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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC (20VC) interviews the world's greatest venture capitalists with prior guests including Sequoia's Doug Leone and Benchmark's Bill Gurley. Once per week, 20VC Host, Harry Stebbings is also joined by one of the great founders of our time with prior founder episodes from Spotify's Daniel Ek, Linkedin's Reid Hoffman, and Snowflake's Frank Slootman. If you would like to see more of The Twenty Minute VC (20VC), head to www.20vc.com for more information on the podcast, show notes, resources and more.
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Oct 11, 2024

Eoghan McCabe is the Co-Founder and CEO @ Intercom, one of the largest private software companies in the valley with hundreds of millions in revenue and thousands of customers. To date, Eoghan has raised over $238M from Index, Kleiner Perkins, ICONIQ, GV, Bessemer and more incredible firms. Intercom’s goal is to reinvent customer service with AI agents replacing human agents over the next 10 years.

10 Questions with One of the Largest Private Company CEO’s:

  1. AI Investing: Why will most AI investments not do better than the S&P 500?

  2. Building SaaS Tools with AI: Why is it crazy for companies to follow Klarna and use AI to build their own tools?

  3. Going Public: Why is Bill Gurley wrong that more later stage companies should go public? Why did Intercom shelve plans to go public in 2022?

  4. Early-Stage is F*******: Why is the early-stage venture ecosystem as an asset class f******?

  5. Founder Mode: Why does Eoghan believe all of the best founders are unbalanced? What is the difference between Founder vs Manager mode? 

  6. Political Voice: Why did Eoghan decide he had to voice his political opinions now?

  7. The Danger of Harris: Why does Eoghan believe a Harris administration would rob the US of immense freedom, democracy and civil liberty?

  8. Why Vote Trump: Why does Eoghan believe that Trump will regain immense freedom for the sovereign individual?

  9. Freedom of Speech: How does Eoghan determine right vs wrong when freedom of speech leads to harm and injustice? 

  10. Middle East and Nuclear War: Why does Eoghan believe that nuclear war is much closer than we think? Will we see the Middle East descend into war? 

 

Oct 9, 2024

Jeff Wang is the Managing Partner of Sequoia Capital Global Equities (SCGE), a public/private crossover investment firm with investments spanning from late-stage private companies to public companies. As Managing Partner, Jeff has primarily focused on public growth technology companies but has also invested $3 billion in private companies including Bytedance, SpaceX, and Stripe. Prior SCGE private investments that have since gone public include Airbnb, Doordash, MongoDB, Nubank, and Snowflake. Before joining SCGE in 2010, Jeff also worked at TPG Capital and Silver Lake Partners where he focused on investments in technology buyouts.

10 Questions with the Leader of Sequoia’s $9BN Global Equities Fund:

1. Crossover Fund Opportunity: Why are crossover funds more attractive today than ever? Have the tourists gone?

2. Public Market Opportunity: Why is the opportunity in the public markets, not the private markets today?

3. IPO Markets: When will IPO markets open? What will cause them to open?

4. Breaking Hedge Fund Rules: What are the biggest ways that Sequoia break the traditional rules of hedge funds?

5. Google: Why does Jeff believe that Google’s cash cow of search is under threat?

6. Meta: Why does Jeff believe Meta will be the biggest competitor to Google?

7. NVIDIA: Why is NVIDIA’s price today reasonable? What is the bull and bear case?

8. China: Is there a recovery for China? How do Sequoia play China in this market?

9. AI in Public Markets: How are Sequoia playing the AI game in the public markets?

10. Investing Lessons: What have been Jeff’s biggest investing lessons from Mike Moritz, Doug Leone and Roelof Botha?

 

Oct 7, 2024

Eiso Kant is the Co-Founder and CTO of Poolside.ai, building next-generation AI for software engineering. Just last week, Poolside announced their $500M Series B valuing the company at $3BN. Prior to Poolside, Eiso founded Athenian, a data-enabled engineering platform. Before that, he built source{d} - the world’s first company dedicated to applying AI to code and software.

1. Raising $600M to Compete in the AGI Race:

  • What is Poolside? How does Poolside differentiate from other general-purpose LLMs?

  • How much of Poolside’s latest raise will be spent on compute?

  • How does Eiso feel about large corporates being a large part of startup LLM provider’s funding rounds? 

  • Why did Poolside choose to only accept investment from Nvidia?

  • Is $600M really enough to compete with the mega war chests of other LLMs?

2. The Big Questions in AI:

  • Will scaling laws continue? Have we reached a stage of diminishing returns in model performance for LLMs?

  • What is the biggest barrier to the continued improvement in model performance; data, algorithms or compute?

  • To what extent will Nvidia’s Blackwell chip create a step function improvement in performance?

  • What will OpenAI’s GPT5 need to have to be a gamechanger once again?

3. Compute, Chips and Cash:

  • Does Eiso agree with Larry Ellison; “you need $100BN to play the foundation model game”? What does Eiso believe is the minimum entry price?

  • Will we see the continuing monopoly of Nvidia? How does Eiso expect the compute landscape to evolve?

  • Why are Amazon and Google best placed when it comes to reducing cost through their own chip manufacturing? 

  • Does Eiso agree with David Cahn @ Sequoia, “you will never train a frontier model on the same data centre twice”? 

  • Can the speed of data centre establishment and development keep up with the speed of foundation model development?

4. WTF Happens to The Model Layer: OpenAI and Anthropic…

  • Does Eiso agree we are seeing foundation models become commoditised?

  • What would Eiso do if he were Sam Altman today?

  • Is $6.6BN really enough for OpenAI to compete against Google, Meta etc…?

  • OpenAI at $150BN, Anthropic at $40BN and X.ai at $24BN. Which would Eiso choose to buy and why?

 

Oct 4, 2024

Maria Angelidou is a seasoned product leader, having spent close to a decade at Meta where she was VP of Product and General Manager for some of the largest products such as Facebook Groups (2B+ users), Events, Profile, and Search. Before that, Maria led the Facebook App Monetization team, driving billions of dollars in revenue. Today, Maria is the Chief Product & Technology Officer at Personio, an HR tech company with an ambitious mission to unlock the power of people for SMEs.

In Today's Episode with Maria Angelidou

1. How to Hire the Best Product Teams:

  • What are the three different archetypes for PMs today?
  • What non-obvious traits does Maria look for in new product hires?
  • How does Maria structure the hiring process? What works? What does not?
  • Does Maria do take home assignments? How has her approach changed here?
  • What is Maria's biggest advice to candidates on both compensation and title?

2. How the Best Product Teams Do Product Reviews:

  • What does every team get wrong in how they do product reviews?
  • What are the four different type of product reviews?
  • How often does Maria do a product review? Who is invited?
  • Who sets the agenda? How is it structured?
  • What makes good vs great product reviews?

3. Europe vs US: How Product Teams Differ:

  • What is the single biggest difference when comparing product teams in the US vs EU?
  • Does Maria agree that the work ethic is less in the EU?
  • Which class of employee would Maria say is more entitled?
  • What could Europe do to be more competitive with the US?
  • What was the biggest surprise to Maria on returning to Europe from the US?

 

Oct 2, 2024

Bret Taylor is CEO and Co-Founder of Sierra, a conversational AI platform for businesses. Previously, he served as Co-CEO of Salesforce. Prior to Salesforce, Bret founded Quip and was CTO of Facebook. He started his career at Google, where he co-created Google Maps. Bret serves on the board of OpenAI.

In Today's Discussion with Bret Taylor:

1. The Biggest Misconceptions About AI Today:

  • Does Bret believe we are in an AI bubble or not?
  • Why does Bret believe it is BS that companies will all use AI to build their own software?
  • What does no one realise about the cost of compute today in a world of AI?

2. Foundation Models: The Fastest Depreciating Asset in History?

  • As a board member of OpenAI, does Bret agree that foundation models are the fastest depreciating asset in history?
  • Will every application be subsumed by foundation models? What will be standalone?
  • How does Bret think about the price dumping we are seeing in the foundation model landscape?
  • Does Bret believe we will continue to see small foundation model companies (Character, Adept, Inflection) be acquired by larger incumbents?

3. The Biggest Opportunity in AI Today: The Death of the Phone + Website:

  • What does Bret believe are the biggest opportunities in the application layer of AI today?
  • Why does Bret put forward the case that we will continue to see the role of the phone reduce in consumer lives? How does AI make that happen?
  • What does Bret mean when he says we are moving from a world of software rules to guardrails?
  • What does AI mean for the future of websites? How does Bret expect consumers to interact with their favourite brands in 10 years?

4. Bret Taylor: Ask Me Anything: Zuck, Leadership, Fundraising:

  • Bret has worked with Zuck, Tobi @ Shopify, Marc Benioff and more, what are his biggest lessons from each of them on great leadership?
  • How did Bret come to choose Peter @ Benchmark to lead his first round? What advice does Bret have to other VCs on how to be a great VC?
  • Bret is on the board of OpenAI, what have been his biggest lessons from OpenAI on what it takes to be a great board member?

 

Sep 30, 2024

Donald Tang is the Executive Chairman of SHEIN, with oversight of public affairs, business strategy, corporate development, and finance. Donald began his career at Merrill Lynch & Co. He later joined Bear Stearns & Co. Inc. in Los Angeles as Senior Managing Director of Investment Banking. At Bear Sterns, Donald quickly rose to become the Vice Chairman of the firm, as well as Chairman and President of Bear Stearns International Holdings, Chairman and CEO of Bear Stearns Asia, Ltd, and a member of the board of directors at Bear Stearns & Co.

In Today's Episode with Donald Tang We Discuss:

1. How SHEIN Became a Global Giant:

  • As specifically as possible, what did you and the SHEIN team do that enabled you to be one of the fastest-growing companies on the planet?
  • Real-Time Retail: What is this? How is it the core of SHEIN's growth and efficiency?
  • Supply Chain Innovation: How did SHEIN innovate on the supply chain to give them such an advantage over the competition?
  • Price King: How does Donald respond to the statement that SHEIN wins due to price, not quality?
  • Social Media: What social media tactics allowed SHEIN to grow so fast? What did not work?
  • Paid Media: How have SHEIN approached paid marketing? What works? What does not?

2. The Big Questions: IPOs, Impact on Climate and Worker Conditions:

  • IPO: Why does SHEIN want to go public? Is London the right place for the company to go public?
  • Climate: How does Donald respond to the common idea that "SHEIN is bad for the climate" and encourages fast fashion like never before?
  • Tariffs: How does Donald respond to the common question around tariffs and SHEIN benefitting from being under a certain tariff threshold?

3. Marriage, Fatherhood and Happiness:

  • Marriage: What have been Donald's biggest lessons on how to have a successful marriage?
  • Fatherhood: What does being a great father mean to Donald? If he could call himself up the night before his first child was born, what would he advise himself?
  • Happiness: How does Donald think about happiness today? What does everyone get wrong about happiness?

 

Sep 27, 2024

Jeetu Mahtani was an early member of the HubSpot team. Under his leadership and the sales organization, the business grew its non-US revenue from $3M ARR to close to $1B ARR. After running the International business as the global MD and Sales leader, he then moved to lead the customer success org which expanded to managing 1,500 people in customer success.

In Today's Episode with Jeetu Mahtani We Discuss:

1. How to Go International for Startups:

  • What are Jeetu's biggest lessons from Hubspot on what startups can do to make their international expansion a success?
  • What were the biggest mistakes Hubspot made in their international expansion?
  • How should every team in each new location be structured?
  • What should the ramp time and onboarding process look like or each new team and expansion?

2. Scaling Sales from $3M to $1BN in ARR:

  • What did Hubspot do so well to successfully scale to $1BN in international ARR?
  • What were the biggest mistakes Jeetu made in the expansion of Hubspot's sales teams?
  • What are the first things to break in sales teams? How do you handle them?
  • Why does Jeetu hate discounting? Why does Jeetu not like customer references?

3. Scaling Customer Success to 1,500 CS Reps:

  • When should founders make their first customer success hires?
  • What are the biggest mistakes people make in the scaling of CS teams?
  • Why should customer success be incentivised in the same comp plans that sales teams have?
  • How do the best CS teams work with sales and product teams most effectively?

4. Hiring the Best and Ramping Them:

  • What does Jeetu's hiring process look like for all new sales reps?
  • What are the must ask questions for Jeetu in all candidate interviews?
  • How fast do you know when you have made a mistake with a new hire?
  • What is the secret to effective onboarding? What are the biggest mistakes people make in onboarding?

20Sales: Scaling Hubspot from $3M to $1BN in ARR | How to Hire and Ramp Sales Teams | How to Scale Customer Success Successfully | How and When to Go International and Crush It with Jeetu Mahtani

Sep 25, 2024

Eric Vishria is a General Partner @ Benchmark Capital, one of the world's leading venture firms. At Benchmark, Eric has served on over 10 boards including Confluent (CFLT), Amplitude (AMPL), Benchling, Contentful, Cerebras and several other private companies. Prior to joining Benchmark, Eric was the Co‐Founder and CEO of RockMelt, acquired by Yahoo in 2013.

In Today's Episode with Eric Vishria We Discuss:

1. How to Make Money Investing in AI Today:

  • How does Eric think through where value will accrue in the stack between chips, models and applications?
  • Why does Eric believe foundation models are the fastest commoditising asset in history?
  • Why does Eric believe that Nvidia will not be the only game in town in the next 3-5 years?

2. How to Invest in AI Application Layer Successfully:

  • How does Eric analyse between a standalone and deep product vs a product that foundation model will commodities and incorporate into their feature set?
  • How does Eric differentiate between the 10 different players all going after customer service, or sales tools or data analyst products etc?
  • How does Eric analyse the quality of revenue of these AI application layer companies? What does he mean when he describes their revenue as "sugar high"?

3. How the Best VC Firm Makes Decisions:

  • What is the decision-making process for all new deals in Benchmark?
  • As specifically as possible, how does the voting process inside Benchmark work?
  • What deal was the most contentious deal that went through? What did the partnership learn?
  • How has the Benchmark decision-making process changed over 10 years?

4. Does AI Break Venture Capital Models:

  • Does the price of AI deals and size of their rounds break the Benchmark model?
  • Will foundation model companies all be acquired by the larger cloud providers?
  • Unless multiples reflate in the public markets, does venture as an asset class have hope?
  • Why does AI make paying ludicrously high prices potentially rational?

 

Sep 23, 2024

Dmitry Gurski is the Co-Founder and CEO of Flo Health, the leading women's health app and the first European femtech unicorn. Launched in 2015, Flo Health has grown to over 70 million monthly active users and 5 million paid subscribers. The app is recognized as the #1 recommended tool for period and cycle tracking, and it recently achieved a valuation exceeding $1 billion. Beyond Flo, Dmitry is a partner at Palta, a co-founding company with a portfolio of successful startups including Simple App, MSQRD (acquired by Facebook), AIMatter (acquired by Google), and Wannaby (acquired by Farfetch).

In Today's Episode with Dmitry Gurski We Discuss:

1. Why 99% of Startup Advice is BS:

  • Why does Dmitry believe that speed is not the most important thing?
  • Why does Dmitry believe that competition is actually a good thing?
  • Why does Dmitry believe that craziness not intelligence is the most important trait in founders?
  • Why does Dmitry believe that fundraising is simply a numbers game?
  • What does no one understand about retention that everyone should know?

2. From Potato Farms to Billion Dollar Apps:

  • What a childhood in potato farming taught Dmitry about leadership and technology?
  • How mushroom farming taught Dmitry about diversification and focus?
  • How does Dmitry advise people analyse the hardest moments in their life?
  • Why Dmitry does not believe in talent? What else is there?

3. Scaling to Flo's First 1M Users:

  • What were Dmitry's biggest lessons from two failed prior versions of Flo?
  • What is the secret to success in consumer subscription?
  • How did Flo acquire their first customers? What worked? What did not work?
  • Why does Dmitry not believe in brand and PR?

4. Building a $200M Revenue Market Leader:

  • What have been Dmitry's biggest lessons on monetisation?
  • How does Dmitry think about retaining product simplicity with time?
  • What are the first things to break in the scaling of a company?
  • What did they do with Flo that he wishes they had not done?

Sep 20, 2024

Phil Carter is one of the best growth leaders of the last decade helping world-class companies like Faire, Quizlet, and Ibotta accelerate their growth. Today, Phil is a growth advisor and angel investor who helps Seed - Series C consumer subscription businesses define their growth strategy.

In Today's Episode with Phil Carter We Discuss:

The Seven Core Levers to Win at Consumer Subscription:

  1. How to Optimize Subscription Pricing and Packaging:

Step:

  • Single vs multiple subs tiers?
  • Monthly, weekly or annually? 
  • How often should it be revisited?
  • Biggest mistakes companies make with pricing and packaging?

  1. How to deliver immediate value through new user onboarding?

Target Metrics: 

  • Best tactics for delivering value in the shortest amount of time?
  • Biggest mistakes companies make in user onboarding?
  • Thoughts on the very long surveys companies like Noom make people fill out pre getting access to the product?

  1. How to boost paid marketing efficiency by investing in desktop web flows?

Target Metrics: 

  • Why is now the time to be investing in desktop workflows?
  • What are the most effective and specific tactics to do so?

  1. How to optimize paywall visibility and conversion?

Target Metrics: 

  • Why is paywall view rate so important? 
  • What is good vs bad? 
  • What are the most common places to trigger paywall?
  • Thoughts on hard paywall vs consumer value first?
  • Specific tactics to refine paywall design to maximize conversion?
  • Single biggest mistakes companies make when it comes to paywall conversion?

  1. How to distinguish and emphasize premium value props?

Target Metrics:

  • What are the most effective ways to do this?
  • Who does it best? Lessons from them?

  1. How to leverage motivation tactics (stats, streaks, badges, leaderboards, notifications)?

Target Metrics:

  • What is the most effective?
  • Do we not have notification overload?
  • What used to work but now does not work?
  • Who does this best? Why them?

  1. How to leverage strategic discounts and promotions?

Target Metrics:

  • What are the most effective discounting methods used?
  • What are the biggest mistakes companies make when using promos or discounts?
  • Who does it best? What do they do?

Sep 18, 2024

Akshay Kothari is Co-Founder at Notion, one of the fastest-growing companies of the last decade. Akshay has run every function in the company from sales, to marketing to finance and even led their fundraising efforts raising $340M+ from Sequoia, Index and Coatue with the latest round pricing them at $10BN. Before Notion, Akshay was VP Product at Linkedin for 5+ years, leading all of their content efforts. He joined LinkedIn when his previous company, Pulse, was acquired by LinkedIn in 2013.

In Today's Episode with Akshay Kothari We Discuss:

1. Founder Mode, Veto Powers and Focus:

  • Does Akshay agree with "founder mode"? What are the biggest downsides to founder mode that not enough people are discussing?
  • Why does Akshay believe that the single greatest power of a founder is their "veto power"?
  • What is the biggest opportunity that Notion jumped on that they should not have done?
  • What is the biggest opportunity that Notion did not jump on that they should have jumped on?

2. Raising $50M @ $2BN Valuation:

  • Why did Ivan and Akshay decide to do this raise when they did not even need the money?
  • How did the fundraising process for this round go? Why did they choose Coatue and Index?
  • Why did Sequoia say no to this round?
  • With the benefit of hindsight, what does Akshay wish that they had done differently?

3. Raising $270M @ $10BN Valuation:

  • How did Sequoia come back into the frame with this round? Why did they say yes here when they did not before?
  • Why does Akshay believe that of all the investor brands, Sequoia is the most powerful? In what way does having Sequoia as an investor change the trajectory of the company?
  • Is Akshay concerned about how he will be able to scale into the $10BN valuation?
  • How does Akshay address the challenge of bringing new team members in with stock options priced at $10BN? How much of a blocker is that?

4. Boards and Social Media are F*******:

  • How is the way in which boards are constructed broken?
  • How does Akshay believe that boards should be constructed?
  • What roles should founders hire for in their board members?
  • Why is Akshay most concerned about the "Tiktokification of everything"?
  • Why does Akshay believe that social media has never been more concerning?

 

Sep 16, 2024

Shardul Shah is a Partner at Index Ventures and one of the greatest cyber security investors of the last two decades. Among his many wins, Shardul has led rounds in Datadog, Wiz, Duo Security, Coalition and more. Shardul is also the only Partner investing at Index to have worked in every single Index office from London, to SF, to NYC to Geneva. Prior to Index, Shardul worked with Summit Partners, focusing on healthcare and internet technologies.

In Today's Episode with Shardul Shah We Discuss:

1. Investing Lessons from Wiz and Datadog:

  • Why does Shardul believe that TAM (total addressable market) is BS?
  • Why does Shardul believe that every great deal will be expensive?
  • How does Shardul evaluate when to double down and concentrate capital vs when to let someone else come in and lead a round in an existing company?
  • How does Shardul think about when is the right time to sell a position in a company?

2. How the Best VCs Make Decisions:

  • How does Shardul and Index create an environment of truth-seeking together, that is optimised for the best decision-making to take place?
  • What are the biggest mistakes in how VCs make decisions today?
  • Why does Shardul believe that all first meetings should be 30 mins not 60 mins?
  • Why does Shardul believe it is so much harder to make investment decisions when partnerships are remote? What is better remote?

3. The Core Pillars of Venture: Sourcing, Selecting, Securing and Servicing:

  • Which one does Shardul believe he is best at? What is he worst at?
  • Does Shardul believe with the downturn we have moved into a world of selection and not just winning every new deal?
  • Does Shardul believe that VCs provide any value? What are the biggest misnomers when it comes to "VC value add"?

4. Lessons from the Best Investors in the World:

  • Who is the best board member that Shardul sits on a board with?
  • What has Shardul learned from Gili Raanan and Doug Leone on being a good board member?
  • What have been some of Shardul's biggest investing lessons from Danny Rimer?
  • Why does Shardul hate benchmarks when it comes to investing?

 

Sep 13, 2024

Mike Hudack is the Co-Founder and CEO of Sling, a peer-to-peer payments app whose vision is to simplify the way the world connects financially. Previously, he held roles at Monzo Bank as Chief Product Officer, Deliveroo as Chief Product and Technology Officer, and Facebook where he led ads product and sharing product.

In Today's Episode with Mike Hudack We Discuss:

1. Product: Art vs Science:

  • What is the true art of product? What makes the great product leaders and PMs?
  • Is simple always better in product? How do you retain product simplicity with time?
  • When should data be used over intuition in product building?

2. Lessons from Leading Ads at Facebook:

  • What are Mike's single biggest product lessons from building the ads product at Facebook?
  • How did a meeting with Mark Zuckerberg discussing a product change, alter how Mike thinks about product today? What makes Zuck so special on product?
  • What are the biggest mistakes that Facebook made when it came to the ads product?
  • What did they not do that he wishes they had done?

3. Leading Product at Deliveroo: What I Learned:

  • What are Mike's biggest takeaways from his time at Deliveroo on how to make consumer products?
  • What did Deliveroo do from a product perspective that worked so well? What did he learn?
  • What were the single biggest product mistakes that Deliveroo made? What did he learn?
  • How fast do you know when a consumer app is working or not working? When do you go against data and follow your intuition?

4. Building the Biggest Bank in Britain with Monzo:

  • What are Mike's biggest lessons on product building from his time at Monzo?
  • What did Monzo not do that he wishes they had done?
  • Why does Mike think the US is crucial for Monzo?
  • How did Monzo change how Mike thinks about competition? What do you do when your competitor, Revolut, is outshipping you at such a speed?

 

Sep 11, 2024

David Schneider is a General Partner @ Coatue and one of the great operators of the last 20 years. Prior to Coatue, David was instrumental in ServiceNow’s growth to over $100B+ public market value. David led the growth of the company from $100M to $5BN in revenue. Before joining ServiceNow, David held senior positions at Data Domain, the company he joined at $0 in revenue and scaled to $1BN in revenue and an IPO and acquisition.

In Today's Episode with David Schneider We Discuss:

  1. ServiceNow: Secrets to Scaling to $5BN in ARR:

  • What are David's biggest lessons from scaling ServiceNow to $5BN ARR?
  • What worked? What did not work?
  • What are the most common reasons companies plateau?
  • How did ServiceNow roll out so many different products so effectively?
  • How did David hire and ramp 180 people in 90 days?

2. From OG Operator to Newbie Investor:

  • What have been the single most challenging elements of making the transition to VC?
  • What advice did David get from the biggest names on entering venture?
  • How long did it take David to do his first deal? What advice does he give other operators entering?
  • How does doing deals in 2024 compare to when David started doing deals in 2021?

3. VC Value: Do 90% of VCs Really Damage Companies:

  • Does David agree that 90% of VCs actually detract value?
  • What does David mean when he says that the worst VCs are "seagull VCs"?
  • What are David's biggest tips to founders on how to get the most out of their board?
  • What is enough ownership for David to really give the time needed to a company?

4. Lessons from the Greats: Doug Leone, Bill McDermott, Frank Slootman:

  • Doug Leone: What has David learned from Doug on what it takes to be a great investor and board member?
  • Frank Slootman: What has David learned from Bill on how to be the best leader of a mega company?
  • Bill McDermott: What has David learned from Frank about decision-making and execution.

 

Sep 9, 2024

Sean Rad is the Founder and former CEO of Tinder. Sean has made more romantic connections between humans than anyone in history with Tinder having matched 50BN different people. Sean is also the Founder of Rad Fund which has made over 100 investments in companies and funds.

In Today's Episode with Sean Rad We Discuss:

1. Lessons Scaling Tinder to the Fastest Consumer Social App:

  • Starting: How did the idea for Tinder come to Sean in a restaurant in LA?
  • Scaling: What are Sean's biggest lessons for consumer apps scaling to their first 10,000 users?
  • User Acquisition: How did a party change the entire user acquisition strategy for dinner?
  • What did Tinder not do that Sean wishes they had done?
  • What did Tinder do that with the benefit of hindsight, they should not have done?

2. Leadership Lessons from Tinder CEOship:

  • Annual Product Redesign: Why does Sean believe that every consumer company should have a complete redesign of the app every year? What are the benefits?
  • Detachment: How does Sean advise founders when it comes to detaching their happiness from the performance of the company? What works? What does not work?
  • Common Mistakes: What are the most common mistakes that Sean sees early-stage founders make when it comes to leadership?

3. Money, Wealth and Creating a Family Office:

  • How does Sean analyse his own relationship to money? How has it changed over time?
  • At what stage of wealth does Sean believe you have true financial freedom?
  • What is the single best investment Sean has made? What did he learn?
  • What is the worst investment he has made? What did he learn?
  • What have been the single hardest and most surprising elements of creating a family office?

4. Love, Death, Marriage:

  • In what ways does Sean think love has changed with time? How do we deal with the loneliness pandemic?
  • What does Sean believe are the most non-obvious but important secrets to a happy marriage?
  • How does Sean approach and think about his own spirituality today? Why does he not fear death?

 

Sep 6, 2024

Nick Chirls is the Founder of Asylum Ventures, a new venture firm dedicated to the creative act of building companies; treating founders like artists, not assets. Asylum raised $55 million to invest $1-2 million in early-stage founders practising the art of making startups. Prior to Asylum, Nick co-founded Notation Capital, one of NYC's most successful pre-seed firms.

In Today's Episode with Nick Chirls We Discuss:

1. Why Venture Capital is Broken Today:

  • Why is VC a ponzi scheme today?
  • Why are most VCs sheep and have lost all creativity?
  • Why are most investors today incentivised to get dollars out of the door and not to make great investments?
  • Why are services functions within VC firms total BS?
  • Why do no VCs provide significant enough value to a company that it is needle-moving?

2. How to Make Money in VC in 2024:

  • What are the two ways to make money at seed in 2024?
  • Why do founders in unloved markets care more than those in hot markets?
  • Why will large institutions lose a ton of money investing in the large firms of today?
  • Why does Nick believe VCs should always sell when their founders sell shares?

3. Lessons from 3xing a Fund on One Check:

  • Why does Nick think about not purchasing preferred shares and only buying common shares?
  • Why does Nick believe that investing in competitive markets is stupid?
  • What does Nick believe are the conditions you must accept if you are doing a $5M on $25M seed?

 

Sep 4, 2024

Zico Colter is a Professor and the Director of the Machine Learning Department at Carnegie Mellon University.  His research spans several topics in AI and machine learning, including work in AI safety and robustness, LLM security, the impact of data on models, implicit models, and more.  He also serves on the Board of OpenAI, as a Chief Expert for Bosch, and as Chief Technical Advisor to Gray Swan, a startup in the AI safety space.

In Today's Episode with Zico Colter We Discuss:

1. Model Performance: What are the Bottlenecks:

  • Data: To what extent have we leveraged all available data? How can we get more value from the data that we have to improve model performance?
  • Compute: Have we reached a stage of diminishing returns where more data does not lead to an increased level of performance?
  • Algorithms: What are the biggest problems with current algorithms? How will they change in the next 12 months to improve model performance?

2. Sam Altman, Sequoia and Frontier Models on Data Centres:

  • Sam Altman: Does Zico agree with Sam Altman's statement that "compute will be the currency of the future?" Where is he right? Where is he wrong?
  • David Cahn @ Sequoia: Does Zico agree with David's statement; "we will never train a frontier model on the same data centre twice?"

3. AI Safety: What People Think They Know But Do Not:

  • What are people not concerned about today which is a massive concern with AI?
  • What are people concerned about which is not a true concern for the future?
  • Does Zico share Arvind Narayanan's concern, "the biggest danger is not that people will believe what they see, it is that they will not believe what they see"?
  • Why does Zico believe the analogy of AI to nuclear weapons is wrong and inaccurate?

 

Aug 30, 2024

Scott Gorlick was employee #99 at Uber. Over 6 years, Scott built Uber in Atlanta and helped the company scale from 10 cities to $10B in revenue. Scott is also a prolific angel investor having written early checks into Lime and Standard Cognition to name a few.

In Today's Episode with Scott Gorlick We Discuss:

1. The Driver Acquisition Playbook: Scaling to 1M Drivers

  • How did Uber acquire 1M drivers? What was the playbook?
  • What worked? What did not work?
  • How much of a role did driver-to-driver referral payments have in driver acquisition?
  • What did Lyft do on the driver acquisition side that Uber should have done?
  • What did the retention look like for drivers on a 30, 60 and 90 day period?

2. The City Expansion Playbook:

  • What was the expansion playbook that Uber used for new cities?
  • What worked in ramping demand in a new city? What did not work?
  • How much of a role did promotions and discounting play? Lessons from them?
  • Why did Uber often let Lyft launch in a new market first? What was the benefit of this?
  • How did Scott see the maturation rate change with new markets opening? How fast did each subsequent market reach profitability?

3. Travis Kalanick and What Uber Could Have Been:

  • How would Uber be different today if Travis was still in charge?
  • What are the biggest mistakes that Dara has made with their M&A strategy?
  • What are some of Scott's biggest leadership lessons from working with Travis?
  • How did Travis create such strong followership and cult around him?
  • What were the single biggest management mistakes made by Travis?

 

Aug 28, 2024

Arvind Narayanan is a professor of Computer Science at Princeton and the director of the Center for Information Technology Policy. He is a co-author of the book AI Snake Oil and a big proponent of the AI scaling myths around the importance of just adding more compute. He is also the lead author of a textbook on the computer science of cryptocurrencies which has been used in over 150 courses around the world, and an accompanying Coursera course that has had over 700,000 learners.

In Today's Episode with Arvind Narayanan We Discuss:

1. Compute, Data, Algorithms: What is the Bottleneck:

  • Why does Arvind disagree with the commonly held notion that more compute will result in an equal and continuous level of model performance improvement?
  • Will we continue to see players move into the compute layer in the need to internalise the margin? What does that mean for Nvidia?
  • Why does Arvind not believe that data is the bottleneck? How does Arvind analyse the future of synthetic data? Where is it useful? Where is it not?

2. The Future of Models:

  • Does Arvind agree that this is the fastest commoditization of a technology he has seen?
  • How does Arvind analyse the future of the model landscape? Will we see a world of few very large models or a world of many unbundled and verticalised models?
  • Where does Arvind believe the most value will accrue in the model layer?
  • Is it possible for smaller companies or university research institutions to even play in the model space given the intense cash needed to fund model development?

3. Education, Healthcare and Misinformation: When AI Goes Wrong:

  • What are the single biggest dangers that AI poses to society today?
  • To what extent does Arvind believe misinformation through generative AI is going to be a massive problem in democracies and misinformation?
  • How does Arvind analyse AI impacting the future of education? What does he believe everyone gets wrong about AI and education?
  • Does Arvind agree that AI will be able to put a doctor in everyone's pocket? Where does he believe this theory is weak and falls down?

 

Aug 26, 2024

Imran Khan is the OG of IPOs having taken some of the biggest companies public including Alibaba, Snap, Box, Weibo and more. Today, Imran is the founder and Chief Investment Officer of Proem Asset Management. Prior to co-founding Proem, Imran served as Snap Inc.’s Chief Strategy Officer. Under his leadership, Snap’s annual revenue run rate increased to $1.6 billion from zero in less than four years. Previously, Imran was a Managing Director and Head of Global Internet Investment Banking at Credit Suisse where he advised on more than $45 billion-worth of Internet M&A and financing transactions.

In Today's Episode with Imran Khan We Discuss:

1. The IPO Market: When Does it Open:

  • How does Imran assess the state of the IPO market today?
  • Can companies really go out with $100-$200M in revenue?
  • Will we see revenue multiples reflate? Can venture continue as an asset class if they do not?
  • When does Imran expect the IPO market to really open?

2. Is M&A F******:

  • How does Imran assess the state of the M&A market today?
  • How do founders need to change how they think about M&A? Why are they to blame for the lack of M&A activity we have today?
  • To what extent can we blame Lina Khan for the lack of M&A?
  • Why would a company go do an M&A process today when it is unlikely to be approved by the SEC?
  • Why does Imran believe in the case of Wiz, it was a mistake for the company not to do the M&A?

3. AI's $600BN Question: Capex Spend:

  • How does Imran analyse the insane capex spend we are seeing from Meta, Google and Amazon?
  • How does Zuck not having his cash cow as the cloud business change how he can act?
  • How does this compare to Google's capex spend 20 years ago? What can we learn from that?

4. Going Public: The Process, The Players and Jack Ma & Jamie Dimon:

  • What is the literal process to take a company public?
  • Who sets the price? What do large institutions want in companies going public?
  • What are some of Imran's biggest lessons from taking Snap and Alibaba public?
  • What are some of Imran's biggest lessons from Jack Ma, Jamie Dimon and Evan Spiegel?

 

Aug 23, 2024

Chad Peets is one of the greatest sales leaders and recruiters of the last 25 years. From 2018 to 2023, Chad was a Managing Director at Sutter Hill Ventures. Chad has worked with the world's best CEOs and CROs to build world-class go-to-market organizations. Chad is currently a member of the Board of Directors for Lacework and Luminary Cloud and on the boards of Clumio and Sigma Computing. He previously served as a board member for Astronomer, Transposit, and others. He was an early-stage investor at Snowflake, Sigma, Observe, Lacework, and Clumio.

In Today's Discussion with Chad Peet's We Discuss:

1. You Need a CRO Pre-Product:

  • Why does Chad believe that SaaS companies need a CRO pre-product?
  • Should the founder not be the right person to create the sales playbook?
  • What should the founder look for in their first CRO hire?
  • Does any great CRO really want to go back to an early startup and do it again?

2. What Everyone Gets Wrong in Building Sales Teams:

  • Why are most sales reps not performing?
  • How long does it take for sales teams to ramp? How does this change with PLG and enterprise?
  • What are the benchmarks of good vs great for average sales reps?
  • How do founders and VCs most often hurt their sales teams and performance?

3. How to Build a Hiring Machine:

  • What are the single biggest mistakes people make when hiring sales reps and teams?
  • Are sales people money motivated? How to create comp plans that incentivise and align?
  • Why does Chad believe that any sales rep that does not want to be in the office, is not putting their career and development first?
  • Why is it harder than ever to recruit great sales leaders today?

4. Lessons from Scaling Sales at Snowflake:

  • What are the single biggest lessons of what worked from scaling Snowflake's sales team?
  • What did not work? What would he do differently with the team again?
  • What did Snowflake teach Chad about success and culture and how they interplay together?

 

Aug 21, 2024

Aman Narang is the Co-Founder and CEO of Toast, one of the best-in-class vertical SaaS companies of our time with a market cap today of $13.5BN. Five astonishing stats that show the quality of the Toast business today:

  • $1.2bn in ARR with 48.4% from payments.

  • Toast Capital has reached $1bn in annualised loans originated.

  • 875k restaurants in the US (Toast has 112k: 13% market share)

  • 75% of locations are coming from inbound channels

  • The first investor in the company invested $500K at a $3M price

In Today's Episode with Aman Narang We Discuss:

1. The Biggest Mistakes Founders Make:

  • Why does Aman believe that founders should spend more time fundraising and with investors early?
  • Why does Aman believe founders should hire managers before they think they need them?
  • Why does Aman believe that founders do not give up control early enough?

2. Lessons Scaling to a $14BN Market Cap:

  • What did Aman and Toast do so successfully that allowed them to scale to $14BN market cap in 12 years? What worked?
  • What are the single biggest mistakes Toast made that hindered their growth most?
  • What are the first things to break in hyperscaling companies?
  • What opportunity did Aman and Toast not take that with the benefit of hindsight, he wishes they had taken?

3. Crucible Moment Decisions: Expansion:

  • How did Aman and Toast know when was the right time to release a second product?
  • What has enabled Toast Capital to scale to $1BN in loans so efficiently?
  • How did Aman and Toast scale so successfully into both enterprise and SMB? What are the biggest lessons from doing so? What did not work?
  • How do Aman and Toast approach geographic expansion? How do they choose which countries to expand into?

 

Aug 19, 2024

Aidan Gomez is the Co-founder & CEO at Cohere, the leading AI platform for enterprise, having raised over $1BN from some of the best with their last round pricing the company at a whopping $5.5BN. Prior to Cohere, Aidan co-authored the paper “Attention is All You Need,” which introduced the groundbreaking Transformer architecture. He also collaborated with a number of AI luminaries, including Geoffrey Hinton and Jeff Dean, during his time at Google Brain, where the team focused their efforts on large-scale machine learning.

In Today's Episode with Aidan Gomez We Discuss:

1. Compute vs Data: What is the Bottleneck:

  • Does Aidan believe that more compute will result in an equal increase in performance?
  •  
  • How much longer do we have before it becomes a case of diminishing returns?
  •  
  • What does Aidan mean when he says "he has changed his mind massively on the role of data"? What did he believe? How has it changed?

2. The Value of the Model:

  • Given the demand for chips, the consumer need for applications, how does Aidan think about the inherent value of models today? Will any value accrue at the model layer?
  • How does Aidan analyze the price dumping that OpenAI are doing? Is it a race to the bottom on price?
  • Why does Aidan believe that "there is no value in last year's model"?
  • Given all of this, is it possible to be an independent model provider without being owned by an incumbent who has a cloud business that acts as a cash cow for the model business?

3. Enterprise AI: It is Changing So Fast:

  • What are the biggest concerns for the world's largest enterprises on adopting AI?
  • Are we still in the experimental budget phase for enterprises? What is causing them to move from experimental budget to core budget today?
  • Are we going to see a mass transition back from Cloud to On Prem with the largest enterprises not willing to let independent companies train with their data in the cloud?
  • What does AI not do today that will be a gamechanger for the enterprise in 3-5 years?

4. The Wider World: Remote Work, Downfall of Europe and Relationships:

  • Given humans spending more and more time talking to models, how does Aidan reflect on the idea of his children spending more time with models than people? Does he want that world?
  • Why does Aidan believe that Europe is challenged immensely? How does the UK differ to Europe?
  • Why does Aidan believe that remote work is just not nearly as productive as in person?

 

Aug 16, 2024

Laela Sturdy is Managing Partner of CapitalG, Alphabet’s $7 billion independent growth fund, where she has invested in Stripe, Duolingo (DUOL), Gusto, UiPath (PATH), Webflow and Whatnot. Laela joined CapitalG shortly after its inception in 2013 and was promoted to Managing Partner in 2023, making her one of few women to be promoted into the sole leadership role within an established multibillion-dollar venture firm. Before joining CapitalG, Laela served as Managing Director of emerging businesses at Google and held leadership roles on the YouTube and Google Search teams.

In Today's Episode with Laela Sturdy We Discuss:

1. Lessons from 10 Years Investing:

  • What does Laela know now that she wishes she had known when she entered VC?
  • What is the biggest miss for Laela? How did it change her mindset and approach?
  • What are Laela's biggest takeaways from Stripe and UiPath? How did they change what she looks for in companies today?
  • What is Laela's biggest advice to all new entrants to venture today?

2. How to Build a $100BN Company: Market Timing, Sizing and Staging:

  • What does Laela mean when she says she will never take a risk on a company being able to complete a "second act"?
  • How does Laela approach market sizing? How does Laela think about the notion that the best companies will always expand their markets?
  • Is Laela willing to take market timing risk? What have been her biggest lessons on timing?
  • Does Laela prefer founders who are new to a market and have optimistic naivety? Or prefer an expert in a market who knows every element of it?

3. The Deal: Pricing, Sizing and Upside:

  • How does Laela think about price today? When is she willing to pay up vs not?
  • What price did Laela pay that at the time seemed super high but turned out to be super cheap?
  • What price did Laela pay that seemed super cheap but turned out to be super high?
  • What upside is Laela underwriting towards? What does she need to see in base and best case?

4. VC Value Add: Is it all BS:

  • Does Laela believe that the best founders really need help from their VC?
  • Who is the best board member Laela works with? Why are they so good?
  • What are the core areas where the VC and the founder are misaligned?
  • What would Laela most like to change about the relationship that founders and VCs have?

 

Aug 14, 2024

Kaz Nejatian is Shopify’s VP of Product & Chief Operating Officer. Before Shopify, Kaz founded Kash, a payment technology company which was acquired in 2017 by one of the largest fintech companies in the U.S. Kaz then served as Product Lead for Payments and Billing at Facebook, reducing the barriers for businesses in cash-dependent markets to purchase digital ads without a credit card.

In Today's Episode with Kaz Nejatian We Discuss:

1. Learnings From the Greats:

  • Mark Zuckerberg: What are Kaz's biggest lessons from working with Zuck? Why does Kaz believe Zuck is massively under-appreciated?
  • Keith Rabois: What are Kaz's biggest lessons from working with Keith? How did it change how he operates on a day to day basis?
  • Tobi Lütke: What have been Kaz's biggest lessons from working with Tobi? What has he changed most significantly since working with Tobi?

2. Shopify: Why We Build Our Own Tools:

  • Why does Kaz believe it is crucial for Shopify to build their own tools?
  • When did he doubt this strategy most? What caused him to question it?
  • Why does Kaz believe the Stripe <> Shopify partnership is the most important in business?
  • What is the role of a PM at Shopify?
  • Why do Shopify focus on how not what product is built?

3. Eight Truths The Startup World Gets Wrong:

  1. Why does Kaz believe "The Lean Startup" has done more damage than any other startup book?
  2. Why does Kaz believe that 90% of companies do not know what they want when they hire?
  3. Why does Kaz believe the way that companies pay their staff is totally wrong?
  4. Why does Kaz believe that most companies pick fights they do not need to pick?
  5. Why does Kaz believe that for 90% of companies remote work is a terrible idea?
  6. Why does Kaz believe that everyone in sales and marketing should be able to code?
  7. Why does Kaz believe that married people with kids are more, not less productive?
  8. Why does Kaz believe that we totally misunderstand divorce rates?

 

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