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

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

1,461 episodes — Page 12 of 30

20VC: Why Market Always Wins Over the Founder & Why I Do Not Do Market Sizing | Why it is not the Best Time to be Investing but it is the Best Time to Have a Fund & The Type of Deals to do Today | Why The Best Founders Have 100 Year Plans with Wes Chan, C

Wes Chan is the Co-Founder and Managing Partner at FPV Ventures, a $450M early-stage fund, launched earlier this year. Wes is an investor in five $10B+ "decacorns," his most notable being Canva where he is a member of the board of directors and led the Series A and C rounds. Wes also wrote the first or very early check into Plaid, Flexport, Gusto, Lucid, and RobinHood. Before FPV Wes was a Managing Director at Felicis Ventures and before Felicis Wes founded GV's seed investing program. If that was not enough, as an operator, Wes co-founded Google Analytics and Google Voice and holds 18 US patents for his work in creating Google AdWords. In Today's Episode with Wes Chan 1.) From Founding Google Analytics to Venture: How did Wes make his way from founding Google Voice and Google Analytics to starting GV's seed investing program? What are 1-2 of the single biggest product takeaways from working closely with Larry and Sergey @ Google? How did Wes make his way from Google to Felicis and scaling the firm with Aydin Senkut? 2.) Market vs Founder: Why Market Sizing is BS: Why does Wes believe that the market always wins over the founder? That said, what does Wes mean when he says "the best founders have 100 year plans?" How does Wes question and analyse 100 year plans? What makes the best? What makes the worst? Why does Wes not do market sizing? Why does Wes not do outcome scenario planning? What does Wes believe is the biggest fallacy of outcome scenario planning? 3.) The Venture Landscape: Does Wes believe that now is really the best time to be investing? Why does Wes believe there are some treacherous deals being done now? What are the signs that these deals are challenging? What advice does Wes give founders fundraising in these markets? What does Wes believe are elements that traditional VCs decide to do, which prevents founders from choosing to work with them? Does Wes believe VCs on board truly provide value? If so, which ones and why them? 4.) FPV: Firm Building and Portfolio Construction: With the new $450M fund, what is the portfolio construction that Wes chose? Why does Wes prefer to have more lines in the portfolio than a concentrated portfolio? Does Wes believe you can increase your ownership in your best companies over time? How does Wes think about capital concentration on a per company basis? What have been Wes' biggest lessons from his biggest hits and misses? Items Mentioned in Todays Episode: Wes' Favourite Book: Liar's Poker

Aug 22, 202248 min

20 Sales: Three Reasons Why Sales People Fail | The Two Things That Matter When Hiring Sales Leaders | Why Revenue, Discounting and Price Do Not Matter in the Early Days with Jordan Van Horn, Revenue Leader @ Monte Carlo

Jordan Van Horn is a Revenue Leader @ Monte Carlo, the world's first data observability company. Prior to this role, Jordan spent an incredible 4 years in sales at Segment including as VP of Sales leading a sales team of 50+ Account Executives and leading the first international expansion for the company into Dublin. Before Segment, Jordan was at Dropbox for 4 years leading enterprise sales for Dropbox Business in California. In Today's Episode with Jordan Van Horn We Discuss: 1.) Entry into the World of Sales: How did Jordan make his way into the world of sales first with a vineyard? What are 1-2 of the biggest takeaways for Jordan from seeing the scaling sales teams at both Segment and Dropbox? How did seeing that impact his mindset? What does Jordan know now that he wishes he had known when he entered sales? 2.) The Sales Playbook: How does Jordan define "the sales playbook"? What is it not? What five core things should the sales playbook help you accomplish? Should the founder be responsible for the sales playbook? Can it be created by a Head of Sales? How does Jordan advise founders on three signals that now is the right time to bring in a sales hire? How does Jordan advise founders on whether the first sales hire should be a rep or a leader? 3.) The Secrets to Pricing and Discounting: Why does Jordan not care what price customers pay in the early days? If it is not about ARR, what should teams be optimizing for? When does price discipline become important in a company journey? What are the dangers of not having price discipline? What two tools do sales leaders have to use in order to create urgency in a deal closing process? How should sales leaders think about building multiple champions within a potential customer? At what price point is it worth it? 4.) The Hiring Process: How does Jordan structure the hiring process for all new sales hires? What are the must-ask questions that Jordan asks all new candidates? What does he want to see in those answers? Who else does he bring into the hiring process? At what stage do they get involved? What are they testing for? Does Jordan use case studies with candidates? What makes the best? What makes the worst? 5.) The Onboarding: What is the ideal onboarding process for new sales reps? What should founders do and prep for when onboarding their first sales hires? What materials and recordings should they have ready? What are some early signs that a new hire is not working out? How do we measure their impact? For enterprise sales, it takes a long time to close new deals, how can one determine effectiveness of new reps when the sales cycle is so long?

Aug 17, 202254 min

20VC: Fintech OG Sheel Mohnot on Lessons from Investing in Flexport and ChipperCash and Missing Robinhood and Chime, Why Overly Large GP Commits are Dangerous, Biggest Mistakes Managers Make with Fund I and Emerging Markets; Which Survive?

Sheel Mohnot is a Co-Founder and General Partner @ Better Tomorrow Ventures, a $225M fund that leads rounds in pre-seed and seed-stage fintech companies globally. Sheel and Jake (his co-founder) invested for many years together before founding BTV and wrote checks into Mercury, Flexport, Ramp, and Hippo Insurance to name a few. As for Sheel, before BTV he ran 500 Fintech for close to 7 years, and before that was a founder, founding two companies, both of which were acquired. If that was not enough, Sheel is also a master at measuring the width of swimming pools and making cameo appearances in music videos with Justin Bieber. In Todays Episode with Sheel Mohnot We Discuss: 1.) Entry into Venture: How Sheel made his way into the world of venture having founded 2 fintech companies? Why did no LPs give Sheel money in the early 500 Fintech days? What were some of his biggest lessons from investing in 100s of companies with 500 Fintech? How did BTV with Jake come together most recently? What are the biggest differences to Sheel of being a fund manager vs being an investor? 2.) The Power Law: How does Sheel define "the power law" in venture capital? What multiple of return would be power law status? Given the size of outcome available with these power law returns, how does Sheel approach portfolio construction? Would it not be best to invest in 100s of companies? Who does Sheel believe has done the indexing approach best? Why? 3.) Venture Capital has Never Been Less Collaborative: Why does Sheel disagree with Harry that venture capital has never been less collaborative? Why now, for the first time, are large multi-stage funds taking single-digit ownership? Does Sheel agree with Harry it is moronic to have "guaranteed pro-rata"? How does Sheel approach re-investment decision-making? When does he pay up vs not? 4.) The Biggest Wins and Misses: What have been Sheel's biggest wins from a cashback and a multiple perspective? How did Sheel miss the chance to invest in both Robinhood and Chime early on? What did he not see? How would he have thought differently with the benefit of hindsight? How have Sheel's biggest hits and misses impacted how he invests today? 5.) Emerging and Frontier Markets: Does Sheel share Harry's concern for the removal of capital from emerging markets? Why does Sheel believe that India, South East Asia and LATAM will be fine? Why does Sheel believe Pakistan and Africa are most in trouble? What advice does Sheel give to his emerging markets founders today? Items Mentioned in Today's Episode: Sheel's Favourite Book: Enders Game

Aug 15, 202243 min

20VC: 13 of the Great Investing Minds on When to Pay Up vs When To Remain Disciplined and Walk Because the Price is too High: The Ultimate Guide to Price Sensitivity

Marcelo Claure is an entrepreneur and investor who has founded and led some of the world's most iconic businesses. He is currently the Chairman & CEO of Claure Capital, a newly founded multi-billion-dollar global investment firm. Before this, Marcelo was COO @ Softbank Group, the world's largest technology investment company. Bill Gurley is a General Partner @ Benchmark, one of the most successful funds of the last decade with a portfolio including Uber, Twitter, Dropbox, Modern Treasury, Snapchat, StitchFix, and many more. Michael Eisenberg spent 15 years as a General Partner @ Benchmark working alongside Bill and the Benchmark partnership. Following Benchmark, Michael co-founded Aleph, one of the leading Israeli venture funds of the last decade. David Tisch is the Founder and Managing Partner @ Box Group, one of the leading seed focused firms of the last decade with a portfolio including Airtable, Glossier, PillPack, Plaid and many more. Cyan Banister is one of the most successful and renowned early-stage investors in the last decade. Her portfolio includes the likes of SpaceX, Uber, Affirm, Opendoor Postmates, Niantic and Thumbtack to name a few. Zach Weinberg is a Co-Founder of Operator Partners, operators funding operators, with no outside LPs, just their own capital. Luciana Lixandru is a Partner @ Sequoia, one of the world's most renowned and successful venture firms with Sequoia-backed companies accounting for more than 20% of NASDAQ's total value. Jeff Lieberman is the Managing Director @ Insight Partners, one of the leading investing franchises of the last 25 years with their most recent flagship fund announced earlier this year being a staggering $20BN. Nick Shalek is a General Partner @ Ribbit Capital, specializing in fintech they are one of the most successful venture firms of the last decade with a portfolio including Robinhood, Coinbase, Revolut, Nubank and more. Frank Rotman is a founding partner of QED Investors, one of the leading fintech-focused venture firms investing today with a portfolio including the likes of Klarna, Kavak, Quinto Andar, Credit Karma and more. Geoff Lewis is the Founder and Managing Partner @ Bedrock, now with over $1BN in AUM, Bedrock invests in breakout technology companies that are incongruent with popular narratives. Justin Fishner-Wolfson is founder and the managing partner of 137 Ventures. Their portfolio includes SpaceX, Wish, Anduril, Flexport, and WorkRise (formerly Rigup) to name a few. David Sze is a General Partner @ Greylock where he has led some of the firms most notable investments including Facebook, LinkedIn and Pandora. In Today's Episode We Discuss Price Sensitivity: 1.) How do you assess your relationship to price and price sensitivity? 2.) When is the time to pay up and have less price discipline? 3.) When should we remain disciplined and not pay up for a deal and walk away because of price? 4.) Of the deals you have paid up for, did their growth rate justify the high entry price? 5.) Knowing all you know now on price, how do you advise younger investors today?

Aug 12, 202228 min

20 Growth: Why You Need a Growth Hire Pre Product-Market-Fit? Why Every Company Will Be a Media Company and How To Do It | Communities; What Really Are They? How To Build Them? What Makes The Best? Why Do Many Not Work? | Kieran Flanagan, SVP Marketing @

Kieran Flanagan is SVP Marketing at HubSpot, where he has helped the business grow internationally, move to a product-led business, quadrupled its marketing demand, and built out its media team, including the acquisition of 'The Hustle.' He is also an advisor and investor in early-stage companies. In Today's Episode with Kieran Flanagan We Discuss: 1.) Entry into Growth and Marketing: How did Kieran make his way into the world of growth and marketing? What has been 1-2 of Kieran's biggest lessons from seeing firsthand the hyper-scaling of Hubspot? On reflection, how would Kieran summarise both Hubspot's community building attempts and also their product messaging? 2.) Why You Need Growth Hires Pre Product Market Fit: What does "growth" mean to Kieran? Where do so many get it wrong? Why does Kieran believe that you should have a growth team/people before product market fit? What specifically do they do and work on during this stage? Pre PMF, what is the core metric that all startups should focus on? How does it change with time? 3.) Building Your Growth Team: What does Kieran believe are the 3 key stages to hiring for growth? How should founders determine whether to have external standalone growth teams or integrate them into existing functions? What are the single biggest mistakes founders make when hiring for growth? 4.) The Future is Content: Why does Kieran believe every great tech brand will have to become a media brand? Why is Elon Musk an example of the perfect brand? What has he done right? Why does Kieran say that data is the best and worst thing that has happened to marketing? 5.) WTF Really is Community: How does Kieran define "community"? What is it? What is it not? What makes the best communities? Why do some work and others not? Should every company have a community approach? Who does it make sense for? Have Hubspot done a good job at community building? On reflection, is there anything that Kieran would have done differently?

Aug 10, 202254 min

20VC: Investing Lessons from Fred Wilson and Why Small Funds Outperform Large Funds | Why the Secret to Winning in Venture is Splitting Deals |Learnings From the Biggest Hits and Biggest Losses | Why Anyone That Always Does Their Pro-Rata is Wrong with Mo

Mo Koyfman is the Founder and General Partner @ Shine Capital, who announced earlier this year Shine II, a $200M early-stage fund, and Shine Opportunities I, a $100M vehicle. Prior to founding Shine, Mo was the Managing Member @ Moko Brands where he made angel investments in Coinbase, Polychain, Harry's to name a few. Before Moko, Mo spent over 7 years as a General Partner @ Spark Capital where he made investments in Plaid, Warby Parker, Skillshare and Hivemapper, to name a few. Finally prior to Spark, Mo spent over 5 years at IAC where he oversaw group of companies that included Connected Ventures, parent of Vimeo, CollegeHumor & BustedTees. In Today's Episode with Mo Koyfman: 1.) From Entrepreneurial Parents to IAC, Spark Capital and Founding Shine: How did Mo make his way into the world of venture having worked with Dara Khros, Barry Diller and Jeremy Liew? What were some of the biggest takeaways from his time with Barry Diller and IAC? How did Mo's time at Spark impact his investing mindset? What did he learn that he took with him to founding Shine? 2.) Investment Firm vs Investment Partnership: What are the biggest differences between investment firms and investment partnerships? What are the biggest risks founders are taking when they take money from investment firms? Mo has very strong beliefs, how does he manage and inspire debates within his firm without shutting down or intimidating younger, less experienced team members? What does Mo mean when he says, "firms are great but partners matter". 3.) How To Win in Venture: Why does Mo always believe that small funds outperform large funds? What have been some of Mo's biggest lessons from Fred Wilson on fund strategy and sizing? How much of an emphasis does Mo place on the importance of ownership? Why does Mo believe the way to win in venture is to be collaborative? Why does Mo believe in the macro conditions we are entering, the landscape is about to become a lot more collaborative? Why does Mo believe any firm that says they will always do their pro rata is lying? 4.) The Lessons: Success and Failure: What are some of Mo's biggest lessons from his biggest wins, like Plaid at seed? That said, why does Mo believe it is so dangerous to try and learn lessons from the wins? What failures have been most impactful to Mo? What did he take away from them? Why does Mo believe that making great burgers is like building great companies? Items Mentioned in Today's Episode: Mo's Favourite Book: Portnoy's Complaint by Philip Roth

Aug 8, 202248 min

20VC: Raising $60M and Not Touching a Dollar of It; The 3 Decisions That Led to a Cash-Flow Positive Business, Why Not Being Able To Fundraise in the Early Days Can Help Build Your Business & What are the First Things To Break in Scaling Orgs with Sameer

Sameer Shariff is the Co-Founder and CEO @ Cambly, the company that allows you to become fluent faster through one-on-one video chat lessons with native English tutors. To date, Sameer has raised over $60M with Cambly from the best including Jeremy Levine @ Bessemer, Sarah Tavel @ Benchmark, Monashees, YC and more. Prior to founding Cambly, Sameer spent close to 5 years at Google on the Search Quality team and became the Tech Lead of the Search experiments team helping make experimentation a core part of the launch process. In Today's Episode with Sameer Sharif We Discuss: 1.) Entry into Startups and Co-Founding Cambly: How did Sameer make his way into the world of tech with his joining Google straight out of college? What were the 1-2 biggest takeaways from his time at Google? How did it shape his mindset? What was the a-ha moment for Sameer with Cambly? 2.) The Trials and Tribulations of Leadership: What does "high performance" mean to Sameer in business? How has it changed over time? What are the first things to break in a scaling company? How do the best companies retain speed and agility with scale? What are the single biggest hiring mistakes Sameer has made? What did he learn? 3.) The Fundraise that Led to Cash Flow Positive: Why does Sameer think it was so hard to fundraise for Cambly in the early days? When they failed to raise their Series A, what 3-4 core decisions did they make to get Cambly to cash flow positive as fast as possible? How did Sameer communicate their failed fundraising to the team? How did he do this in a way that rallied the troops and did not worry or scare them? What was the tipping point for fundraising to become much much easier for the company? Given they have not touched any of their Series A or Series B funds, how does Sameer think about the balance of growth vs profitability? 4.) Marketplace Dynamics 101: How did Cambly acquire the first 100 customers on the demand side? What is the most challenging dynamic of Cambly; demand or supply side? Where does Sameer see most marketplace founders make the biggest mistakes? What does Sameer know now on the intricacies of marketplace dynamics that he wishes he had known at the beginning? Items Mentioned In Today's Episode with Sameer Shariff: Sameer's Favourite Book: The Most Human Human: What Artificial Intelligence Teaches Us about Being Alive

Aug 5, 202235 min

20 Product: Shreyas Doshi on The Three Different Types of Product Leaders and How To Hire Them, The 6 Different Product Metrics You Need To Know and What Good is For Each of Them & Table Stakes Features vs Wow Features; What To Prioritise

Shreyas Doshi is an investor, advisor, and all-around product OG. Most recently Shreyas spent over 5 years at Stripe where he was Stripe's first PM Manager and helped define and grow the Product Management function (from ~5 to more than 50 people). Before Stripe, Shreyas was a Director of Product Management @ Twitter and prior to Twitter spent over 6 years as a Group Product Manager @ Google. Today Shreyas has invested and advises some of the best including advising Airtable, Kalshi, Lendflow, to name a few. In Today's Episode with Shreyas Doshi: 1.) Entry into Product: How did Shreyas make his way into the world of product and product management? Why did Shreyas decide not to do business school when it was the conventional route for everyone going into product management? What were some of Shreyas' biggest takeaways from his time at Stripe and Google? How did they impact his product mind today? 2.) Product Management 101: How does Shreyas define product management today? How do many confuse it? How does Shreyas define product success today? What is the single biggest mistake Shreyas sees founders make when determining the success/PMF of their product? Does Shreyas believe that great product management is science or art? Data or intuition? When should you listen to customers? When should you not? 3.) Metrics 101 & How To Use Them: What is the single biggest mistake Shreyas sees founders make when it comes to selecting their North Star metric? How should founders think about input vs output metrics? What is the difference between the two? What are the 6 types of metrics that all founders and product teams need to focus on? How does their importance change over time? How should the responsibility for these metrics be split between different people and teams? 4.) Three Types of Product Leader: What are the three different types of product leaders? The Craftsperson: What is their core strength? What is their core weakness? How do they interact with the rest of the team and company? The Operator: What is their core strength? What is their core weakness? How do they interact with the rest of the team and company? The Visionary: What is their core strength? What is their core weakness? How do they interact with the rest of the team and company?

Aug 3, 202246 min

20VC: Forerunner's Kirsten Green on The Biggest Challenges Scaling Both Teams and AUM, What Truly is High Performance in Fund Management & Why Parenting and Relationships are an Enabler To Your Best Work

Kirsten Green is the Founder and Managing Partner @ Forerunner Ventures, one of the leading firms of the last decade investing at the intersection of innovation and culture. As a founder, Kirsten has led efforts to raise over $2B+ from leading institutional investors and invest in more than 100 companies. She currently serves as a board member at Glossier, Ritual, Faire, Hims & Hers, and Curated, to name a few. She has also invested in other smash hits including Chime, Jet, Warby Parker, Hotel Tonight and many more. Due to her immense success, Kirsten has been honored in Time's 100 Most Influential People and named a Top 20 Venture Capitalists by The New York Times in 2018 & 2017. Prior to Forerunner, Kirsten was an equity research analyst and investor at Banc of America Securities. In Today's Episode with Kirsten Green We Discuss: 1.) Entry in Venture at 40 and Founding Forerunner: How did Kirsten make her way into VC at 40 with the founding of Forerunner having never had a role in VC before? What did everyone tell Kirsten when she was looking to break into venture? What did she tell herself when she heard this? What does Kirsten believe she is running from? What does she believe she is running toward? 2.) Fund Management and Leadership: How does Kirsten define high-performance today? What are the nuances of high performance in fund management? How would Kirsten describe her leadership style today? How has it changed over time? What have been some of Kirsten's biggest lessons in terms of what it takes to retain quality with scaling AUM and teams? What have been Kirsten's biggest lessons when it comes to giving hard feedback with kindness? 3.) The Venture Landscape Today and Forerunner's Position: Why does Kirsten believe the venture landscape is more dynamic today than ever? Does Kirsten agree with the statement that venture is less collaborative than ever? Why did Kirsten and Forerunner seem to amend strategy and move into B2B? Why does Kirsten disagree with the delineation between B2C and B2B? 4.) Parenting, Relationships and Life: What have been Kirsten's biggest lessons since becoming a parent? How has it impacted her mindset? Does Kirsten agree that relationships attract from sheer input on work? How does Kirsten separate relationships into two kinds of relationships? What does success in marriage mean for Kirsten? How has she seen that in her own marriage?

Aug 1, 202241 min

20VC: Yahoo CEO Jim Lanzone on The Yahoo Turnaround Plan; What Needs To Happen | Leadership 101: The 4 Things To Look For When Hiring | Surviving a Crash; Biggest Advice on Cuts, Layoffs, Investor Communications

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 29, 202246 min

20VC: The Memo: What is a Sales Playbook? Does the Founder Need to Create It? Should the First Sales Hire Be a Leader or a Rep?

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 27, 202232 min

20VC: Tony Fadell on The 3 Hats of Being a CEO, How the Best Leaders Inspire, How to Create Your Own Role within a Company, The Art of Parenting and Teaching Children Resiliency & New York Times' 36 Questions on Love!

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 25, 202245 min

20VC: Why Market Matters So Much More Than Founding Team | Why Crypto Investing is Less Collaborative Than Ever | Why Bitcoin is Not a Hedge Against Inflation | Why Solana Will Beat Ethereum | The Network Effects You Need To Understand with Kyle Samani, C

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 22, 202240 min

20 Sales: The Biggest Challenges Building Outbound Sales Teams and How To Overcome Them | How The Best Sales Reps Do Customer Discovery | 2 Elements Sales Teams Are Always Responsible For | Sam Taylor, VP Sales and Customer Success @ Loom

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 20, 202252 min

20VC: Why Being First Does Not Matter, Why Defensibility on Day 1 Does Not Exist, Three Core Elements To Move into Enterprise Effectively and What Makes Truly Great Product Marketing Today with Des Traynor, Co-Founder @ Intercom

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 18, 20221h 4m

20VC: The Most Powerful Investor You Might Not Know | Why The Distinction Between Public vs Private is BS | The Misalignments Between GPs and their LPs | Portfolio Construction 101: Diversification, Capital Concentration, Loss Rates with Peter Singlehurst

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 15, 202245 min

20 Growth: Shopify's VP of Growth on Why Standalone Growth Teams Operate More Efficiently than Integrated Ones, Why You Should Hire as Senior Growth Leaders as Possible and The Biggest Mistakes Founders Make When Making Their First Growth Hires

Luc Levesque is currently the VP of Growth at Shopify and also advises companies like Twitter, Pinterest, 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 13, 202243 min

20VC: Matt Mullenweg on Relationships to Risk, Money and Insecurity as a Leader | Lessons from a Parent's Passing and the Pre-Grieving Process | What is High Performance in Leadership Today?

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 11, 202247 min

20VC: How to Build Anti-Fragile Venture Portfolios Today | Why Diversification is Overrated in Portfolio Construction | How to Think Through Sizing Investments, Market Sizing and Pricing in Today's Environment with Mike Chalfen @ Chalfen Ventures

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 8, 202257 min

20 Product: The Ultimate Guide to Product Reviews: What Makes the Best vs the Worst | How Often Should They Be | Who Should Be Invited | Who Sets The Agenda | How to do Follow-Ups Post Product Reviews

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 6, 202234 min

20VC: Hiring 101; The Biggest Mistakes Founders Make in the Hiring Process | Fundraising; What to Optimize for, How Profitability Changes Leverage When Raising | SMB to Enterprise; When to Move, What Changes and Dangers of Moving Too Early with Daniel Yan

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

Jul 1, 202239 min

20VC: The Memo: Bill Gurley, Doug Leone, Keith Rabois; Investing Lessons from Prior Busts, How Their Investor Psychology Changed, What Can Be Applied To Today's Market

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 29, 202226 min

20VC: Accel's Sonali De Rycker on Building a Generational Defining Venture Firm; Hiring, Culture, Incentives | Investing; Biggest Mistakes, Biggest Lessons from Prior Crashes, Why Market Size is Dangerous to Focus On | Decision-Making; Type 1 vs Type 2 Ri

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 27, 202248 min

20VC: From Kitchen Table to $134M Fund II; Raising Your First Time Fund: Lessons from 400 LP Meetings, How To Find New LPs, What Materials to Use, How To Get LPs To Commit, The Challenges on Minimum Check Sizes and GP Commits and more with Henri Pierre-Ja

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 24, 202244 min

20 Sales: Why Founders Should Not Be The One To Create The Sales Playbook, How To Structure Each Interview in the Hiring Process For Sales Reps, How To Use an "Interview Panel" Effectively and more with Zhenya Loginov, CRO @ Miro

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 22, 202248 min

20VC: Gary Vaynerchuk on The Most Painful Lessons Learned but Why it was Good to Learn Them, Why You Have to Change the Timeframe You Have For Success, His Relationship to Money and How it Has Changed Over Time & His First 3 Angel Investments; Twitter, Fa

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 20, 202230 min

20VC: The Scaling Story of Soho House: Overcoming Dyslexia, Building a Global Brand, Scaling into The US, Retaining Exclusivity with Scale and The Journey to Going Public with Nick Jones, Founder & CEO @ Soho House

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 17, 202226 min

20 Growth: Viral Loops; How To Create and Sustain Them, Why Interviews for Product and Growth Hires are BS and What To Do Instead, Mastering the Onboarding Process; Structuring the First 90 Days with Adam Fishman, Former Head of Growth @ Lyft

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 15, 202250 min

20VC: Hubspot Co-Founder Dharmesh Shah on The 3 Risks All Startups Face, Angel Investing Rules; No Founder Meetings and No Due Diligence, SMB vs Enterprise; Lessons on Pricing, Distribution and Why You Should Resist Going Enterprise

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 13, 20221h 4m

20VC: Why and How Traditional Venture Firms Need to Innovate, Building Spreadsheets To Figure Out Relationships to Money, Ego and Identity Management with Success and The Biggest Lessons from Working with Mark Zuckerberg in the Early FB Days with Ruchi Sa

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 10, 202244 min

20 Product: Twitter's Former Head of Product, Kayvon Beykpour on How to Structure and Manage the Best Product Reviews, The Core Set of Questions to Ask All Potential Product Hires and When To Continue vs Quit on New Products

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 8, 202243 min

20VC: Why DAOs Will Replace Venture Capital, What Existing Incumbent Venture Firms Can Do To Survive, The Biggest Challenges Facing New DAOs Today and Whether Web3 Will Bring More or Less Income Inequality

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 6, 202247 min

20VC: The Most Revealing Breakdown of Unit Economics for Quick Commerce; AOVs, Retention, Delivery Costs and more, Why The Business Model is Different for Emerging Markets & Will This Be a Market of Consolidation or Many Players

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?

Jun 1, 202252 min

20VC: Keith Rabois on Why Buy Low, Sell High Does Not Work in Venture, Keith's Biggest Lessons from Prior Crashes, Why Today's Public Markets are not an Over-Reaction, Why Valuation is a Trap & Why Wokeness is a Function of Entitlement

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

May 30, 202239 min

20VC: Scaling from a $4M Angel Fund to $900M, Why Seed May Be The Best priced Asset Class and Not Overpriced At All & The 3 Stages of Fund Scaling and What it Takes To Build a Firm with Aydin Senkut, Founder and Managing Partner @ Felicis

Aydin Senkut is the Founder and Managing Partner of Felicis. An original super angel turned multi-stage investor, he has been named on the Forbes Midas List for the past nine years (2014-2022). Felicis has been an incredible 16-year journey starting with a $4M Fund I back in 2006, their most recent fund in 2021 was $900M. Along the way, Felicis has invested in over 45 unicorns including Adyen, Canva, Shopify, Notion, Opendoor, and Plaid. Prior to starting Felicis, Aydin was a Senior Manager at Google where he spent an incredible 6 years. In Today's Episode with Aydin Senkut: 1.) The Founding of Felicis: How did Aydin transition from a successful angel to the first $41M institutional fund with Felicis? How did Aydin's mindset change moving from investing personal to LP capital? What does Aydin know now that he wishes he had known when he started Fund I? 2.) Fund Mechanics: Building a Portfolio Why does Aydin believe portfolios need to have 40-50 positions to be diversified enough? Given Aydin being multi-stage, how important is ownership on first check for Aydin and Felicis? Does Aydin believe it is possible to really concentrate capital into your best performers? How does Aydin think through outcome scenario planning? What is his biggest takeaway from this? 3.) Aydin Senkut: The Investor What have been the biggest changes in Aydin's style of investing over the last 16 years? What was Aydin's biggest miss? How did it impact his mindset moving forward? What is Aydin's biggest insecurity as an investor today? How has it changed? Where does Aydin still believe he is weak as an investor? What is he doing to combat it? 4.) The Venture Landscape: Why does Aydin believe that despite the pricing, seed is the best risk-adjusted asset class? How does Aydin evaluate where crossover funds will move with the death of many growth rounds? What segment of the market will be hit hardest by the crunch? What worries with this? What would Aydin most like to change about the venture landscape today? Why? Item's Mentioned In Today's Episode with Aydin Senkut Aydin's Favourite Book: The Black Swan: The Impact of the Highly Improbable

May 27, 202243 min

20 Sales: How To Create and Execute a World-Class Sales Playbook, Why You Should Do Both PLG and Enterprise Sales at the Same Time, Three Non-Obvious Qualities the Best Sales Reps Have & The Four Steps To Sales Team Onboarding with Oliver Jay, Former CRO

Oliver Jay (OJ) is one of the most successful sales leaders of the last decade. Most recently, OJ spent 6 years at Asana where he was hired as the company's first revenue leader. As CRO, OJ was responsible for product-led and sales-led revenue and grew the team from less than 20 to over 450. Before Asana, OJ spent 4 years at Dropbox in a period of hyper-scaling for the business where OJ was Head of APAC and LATAM. At Dropbox, OJ scaled the sales team from 0 to 50 while tripling ARR. If that was not enough, OJ is also an independent board member at Grab, the leading Super app in Southeast Asia. In Today's Episode with Oliver Jay You Will Learn: 1.) Entry into Sales: How did OJ make his way into sales with Dropbox? If OJ were to choose 1-2 lessons from his time at Dropbox and Asana that have stayed with him, what would they be? How did they impact his mindset? What were some of the non-obvious but crucial things Asana and Dropbox did in sales that led to success? 2.) The Playbook: Why does OG disagree with so many definitions of "the sales playbook"? What is the sales playbook to OJ? What are the different chapters? Should the founder be the one to create the sales playbook? What are the signs that the founder has a repeatable and scalable playbook? When is the right time to hire the first sales rep? Should it be a Head of Sales or Sales Rep? How does the first hire depend on whether you are PLG or enterprise sales led? 3.) The Hiring Process: How does OJ structure the hiring process? How does OJ know the qualities that he wants to uncover in each candidate? What questions does OJ ask to unpack whether the candidate has those qualities? How does this differ when hiring sales reps vs sales leaders? How does OJ use the sales demo to test the quality of a candidate? What does he want to see? Who does OJ bring into the interview process? When do they get involved? What are two questions that will immediately tell whether someone is a good manager? 4.) Sales Onboarding: How does OJ segment sales onboarding into 3 crucial steps? Chapter 1: Support: Why does OJ believe it is so important for reps to spend their first week with support? What should they look to learn? What questions should they be asking? Chapter 2: Market Knowledge: How can sales leaders teach and educate new reps on market landscape, dynamics and competition? Why does this have to come before sales training? Chapter 3: Sales Training: In the final step, what does the sales training process? What does OJ look for in the final sales demo? When does OJ let reps speak to customers? How does this differ when comparing enterprise to PLG?

May 25, 202241 min

20VC: Oren Zeev on Raising 3 Funds and $1BN in 12 Months; Why Temporal Diversification is BS, Why Both LPs and GPs are Way Over-Diversified & Why Venture Partnerships are Sub-Optimal and Challenging

Oren Zeev is the Founding Partner @ Zeev Ventures and one of the OGs of solo capitalism. Oren has an incredible portfolio including investments in Audible, Houzz, Chegg, Riverside, Tipalti, TripActions, and Firebolt to name a few. Oren is also very unlike any other VC firm, he does not employ any associates, principals, or staff. He doesn't have partners or partner meetings. No LP meetings. No processes. No investment committees or memos. Nada. Oren is doing it differently. Prior to starting Zeev Ventures, Oren spent 12 years as a GP @ Apax Partners where he c-headed their technology practice in their Silicon Valley office. In Today's Episode with Oren Zeev You Will Learn: 1.) Origins into Venture: How did Oren make his way into venture over 20 years ago? How does the crash of today compare to the dot com and 2008? What is the same? What is different? Why did Oren decide to leave Apax and start Zeev Ventures on his own? 2.) Deployment Pace: Why does Oren believe that the benefits of temporal diversification are overstated? Oren raised 3 funds and over $1BN in a year, how does this current environment impact how Oren thinks about deployment pace? Will he change anything? How does Oren explain deployment pace to LPs who question him? 3.) Ownership: How central a role does ownership play for Oren in terms of his investor psychology? Does Oren believe it is possible to increase your ownership in subsequent rounds, in your best companies? What are the biggest mistakes that big funds make with regards to ownership requirements? Why is there a misalignment between GP and LP when it comes to increasing ownership vs markups? 4.) Price Sensitivity: How does Oren evaluate his own relationship to price today? What have been some of Oren's biggest lessons on price from his biggest wins and losesses? What mistake do the majority of investors make when it comes to price? 5.) Diversification: Why does Oren believe that both GPs and LPs are wildly over-diversified in their portfolios? What is the right amount of companies for GPs to have in their portfolio? How does Oren advise LPs on the right amount of funds for them to be invested with? 6.) Oren Zeev: AMA: What does Oren know now that he wishes he had known when he started his career in venture? What elements of the world of LPs would Oren most like to change? Why does Oren feel that the concept of pro-rata is a lazy one? Item's Mentioned In Today's Episode with Oren Zeev Oren's Most Recent Investment: Bad Blood: Secrets and Lies in a Silicon Valley Startup

May 23, 202243 min

20VC: The Job of the CEO is Do As Little As Possible; How To Hire, What Questions To Ask, Why Pointy People are Always 100xers, How To Tell Great Stories Today & How Leaders Must Determine What To Delegate vs What To Control with Ian Siegel, Co-Founder an

Ian Siegel is the Founder and CEO @ ZipRecruiter, a leading online employment marketplace that uses AI-driven matching technology to actively connect millions of businesses and job seekers to their next great opportunity. Since co-founding the company in 2010, more than 1.8M employers have used ZipRecruiter to find their next great hire and over 500 million job applications have been submitted through the site. Prior to their IPO last year, Ian bootstrapped the company for many years to many millions in revenue before taking venture funding from IVP, Wellington Management and Basepoint Ventures to name a few. Before founding ZipRecruiter, Ian served in key leadership roles at CitySearch, Stamps.com, and Rent.com (an eBay company). In Today's Episode with Ian Siegel You Will Learn: 1.) The Founding of Olo: How did Ian co-found ZipRecruiter from his kitchen with no venture funding and his 3 friends? Why did they decide to not raise venture funding in the early days? What was the catalyst at $50M in revenue for realising now was the right time to raise funding? 2.) The Art of Great Storytelling What does truly great storytelling mean to Ian? What are the components of a great story? Why do so many people today f*** up their product marketing and messaging? Why does Ian believe Version 1.0 is the only one that takes true courage? 3.) CEO's Do As Little As Possible Why does Ian believe his job as CEO is to do as little as possible? How does Ian determine between the things he, the CEO should do, vs those those he should delegate? Why does Ian believe the art of leadership and the art of parenting are the same? 4.) The Art of Hiring: How has Ian's approach to hiring changed over the years? What does Ian mean when he says, "I look for pointy people"? How does he detect them? What are the two qualities that make the best execs? What questions reveal them? 5.) Parenting and Marriage: Does Ian worry that with increasing family commitments, he loses an inch on work? Why does he believe he is in an advantage as a CEO to those that do not have children? What was the biggest argument he has had with his wife? How did it change his perspective? Item's Mentioned In Today's Episode with Ian Siegel Ian's Favourite Book: Living with a SEAL: 31 Days Training with the Toughest Man on the Planet

May 20, 202246 min

20Growth: Five Signs of Top Growth Talent and How to Detect Them, How to Structure and Conduct the Most Efficient Customer Discovery Process & The Framework to Determine Your North Star and When To Change it with Darius Contractor, Former VP Growth @ Airt

Darius Contractor is one of the pre-eminent growth leaders of the last decade. As a growth OG, he has been VP Growth @ Airtable, where he led the growth, engineering, and product teams. Before Airtable, Darius was Head of Product Growth @ Facebook Messenger and finally, before Facebook, Darius spent 4 years as Head of Growth Engineering at Dropbox; here, Darius helped drive Dropbox to $100M in net new revenue through Dropbox Business. If that was not enough, Darius is also an active angel and fund investor with a portfolio including Calm, Airtable, Clubhouse, Census and LP checks in Maven Ventures and Long Journey Ventures. In Today's Episode with Darius Contractor You Will Learn: 1.) Darius Contractor: Entry into Growth: How did Darius make his way into the world of growth? What was that first entry position? What are 1-2 of the biggest takeaways for Darius from his time at Airtable, Dropbox and Facebook? What 1-2 pieces of advice would Darius give to a growth leader starting a new role today? 2.) When is the Right Time: What does the term"growth" really mean to Darius? How do so many confuse it? When is the right time to make your first growth hire as a startup? Should this hire be a junior growth person or a growth leader? Should this initial growth team be placed inside an existing team or as a standalone team? Where do so many startups make mistakes when making this first hire? 3.) Who To Hire: How does one structure the process for your first growth hire? What are the stages? What are the qualities that we are looking to uncover in these first hires? What are the 4 interview stages to go through to test for these qualities? How should founders use case studies and practicals as a way to test for these qualities? 4.) Onboarding and Integration: What does the optimal onboarding process for new growth hires look like? What do the best growth hires do in the first 30/60/90 days? What are some early red flags that a new hire is a mis-hire? How can leaders encourage cross-functional communication between growth and the rest of the org?

May 18, 202251 min

20VC: The Founding of General Catalyst, What it Takes to Build a Firm That Stands the Test of Time, Why VCs Need to Give Founders Greater Permission to Go For It & Why Venture Capital is Like Tennis with David Fialkow, Co-Founder @ General Catalyst

David Fialkow is the Co-Founder and Managing Director @ General Catalyst, one of the leading venture firms of the last decade with a portfolio including Stripe, Snap, Airbnb, Anduril, Canva and many more amazing names. Prior to founding General Catalyst with Joel Cutler, David was a serial entrepreneur building and selling 4 successful companies. In Today's Episode with David Fialkow: 1.) Everything Great Starts Small: How did David and Joel decide on a Hawaiin beach that they wanted to start General Catalyst? Why did they decide to name it General Catalyst? How did the first fundraise go for GC Fund I? 2.) Creating a Firm: The Early Days What design objectives did Joel and David have when they started the firm? How did Joel and David think about firm expansion; going to the West Coast? Coming to Europe? Going multi-stage? What drives their decision to do new products? On reflection, what were some of the toughest elements of the early days with GC? What does David believe they got right? Why? What did they get wrong? How would he change it? 3.) The Partnership: What does David believe makes for a truly successful venture partnership? How does a great venture partnership align to what makes a successful marriage? How does David approach trust? How does he build it with people? What situations would cause David to lose trust? Why do so few people understand it? What does David believe is the true secret to authentic relationship building? 4.) Doing the Impossible: Generational Transition: What does David believe they did so right in their generational transition at GC? What do many firms get wrong in handing over the reins to the next generation? What are the biggest commonalities between venture partnerships and filmmaking? Mentioned in Today's Episode with David Fialkow: David's Favourite Book: The 7 Habits Of Highly Effective People

May 16, 202249 min

20 Product: iPhone Creator, Tony Fadell on Marketing Lessons Learned from Steve Jobs, What is Truly Great Product Marketing, How The Best Product Teams Do Post-Mortems and Product Reviews & Is Product Art or Science, Data or Gut?

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, creating the Nest Thermostat, leading to their $3.2BN acquisition by Google. Tony recently released Build, this is 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: 1.) Everything Great Starts Small: How did Tony make his way into the world of product in the early days? What were his biggest takeaways from the massive flop of General Magic? How did Tony come to Apple and what were the early creation days of iPod and iPhone? 2.) Data and Brand: Does Tony believe great product building is art or science? When should teams listen to their gut vs the data? When was a time that Tony listened to his gut? When was a time Tony listened to the data? How did each situation evolve and turn out? How does Tony think about creating a truly special first mile experience? Where do so many companies go wrong in the first mile today? How does Tony balance between business decisions (COGs etc) and product decisions that will delight customers? 3.) Lessons from Steve Jobs on Product Marketing: How does Tony define great product management? Why do so many people get it wrong? What are Tony's biggest lessons from working with Steve Jobs on what makes great product marketing? Where does Tony see so many companies make the biggest mistakes when it comes to messaging? What is the difference between messaging, marketing and communications? 4.) Hiring Product Teams: What are the clearest signals of the best product talent when interviewing them? What questions does Tony always ask product people to determine quality? How do great product teams remain upbeat when launches fail and remain modest when they are wildly successful? 5.) Apple Watch, iPod and Apple HiFi: Why was the product messaging for the Apple Watch wrong in the early days? How did it change? Why was the iPod a bad business until the 3rd Generation? What changed? Why did the Apple HiFi fail? How did that impact Tony's mindset? Mentioned in Today's Episode with Tony Fadell: Tony's Favourite Book: Only the Paranoid Survive

May 11, 202253 min

20VC: WTF Is Going On? 3 Outcomes for What Could Happen From Here; What Needs to Happen To Avoid Recession? Why Stagnation is Most Likely and What This Means for Startups and Venture & Why Catastrophe is More Likely Than Ever and Switzerland Could Be a "H

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 Delivery Hero, and many more. Prior to FJ Labs, Fabrice served as CEO for three multinational companies; including OLX, one of the largest websites in the world with over 300 million unique visitors per month. As a result of his incredible investing success, Fabrice was named the #1 Angel Investor in the world by Forbes. In Today's Episode with Fabrice Grinda: 1.) Everything Great Starts Small: How did Fabrice make his way into the world of investing from founding 3 companies? How does Fabrice feel about founders raising funds with external LPs? Why does Fabrice feel that investing as an angel made him a better CEO? 2.) WTF is Going On: The Market Today How does Fabrice assess what is happening in the market today? What is causing the massive public market drops we are seeing? How do inflation rates and interest rates have such an impact on where we are? How much of this is a result of COVID, the shift to goods from services and supply chains? 3.) The Optimistic Case: How does Fabrice think things could get better from here? What needs to happen? What could the Fed do to enable this optimistic outcome to take place? What would need to happen in geo-politics and Russia for this to happen? What is the probability today of this optimistic case happening? 4.) The Great Stagnation: How does Fabrice think the economy could go sideways from here? What are the core drivers of this? Why is this the most likely outcome of all? What is the probability of this happening? 5.) The Catastrophe: How could this market get so much worse? What level of interest rate change would cause this outcome to occur? Why does Fabrice think that Switzerland is a "House of Cards"? What would this mean if Switzerland fell? What other European countries does Fabrice think are vulnerable? 6.) What this Means for Venture: How will LPs respond to these differing situations? How does this impact how Fabrice thinks about his rate of deployment? What segment of the market is Fabrice most excited for; early or growth? Mentioned in Today's Episode with Fabrice Grinda: Fabrice's Favourite Book: Sapiens: A Brief History of Humankind

May 9, 202257 min

20VC: Why the Traditional Seed Fund Model No Longer Works, Why Multi-Stage Funds Investing at Seed Bring Signaling Risk but also Less Pressure, The One Criteria All Potential Sales Hires Need to Have and The Clear Signs of 10x Sales Hires with Jason Lemki

Jason Lemkin is the Founder and Managing Partner @ SaaStr, a social community of 500,000+ SaaS founders and a $100M venture fund. In the past, Jason has made investments in the likes of Algolia, Talkdesk, Pipedrive, and RevenueCat to name a few. Prior to SaaStr, Jason was the Co-Founder and CEO @ Echosign, backed by Emergence Capital, Echosign was bought by Adobe and is Adobe Sign as we know it today. In Today's Episode with Jason Lemkin You Will Learn: 1.) Origins into Venture: How Jason made his way into the world of venture having sold EchoSign? What were some of Jason's biggest lessons from his first 4 investments being unicorns? 2.) The Importance of Ownership & Multi-Stage Funds How does Jason assess the importance of ownership today? If companies can be $20BN, does ownership really matter? How does Jason advise founders who have offers from multi-stage funds at seed? Why does taking multi-stage money at seed result in less pressure for founders? Does Jason believe that signaling risk from large funds is real, when investing at seed? 3.) Building Your Sales Team Does the founder have to be the one to create the sales playbook? What are the nuances? Should you hire a Head of Sales or sales reps first? What should you expect from each? What are the one criteria that you must look for when hiring your first sales reps? What are the signals that a sales rep or leader is a 10x hire? What works when hiring sales reps, 80% of the time? 4.) Boards and VC Value Add: Why has Jason changed his mind when it comes to boards? Why are some inefficient and some very efficient? How do the best founders manage their board? How do they bring in their exec team? What is the right documentation to prepare for board meetings? Why does Jason prefer slide decks over Notion and Coda? How can leaders use board meetings to direct and goal set with functional leads? Item's Mentioned In Today's Episode with Jason Lemkin Jason's Most Recent Investment: Owner

May 6, 202253 min

20VC: The Memo: Chris Sacca on Why We Are Breeding a Generation of Entitled Assholes, Harley Finkelstein on What Great Fatherhood Really Means, Deena Shakir on How Kids Make You a Better Investor and Anne Wojcicki on How Children Change Your Approach to R

Chris Sacca is the Founder and Chairman @ Lowercase Capital, one of the best performing funds in the history of venture capital with a portfolio including Uber, Stripe, Twitter, Instagram, Twilio, Docker and many more. Why does Chris believe we have bred a generation of asshole kids? What is the right way to negotiate with children? How has that impacted how he manages his team? Anne Wojcicki is the Founder & CEO @ 23andMe, offering DNA testing with the most comprehensive ancestry breakdown, personalized health insights, and more. How did having kids change Anne's approach to time allocation and risk? Harley Finkelstein is the President of Shopify. Over the last 12 years, Harley has partnered with Tobi to the tune of building Shopify's revenue to over $4.6BN in 2021 and the team to over 10,000 employees. Does Harley believe he has always been a good father? What changes has Harley made to be more present and there for his children? Why does Harley advise couples therapy as early in a relationship as possible? Deena Shakir is a Partner at Lux Capital, one of the leading firms investing in emerging science and technology ventures at the outermost edges of what is possible. What specific negotiation tactics from parenting can be applied to business? How can a parent show their children they listen, they understand and are there for them? Why does Deena believe children make you more productive and more efficient? Eric Liaw is a General Partner @ IVP, one of the leading later-stage venture capital and growth equity firms of the last decade with $8.7 billion of committed capital and a 40-year IRR of 43.1%. What have been the biggest challenges for Eric of managing family and work? What have been some of Eric's biggest lessons in terms of how he communicates about his work to his family? Scott Dietzen is Vice Chairman of the Board of Pure Storage and served as the Company's CEO from 2010 to 2017. Under his leadership, Pure grew to thousands of employees and completed an IPO in 2015. What can parents learn from nature programs? What core elements of parenting are directly transferrable to management?

May 4, 202236 min

20VC: Scaling to $2BN AUM in 3 years, Fundraising Lessons and Tactics from 2,500 LP Meetings & What it Takes to Build a Firm That Stands the Test of Time with Harley Miller, Co-Founder and Managing Partner @ Left Lane Capital

Harley Miller is the Founder and Managing Partner @ Left Lane Capital, one of the fastest-growing growth equity firms of the last five years. Just yesterday, Left Lane announced the closing of their new fund taking their AUM to over $2BN with an early portfolio including M1 Finance, Masterworks, Choco, GoStudent, to name a few. Prior to founding Left Lane, Harley spent over 9 years at Insight Partners investing in the likes of DeliveryHero, HelloFresh, N26, Calm, Udemy and many more breakout companies. In Today's Episode with Harley Miller You Will Learn: 1.) Origins into Venture: How Harley made his way into the world of venture with his first role at Insight? What were Harley's biggest lessons and takeaways from 10 years at Insight? 2.) Left Lane: Fundraising What are harley's biggest takeaways on fundraising from speaking to 2,500 LPs for Left Lane I? With that experience in mind, what advice does Harley give to other first time fund managers on what it takes to raise successfully? How did the Left Lane pitch to LPs change over time? What worked? What did not work? With the benefit of hindsight, what fundraising elements would Harley have done differently? 3.) Left Lane: Firm Building What are the hardest elements of building a firm today? How did Harley navigate the transition from investor to fund manager? What was challenging? What is Harley's biggest advice to young people in venture looking to scale their career fast? What are 1-2 core inputs aspiring VCs should focus on as they build their career? 4.) Left Lane: Investing and Consumer How does Harley approach portfolio construction with the new fund? How does Harley think through outcome scenario planning and ownership requirements with the new fund? How does Harley think traditional growth equity models can be applied to consumer investing? What will Left Lane be in 20 years? What firm does Harley want to build? Item's Mentioned In Today's Episode with Harley Miller Harley's Most Recent Investment: Masterworks

May 2, 202249 min

20VC: Scaling to $122M ARR IPO with $6M in Net Burn, Olo. The Ultimate Journey of Capital Efficiency, What Worked, What Did Not Work and How Leaders Need To Reshape Thinking Around Resource and Attention Allocation

Noah Glass is the Founder and CEO @ Olo, the interface between restaurants and the on-demand world powering millions of orders per day. Olo is an incredible tale of capital efficiency, at IPO the company had a net burn of just $6M with $122M in ARR. Noah raised from some of the best in the business with names such as David Frankel @ Founder Collective, Danny Meyer, Scott Shleifer @ Tiger Global, all on the cap table. Prior to founding Olo, Noah was International Expansion Manager for Endeavour Global, launching the first African Endeavour affiliate. If that was not enough, Noah is also on the board of Portillo's, Share our Strength and the Culinary Institute for America. In Today's Episode with Noah Glass You Will Learn: 1.) The Founding of Olo: What was the founding a-ha moment for Noah with Olo? What did David Frankel do that compelled Noah, now was the time to start Olo? What have been some of Noah's biggest lessons from working with David Frankel? 2.) Capital Efficiency: Scaling to $122M ARR with $6M Net Burn Why did Noah and the team not raise more money in the early Olo days? How does Noah advise early founders who are concerned if they do not raise, their competition will? What are 2-3 of the core levers that allow Olo to be so efficient? What can others learn from them? What would Noah have done differently fundraise wise, with the benefit of hindsight? 3.) Decision Making: The Secret What does Noah mean when he says; "capital allocation and attention allocation are intertwined"? How has Noah changed and evolved his decision-making as a leader? How does Noah use a CEO coach? What do they discuss? How often? What works? What does not? What decision did Noah make that proved to be the wrong one? How did he come back from it? 4.) Noah Glass: The Father and Husband How does Noah do so much as CEO and also not lose an inch on being an amazing father and husband? What does Noah believe is the secret to a truly successful marriage, while also being public markets CEO? How has Noah changed as a father and husband over the years? What has worked? What has not worked? Item's Mentioned In Today's Episode with Noah Glass Noah's Favourite Book: Setting the Table by Danny Meyer

Apr 29, 202237 min

20 Sales: Zoom's Head of North America Sales on When To Hire a Head of Sales, Why You Should Hire a Head of Sales Before Sales Reps, The 3 Traits to Look for When Hiring Sales Reps & What Sales Leaders Can Do To Make Their Sales Team Feel Like They Are Wi

Mitch Tarica is Head of North America Sales at Zoom Video Communications. Before joining Zoom, Mitch spent over 5 years at RingCentral including as Senior VP of Worldwide Sales and Customer Success. Finally, before RingCentral, Mitch was at Oracle for over 7 years in numerous different sales roles. In Today's Episode with Mitch Tarica You Will Learn: 1.) Entry into Sales: How did Mitch make his way into sales with one of the first SaaS companies in the world? What were his early lessons on what truly great sales entails? What elements does Mitch fear we have lost in the art of sales over time? 2.) The Playbook: Should the founder be the one to create the sales playbook? What are the signs that the founder has a repeatable and scalable playbook? When is the right time to make the first sales hire? Should it be a Head of Sales or Sales Rep? How does the first hire depend on whether you are PLG or enterprise sales led? 3.) The Hiring Process: How does Mitch structure the hiring process? Step by step, what does he want to achieve? What questions does Mitch ask in the first interview, always? What are the 3 traits that Mitch believes all great sales hires have? How does he test for them? How do Zoom use practical sales tests to determine the ability of a potential sales hire? How does Mitch see many founders make mistakes in the sales hiring process? 4.) Sales Onboarding: What are the crucial steps to do sales onboarding right? How should leaders structure the first 30,60 and 90 days for their new reps? What are some early red flags that leaders should watch for with new reps? What more can leaders do to make sure their reps are as successful as possible in the early days?

Apr 27, 202237 min

20VC: Why You Should Think Twice Before Taking Multi-Stage Money at Seed, Why Venture Has Never Been Less Collaborative, How Becoming a Parent Made Me a Better Investor and Why We Should Be Optimistic About the Future of Diversity in Venture with Deena Sh

Deena Shakir is a Partner at Lux Capital, one of the leading firms investing in emerging science and technology ventures at the outermost edges of what is possible. Deena has led a number of investments including in Maven Clinic, Mos, Ramp, Alife and SteadyMD to name a few. Before joining Lux, Deena was a Partner at GV and previously led product partnerships at Google for early-stage products in healthcare, AI/ML and search at Google. Before tech and venture, Deena was an aspiring anthropologist, journalist, diplomat, aid worker and was a Presidential Management Fellow at the U.S. Department of State under Secretary Clinton. There Deena helped launch President Obama's first Global Entrepreneurship Summit in 2010. In Today's Episode with Deena Shakir You Will Learn: 1.) Origins into Venture: How Deena made her way from journalism and the world of politics to rockstar healthcare investor? What were Deena's biggest takeaways from seeing her parents build a new life in the US? 2.) Competition in Venture: Why should founders not take multi-stage fund money at seed? What problems does it cause? How do VCs try and justify it? What red flags should founders look for? How does Deena advise her companies when it comes to pre-emptive rounds? When should they take them? When should they not take them? 3.) Deena Shakir: The Person How has becoming a parent changed Deena's operating mentality? Why does Deena believe she has never been better as an investor post becoming a mother? Why does Deena feel so many questions around parenting are wrong? In what ways would she like those questions of female operators and investors to change? 4.) Diversity and Inclusion: We Should Be Optimistic Why is Deena optimistic about the future of diversity and inclusion in tech and venture? What drives her optimism? What remains a cause for concern for Deena on this topic? What more can both companies and venture funds do to improve the landscape? Item's Mentioned In Today's Episode with Deena Shakir Deena's Favourite Book: The Power Law: Venture Capital and the Art of Disruption Deena's Most Recent Investment: Mos: Banking for Students

Apr 25, 202236 min

20VC: How Today's Market Changes How Companies Should Approach Burn and Runway, Are Financing Markets Closing? How To Know When To Pay Up vs Stay Price Disciplined & Why The Most Important Thing in Venture is Generating Positive Selection with Bill Cilluf

Bill Cillufo is Partner and Head of International Investments at QED, one of the leading fintech venture firms today with a portfolio including Nubank, Kavak, Klarna, Quinto Andar and Bitso to name a few. As for Bill, he has led investments in Nubank, Loft, Wagestream and Creditas among others. Prior to joining QED, he spent nearly 20 years at Capital One, spanning several roles and leading several businesses. During Bill's last 3 years at Capital One, he led its Co-Brand and Private Label credit card business, building the business nearly from scratch to one of the top few players in the US market. In Today's Episode with Bill Cillufo You Will Learn: 1.) Origins into Venture: How Bill made his way from 20 years at Capital One to becoming a Partner @ QED? How did Capital One inform his mindset around unit economics? Having seen booms and busts firsthand with Capital One, how did that impact his investing mindset today? 2.) The Landscape: What is Happening? Where does Bill believe the biggest crunch in funding markets is today? Does Bill believe this will trickle down to the early stage? How does Bill advise his portfolio companies on runway and burn given the environment? What does Bill believe that many have not seen that is coming? 3.) Bill Cillufo: The Investor How does Bill analyse his own relationship to price and price sensitivity? How has Bill changed as an investor over the last 5 years? What caused the changes? How does Bill reflect on reserves management given the new landscape we are in? 4.) QED: The Expansion Does Bill believe that expanding geographically has become easier with time? What has become harder about expanding into new geographies? How important does Bill believe partnering with local firms is when VCs enter new territories? Item's Mentioned In Today's Episode with Bill Cillufo Bill's Favourite Book: Tom Clancy: The Hunt for Red October Bill's Most Recent Investment: Refyne

Apr 22, 202241 min

20 Product: Robinhood CPO on The 3 Stages of Product Management, How to Structure and Execute Great Product Reviews, The Secret to Building a World-Class Hiring Funnel in Product Team Building with Aparna Chennapragada

Aparna Chennapragada is Chief Product Officer @ Robinhood, the company revolutionizing consumer finance with commission-free investing, and tools to help shape your financial future. As for Aparna, prior to Robinhood, she spent an incredible 12 years at Google, most recently as VP and GM for Consumer Shopping and also as the lead AR and Visual Search products. Aparna is also an active angel investor with a portfolio including Khatabook, Statsig and On Deck to name a few. If that was not enough, Aparna is also a board member at Capital One. In Today's Episode with Aparna Chennapragada You Will Learn: 1.) Origins in Product: How Aparna made her way into the world of product and product management? What were Aparna's biggest takeaways from her 12 years at Google? What does product management mean to Arpana today? 2.) Customer Discovery: 101 What are the 3 different stages of product management? What does great customer discovery look like? What are the best questions to ask? How should one dig deeper? Where do so many make mistakes in customer discovery? What should product people take from the answers? What should they disregard? 3.) The Hiring Process: How should founders breakdown the process of hiring for their first in product? What does the interview process look like? How should founders structure it? What core questions should teams ask of prospective candidates? What are red flags when interviewing potential product hires? What literal tests and case studies can founders do to test the quality of candidates? 4.) The Onboarding Process: How should founders structure the onboarding process for new product hires? What can founders do to make PMs successful in their first 30 days? Where do many product hires make the biggest mistakes in the first 30 days? What can product hires do to build trust with their new team? Items Mentioned in Today's Episode with Aparna Chennapragada Aparna's Fave Resource: Shishir's Executive Onboarding

Apr 20, 202240 min