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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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Now displaying: Page 11
Jul 29, 2022

Jim Lanzone is the CEO @ Yahoo, a company that today reaches nearly 900 million people around the world and is the third largest property on the Internet. Prior to Yahoo, Tim was the CEO of Tinder, the world’s most popular app for meeting new people, downloaded by more than 400 million people. Before Tinder, Jim spent a decade as President and CEO of CBS Interactive, a top 10 global Internet company with brands ranging from CBS All Access to CNET. He joined CBS Interactive in 2011 when CBS Corporation purchased Clicker Media, where he was founder and CEO. Before founding Clicker, Jim served as CEO of Ask.com (formerly Ask Jeeves).

In Today's Episode with Jim Lanzone

1.) Jim's Entry into the World of Startups:

  • How did Jim go from law school to founding his first tech startup in the dot com boom?
  • How did seeing the crash and the first company going bust, shape Jim's perspectives on great leadership?
  • What does Jim know now that he wishes he had known when he started way back in 1999?

2.) Leadership 101:

  • How does Jim define "high performance" in business today?
  • What are the 4 things Jim always looks for when hiring new people?
  • Why does Jim believe the standard interview process and questions are broken? How does he do it differently? What are his biggest lessons on how to hire effectively?
  • How does Jim know when to let someone go? How long do you give under-performers?

3.) Crashes and Turnarounds:

  • Jim has seen three crashes as a CEO, what are Jim's biggest lessons from 3 prior crashes?
  • How does Jim advise founders to be acting today? What should they focus on?
  • How can leaders maintain morale and optimism in the face of tough macro times?
  • How does Jim advise founders to communicate both with their investors and board when it comes to reduced performance in harder times?

4.) The Yahoo Turnaround:

  • What does Jim believe the 1-2 core things Yahoo needs to fix is? Why are they priorities?
  • How does Jim approach turning round the Yahoo brand? How does he plan to make it attractive?
  • What is the biggest misnomer that people have about Yahoo today?
  • How does Jim think about running a portfolio approach with Yahoo moving forward?
  • How has Jim changed the org structure and management of Yahoo most significantly?

Items Mentioned in Today's Episode:

Jim's Favourite Book: Team of Rivals: The Political Genius of Abraham Lincoln

Jul 27, 2022

Today we deconstruct the canonical question in early-stage sales. Does the founder need to create the sales playbook? Then secondly, if not, should the first sales hires be reps or a sales leader? Today we are joined by 7 of the best sales leaders to share their thoughts.

Jordan Van Horn is a Revenue Leader @ Montecarlo. Previously Jordan spent 4 years with Segment and before that spent another 4 years at Dropbox.

Oliver Jay (OJ) most recently spent 6 years at Asana where he was hired as the company’s first revenue leader. Before Asana, OJ spent 4 years at Dropbox where he scaled the sales team from 0 to 50 while tripling ARR.

Dannie Herzberg is a Partner @ Sequoia Capital and previously spent 4 years at Slack as their Head of Enterprise Sales. Before Slack, Dannie spent 5 years at Hubspot building sales, opening an SF office, and then joining product to launch CRM & platform.

Zhenya Loginov is the CRO @ Miro, where he runs the go-to-market team of 700+ people across 11 global offices. Prior to Miro, Zhenya was the COO @ Segment. Finally, before Segment, Zhenya led a 100-person team at Dropbox across numerous different functional areas.

Kyle Parrish is VP Sales @ Figma, where he has scaled the sales team from 0 to over 100 people in sales. Before Figma, Kyle spent over 5 years at Dropbox in numerous different roles including Head of Sales, where he scaled the Austin, Texas office from 3 to over 80 people.

Sam Taylor is the VP of Sales and Customer Success @ Loom, at Loom Sam leads Revenue Org including: Direct Sales, Customer Success, Self-Serve Revenue Growth/Assist. Prior to Loom, Sam spent over 4 years at Salesforce, following their acquisition of Quip, where he was the first sales leader. Before Salesforce and Quip, Sam spent over 3 years at Dropbox as a mid-market sales leader.

Jeanne DeWitt Grosser is Head of Americas Revenue & Growth @ Stripe. Pre-Stripe, Jeanne was CRO @ Dialpad and also spent many years at Google in numerous different roles including most recently as Director of GSuite SMB & Mid-Market Sales, North America and LATAM.

Mitch Tarica is Head of North America Sales at Zoom Video Communications. Before Zoom, Mitch spent over 5 years at RingCentral and before RingCentral, Mitch was at Oracle for over 7 years in numerous different sales roles.

In Today's Discussion on Sales Playbooks We Learn:

1.) What is the right definition for a "sales playbook"?

2.) When is the right time to change your "sales playbook"?

3.) What are the biggest mistakes or misnomers made around the "sales playbook"?

4.) Should the founder be the one to create the first sales playbook or can it be a sales leader?

5.) When is the right time for founders to hire their first sales leaders?

6.) For the first sales hire, should founders hire sales reps or a sales leader?

7.) When should you hire a rep vs a sales leader? What are the nuances?

Jul 25, 2022

Tony Fadell, often referred to as the father of the iPod is one of the leading product thinkers of the last 30 years as one of the makers of some of the most revolutionary products in society from the iPhone and iPod to more recently founding Nest, creating the Nest Thermostat, leading to their $3.2BN acquisition by Google. Tony recently released Build, a masterclass taking 30 years of product and company building lessons and packaging them for you, check it out here.

In Today's Episode with Tony Fadell: New York Times' 36 Questions of Love

1.) On reflection, what would Tony most like to change about his childhood?

  • How did moving so much as a child change who Tony was as a person?
  • How can parents instill that same grit and desire in their kids today?
  • What does Tony think is the biggest problem with modern parenting?

2.) As a leader, should the company you are building be a family or a team?

  • What does Tony believe are the 3 hats of being a great CEO?
  • What is the biggest challenge in the transition between hats?
  • Where does Tony see many founders make the biggest mistake?
  • Which hat was Tony strongest with? What was he weakest with?

3.) How to solve the loneliness of being a solo founder?

  • Why does Tony believe that everyone needs a co-founder?
  • Why does Tony not like to invest in teams with a solo founder or more than 4 founders?
  • For Tony, what is the ideal composition of that founding team?
  • How does he test for these skills and traits pre-investing?

4.) How to think differently in the face of adversity?

  • Tony has made bold bets when everyone says he is crazy, how does he not question himself and remain strong in the face of criticism?
  • How does Tony know when to change his mind? When to accept that the bold idea was not right?
  • Is Tony concerned in the face of macro challenges today, investment and commitment to climate change will be cut heavily?

Jul 22, 2022

Kyle Samani is the Co-Founder and Managing Partner @ Multicoin Capital, one of the leading crypto native funds of the last decade with positions in Solana, FTX, Fractal, and Helium to name a few. As for Kyle, before moving to the world of venture and crypto, he founded Pristine, a health IT startup that raised more than $5M in VC, and was acquired by Upskill.

In Today's Episode With Kyle Samani We Discuss:

1.) The Founding of Multicoin Capital:

  • How did Kyle make his way from a healthcare startup to founding Multicoin?
  • What was his a-ha moment with the realization of the opportunity we have ahead of us in crypto?
  • What does Kyle know now that he wishes he had known when he started Multicoin?

2.) Crypto Investing in 2022:

  • Why does Kyle believe the crypt investing landscape is less collaborative than ever?
  • What are the biggest challenges of token issuances today?
  • How does the option of liquidity help and hurt Kyle's investor psychology?
  • Is Kyle concerned the volatility in the market will harm institutional investor sentiment for crypto?

3.) Constructing a Crypto Portfolio in 2022:

  • Why does Kyle not believe in temporal diversification?
  • Why does sector-centric company diversification suck?
  • Why are the loss ratios in crypto so much lower than in traditional venture?
  • Why does Kyle believe a no reserves model is optimal in crypto?

4.) Multicoin vs Traditional Venture Firms:

  • Why does Kyle believe that every person over 10 people in a venture firm is a net negative towards the investment decision-making process?
  • What do Kyle and Multicoin do reach the truth together? How do they aggressively use writing and word docs to progress their thoughts?
  • Their discussions are "brutal", how brutal can one be in a discussion on a deal? How does one make team members feel safe but also really push them for the truth and debate?

Item's Mentioned in Today's Episode:

Kyle's Favourite Recent Reading: Eugene Wei

Kyle's Most Recent Investment: Delphia

Jul 20, 2022

Sam Taylor is the VP of Sales and Customer Success @ Loom, an essential tool for hybrid and remote teams allowing you to record quick videos of your screen and cam. At Loom Sam leads Revenue Org including: Direct Sales, Customer Success, Self-Serve Revenue Growth/Assist, Sales Development, Global Customer Support, Revenue Ops + Strategy and Sales Enablement. Prior to Loom, Sam spent over 4 years at Salesforce, following their acquisition of Quip, where he was the first sales leader. Before Salesforce and Quip, Sam spent over 3 years at Dropbox as a mid-market sales leader.

In Today's Episode We Discuss:

1.) Entry into the World of Sales:

  • How did Sam land his first big role in sales at Salesforce?
  • How did the sales orgs differ when comparing Salesforce to Dropbox?
  • What are 1-2 of Sam's biggest lessons from his time at Salesforce and Dropbox that shapes how he thinks today?

2.) Sales People Should Be Customer Therapists:

  • What is the right way to approach customer discovery?
  • How can sales reps get potential customers on a call in the first place?
  • What are the right questions to ask? What engenders the most honesty?
  • What are the wrong questions to ask? What are common mistakes?
  • How do the best sales reps then feed that back to customer success and product?

3.) The When and The Who:

  • When should founders consider hiring their first sales hire?
  • Should this hire be a sales leader or a sales rep? What are the nuances?
  • What are the characteristics of the best first sales hires?
  • What are the first sales hires really on the hook for?
  • Why does Sam disagree with the word "playbook" and instead suggest "frameworks"?

4.) How To Hire The Best: The Process

  • What are Sam's lessons on what it takes to hire the very best sales reps?
  • What are the right questions to ask in the interview process?
  • What tangible case studies or tests are done to measure quality?
  • Who is brought into the hiring process and at what stage?

Jul 18, 2022

Des Traynor is a Co-founder and the Chief Strategy Officer of Intercom, the modern customer communications platform that unifies every aspect of the customer journey. To date, Intercom has raised over $238M from some of the best including Index, ICONIQ, Kleiner, GV, and Bessemer. As for Des, before co-founding Intercom, he was a UX consultant, a university lecturer in computer science, and also a Ph.D. researcher. Des is also a prolific angel investor with a portfolio including the likes of Stripe, Algolia, Notion, Miro, and many more.

In Today's Episode We Discuss:

1.) Origins of Intercom:

  • How did Des make his way into the world of startups and come to co-found Intercom?
  • When did they realize they really had something with Intercom and had to focus on it?
  • What does Des know now that he wishes he had known at the start of Intercom?

2. Two of the Biggest Myths in Startups: Being First and Defensibility

  • Why does Des believe that being the first does not matter? Why is it not an advantage?
  • Why does Des believe that no company has defensibility on day 1? How does Des believe defensibility is built?
  • What does Des mean when he says, when investing in companies he looks for a "long road to the starting line"?

3.) Product 101: A Masterclass on Product:

  • How does Des answer the question of when to release a second product?
  • How should the second product be resourced? MVP and lean or full budget and committed?
  • What are the biggest mistakes people make when releasing a second product? What mistakes have Des and Intercom made when releasing new products?
  • How does Des advise founders on when to stop working on a product? How do you know when it is not working?
  • How does Des determine between a feature and a product both when building and when investing?

4.) Moving to Enterprise:

  • What does Des believe are the three core things all companies need to scale into the enterprise effectively? Which should they do first? Which is most challenging?
  • How does Des advise founders on when is the right time to move into the enterprise?
  • How does the product need to change to meet enterprise needs and requirements?

5.) The Makings of Great Product Marketing:

  • What does Des believe makes truly great product marketing? Who does it well today?
  • How does your product marketing need to change as you scale from SMB to enterprise?
  • If product marketing to both an end user and a separate buyer, which persona should one prioritise their messaging towards?
  • How does Des advise founders on product marketing when they have a horizontal product with a very broad customer base?

6.) Angel Investing 101: From Stripe to Miro to Notion:

  • Why does Des believe it is beneficial for operators to also be investing?
  • What are the biggest lessons Des has learned from angel investing?
  • How does Des approach both market sizing and outcome scenario planning today?
  • How price sensitive is Des today? How has that changed over time?

Item's Mentioned in Today's Episode with Des Traynor:

Des' Favourite Book: How Will You Measure Your Life by Clayton Christensen

Jul 15, 2022

Peter Singlehurst is the Head of Private Companies at Baillie Gifford. As of 31st March 2022, funds under Baillie Gifford's management and advice totaled £277bn. The firm is owned and run by 51 of its senior executives who operate as a partnership, a structure that has endured for over a century. As for Peter, he has been with Baillie Gifford since graduating from Durham University 12 years ago and has backed some astonishing breakouts such as Wise, Grammarly and Zymergen to name a few.

In Today's Episode with Peter Singlehurst We Discuss:

1.) Entry into Venture:

  • How Peter landed his role with Baillie Gifford straight out of university?
  • Why does Peter and Baillie Gifford prefer to hire young people without backgrounds or studies in finance? Why do they tend to be better investors?
  • What does Peter believe are the basic building blocks that can be taught in investing? What cannot be taught and needs to be learned with experience and time?

2.) The Biggest Misnomers and Misalignments in Venture:

  • Why does Peter believe the distinction between public vs private markets is BS?
  • Why does Peter believe it is an advantage to invest at the same time in both public and private markets?
  • Why does Peter think there is an inherent misalignment in venture between GPs and their LPs?

3.) Baillie Gifford: Constructing a Portfolio with £277BN:

  • How does Baillie Gifford approach portfolio construction today?
  • How many lines do they want to have in their portfolio? What is the right level of diversification?
  • How does Peter think about sizing each position? How does Peter think about capital concentration across rounds vs first check being the largest?
  • How does Peter approach outcome scenario planning? How does Peter think about downside protection and loss rates?

4.) Peter Singlehurst: The Investor:

  • How has Peter's investing style changed over the last 10 years? What has gotten easier? What has gotten harder?
  • What is Peter's biggest miss? How did it change his approach?
  • What is Peter's biggest hit? What did he learn and take from this?
  • How did the crossover funds change and impact the way that later stage venture was conducted?

Item's Mentioned In Today's Episode:

Peter's Fave Book: The Myth of Sisyphus

Peter's Most Recent Investment: Grammarly

Jul 13, 2022

Luc Levesque is currently the VP of Growth at Shopify and also advises companies like TwitterPinterest, and Quora. At the age of 21, Luc founded TravelPod, the world’s first travel blogging platform. 10 years later, TravelPod was acquired by Expedia, where Luc led the creation of two award-winning products: TripWow and the Traveler IQ Challenge. Luc then served as an executive at TripAdvisor, where he built and led the growth team which helped TripAdvisor become the world’s largest travel site. Luc was then recruited by Mark Zuckerberg to Facebook where he was an executive and led the creation of Messenger Kids.

In Today's Episode with Luc Levesque We Discuss:

1.) Entry into Growth:

  • When did Luc realise the power of "growth" within every company?
  • How did Luc subsequently make his way into the world of growth pose-selling his first company?
  • What does Luc know now that he wishes he had known when he made the entry into growth?

2.) Growth and Viral Loops:

  • How does Luc define "growth" today?
  • How should leaders choose what is the right north star to focus on for their business?
  • Should this north star change? If so, how often should the north star change?
  • How does Luc define "viral loops"? What makes the best viral loops today?

3.) Growth: Building the Team:

  • When is the right time for founders to start thinking about building a growth team?
  • Should it be standalone or integrated into other functions in the company?
  • Should the first growth hires be senior and tasked with hiring the team or junior and be more lean as a way to test growth as a new function?
  • What are the signals Luc looks for when hiring for growth?
  • What are the best questions that reveal the characteristics growth leaders need to have?

4.) Growth: The Action:

  • What is a growth decision Luc made without data? How did it go?
  • What are some growth tactics that have become stronger over time? What have died a death?
  • How should leaders know when to kill a new project vs continue and keep testing?
  • What are the biggest mistakes Luc sees founders make when building and scaling their growth team?

Jul 11, 2022

Matt Mullenweg is the Founder of Automattic, the force behind WordPress, Tumblr, WooCommerce, Jetpack, Longreads, Simplenote, Pocket Casts, and more. What started as a simple open-source blogging platform, Matt has turned into one of the most significant internet properties of our generation, now powering over 43% of sites on the internet. Alongside Automattic, Matt also invests through Audrey Capital and has backed the likes of Stripe, SpaceX, Gitlab, and Sendgrid to name a few.

In Today's Episode with Matt Mullenweg We Discuss:

1.) The Origins of WordPress:

  • How did Matt start the for-profit, Automattic, as a 19-year-old, having been a lead developer for WordPress?
  • What were the clearest signs to Matt in the early days that WordPress could change the world?
  • What does Matt know now that he wishes he had known at the beginning of WordPress?

2.) Matt Mullenweg: The Essence of Leadership:

  • What does high performance mean to Matt? How has that changed over time?
  • What does truly great listening mean to Matt as a leader today? Where do many get this wrong?
  • How does Matt approach decision-making today? What are the two types of decisions?
  • What are Matt's biggest insecurities in leadership today? How have they changed over time?

3.) Matt Mullenweg: The Person:

  • Why does Matt have insecurities around his body? How do those insecurities manifest?
  • What did Matt learn about himself in the pre-grieving process before his father's passing?
  • How does Matt assess his own relationship to risk today?
  • How does Matt think through his relationship to money today? Has it changed?

4.) WordPress: The Company:

  • Why did Matt decide it was the right decision to buy Tumblr? Why did Matt make himself the CEO earlier this year?
  • With many strong cashflow businesses within Automattic, how does Matt think through the balance between growth and profitability?
  • Why does Automattic not have any emails within the company? How do 2,000 people communicate so effectively?

Items Mentioned in Today's Episode:

Matt's Favourite Book: Principles by Ray Dalio

Jul 8, 2022

Mike Chalfen is a solo GP with Chalfen Ventures and one of the most respected and successful early-stage investors in Europe over the last two decades. Among Mike's incredible portfolio includes the likes of King.com (makers of Candy Crush), Houzz, Tipalti, Snyk, and Tray.io, to name a few. Some incredible facts on Mike, he has a 15x career track record, he has a portfolio value of over $40BN+ and he joined the venture industry, the year of my birth!

In Today's Episode with Mike Chalfen You Will Learn:

1.) Entry Into Venture and The Broken Customer Experience of VC:

  • How did Mike make his original entry into venture way back in 1996?
  • What does Mike mean when he speaks of the difference between "managing your career vs the money you invest"?
  • What does Mike believe are some of the greatest challenges of venture partnerships today?
  • What does Mike believe that the customer experience in venture partnerships for founders is broken today?
  • How did seeing the prior booms and busts impact Mike's investing mentality today?

3.) Portfolio Construction 101:

  • How does Mike think about portfolio construction today?
  • With 9-10 core positions, why does Mike disagree with the traditional notion of "diversification"?
  • How does the decision-making framework for Mike change when considering new investments vs re-investments?
  • Does Mike believe that pro-rata is a lazy notion? What does Mike need to see on the upside to re-invest?
  • How does Mike feel about the importance of temporal diversification? Why did Mike increase the cadence of his investing in 2021? Does he regret the increased speed?

3.) The Market 101:

  • How does Mike think about the importance of market sizing? If we always underestimate the size of our winners, is this market sizing exercise not destined for failure?
  • Why does Mike believe so many over the last few years have poorly sized markets they invested in?
  • How does Mike assess market timing risk? What market risk is he willing vs not willing to take?
  • What have been some of Mike's biggest mistakes when analyzing markets in the past? How did it change his perspective?

4.) Boards 101:

  • How would Mike describe his style of board membership today? How has it changed over time?
  • Why does Mike believe that boards at seed are not valuable? When do they become valuable?
  • What is the single biggest mistake Mike sees so many young board members make today? What is his biggest advice to young board members?
  • How does Mike advise founders on preparing for boards? What does he want to see?
  • What are the biggest mistakes founders make when conducting board meetings?

Items Mentioned in Today's Episode with Mike Chalfen:

Mike's Favourite Books: Don't Let's Go to the Dogs Tonight: An African Childhood, Days Without End

Mike's Most Recent Investment: Opply

Jul 6, 2022

Scott Belsky is an entrepreneur, master of product reviews, author, investor, and currently serves as Adobe’s Chief Product Officer and Executive Vice President, Creative Cloud.

Tony Fadell, often referred to as the father of the iPod is one of the leading product thinkers of the last 30 years as one of the makers of some of the most game-changing products in society from the iPhone and iPod to more recently founding Nest.

Lenny Rachitsky is one of the OGs of product, having spent over 7 years at Airbnb as a product lead he left to start his newsletter, find it here.

Kayvon Beykpour is one of the most prominent product leaders of the last decade. For the last 7 years, Kayvon has been at Twitter where he led all of the teams across Product, Engineering, Design, Research and Customer Service & Operations.

Aparna Chennapragada is Chief Product Officer @ Robinhood, the company revolutionising consumer finance with commission-free investing.

In Today's Episode Breaking Down Product Reviews We Discuss:

1.) What makes a truly great product review?

2.) What are the biggest mistakes that product leaders make when leading product reviews?

3.) Who should be invited to the product review? How does this change with scale? How does this change in a world of remote work and Zoom?

4.) Who should set the agenda for the product review?

5.) How can leaders assign accountability and ensure that the follow-ups from product reviews are executed on?

6.) How can leaders ensure that they do not dominate product reviews with the weight of their words? How can they give designers and devs the space to share their thoughts without being judged?

Jul 1, 2022

Daniel Yanisse is the co-founder and CEO of Checkr, a leading HR technology company, currently valued at $5 billion. During the journey, Daniel has raised over $679M for Checkr from some of the best including Accel, Bond, Coatue, GV, Elad Gil and IVP to name a few. Prior to Checkr, Daniel was a software engineer and helped develop prototypes of the Mars Rover for NASA. Daniel has been recognized in Forbes “30 Under 30” and recently Checkr was recognized by Forbes as one of America’s best start-up employers.

In Today’s Episode with Daniel Yanisse You Will Learn:

1.) The Origins of Checkr: The $5BN Company

  • How did Daniel come to co-found Checkr? What was the a-ha moment?
  • How did Daniel's experience with his prior company impact how he thought about building Checkr?
  • What does Daniel know now that he wishes all first-time founders knew when they started?

2.) Hiring 101:

  • What are the single biggest hiring mistakes Daniel made in the early days of Checkr?
  • How does Daniel structure his interview process for new candidates today? How has it changed?
  • How does Daniel test for ego and humility in the interview process?
  • How does Daniel approach giving feedback today? How has it changed over time?
  • What does Daniel believe is the right way to let someone go? How long does one give a team member who is not performing?

3.) Fundraising 101:

  • How does Daniel advise founders going out to raise today in the challenging market conditions?
  • What terms should founders optimize for? What terms should they not optimize for?
  • What are the single biggest mistakes Daniel sees founders make when raising?
  • What does Daniel wish he had done differently with Checkr's raises?
  • What was the hardest raise for Checkr? Why was it so hard? What was the outcome?

4.) Going into Enterprise:

  • Why does Daniel believe they went into enterprise too soon? What was the result of this?
  • How does Daniel advise founders on when is the right time to go into enterprise?
  • What changes in both your company and your product when moving to enterprise?

Items Mentioned in Today’s Episode with Daniel Yanisse:

Daniel’s Favourite Book: Accelerate: The Science of Lean Software and Devops: Building and Scaling High Performing Technology Organizations

Jun 29, 2022

Bill Gurley is a General Partner @ Benchmark Capital, Bill, is widely recognized as one of the greats of our time having worked with the likes of GrubHub, NextDoor, Uber, OpenTable, Stitch Fix, and Zillow.

Doug Leone is the Global Managing Partner @ Sequoia Capital, one of the world’s most renowned and successful venture firms with a portfolio including the likes of Google, Airbnb, Whatsapp, Stripe, Zoom and many more.

Keith Rabois is a General Partner @ Founders Fund, one of the best performing funds of the last decade with a portfolio including Facebook, Airbnb, SpaceX, Stripe, Anduril, the list goes on. 

Arthur Patterson and Jim Swartz founded Accel in 1983. Under their leadership, they have built Accel into one of the most prominent venture firms of the last 4 decades.

Michael Eisenberg is a Co-Founder and Equal Partner @ Aleph, with a portfolio including the likes of Lemonade, Melio and HoneyBook, they are one of the leading early-stage firms of the last decade.

Sonali De Rycker is a Partner @ Accel, one of the leading firms of the last 3 decades with a portfolio that includes the likes of UiPath, Miro, Spotify and many more incredible companies.

Fabrice Grinda is the Founding Partner @ FJ Labs, with over 700 investments, Fabrice has had over 250 exits and built a portfolio including Alibaba, Coupang, Airbnb, Instacart, Flexport, and many more.

In Today's Episode You Will Learn:

1.) How does the current environment compare to prior busts?

2.) How will the changing interest rates impact the startup funding climate moving forward?

3.) Why is the rate of inflation the only true metric which reveals the ultimate fate of the economy?

4.) What are the world's leading investors telling their founders?

5.) How are the best investors in the world thinking through reserves management?

Jun 27, 2022

Sonali De Rycker is a Partner @ Accel, one of the leading firms of the last 3 decades with a portfolio that includes the likes of UiPath, Miro, Spotify, and many more incredible companies. As for Sonali, Sonali led Accel’s investments in Avito (acquired by Naspers), Spotify (NYSE: SPOT), Primer, Monzo, Letgo (acquired by Naspers), Kry/Livi, Soldo, Hopin, and Sennder. Prior to Accel, Sonali was with Atlas Venture (now Accomplice). She also previously served on the board of Match.com (NASDAQ:MTCH).

In Today's Episode with Sonali De Rycker You Will Learn:

1.) From Small Town in India To Leading Venture Capitalist:

  • How Sonali made her way from a small town in India to becoming one of the most prominent VCs of the last decade?
  • What were some of Sonali's biggest lessons from seeing the booms and busts of 2000 and 2008? What climate does the crash today resemble more? Why so?
  • How does Sonali advise younger investors who have not lived through a downturn? What should their investor psychology be right now?

2.) Firm Building: Accel:

  • What are the most challenging and non-obvious elements of building a firm today?
  • What have been some of the biggest mistakes Accel has made when adding to the team?
  • What qualities do Sonali and Accel specifically look for when interviewing candidates to join the team? What specific questions tease out whether the candidate has these traits?
  • What specific structures does Accel have in place to encourage the team to work together as one cohesive unit? How do they use bonuses as a team incentive?

3.) Sonali: The Investor:

  • How has Sonali's investing style changed over the years? What moments caused these changes to happen?
  • What are some of the biggest mistakes Sonali has made in her investing career? What did she learn from them?
  • On the flip side, from winners such as Spotify and Supercell, what did Sonali learn from her biggest winners?
  • Why does Sonali believe that market sizing and outcome scenario planning is useless and will lead you to make the wrong decision?

4.) Decision-Making and Risk:

  • What does Sonali mean when she speaks of Type 1 and Type 2 decisions? How should one's decision-making process change according to which type of decision it is?
  • What are the two biggest risks startups are facing today? Does Sonali believe that seed-stage companies will take money from crossover funds?
  • What does Sonali do when she loses faith in the founder? How does she communicate that to them in the right way? What have been some of her biggest lessons here?
  • What have been some of Sonali's biggest lessons when it comes to reserves management? How does Sonali determine when to double down vs reserve cash?

Items Mentioned in Today's Episode with Sonali De Rycker:

Sonali's Favourite Book: A Fine Balance

Sonali's Most Recent Investment: BeReal

Jun 24, 2022

Henri Pierre-Jacques is Managing Partner of Harlem Capital, on a mission to change the face of entrepreneurship by investing in 1,000 diverse founders over the next 20 years. From a kitchen table with his Co-Founder, Jarrid, Henri has scaled Harlem in just a few years to their latest fund last year of $134M, well over-subscribed from their $100M target. Prior to Harlem, Henri was in Private Equity at ICV Partners, and before PE was an Investment Banker at Bank of America Merrill Lynch.

In Today's Episode with Henri Pierre-Jacques

1.) From Kitchen Table to $134M Fund:

  • How did Henri make his way into venture having had the idea for Harlem at the kitchen table with his best friend?
  • How did Henri use his angel investing strategically to position him to raise Fund I?
  • How did Henri's mindset change when making the transition from angel to VC?

2.) The First Fundraise: Harlem I

  • How long did it take to raise the first fund? How many meetings did they have?
  • What were the most common reasons LPs said no for the first fund?
  • What were their biggest lessons around what potential LPs did and did not like?
  • How does Henri advise new managers when it comes to meeting new LPs?
  • How does Henri use past deal memos to serve as discussion material with LPs?

3.) Building the Firm: The Strategy:

  • What was the portfolio construction for the first fund?
  • How does Henri separate the world of funds into 3 distinct groups?
  • How did they approach reserves management with the first funds? What are some of Henri's biggest lessons when it comes to effective reserves management?
  • How does Henri assess his own relationship to price and ownership? How does that change with fund size?
  • What are some very important nuances that Henri does not believe many managers think about?

4.) It Is Time For Change:

  • Specifically, what are Harlem street doing to ensure the next generation of investors is much more diverse? How do they leverage their intern program to achieve this?
  • What would Henri like to see change in the world of LPs when it comes to allocating to more diverse managers?
  • What legacy does Henri want to leave with Harlem? What will be a success for Henri?

Items Mentioned in Today's Episode with Henri Pierre-Jacques:

Henri's Most Recent Investment: Mueshi

Jun 22, 2022

Zhenya Loginov is the CRO @ Miro, the leading visual collaboration platform that helps bring teams together and meaningfully improves the way people work. At Miro, I run the go-to-market team of 700+ people across 11 global offices. Prior to Miro, Zhenya was the COO @ Segment where he built and ran the global go-to-market team of 200+ people, expanded the product-market fit into the Enterprise and grew revenue 6x, leading to their acquisition by Twilio for $3.2Bn. Finally, before Segment, Zhenya led a 100-person team at Dropbox across numerous different functional areas.

In Today's Episode with Zhenya Loginov You Will Learn:

1.) Entry into Sales as an Outsider:

  • How Zhenya made his way into sales as an outsider and came to be one of the most powerful revenue leaders today with Miro?
  • What are 1-2 of the biggest takeaways for Zhenya from his time at Segment and Dropbox? How did they impact his mindset today?
  • Why did Dropbox not win the enterprise when they had the chance? What mistakes did they make?

2.) The Sales Playbook: What, Why and How:

  • What does "the sales playbook mean to Zhenya?
  • Does the founder need to be the one to create the sales playbook?
  • What are the signs that the founders needs to bring in their first sales hire?
  • Should this sales hire be a sales leader or more junior sales rep?
  • Is is possible to run a PLG and enterprise sales motion at the same time in the early days of the company?
  • What do many founders misunderstand when contemplating adopting an enterprise sales strategy?

3.) Hiring the Team:

  • How does Zhenya structure the interview process for new sales hires?
  • Zhenya spends 5 hours with each candidate, what does he look to get out of each meeting?
  • How does Zhenya break down the criteria for what he wants to see? What are some examples of this?
  • How does Zhenya test to determine if the candidate has these criteria? What questions does he find to be most revealing? Why does Zhenya find case studies to not be useful?
  • How does Zhenya use interview panels to ensure he makes the right hiring decision? Who is on the panel? At what stage do they meet the candidate? How does Zhenya like to use the panel?

4.) Laying the Groundwork: The Onboarding Process:

  • What is the right way to structure the onboarding process for all new sales hires?
  • What are some early signs that a new sales hire is not working?
  • What can sales leaders do to ensure new reps get "early wins" on the board?
  • What can leadership do to ensure the sales team has good cross-functional communication across the org? What works? What does not work?
  • What are some of the biggest challenges of running a remote sales team?

Jun 20, 2022

Gary Vaynerchuk is a serial entrepreneur and serves as the Chairman of VaynerX,  the CEO of VaynerMedia and the Creator & CEO of VeeFriends. Now Gary is a content machine and documents his life as a CEO daily through his social media channels which have more than 34 million followers and garnishes over 272 million monthly impressions/views across all platforms. He is also a five-time New York Times Best-Selling Author and is a prolific angel investor with early investments in companies such as Facebook, Twitter, Tumblr, Venmo, Snapchat, Coinbase and Uber. If this was not enough, Gary serves on the board of GymShark, MikMak, Bojangles Restaurants, and Pencils of Promise.

In Today’s Episode with Gary Vaynerchuk We Discuss:

1.) From Wine Library to One of The Great Angels in Tech:

  • How did Gary make the transition from scaling the wine library to $60M in revenue to angel investing in Twitter, Facebook and Tumblr?
  • To what extent does Gary think luck plays a role in one's success today?
  • What are Gary's biggest lessons from having FB, Twitter and Tumblr as his first investments? How has his style of angel investing changed over time?

2.) Hard Lessons Learned and Insecurity:

  • What is the most painful lesson Gary has learned that he is also pleased to have learned?
  • How did Gary's relationship with his father impact how he engages with his children as a father today?
  • What are Gary's biggest insecurities today? How does he try and combat them? What works?

3.) Money and Success:

  • How does Gary evaluate his relationship with money today? How has it changed over time?
  • Why does Gary believe that most people think too short-term? What can one do to inspire a more long-term mindset to building?
  • Does Gary believe that everything has a price? What is the one thing for Gary that does not have a price?

4.) Resource and Time Allocation:

  • How does Gary determine the projects to do vs not to do?
  • How does Gary know when to quit a new project? How does Gary advise founders on when something is not working and knowing when to quit?
  • What are some of the biggest mistakes Gary sees founders make when it comes to resource allocation in the early days?

Jun 17, 2022

Nick Jones is the Founder & CEO @ Soho House, it all started in 1995 when Nick opened the first location above his restaurant, Cafe Boheme, a members’ club for the local artists and actors of London. Today, Soho House is a global brand, a private members club that includes 33 Houses in 14 countries, with more openings in Europe, Asia, and North America on the horizon. In 2021, Nick took Soho House public on the NASDAQ, 25 years since opening the first location. If that was not enough, Nick is also the owner of Babbington House and Cecconi's, one of my favorite restaurants in London.

In Today's Episode with Nick Jones You Will Learn:

1.) The Start of Soho House:

  • What was the founding moment for Nick with Soho House?
  • What were the biggest lessons from his 3 prior restaurants not working? How did that experience change his approach to Soho House?
  • Why does Nick believe resilience is the most important skill of any entrepreneur? When something is not working? What does Nick tell himself?
  • With the rise of Instagram, how have the demands of the consumer changed over time in terms of what they expect from hospitality?

2.) The Art of Storytelling:

  • What does Nick believe is the essence of truly great storytelling?
  • What do all great stories contain? How do the best storytellers tell those stories?
  • Where does Nick believe many founders make mistakes when it comes to storytelling today?

3.) The Art of Leadership:

  • How does Nick define his style of leadership today? How has it changed over time?
  • What does high performance mean to Nick?
  • How does Nick think through retaining high performance while also having a family?
  • How does Nick approach hiring? Why does Nick find interviewing so tough?
  • How does Nick think through when to hire someone external vs promote internal talent?

4.) The Scale of Soho House:

  • What was the single most challenging time in the scaling journey of Soho House?
  • What changes when you go public? What are the good? What are the bad?
  • What does Nick know now that he wishes he had known in the beginning?

Jun 15, 2022

Adam Fishman is one of the leading growth practitioners of the last decade. Most recently, Adam was the Chief Product and Growth Offer at Imperfect Foods, where Adam built a 40-person product and growth organization, responsible for 70% of overall company metrics and growing revenue by 400% in one year to $600M annually. Before Imperfect, Adam spent 4 years as VP of Product and Growth @ Patreon, driving the company pivot and rebrand and helping the company scale to $1BN GMV and $100M in revenue. Finally, before Patreon, Adam was the Head of Growth @ Lyft, Adam was the first growth and marketing employee hired, grew the team to 18 people, and reported directly to the founders.

In Today's Episode with Adam You Will Learn:

1.) Entry into Growth:

  • How Adam first made his way into the world of growth when "growth" did not exist as a function?
  • What were Adam's biggest lessons from leading Lyft's growth team? How did that impact his mindset?
  • What are some of Adam's biggest takeaways from his time at Patreon? What are some of the biggest mistakes he made at Patreon?

2.) The Basics: Growth 101: What and When:

  • How does Adam define "growth" today? What is it? What is it not?
  • When is the right time to hire your first growth hires?
  • Should this first hire be a seasoned growth leader or a more junior growth rep?
  • What characteristics and skill sets should this growth hire have?

3.) The Hiring Process:

  • How should founders structure the hiring process for their first growth hire?
  • What 3 questions should all founders ask in the hiring process for growth?
  • How can founders use data and case studies to really test the skillsets of growth candidates?
  • Why does Adam believe that the hiring process for growth and product is so broken?

4.) The Onboarding Process:

  • What is the right way to structure the onboarding process for new growth hires?
  • How should growth hires create cross-functional relationships and communication with the rest of the team? What has worked for Adam in the past? What has not?
  • What are the signs that are new growth hire is not working? How long should they be given?
  • What are the signs that are a new growth hire is working? What is the sign of "exceptional"?

5.) Adam Fishman: AMA:

  • What growth decision has Adam made without data? How did it go?
  • How does Adam define "viral loops"? What makes one better than another? Where do so many make mistakes with viral loops?
  • Adam led the rebrand for Patreon, what is the secret to a successful rebrand? What are some of the most common pitfalls to avoid?

Items Mentioned in Today's Episode with Adam Fishman

Adam's Favourite Book: First 90 Days, Critical Success Strategies for New Leaders at All Levels

Jun 13, 2022

Dharmesh Shah is the Founder and CTO @ Hubspot, a full CRM platform with marketing, sales, service, and CMS software. Dharmesh started Hubspot in 2006 and today it is a publicly-traded company (NYSE: HUBS) with over 3,500+ people and a market capitalization of $16.9 billion. Prior to founding HubSpot, Dharmesh founded Pyramid Digital Solutions, which he bootstrapped with less than $10,000 and after 11 years of CEOship, Dharmesh helped the company get acquired in 2005 by SunGard Business Systems. In addition to co-authoring “Inbound Marketing" Dharmesh founded and writes for OnStartups.com -- a top-ranking startup blog and community with more than 1,000,000 members. Finally, if all of this was not enough, he is an angel investor in over 90 startups, including Coinbase, AngelList, Gusto, Okta and many more. and a frequent speaker on startups, growth, and the business of technology.

In Today's Episode with Dharmesh Shah We Discuss:

1.) The Founding of Hubspot:

  • How did Dharmesh's wife help Dharmesh find his co-founder in Brian?
  • What about SMB did both Dharmesh and Brian find a shared passion for?
  • What is the single biggest mistake Dharmesh made in the early days of Hubspot?

2.) The Culture Code:

  • What is Dharmesh's single biggest advice to founders when it comes to culture?
  • What does Dharmesh mean when he says "you have to treat culture like a product"?
  • What does Dharmesh mean when he says he looks for a "low ego to accomplishment ratio"? How does he test for this when hiring new hires?
  • How do the best people approach both responsibility and accountability? How does this show in their work and behaviour?

3.) The 3 Kinds of Risk in Startups:

  • What does Dharmesh believe are the 3 core risks all startups face in the early days?
  • How does Dharmesh advise founders when it comes to "testing for a market"? What is the right way to do customer discovery? What are the biggest mistakes founders make in the discovery process?
  • How does Dharmesh advise founders on when to release their second product? What is the right framework for this decision? Where do so many founders make mistakes here?
  • How does Dharmesh approach market timing risk? What have been his biggest lessons here?

4.) SMB vs Enterprise:

  • Why does Dharmesh believe that SMB is the single best market for founders to choose?
  • What are the single biggest challenges with enterprise? How do the long sales cycles and contracts in enterprise hide both customer satisfaction and prevent product development?
  • What are some of Dharmesh's biggest lessons on pricing? Does Dharmesh agree you should always "raise your prices"?
  • How does Dharmesh advise founders on when is the right time to go into enterprise from SMB?
  • What are the single biggest changes founders need to know when making the move from SMB to enterprise?

5.) Angel Investing 101:

  • What are Dharmesh's rules when it comes to angel investing?
  • What have been some of Dharmesh's biggest lessons from analysing thousands of emails to founders pre-investing? What are the biggest signs in emails of future founder success?
  • Why does Dharmesh not have calls with founders before investing?
  • What are some of the biggest mistakes Dharmesh has made when angel investing?

Items Mentioned in Today's Episode with Dharmesh Shah:

The Hubspot Culture Code

Dharmesh's Favourite Book: Les Miserables

Jun 10, 2022

Ruchi Sanghvi is a Founder and Partner @ South Park Commons Fund, a home for the most talented technologists, builders, and domain experts figuring out what's next. Prior to SPC, Ruchi was the first female executive at Dropbox and served as their Vice President of Operations. Prior to Dropbox, Ruchi was the first female engineer at Facebook, and was instrumental in implementing the first versions of key features like News Feed, Facebook Platform, Facebook Connect and Privacy. Ruchi has also served as a director on the board of Paytm, India’s largest mobile payments platform. Prior to SPC, Ruchi was an active angel investor in 50+ companies including Gusto, Pinterest, Paytm, Brex, Figma, and Stemcentrx.

In Today's Episode with Ruchi Sanghvi:

1.) From First Female Engineer To Community Leader and Fund Manager:

  • How Ruchi made her way into the world of tech becoming the first female engineer at Facebook?
  • What were her biggest lessons from her time at Facebook?
  • What does Ruchi believe makes Mark Zuckerberg the special leader he is?
  • How did Ruchi's time at Dropbox impact how she operates today?
  • Does Ruchi agree with the Facebook motto, "move fast and break things"?

2.) Answering Life's Big Questions: Ego, Money, and Insecurity:

  • What advice did Ruchi's father give her before he passed away that really impacted how Ruchi operates and acts in the world today?
  • How does Ruchi assess her own relationship to money? How has it changed over time? How does she use a spreadsheet to measure her relationship to money?
  • Having had such success so young, how does Ruchi approach ego management? When has Ruchi been arrogant in the past? How does she manage her ego today?
  • What are Ruchi's biggest insecurities today? Why are they?

3.) Will DAOs Replace Venture Capital:

  • How does Ruchi analyze the crypto fund landscape today? Where are the opportunities?
  • Does Ruchi believe that large multi-stage firms can simply hire crypto partners and win in the new world of Web3 and crypto?
  • How does Ruchi believe DAOs will disrupt the venture model today? Will DAOs displace institutional LP dollars from venture funds and be directed to DAOs?
  • How are DAOs governed today? Who makes the decisions? How are tokens allocated?

4.) -1 to Zero: The Art of the Pick:

  • What does Ruchi mean when she speaks of -1 to zero? What stage of company formation is this?
  • What is the right framework by which founders should approach picking an idea to work on?
  • How should a founder know when to give up and try a new idea?
  • What are the most common mistakes founders make in this stage of idea picking?

Jun 8, 2022

Kayvon Beykpour is one of the most prominent product leaders of the last decade. For the last 7 years, Kayvon has been at Twitter where he led all of the teams across Product, Engineering, Design, Research and Customer Service & Operations. Kayvon came to Twitter through Periscope, the live broadcasting app that raised from GV, Bessemer, Scott Belsky and was ultimately acquired by Twitter in 2015. If that was not enough, Kayvon is also an active angel investor today.

In Today's Episode with Kayvon Beykpour You Will Learn:

1.) Entry into Product:

  • How did Kayvon make his way into the world of tech and come to be Head of Consumer Product @ Twitter?
  • What were some of Kayvon's biggest lessons from the journey with Periscope?
  • What were some of Kayvon's biggest takeaways from working closely with Scott Belsky?

2.) Building Your Product Team:

  • How does Kayvon advise on your first product hires? Should it be Head of Product or more junior product team members?
  • When is the right time for the founder to hand off some core product decisions to these hires?
  • What are the core traits and characteristics of some of the best first product hires?

3.) Perfecting the Hiring Process for Product Teams:

  • How does Kayvon approach the hiring process for all new product team members?
  • What are the stages? What does he look to learn at each stage?
  • What questions reveal the most in product candidates? How do the best respond?
  • How does Kayvon use case studies and product demos in the process?

4.) Building Product: 101:

  • How does Kayvon approach product reviews? Who is invited? Who sets the agenda? How often?
  • What have been Kayvon's biggest lessons about what leaders need to do to get the most from their product teams? How do they communicate?
  • What has been one of Kayvon's biggest product mistakes? What did he learn?
  • How does Kayvon advise founders on when to give up on a new product vs when to iterate and persist?

Jun 6, 2022

Ian Lee is the Co-Founder of Syndicate, a web3 startup that has raised over $28M from a16z, Kleiner Perkins, IDEO, and 300+ investors. Previously, Ian was Managing Partner of IDEO CoLab Ventures, a crypto venture fund backed by IDEO focused on web3, crypto, and blockchain startups. From 2017-2021, Ian led investments and helped incubate 80+ crypto startups in the areas of DeFi, NFTs, DAOs, and more. From 2014-2017, Ian was the Head of Crypto at Citigroup and Citi Ventures globally. Listen to our prior episode on DAOs with Avichal Garg here.

In Today's Episode with Ian Lee We Discuss:

1.) Ian's Entry into Tech and Crypto:

  • Why did Ian decide early on that he did not like being a VC?
  • What was it that changed his mind, showing him the impact investing can have?
  • What have been the most significant but non-obvious developments in crypto?

2.) Why DAOs Will Replace Venture Capital:

  • Why does Ian believe that DAOs will replace venture capital firms over time?
  • How does Ian analyze the current landscape of Web3 investing and VC?
  • Can existing firms layer on a Web3 Partner or Fund and win in the new Web3 landscape?
  • How will the next generation of Web3 native firms be structured?

3.) DAOs 101:

  • What really is a DAO? What is not a DAO?
  • How are DAOs structured? How many people are invited? Who decides who is invited?
  • How are decisions made within DAOs? How does this differ dependent on structure?
  • What are the single biggest challenges that DAOs face today in operations?

4.) Crypto is The Future of the Internet:

  • What does Ian mean when he says "crypto is the future of the internet"?
  • What does this mean for the distribution of ownership and wealth in the next generation of the internet?
  • Do DAOs and Web3 do more to harm or hurt income inequality today?
  • What are the drivers that would lead Web3 to centralize wealth even further?

Items Mentioned in Today's Episode with Ian Lee:

Ian's Fave Book: The Innovator's Dilemma: The Revolutionary Book That Will Change the Way You Do Business

Ian's Fave Web3 Resources: a16z's Crypto Canon, Jesse Walden's: The Ownership Economy 2022

Jun 1, 2022

Over the last 10 days, we have seen unprecedented levels of layoffs from some of the biggest quick commerce providers in the world from Getir to GoPuff to Zapp and Gorillas. Today we dive into the world of quick commerce in emerging markets to uncover what is the same and what is different about the model in emerging markets.

Usman Gul is the Founder & CEO @ Airlift, one of the fastest-growing quick commerce providers in the world with core operations in Pakistan. Airlift has raised over $100M in funding from First Round, Josh Buckley, Sam Altman, and 20VC.

Ralf Wenzel is the Founder & CEO @ JOKR, a unique provider in the quick commerce market with their dual operations in both the US and LATAM. They are one of the only providers to operate in both emerging and developed economies. To date, JOKR has raised over $288M from Softbank, Balderton, GGV, and Kaszek to name a few.

Aadit Palicha is the Founder & CEO @ Zepto, they have taken the Indian quick commerce market by storm since their early days in YC. To date, Aadit has raised over $360M with Zepto from YC, Lachy Groom, Breyer Capital, and Rocket Internet to name a few.

In Today's Episode on Quick Commerce in Emerging Markets You Will Learn:

1.) Emerging Markets vs Developed Economies: Where is Quick Commerce Best?

  • What are the single biggest benefits for quick commerce providers in emerging markets?
  • What are the single biggest challenges of operating quick commerce companies in emerging markets as compared to developed economies?
  • From a cost of goods and delivery perspective, what is the single biggest difference comparing operating in emerging markets?

2.) Warehouses, Picking and Delivery: The Economics Broken Down:

  • What % of revenue does Zepto, Airlift and JOKR spend on average for new warehouses in mature markets? How does this change over time? How do they select warehouse locations?
  • What % of revenue is picking costs for Zepto, Airlift and JOKR? What are some needle moving things that could reduce this picking cost?
  • What % of revenue is delivery costs for Zepto, Airlift and JOKR? What levers can make this driver efficiency and delivery cost more efficient?
  • What % of AOV does Airlift and Zepto charge for delivery? How does Zepto leverage power users to subsidise the delivery costs for newly acquired users?
  • Why does JOKR not agree with charging delivery fees? How does charging delivery fees impact usage, frequency and AOV?

3.) Product Selection and Margins: Who Goods Have The Highest Margins?

  • How do Zepto, Airlift and JOKR select the products they sell? How do the margins differ across different product categories?
  • Why is fruit and vegetable the most important category for all three providers? What other metrics are heavily impacted by large spend on fruit and vegetable spend?

4.) AOV and Customer Spend: What is Good?

  • What is the AOV for Airlift, JOKR and Zepto today? How do new markets compare to more mature markets? What are the drivers of the increase?
  • Why does Zepto not believe that AOV is the right metric to be tracking? Why is gross profit per order the right metric to be tracking?

5.) Additional Business Models: Advertising:

  • How much revenue does JOKR, Airlift and Zepto make from advertising revenue today?
  • What can be done to increase this?
  • How have JOKR been able to scale advertising revenue in such a short space of time? What has worked? What has not worked?
  • How important is advertising revenue to the future sustainability of the business model?

May 30, 2022

Keith Rabois is a General Partner @ Founders Fund, one of the best performing funds of the last decade with a portfolio including Facebook, Airbnb, SpaceX, Stripe, Anduril, the list goes on. As for Keith, he has led the first institutional investments in DoorDash, Affirm and co-founded Opendoor. He has also led investments in Faire, Ramp, Trade Republic, and Stripe. As an operator, Keith has an unparalleled track record as a Senior Exec at Paypal, he then went on to influential roles at Linkedin and being COO at Square. Finally, as an angel, Keith made early investments into Airbnb, Lyft, Palantir, Wish and more.

In Today's Episode with Keith Rabois:

1.) Buy Low, Sell High: What BS!

  • Why does Keith believe that "buy low, sell high" does not work in venture?
  • Why would it lead you to very dangerous investment decisions at the early stage?
  • How does the size of your fund impact the appropriateness of "buy low, sell high"?

2.) The Current Landscape:

  • Does Keith believe the current state of public markets is an over-reaction or a new normal?
  • How does Keith respond to the suggestion that Founders Fund has paused new investments given the uncertainty in the market?
  • How does Keith think about investing through cycles and temporal diversification?
  • How does Keith advise young investors today questioning whether they are actually any good at this?
  • What does Keith believe are his biggest fears and insecurities today?

3.) Outcome Scenario Planning and Competitor Analysis:

  • Does Keith believe outcome scenario planning is important?
  • Why does Keith believe you can always tell your biggest hits early? What have been the core signs for him?
  • What have been some of Keith's biggest lessons from Mike Moritz and Vinod Khosla when it comes to upside maximization? What are the right questions to ask?
  • Why does Keith believe you do need to look through public market comps when investing in startups?

4.) Time Allocation and Losing Faith in Founders:

  • How does Keith approach time allocation across the portfolio? Spend time with the winners or help the struggling companies? What have been his biggest lessons here?
  • What does Keith do when he has lost faith in the founder? How does he communicate it to them?
  • What does Kieth believe VCs do wrong when they no longer believe in the founder or company?

5.) Do VCs Add Value?

  • What does Keith believe is the acid test for whether he is doing his job as a VC properly?
  • Why does Keith believe there are only 5 board members that add true value to their companies at scale?
  • Who is the best board member Keith has ever worked with? Why?
  • Why does Keith believe that age is not your friend as an investor? How does he combat this?

6.) The Downfall of SF and Wokeness:

  • Will we see a reduction of wokeness in companies with the public markets correcting and power shifting from employees to employers?
  • Is Keith concerned by the lack of coherence in the US today when it comes to politics?
  • What are the core reasons for the downfall of SF to Keith?
  • Why does he believe it is a net negative to build a company in SF today?

Items Mentioned in Today's Episode:

Keith's Most Recent Investment: Found

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