firm cast and me john. Gm petroleum matthew chimp attroney. We're all in with deals. That we like i have to. I convince myself that i liked. The deal has to convince herself of her deal. You then have to convince everyone else and so that process helps us weed out deals that maybe we shouldn't do now. We're an early firm. It's an extension of how kassai always operated by. We don't think there's cast deals or mike deals are john deals or matthew deals. They're velvet venture deals and we're all in when we do an investment all of us. Can you mentioned that can have cast in the impoverished. She's had on new professional. I don't see what possible life that e we chatted before about us. He said britain statement when she's having sex with my co founded is a feature not a bug. I never expected to say that. On the shirts i to me. Why do you think working with your wife as you do is such super because as we most. Vc's go a husband and wife team in suddenly gas gap cast a special person. And so she's intuitive. She's empathetic she's compassionate. And she has an ability to sense things which i can't and so. We have a partnership that i think is the greatest founder partnership that i could have. Which is we do exactly league. Different things on a much more like sales external fire companies raise money product and she's much internally focused and so although we're partners we don't overlap we have complete trust and when you start a company with the co founder. Louis you're not married to them another great results for married cofounders. You basically getting married. I mean you're spending more time with your co founder than you are with your spouse and any to thinking people who are smart and thoughtful argon have disagreements and how you work through those disagreements. How you emerge stronger is really important so when we have three kids three dogs and we've done all these companies and now this fund. We know how to make decisions. We know have disagreements and we know how to you know. Go to bed not upset with each other which is Howdy note lack personal situations infiltrate into business decisions because you can have a fight in the morning. Then you're in an investment committee laser. And she's still pissed at four didata. How do you create that. Divide so there's trust and there and we're all in so there is no difference between work and life casts casts. Mike is mike. I tried to retire after leaving. Salesforce i did an awful job at the end. This is what we do. We build businesses. We invest we feel very fortunate to do it and so when we have a disagreement. We're not passive aggressive. Where aggressive aggressive we worked through it and we get to a better place and after you do something with someone for twenty. We're married twenty. Two years almost been together for twenty five years. You learn how to take care of the me. Take care of the we personally and that business and we've been very fortunate having said that it's not always been easy as all of our board members and anyone who's worked with us knows like any co-founders have disagreements but we think we are incredibly lucky having what we have and we built just amazing molly success in business.

matthew chimp john Gm mike Vc matthew britain Louis Salesforce Mike molly
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

03:51 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"Awesome feeling as an investor. I'm totally with you on that. You mentioned jeffrey I tried to jack before the show. And he in particular into oss. When you think now investing full-time lessons loan moving to venture full-time imitate here. You've had somebody herm rooms. You've had some If we take the home runs fast. What have you learned from your body. High runs so the early home runs yet. Both investing out of our own balance sheet and now albuquerque ventures really. Boil down to three things. That i think we all know but we forget often one team. Obviously it's always about the people as a team have a track record of winning. Is the team the team to tackle the problem. They are dressing winners win. And i see the candidate again. The winners feared al and so it starts with that because even though we're entrepreneurs we don't want to run the company the we want to support company we wanna be called when they're big issues. The founder one wants to work through. But you know they're the ones who are building. The business one is market. It's hard to change pilots mid-flight even harder to change the market. You're operating in bates will be large enough to support several massive growth comes. I've never seen a large company. Emerge tiny market and so the market is so critical third. Is this networks matter. It takes a village to grow these businesses. No matter what the company is you need to have people around the table. And so i look at the companies. That really have hit it out of the park with velvet. See in you know. It's walter driver at scope and you know yo- needy toro and dan separately at leo labs dozer people who bill networks around the company that support down support the company and so we always look at kind of the coinvestors weird employees work before joining the company who is in the year the founders and when we do a late stage investment like we've done with some of the companies. I just mentioned we look at as we're welcome. Addition to the party were not already crushers and so my two questions every entrepreneur. What are your top three areas of focus. What you need to do this year to win and number twos. How can i help. Those are my two questions if we deacons shot to instant this is a shape clashes that you can forgive me for us but life. His win element. I'm totally wedgie for me. A leading signal of a winner. Someone who's done great at a pool platform before is a good example. By what are the indications to you of winners that how do you sense the either tiga well. First of all serial entrepreneurs produce great results and the reason is you learn so much in the success or the failure and so sometimes when you lose you've done all you can but market turns against you for whatever reason it didn't work out that's easiest way and i just feel it myself. The first company was really hard at northwestern. Second one was easier. Third one was easier. They're all hard but you stop making some big mistakes and it's easier to raise money. The only way a company goes out of business is raise money. Show me a failed product and twenty million in the bank. They still have a shot. Show me a successful product. Can't raise money and You don't go out of business and so i think it gets back to one of something. It's hard for me to do. But i have to continue to do it. Your gut reaction is usually right about people and so that first gut reaction that you have is so critical. The problem is the next two weeks. You try to talk yourself out of that gut reaction so you say oh. This isn't feeling great pitcher this person or whatever it is and then you start justifying why they're great and why you're wrong right and so i think kind of winners have a few characteristics. One of them is they can build networks and teams and get people on board with their mission. So yeah michael jordan credible. Basketball player key didn't win until he started really putting the other team. I don't think there's anyone better in sports than tom brady and crafting a team. What he did last year was incredible so there are a lot of other ways to do it..

albuquerque ventures leo labs dozer jeffrey bates jack toro dan michael jordan Basketball tom brady
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

02:47 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"On tech startup since nineteen ninety-three nine hundred ninety four so i'm coming up on thirty years and it's hard to understand cycles without either living through them or working in crypto for three months you understand kind of ups and downs and so on. Friday was it april fourteenth. I'll never forget this date. Two thousand the nasdaq which were all tech. Companies were fell nine percent and it ended a week in which it loss. I think. Twenty five thirty percent of its value. I was twenty five newly married a new house. Millions of dollars of stock in a company that i'd taken public so you wire had merged with student advantage that loss eighty percent of its value. So here i was a young guy on. Paper seemed to be worth a lot and now not really worth a lot and so i learned a few lessons the hard way and i think those lessons still drive me today. Both as an entrepreneur and as an investor. Raise more money than you think. You're going to need as an entrepreneur. Figure out how much you need to execute your plan and then raise two times at number one and a half times that number. It almost always takes more money and more time than you think. Because you're an entrepreneur like me you're terminally optimistic and so just make sure there's some padding to as fundamentals matter. No matter how hot your company is it will eventually be valued based on fundamentals. So sales profits growth net cash retention. Whatever your key metrics is you know as i say often. Losing money is short term tactic. It's not a long term strategy and that just big businesses emerged from crises. You know my stock from the appeal was crush. But that's the same year. I started golf dot com and that turned out to be a bigger win. Without that win. i wouldn't have moved to new york. I wouldn't have done by the media. And then buddy media was founded in two thousand seven at the beginning of the two thousand seven two thousand eight global financial crisis. If you just look at what happened last year. The world shutdown tech businesses or accelerated some great startups went from zero to unicorn status. So you know raise money some fundamentals and when there are downturns. It's a great time as an entrepreneur to start a business and it's a great time as investors to deploy capital. I wanna still on really of aspects of the auto venture. Because i was thinking it's like a croft and you said before how you operate as an investor is more important than what you do or what you've done. I thought it was a really intriguing. One what did you mean by that statement. Well i think what i meant is money in. Today's market is fungible. You can get it anywhere experience and reputation or not so in venture if you look at the great returns experience and reputation drive results for the funds and entrepreneurs wanna work with experienced and great.

golf new york
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

02:55 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"The time. And today you know for what it's worth and so the transition to investor started really around two thousand ten were fortunate of amazing entrepreneurs as close friends. We started investing in their companies. Many of them became big companies and so fast forward we've done seventy five deals and velvety ventures is the vehicle which we are transforming all of what we have accomplished as entrepreneurs as investors in into we believe scalable business that we're gonna do for the rest of our life and all of the product is different than anything done before it feels like every other business we've started so pitched investors successfully raise money. We have created a that seems to be well received by our customers the entrepreneur and although investing seems different i would never compare it to how difficult it is to growing tech startup. An i at least feel like we're using many of the same muscles that we built starting companies. I totally agree. I think building a farm in many ways is building a company in many ways. So i totally agree that in terms of that kind of operational element do you want to also slightly taking a bash. And i hope it's okay for me to awesome will personal one but you know. I saw an incredible each video. The dave in stated about some health challenges you faced early on in life. Can you tell me about this. And how it actually impacted your mind says yet. You're really going back far. You're going back to embryonic. Mike was born with a congenital heart defect. I had what's called been. Trickier settled defect hole. In between the two ventricles luckily closed up. When i was born and i was asymptomatic for much of my life when i was nineteen day sided. They needed to go in to fix it when they went in. They solved at my valve needed replacing. And basically you know my heart to be rebuilt in many ways anti to open heart surgeries within eight days. Each other after. I won by a or vowel burst. I zero blood pressure. I had two hours to get into the operating room and get it fixed and really emerge out of that process when i was nineteen years before my junior year at northwestern a pretty changed person before that was kinda stressed out. I stressed about the little stuff afterward fearless. I felt like i was playing in overtime. I shouldn't have been marriage. Should have been dead. If it weren't for great doctors and timing. I would have been dead. And so i came out of it saying what's the worst thing that can happen. I'm alive that's really all the matters. They might which you've seen just the most incredible changes in financial markets and one being the dot com era and the boom the bus since a major. I'll mutual friend ost. How did the dot com era fundamentally impact your approach to business and investing the companies Today grit question. I've been working on tech startup since nineteen ninety-three nine hundred ninety four so i'm coming up on thirty years and it's hard to understand cycles without either living through them.

congenital heart defect Mike
"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

05:40 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"That's what like ribbit aspires to be is just like in financial services you're gonna have these challenging moments so we want to have a steady hand and be smart investors but more importantly good partners can nate when you have those moments. How much do you need Billion or. I don't know of the roman and another company whereas i we're gonna lose all regulatory authority. How do you deal with them. You level headed a you quite frantic. What are you do. How do you digest. These shipments is talking earlier about the value of being thesis driven. Another way of saying this is sort of pointing out that you want to renegotiate the ideas in your mind when we underwrite an investment. We work really hard to imagine these types of scenarios and often like you live through them in small ways with these companies are with other companies across oil. That's what it felt like with with robin we'd been to this movie before I think when you've done that you don't overreact. Even at a frightening situation you feel like you know we understand this business. We've done the work and let's be steadfast and the right kind of partner is not the kind of partners who suddenly try to reexamine everything that they know to be true. I think there's a lot of things actually about being sector focus on that are disadvantaged that people think are advantage like expertise that we talked about earlier because you can become way too full of your own ideas and you missed it. The the best companies are often have some very core simple insight but one of the advantages of being a sector focus fonder of a focus firm in general as you can really underwrite and get to know companies a theme and i think that can make you steadier as investor over a long period of time. I want into my favorite. They nate which is acquaint fly statement. And you give me your immediate Does that sound okay. Sounds great case. What's the favorite. But we'll must be reading on the summer holidays. I really i love fiction. So if you ask favorite book. I'd say something like east evita in or all the kings men just because i think they're timeless parables and beautifully written in fund so read and reread. But if you want something about fintech innovation or entrepreneurship a great thing to read as a piece of the action. Which is joe. Nocera wrote this book about financial innovation at america over the twentieth century. And one of the reasons. I love it is. It just reminds you like i think a lot of good business history that nothing is new. Like before robin hood. There was schwab and before stripe their visa before china was bank of america and on and on very well researched and written with great. Thank you all. Say the first Jessica so not so great women to me. Tell me. I hit ribbit johnny. What would you have done differently yet. It's easy to say because hindsight is twenty twenty. I would have done more of the things that we knew we should do like the biggest manifestation of this is. We could have been even more concentrated in the company is that we really believed in. We've done plenty of doubling down on our winners. But i would try to do it even more. Some of this is classic market thinking but i think the signal was really strong after working with companies even for a matter of months other than that like. I think most of what i would have done differently fits in the bucket. We talked about earlier where we just had the wrong idea about something or about a company and we did an armchair underwriting it's fine to have boundaries in places where you d focus but you also need to just go meet the founders and hear it from them and our worst mistakes have been where we serve judge from afar rather than finding ways to die then with Curiosity what's been your biggest mix having come about yacht. The biggest mrs been in payments we've ended up making large investments in payments but early on it rebecca. We had the opportunity to invest in in stone adeane in strive a number of companies that are relatively early stage. And we said. We're not doing payments right now. You that allowed us to focus on a number of other things. You can't really run the counterfactual. But again i think the miss was we had an idea and we wanted to stick to that idea rather than just really go and listen and look where the data would take us. Tell me what do you now. You wish nine at the start of you career invention. Oh there's a lot. I'll give you to either the platitude that you have two years in one mouth and you should use them in proportion and in the early days i thought i needed of opinion on everything and that's how i could provide value especially since i was young and i didn't have a tracker building a huge company. I felt like i needed to have a strategic view on any topic. It simply is not true and worse. It's counterproductive since no matter how smart you are like. Your job is v. C. is to cajole and challenging suggests. But you can't possibly have the answers since you're so much further from the customers than the entrepreneurs but secondly if i was giving myself advice i say buy more bitcoin. That was gonna be my next question. Like ribbit. invested on one directly into. Bitcoin told me about that person decision. You have very early at rid. We are working in the office for mickey's old company and it was me and mcginn says mckee's longtime business partner and mickey and wednesdays just wouldn't shut up about bitcoin. It was very fridge. And i thought might be out of their minds but for too long time fintech founders from venezuela and argentina. It was just mindblowing that there might be a global digital non-sovereign for money and that you could transact with it fully peer to peer without any financial institution in the middle. They both live through hyperinflation. So it wasn't a weird idea to them that the currency of record in your country might not be a reliable store value. Yeah i'd worked briefly on facebook credits. So i knew some of the problems of trying to build a centralized digital currency but when mickey started making noises about buying it in the phone and i said all right. If we're going to do that like we'd better write a letter out peas about what bitcoin is. And why i spent a few weeks on that and myself been hooked on crypto ever since and convinced that one of the best risk adjusted bets. You can make anywhere in the a lot of people asked like how we thought about buying crypto funds which other firms just couldn't do you know at the end of the day i think you get the investors. You know the reactions you ask for like we always told our. Lp's we might do unexpected things so long as they were great investments and it turns out. Bitcoin was just the first of many to come like that. And we took the risk. But also we've been fortunate to have amazing partners from the start. You trusted us. I mean i love it. I love the convention batman. I wanna finish the nate with beating the most important probably which is the found themselves that you invest in recent publicly announced investment..

nate ribbit ribbit johnny Nocera robin schwab robin hood bank of america kings Jessica joe china rebecca america mickey mcginn mckee venezuela argentina facebook
Why You Should Work on Your Pitch

The $100 MBA Show

02:23 min | 1 year ago

Why You Should Work on Your Pitch

"Traditionally or typically. People will work on a slide presentation of slide deck to explain what their businesses were problem. They're solving the market there in the challenges that will face and the potential of their business. They do this to raise money. The pitch to investors the bishop vc firms. They might even pitch to family and friends to get their initial capital to get their business up and running. And that's awesome. But i'm here to tell you even if you're not looking to raise money even if you are happy to be self funded. This exercise of pitching your business is vital to the success of your business. Why because you are selling this is a sales exercise if you can't sell the concept of your business clearly coherently without rambling without scrambling for words. It's going to be very hard for you to sell your products to strangers to put together a sales page to put together a marketing campaign. But more importantly as you are working on your pitch in refining it you might discover your product. Your business is not good enough. You need to improve unique to pivot. You need to change it. Typically when you pitch to an audience or to anybody you will get feedback. They'll ask questions. Like what makes you unique while. When i go with you when i go this competitor. What are your profit margins. What's our market share. What's your market size. And if you know the answer these questions like you know your own name. You're in trouble. You need to know these things. You need to know the information. It's okay for you not to know but you need to get the information right cannot know forever and working on a pitch and pitching forces you to be in the position. Really you know what. I need to find these answers if i'm gonna pitch that's why i did it. I started webinar. Injure our software company back in two thousand fourteen. I started pitching about a year into it. I'd go to you know. Start of communities. I would go to co working. Spaces would go to pitch nights and our refine it. I wasn't great in the beginning. And i had a few slides missing and i was stumped on a few questions. But guess what immediately after that pitch. I found the answers to those questions. I wrote down all those things as stumped me. I remembered to fill in those slides. That are missing. In fact i used to record. These pitches on my phone so i could at least have the audio so i can go back and listen to a happened.

"vc" Discussed on The Twenty Minute VC

The Twenty Minute VC

06:46 min | 1 year ago

"vc" Discussed on The Twenty Minute VC

"Which is that. I really care about people. And i'd like to have real in deep relationships and i think being a founder and being a leader is incredibly hard so i try to share both the struggled. I'm going through as a person as a leader. Inside of my firm with the founders. I work with. And i tried to invite that to to do the same and often i think people are looking for a place that they can be fully transparent where they can be heard with can get support again be sounding board and i try to be that so i invest a lot to try to be supportive in that way and sometimes it's just listening in helping him being sonneborn sometimes being much more tactical like hey you know we do have to figure out this channel sales strategy so i know you don't really have anybody inside the oregon's doing that. Lemme like really work extra hard to get four or five people from the outside that you can consult with and like figure out the right strategies i think it ranges from all sorts of conversations but to me it's been the joy in this job has been i love the growth model. Which is you can invest a significant amount of capital into a company. So you can justify spending a lot of time and for me that sort of brings a mix of the operating that i love and getting very involved with kind of understanding the scaling challenges as well as getting to work with lots of new investments. So the thing. I love is the same the kind of made. Which is you have to give a piece of yourself as well in terms of what you'll struck me with because it's not a war cited. It's a it's both sided. So i totally agree with that. You mentioned i. I as you often think about. I've never lost. But i'm to intrigued by if i in a capital cheese very interesting structures an amnesty in south one l. p. evergreen. What does that mean in terms of how you think about portfolio construction because he didn't have the normal confines of light three found investing in twenty five companies to how does one think about before the construction without a mind. Yeah so we're very lucky. We have an incredible structure capital g. In that i you know important to note that word independent growth fund backed by google alphabet. So the gp's we have investment decisions. We operate entirely separate from google alphabet but alphabet is our single lp so we think about portfolio construction based on sort of driving our strategy which overall strategy is to be the most valuable partner to every technology company. That's in hyper growth through their scaling challenges and to do that we think the right portfolio sizes for each of the gp's to invest in a bout to companies a year. And so what that means is that we tend to invest in about seven or eight companies a year and we have about forty five active portfolio companies. You know right now. That number goes up and down a bit over the years. And you know as we add. Gp capacity will expand a bit from there but that model is really works for us. Because it's the right size to get great. Diversity and diversification exposure to major sectors across enterprise consumer fantastic healthcare and. It also gives the gp's opportunity to go really deep in the sectors understand the trends really well and then once they make investment have the time and energy to really go deep portfolio companies in help as much as they can so that has really like our strategy has really all is complementary in terms of how we think about a building out the the organization's capabilities and then we have a really great l. p. alphabet which is hot supported us and we capitalists not our constraint. My question is like you mentioned about being the most supportive parliament through the hypoc very stages when you think about continuing capital support. How do you think about that. Reinvestment investment decision and. How do you tell them what. Addison trade capital and what to be disciplined and allow thumbing malkin. Student support going forward. Yeah and that's where i think. Our strategy of being really value added partners has been really great passed as an example there. So i i invested you. I in series. B we co lead the series see and invested in several other rounds so in total invested. One hundred sixty million and you path over the course of several rounds guys Turned out to be a great investment. So that's a good example in that our goal is to support companies over multiple rounds. And because we're working so closely with the companies we have both of my view on the business in the market opportunity. I think we also have been able to to have a great relationship with management teams which physicians us well to invest more capital. Because we're we're helping so many different ways. You mentioned a stripe. A new ipod obviously multiples. Investments have been incredible so huge congrats on the question. That i have is is early. Stage investor. Your hundred axes very rare. And i'm not saying they often but they can happen given the entry position. How do you underwriting think about multiple expectation in. It's sorry for the naive question. Life is five acts. attractive is tannock's attractive. Where does it become a catalyst for. We need to engage. Because i see the upside. Yeah harry if i ever get one hundred actually my first call. That's not in gross stage. You would be very very impressive till you know. In general we look for gross investing to have a sort of three to five x return as a minimum threshold for money. Money return on investments with an eye toward investments. That have a ten x opportunity. So i would say that point. It's going to be a probability but you want to see that. Every investment has an opportunity to everything. Went right this is a big enough market and the expansion extensions. How could this be a ten x opportunity. But i would say five. X is really more of the sweet spot and the expectation. So that's what you see. In our portfolio like some of the best investments capacity crowd strikes are going to be in stride in the ten range. But you'll see many veteran fightbacks north of that as well so when we look at that given the end she point being much later on the flip side of the upside being much greater in the states. You haven't seen this much greater loss ratio right. How about most ratio incoming laser. Yeah so typically in growth stage you don't expect to lose money so sort of the downside because you're typically investing post product market fit and there's usually a path even on the downside for a things really don't work out some sort of exit that would preserve capital two. That's generally what the downside of course there's always the great things that you can't predict that go right. There's some time. I think go in the wrong direction. But in general across our portfolio we wouldn't expect to lose money and that's sort of i'd say most growth stage investors when you look at their portfolio and what drives returns over the long haul. That's typically the case so it's quite very different model than where you know you're expecting early stage venture to several of those two zero..

sonneborn google evergreen oregon tannock malkin Addison harry
What Is Circular Beauty?

Green Beauty Conversations

02:43 min | 1 year ago

What Is Circular Beauty?

"In awe view secuties based on four principles. So i'm going to run you through them. Principle one is that we work with nature. So that means that we. I the minimize the use of natural resources. I roll so that formulations of made with ingredients that not a harvested or that a not grown unsustainably then we use natural resources the benefit the environment so an example would be a sequestering carbon through algae production because essex and there are a few such ingredients coming out on the market which very interesting and sending once we must watch sit principle to is that we then keep those resources in use as much as possible and that means for instance up cycled ingredients or using ingredient byproducts or reusing water energy packaging so with cosmetic products we can keep a loss of resources in use. Packaging is a great example when we actually use it because it can be reusable refillable. Obviously we can't keep the cosmetic ingredients themselves in the formulations in use which is why making a truly secular product will most likely always be challenging when it comes to the formulation itself because cosmetic ingredients are generally either washed down the drain or absorbed by the skin or evaporated all sloughed off the dead skin cells or scraped into the trash weather. Decompose if we don't actually use the products themselves so those ingredients typically can't be kept in close loop system but arguably pc brands could sell relations are quantities. That don't need to be reapplied so much. So then we're keeping resources more acts of speculation rather than creating a closed loop system which might be a bit more of a struggle. there sounds principal to principal three. Is that we. Then design outraced externalities. So that means we avoid waste wherever possible and we all can think of plenty of examples. Where this applies. Vc products we can sell formulations in no packaging refillable packaging so we avoid creasing packaging waste or we minimize waste associated with the extraction of natural ingredients looking which plants can yield the maximum output for the minimum environmental impact of. We can also consider eco-design a formulations particularly when they're flushed down the drain or not biodegradable. And ultimately of course as i said we need to minimize consumption of beauty products in the first place that we design at waste externalities by actually reducing the consumption itself and this has close ties in with the podcast. We did recently on the age of essentials of the age of skin and then finally principle four is that we regenerate natural capital. So if you want to keep using natural resources in your pc products you should be trying to create a net environments gain see constantly have those resources to put in that and i think this is probably the point where the beauty industry struggles the most. Because it's simply not really been on the radar screen. The majority of pc

The Importance of Ownership With Mark Mullen, Co-Founder @ Bonfire Ventures

The Twenty Minute VC

01:46 min | 1 year ago

The Importance of Ownership With Mark Mullen, Co-Founder @ Bonfire Ventures

"Malta i've had so many great things. We were introduced six years ago. If you can believe it by the one o'clock boundary hood so many great things from greg. It upfront friday. Usb howard lindsay. Thank you so much joining me. Stay mark great to be here buddy. I wanna start. Though i love he contacts to tell me. How did you make your way in the world of venture and how did you come to co found bonfire over the last few years and he was four years ago will say well really i. When i came out of college. I was already getting into finance. I worked for a bank. And then i became an investment banker. More like a merchant banker because we also made investments for a very famous entrepreneurs name was bill daniels and is currently still known as the father cable. Tv in the us and got a chance to work for hammond of working for the farmer for twenty years he was one of those stories. You don't hear about anymore. Didn't finish highschool lied to get into the navy golden gloves boxing. Champion for two years flew two hundred and fifty missions as a fighter pilot came back to the. Us started selling insurance. Wanted to see a boxing match closer tv and started cable television in one thousand nine hundred eighty three. This is the kind of person. I got to work under. And all the people that worked for him so we had an investment bank about seventy five people that did a in the cable world in. Isp's in towers in broadband wireless etc across the world as well as we owned a bunch of different companies. I ran international. So i got a chance to live in paris and london and so for many years. That's what i did. And we also invested in companies ourselves as well as other funds and so when we sold the firm we sold all the assets have pundits death in two thousand two thousand one then. We had still the investment bank. We sold the investment bank in january. Two thousand seven to rbc capital markets fantastic transactions before the crash happened. I was a senior partner then. And i had to stay three more years. But that's really the taste of investing and got the taste of investing from

Howard Lindsay Bill Daniels Malta Boxing Greg Hammond Navy United States Rbc Capital Paris London
Would You Ditch Your Doctor for an App?

Reset

01:34 min | 1 year ago

Would You Ditch Your Doctor for an App?

"Healthcare in the united states has long been a mess for too many people. But the pandemic forced us to rethink medicine. And maybe there are ways we can make it. Easier and a growing number of startups are trying to find ways to make health care more accessible but to those who can't afford it. Their companies like one medical or a carbon health or parsley. They often require a subscription. But with it comes access to things like twenty four seven virtual care or rapid blood testing and all of these. Vc backed companies indeed saw explosive growth during the pandemic recode. adam clark. Estes has been looking into the growth of telemedicine and these app. Based primary care providers over the last year are these tech forward services helping or harming healthcare. Hey adam hi teddy. So let's just level set here before we talk about these new approaches to primary care. Tell me what the problem is that these tech startups are trying to solve the problem. Is there too many patients and not enough primary care doctors to take care of them. Four primary care a lot of patients feel like they're just going to cheat a specific issue. They're not going on a regular basis and so the doctor doesn't have a full picture of their health and when they do have a problem. Primary care doctors often just write a prescription or for you out to a specialist. So folks feel like. They don't know their doctors. Like maybe folks back in the fifties or sixties new their local

Adam Hi Teddy Adam Clark Estes United States
How Parabens Kickstarted the Indie Beauty Movement

Green Beauty Conversations

01:27 min | 1 year ago

How Parabens Kickstarted the Indie Beauty Movement

"That have branded as paraffin free. Outsell cosmetics branded as natural despite being illegal cosmetic claim in certain regions of the world such as the e u. the parliament. Free claim is here to stay. I one of the indisputable drivers in cosmetic sales being pop and freeze now so popular that the marketing term power been free. Cosmetics might be the difference between getting a vc product on the shelf and keeping a product on the shelf. In fact the power free movement has now grown so big that bbc manufacturers are abandoning these traditional synthetic preservatives in drives. It's also given rise to an entire industry of india. Bbc brands natural ingredients have been around for millennia. Long before the first synthetics effect was invented. People were already making that own beauty products using fats oils pigments waters and most importantly plants. There's a reason much of this. Plant knowledge is still known to us today because lots of it works. Many of us have grown up being told what to do and we sting ourselves on the nestle we grab a nearby dot leaf which plants can stain skin if we use them be true turmeric and which local plants can help with wound healing if we ever cut ourselves however the naturals movement did not take off online because people had been using plants since the dawn of time instead. It all started with a paraffin.

Outsell Cosmetics Parliament BBC India
Sands to Sell Las Vegas Properties for $6.25 Billion to Apollo Global

Bloomberg Law

00:17 sec | 1 year ago

Sands to Sell Las Vegas Properties for $6.25 Billion to Apollo Global

"More on markets in a moment, Las Vegas Sands agreed to sell its properties in Las Vegas to Apollo Global Management and VC properties. The price tag $6.25 billion Lvs Rose 1.3% in New York trading Sands, China here in Hong Kong, creating down now

Apollo Global Management Las Vegas Sands Vc Properties Las Vegas Sands New York China Hong Kong
Boston and Greater Massachusetts are opening up vaccine eligibility to teachers next week

WBZ Afternoon News

00:41 sec | 1 year ago

Boston and Greater Massachusetts are opening up vaccine eligibility to teachers next week

"Educators in Massachusetts will be eligible to sign up for a covert vaccine a week from tomorrow. Nobody VCs Karen Regal tells US teachers are excited about the move. The Mass Teachers Association got what it wanted. After the Biden administration called for all teachers to be vaccinated, CBS posted on its Web site. It would allow teachers to be vaccinated. And now the Baker administration will open the door starting next week Empty a president Mary Jimmy, speaking outside Watertown High School, calls it a joyful day. In the end, it is going to get us to reach the goal that we all not, which is fooling personally, you know, The sooner that we get this started, the sooner we could get to them personally. Teachers were in the next phase of vaccinations in the Commonwealth. Karen Regal WBZ

Karen Regal Mass Teachers Association Biden Administration Baker Administration Mary Jimmy Watertown High School Massachusetts CBS United States WBZ
Mother arrested after 4-year-old girl found wandering New York street alone at night

John Batchelor

00:22 sec | 1 year ago

Mother arrested after 4-year-old girl found wandering New York street alone at night

"Walking alone in the Bronx late at night is under arrest. 32 year old said Icka Abdul Salam, charged with abandonment of a child acting in a manner in jury is to a child and reckless endangerment. Daughters to Dia was seen at the corner of Prospect Avenue and East Wonder to 56 Street and long would just past midnight Saturday morning. She's down the Cara VCs. Ah, third woman now has come

Icka Abdul Salam Bronx
30K Macs are infected with ‘Silver Sparrow’ virus and no one knows why

Cyber Security Headlines

02:55 min | 1 year ago

30K Macs are infected with ‘Silver Sparrow’ virus and no one knows why

"Silver sparrow. Malware found on thirty thousand. Max has security pros stumped. Researchers have yet to observe delivery of any payload from new malware dubbed silver sparrow. Leaving its purpose still unknown. This suggests that it may spring into action once a certain condition is met. Silver comes with a mechanism to completely remove itself. A capability typically reserved for high stealth operations and it runs natively on the new. M one chip. It also uses the mac. os installer javascript. Api execute commands. Which makes it difficult to analyze found in one hundred and fifty three countries with concentrations in the us the uk. Canada france and germany researchers are watching carefully for further developments. Solar winds hackers stole source. Code from microsoft azure exchange and into microsoft on thursday said it concluded its probe into the solar winds hack finding that. The attackers stole some source code but confirmed. There's no evidence that they abused. Its internal systems to target other companies or gain access to production services or customer data it said cases involved downloading component source code related to a small subset of as you're into nine exchange components and that the entire attack is a quote moment of reckoning and furthering the need to proactively embrace a zero. Trust mentality new hack. Let's attackers bypass mastercard pin by using it as a visa card research published by academics from e. t. h. zurich building on an earlier pin bypass attack study shows how to leverage victims stolen or lost a visa. Emv enabled credit card without knowledge of the pin uneven fool the terminal into accepting inauthentic offline card transactions the attack dubbed card brand mix up takes advantage of the fact a contact lists point of sale terminal does not properly authenticated cards application. Id to the payment terminal making it possible to deceive the terminal and simultaneously perform a visa and mastercard transaction with the one card in response. Mastercard has already rolled out. Contra measures sequoia capital one of silicon valley's most notable. Vc firms told investors it has been hacked. Sequoia capital told its investors on friday that some personal and financial information may have access by a third party after one of its employees fell victim to a successful phishing attack although it has not yet seen any evidence of compromised information being traded or exploited on the dark web the company did not provide a date for the attack describing it only as quote recent and quote sequoia capital has more than thirty eight billion dollars in assets under management and in the past has invested in airbnb door dash twenty three and me fire i and carbon black it does not appear that the hack was connected in any way to solar winds

Mastercard Microsoft Sequoia Capital MAX Germany France Zurich Canada UK Vc Firms United States Contra Silicon Valley
The Hustle Culture Debate Rages Once Again on Esports Twitter

Esports Minute

02:23 min | 1 year ago

The Hustle Culture Debate Rages Once Again on Esports Twitter

"So this topic came up a lot over the weekend on e-sports Twitter as dignitas posted a new unpaid internship the job effectively from the description looked almost like a taxi where the internet be required to drive around La and connect with players or staff members. Now, there's of course more to the role than that, but that sparked a debate that has happened plenty of these Sports. And so I thought I'd cover it here should be forced to not make a scent in their first year or two or more in this industry or is that just kind of the price of doing business in Esports? And it was your first say this probably isn't unique entirely too easy. It's internships are fairly common across a lot of Industries. But in the last few years, there's been a push for companies to make these paid opportunities. One reason, why is that unpaid internships are more feasible for people who come from families and due to financial ties with racist systems that makes it harder to bring diversity into companies or Industries where unpaid internships are common. I saw this firsthand. I did make a living wage my first year out of college with a degree. I was looking up to be able to move back in with my parents and not pay rent while I figured it out many of my colleagues from school didn't have that luxury unpaid internships create a barriers to entry for Esports with long-term damaging implications, but on the flip side to this in East words twenty years of History. The scene is never made money Publishers do and many individuals have but the issue is completely backed on the organization Side by Venture Capital Money That's to say e Sports organizations do not have a large pool of profits to pull from so when everything's like this come up inevitably some people But in the space for ten plus years bring up the time when almost nobody was being paid and it's a valid point. This is an industry built on passion. In some sacrifice is still a necessity to work in Esports. But ultimately VC funds have gone insane in the last few years compared to a fledgling industry in 2010 Esports just isn't in the same place wage. Well, unpaid internships may feel like a necessity for where Esports revenues are right now. They're still think we all need to work to get rid of to make this space better for everyone if someone started their own company. Yeah, they'll need to grind it off for no wages, but that's the risk. They took for the company and they have the benefit to show for it. They own the company and internship is a different situation and interns need to be compensated for the growth of this industry at large.

Dignitas Venture Capital Money Twitter LA
Is Silicon Valley "Over?" With Bloomberg Opinion Columnist Noah Smith

Techmeme Ride Home

04:20 min | 1 year ago

Is Silicon Valley "Over?" With Bloomberg Opinion Columnist Noah Smith

"The question specifically silicon valley itself Is it is it. Sort of settled science for economists like why certain cities become hubs for certain intellectual pursuits sir. Capital pursuits are things like that. Like is that well known and well understood no so we have a lot of theories about why this happens. one idea is that you have tacit knowledge exchange when engineers sort of hang out with each other. They tell each other how to do stuff. It's not clear how powerful that is anymore. I mean it's it's important for researchers to be able to exchange ideas very intensively at things like universities but engineer going out to the bar and saying like oh i implemented this that sort of dan that it's probably not nearly as big a deal and can now be done on like stack exchange in whatever get hub and so so that that sort of tacit knowledge exchange is. It's hard to establish it's hard to measure because you can't really observe these ideas going around you can look at patents. That's all you can really look at. But there's lots of problems with that data Another idea so another big reason for cities a these concentrations of knowledge industries is called thick markets. So if you wanna hire an engineer there's lot of engineers in in san francisco right and if you want to work for tech company. There's lots of tech companies in san francisco. So there's just so much more choice within these superstar cities right with all this choice you can lose your job and find another similar job really quickly or you Lose your employees and find another employee really quickly whereas if you're out in you know like butte you can't. You can't necessarily do that unless we move it all trout so so if we figure out how to do hiring and firing and job searchable blah as well remotely as we do in person whole new ballgame because you've you've just sort of canceled out that that thick market effect. We noticed. We also have to do that for. Vc's so vc's famously Want to live like a fifteen minute bike ride from there. The companies they invest in and that that mindset has got to change that cultures. Gotta change to really unbundle the startup cities. Well and i mean you know this is a the example of the moment and and one example. But you know what's the hottest startup in in in the world right now. It's clubhouse clubhouse is in san francisco. Clubhouse is andriessen. Horowitz is basically is one of the greatest thick influence. If that if that's using the term rape that. I've seen in a long time. In terms of injuries and horowitz really helping juice the success of that startup so yeah clubhouse in cleveland right yes and so that's a but but then again Could be because there is only what like eighteen people right right. Go ahead right. So i mean it that that depends on you know. Injuries and horowitz being willing to invest in distributed companies. And i think that they are. I know those those guys pretty well. I think that they are open to the possibility. And i think that there is a slow. There'll be a gradual change. I think they're realizing that They're realizing that. That costs in san francisco are just really high can cutler initialized capital hosted some data from her own fund the other day showing their investment in distributed companies is increasing and the number. The percentage of founders. Who say they would want to. Distribute companies has just shot up enormously. So maybe maybe this cultural changes coming. I think there always be some local a bias But i think that maybe it could be reduced. I certainly no vc's at bloomberg who are working to reduce that Because really i feel like the the due diligence and human touch that you need to keep track of a portfolio company. The necessity for that to be physical and onsite has just decreased so much And i think that the pandemic is maybe making. Vc's realized that. I hope. I think always be a slight advantage to being nearby but i think that can be outweighed by the cost disadvantage

San Francisco Andriessen Horowitz DAN Cleveland Cutler Bloomberg
Air Force One: Flying Fortress

Aviation Week's Check 6 Podcast

05:10 min | 1 year ago

Air Force One: Flying Fortress

"I really enjoyed the documentary. I got the screener yesterday and watched it right away. This right up my alley to it reminded me of like bob doors Air force one coverage in books. I don't know if you've ever seen what he's done in the past book just he app. In fact i knew very well. He was good guy. Yeah enjoy that it was. It was tough getting access that we did and Particularly in a time that we guys and legal unfettered access so although we only minutes some of the stuff that we showed has never been shown liberal minded so the president airlift group. If you know you can't you can't get access to that. You know i i. I've seen that happen. It's very very difficult but to actually get access to the hangar. Where they're modifying dc twenty five bay I've been i've been In san antonio facility with vc twenty five a in the next hanger they wouldn't even acknowledge that was there you know So as i'm very impressed in is just part of the story is how you got that accent said. I don't know if there's much to say about that but I'm very very curious to save only but it wasn't gave as a majority of it was made. Just thankful that steve. I mean for testing network. Anyway having been in the military and went through the military initially an answers diplomatic channels which is in contact with the white house We met with a couple friends of president. Trump's white has Within emotions and actually unable to president trump and what he willing to tell us access to us and the white house military office and ministration We managed to gas boats which was amazing they use off the dot couldn't louisville couldn't be more accommodating. If i'm being honest. I'm were very tolerant. Case that we gave we stay zeno as we were shooting with somebody and you will see some of styles that a security guy with everyone watching the fix edge over all of the new and boy teach restrained before we do anything with the sense to relate to gain. Access azure There would have been no access without that kind of deal for this. Yeah it was tough to treat us two years to get to the access And that's why this project new full on in this project for some time. That's why it's taking a little contrition is is really the access. Obviously twenty with the president globes as half a lot tougher than than you would imagine and trials of the plane. Got ashley to get on the plane where he actually has some time with. Israel is because he knows a low quality In five minutes with I'm is enough. Oss has been really is and that it was a great interview into politics. He two seventy seven and now he's gone. You know yes full yes. I'm really loves what the there was. Also the access. In victorville into the modification hangar. Where they put on the new doors was advocating for san antonio no so the the planes unchain stole the victim. Yeah undisciplined the victim. Bill is actually use off the so. That's the day the boeing being signed on the dotted line and the plane became the pc twenty five point. It was quite amazing to see that. But that was the official acceptance from bullying to the half of the across the across was handed back the boy from the pilots with some essentially. The pilots flew the plane Across to science as use. I feel played nine. It was at bipolar defense converted into the bbc twenty five. You'll see slow by an eating

Bob Doors President Airlift Group President Trump White House San Antonio Air Force Zeno Donald Trump Louisville Steve Ashley Victorville Israel Boeing Bill BBC
Anzu's Plan to Evolve In-Game Advertising with CEO Itamar Benedy

Esports Network Podcast

04:59 min | 1 year ago

Anzu's Plan to Evolve In-Game Advertising with CEO Itamar Benedy

"Any of these Sports networks other properties on this episode of the E Sports Network podcast for bringing back a gasp from about a year ago wage a little more bonetti. He's the co-founder and CEO of on zoo in a more. Welcome back to the Shelf. Hey meets great to be here tomorrow is on the show back in February of 2020 where we discussed the growth of in-game advertising age people who miss that show or too many of our new listeners since then on to his a platform that makes it easier for braids to get into video game worlds and for developers to open up more potential White spaces in their games for Grants Pass. I'll do is work with Publishers like Ubisoft at lide Castle to deliver Brayden moments for major. It's like Samsung Pepsi American Eagle and many more Esports. We've seen it gave ads take Auto larger role especially patiently League of Legends open up space in summoner's Rift and it was filled by MasterCard an Alienware among other partners and just this morning as a record this on Wednesday, February 10th, 2021 rocket League announced that Ford is going to take over there it gave Billboards for the upcoming which are major on zoo also had a big adults with this what the platform recently raised nine million dollars in additional capital in around Kool-Aid buyback Fetchers and hbse Ventures. There is participation by plenty more investors, of course, including Mark Merrill, one of the two founders of Riot games, this follows two other funny raises of three and five million. So in Mark Gratz of the race, first of all, what are the plans for this capital? Yeah, thank you Mitch. So as you said we raised 9 million dollars beatcraft is one of our previous investors are still leading gaming Esports v c. B c is a new VC which comes from the sport world and a lot of touchpoints around gaming and then other investors are wpp the biggest advertising group in the world, which is also like in the existing investor and Sony Innovation fund, you know, Sony is one of the biggest gaming groups in the world and the owner of PlayStation. So that's a privilege to have them on board Mark Romero the founder and chairman of road games on League of Legends. As you mentioned didn't call ins the founder and CEO of super awesome that recently got acquired by epic games and the Chicago Cubs. Yeah, the baseball team go Ventures and gainesville's and illumine Adventures. So a very crowded and exciting structure of invest investors to have on board. I'm a Cardinals fan so we'll let the dog So invested things slide, I guess but grats on all the different people who came together you mentioned before we started recording you were in the position that every founder kind of hopes. They find themselves in which is we have a few people. We have a different options for Capital so we can pick the people that make the most strategic sense for us going forward. What did you find from the mobile the different investors? What were you looking for? Especially as guiding parts of the company to push it Forward? Sure. So I mean, you know what this round was not about it was not about as fast as we could have fine as it like very very fast as what it was about bringing the best structure. Number one number two, it was about, you know to maximize shareholder value. We could raise almost double the amount but we didn't want to make sense. This is the amount of cash we need for next stage Rose and then in the future if it's a year from now or two years from now we can do another round off. For that makes sense. So we were not looking at at you know, these things it was more about we have a lot of confidence in him. Advertising is going to become a major business model for game divorce across all platforms, through PC Mobile and an important ads category four Brands media agencies and the ESPYs and and the question is how fast can that happen or more sneaking about big Brands big Publishers not easy companies to convince them to do something new. So when we meet partners that can help us to make this happen faster than wages. Are we get excited one form to partner is again investment one is a strategic partnership and they can elaborate more of some of the Partnerships we have in place and some of them is people who join our team. So that was what was guiding us and looking at the different, you know buckets of we are investors came from there is some you know, some like VCS and financial institutions. There is advertising and groups. There is game. Groups and there is a sports organizations that have a lot of touch point in going to become an important overlap in my opinion the next two years. And of course there is like with the values that we want to group represents and communicate us companies gauges as the leading investor for equal opportunity and Which choice for us an important to him and announcement to basically said if the world that was how we were looking at it that's a great place to be at

Bonetti Lide Castle Hbse Ventures Mark Merrill Mark Gratz Sony Innovation Mark Romero Road Games On League Of Legend Brayden Ubisoft Alienware WPP Mastercard Samsung Mitch Chicago Cubs Ford Gainesville
Wise Ventures Esports Officially Becomes Version1

Esports Minute

01:27 min | 1 year ago

Wise Ventures Esports Officially Becomes Version1

"Digital media podcasting and video programs. Please reach out to e-sports network CEO marked in using the email in the bio of the show. While most people in Esports expect a brand name to be announced alongside. The organization. Why is Venture Esports has taken a little bit of a different pathway. They were first called wise Venturi Sports after the VC fund that created the organization and then they named their rocket League team version one. Now. They've officially become version one permanently listeners to the E Sports Network podcast might remember Brett Diamond CEO of wise Venturi Sports at the time talking about the organizations branding back in a podcast during the summer. In that show, he mentioned a wise Ventures was a temporary name and he also said version one was also going to be a temporary name cuz at that point it was just a name for the rocket League team. It was basically a placeholder took apparently the V one named took off enough that they decided to make it permanent version one first entered Esports of the Call of Duty League team, which is why they've had this sort of weird branding thing because the Minnesota rocker took on their own identity. The organization is backed by the will family the owners of the Minnesota Vikings in the NFL with a formalizing of the name V one is also adding a vallerand roster the team they signed was previously competing with the

Brett Diamond Venturi Minnesota Minnesota Vikings NFL