"Turpentine VC" | Venture Capital and Investing

This episode features a discussion recorded in 2023 between Erik Torenberg and Joe Lonsdale, founder of 8VC, Palantir and the Cicero Institute. They cover Joe's proposed solutions to challenges in U.S. education, prison reform, homelessness, healthcare, defense, and more. This conversation offers a riveting overview for anyone in venture to better understand the interplay of policy and market-driven solutions to systemic problems. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine--SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected] Podcast: Company BreakdownsEach episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,SpotifyApple--LINKS:8VC: https://www.8vc.com/The Cicero Insitute: https://ciceroinstitute.org/issues/--TIMESTAMPS:(00:00) Intro(00:56) Having the Biggest Impact(02:39) Navigating Partisanship in Tech and Philanthropy(03:22) Making Good Ideas Win(05:57) Holding Institutions Accountable(08:11) The Real Problems in Education(10:50) Challenging Government Unions and Police Reform(13:00) Prison Reform: Data-Driven Accountability(16:40) Addressing Homelessness(19:21) Sponsor: Harmonic | Squad(21:51) Market Incentives, Competition and Accountability(25:42) Healthcare Reform: Monopolies and Misaligned Incentives(31:08) Reform vs Exit(32:50) Defense and National Security(36:46) State-Level Impact vs. Federal Challenges(39:14) Engaging in Local and State Governance for Change(42:26) Addressing Wealth Inequality and Education Reform(55:40) The Future of Education

In this episode Erik Torenberg sits down with Jason Lemkin, the founder and CEO of SaaStr, a venture firm, podcast network, event series, and the world’s largest community for B2B/SaaS founders. This candid conversation focuses on SaaStr's business model at the intersection of VC, media, and events. Jason also covers why all VC's need to nail the right amount of marketing, what 'edge' looks like in venture, why Jason never created a YC for SaaS, and the distinctions between business models that seem scalable versus those that genuinely achieve exponential growth.--SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected] Podcast: Company BreakdownsEach episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,SpotifyApple--TIMESTAMPS:(00:00) Intro(01:22 ) Evolution of SaaStr Fund(01:58) Accidental Success(03:35) Community + Content(06:52) Challenges and Realities of Scaling in Venture Capital(07:46) Finding the Edge(14:05) Jason Lemkin and Harry Stebbings of @20VC (15:36) Why Jason Never Created a YC for SaaS(23:05) Deciding on Fund Size and Scale(30:56) Partnering in a Smaller Fund or Heading to a Mega Fund(35:07) Sponsor: Harmonic | Squad(37:51) Media and Event Business Models(44:38) Field Marketing in Business Growth(49:40) Rolling Up Vertical Media Businesses (the SaaStr Model)(1:03:17) Complexities of Managing Multiple Income Streams(1:08:11) Building Empires in Venture Capital

This episode features an interview with a16z GP and co-founder Marc Andreessen, discussing his intellectual influences and detailing his quest to understand how the world works. He covers the authors who have shaped his thinking, the influence of elites on policies, and global governance. This conversation was recorded in late 2022. Since then, Marc and a16z have released “The Techno-Optimist Manifesto".If you enjoyed this episode with Marc check out episode 1 of Turpentine VC with Ben Horowitz who discusses the how they built the firm and its future plans.---LINKS:The Techno-Optimist Manifesto: https://a16z.com/the-techno-optimist-manifesto/---Recommended Podcast: Company BreakdownsEach episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,SpotifyApple---SPONSOR: HARMONIC | SQUAD🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter: https://turpentinevc.substack.com/ ----RELATED SHOWS: @10xcapitalpodcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@pmarca (Marc)@eriktorenberg (Erik)@turpentinemedia---TIMESTAMPS:(00:00) Intro(01:33) How much has Marc changed vs the world changed?(05:05) How much do ideas matter? Who drives society — the elite or the masses?(08:07) People respond to interests more than ideas(10:18) Mental models for the left and the right(12:54) Sponsors: Turpentine | Squad(15:12) The road to hell is paved with good intentions(16:58) Master morality and slave morality(21:37) Unpacking Elon’s quote “Wokeness is the mind-virus”(24:17) Is classical liberalism sustainable and how it leads to wokeness(33:18) James Burnham’s worldview(41:09) How the left captured the institutions(43:44) Elon as the return to entrepreneurial capitalism(46:22) The experiments Elon is running(53:09) The billionaire mindset toward politics(55:49) We live in an oligarchy, not a democracy(1:04:13) Larry Page is the contrarian billionaire(1:05:48) Effective altruists think they can play God(1:08:54) SBF’s roll-the-dice philosophy(1:09:33) Aristocratic vs Meritocratic elite(1:20:04) Elites are insulated from the consequences of their policies(1:22:06) Why global governance is a nerd trap(1:25:28) Global governance is anti-diversity(1:29:00) Tech people are politically homeless(1:29:49) Elites can’t be removed, they can only be replaced(1:33:21) Advice for counter-elites(1:45:39) Reasons to be optimistic---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This episode features a special interview with James Currier, a partner at NFX. In this conversation, James sits with Erik Torenberg to discuss why founders tend to be more authentic at the accelerator stage than at the seed stage, James's skepticism about B2B marketplaces, and how NFX approaches investments and decision-making. This was recorded as part of a live event in 2021.---Recommended Podcast: Company BreakdownsEach episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,SpotifyApple---SPONSOR: HARMONIC | SQUAD🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter: https://turpentinevc.substack.com/ ----RELATED SHOWS: @10xcapitalpodcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@JamesCurrier (James)@eriktorenberg (Erik)@turpentinemedia---TIMESTAMPS:(00:00) Intro(02:47) James's experience at Battery(04:35) Building up NFX(09:40) What works and what doesn't in venture business(13:42) Sponsor: Squad | Turpentine(15:56) Post-COVID implications for building companies(20:04) Where we at in consumer social today(28:03) Spotting inflection points(31:41) Talk about marketplaces(40:28) Market for generalist investors today(45:10) What can you do with 300 million(50:10) What's important when evaluating B2B marketplaces(54:57) Challenges and opportunities in healthcare and fitness investments(59:40) Investment strategies(01:02:55) Wrap---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This episode features an interview with Scott Belsky, angel investor, Chief Strategy Officer at Adobe, and founder of Behance. In this conversation, which was recorded in 2021, we dive into Scott’s early investments in companies like Pinterest and Uber, the evolution of his investment philosophy, and the principles he acquired over time. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected] PODCAST:Turpentine Finance Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764-Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.---Join our free newsletter: https://turpentinevc.substack.com/ ----SPONSOR: HARMONIC | SQUAD🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---RELATED SHOWS: @10xcapitalpodcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@scottbelsky (Scott)@eriktorenberg (Erik)@turpentinemedia---TIMESTAMPS:(00:00) Intro(01:01) Beginning of Scott’s angel investor journey(02:05) Investments in Pinterest and Uber(04:00) The biggest principle Scott acquired(07:15) What’s the capacity to become an investor(12:09) Sponsor: Brave | Turpentine(17:10) Evaluating the market(19:55) Scott's current investment interests(26:02) Views on consumer social(30:34) Past examples of failed products due to timing.(38:00) The future of work and productivity tools(40:22) How founders extract value from solo investors(42:33) The future of creativity(45:57 Wrap---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Today's episode features an interview with Will Quist, partner at Slow Ventures. In this conversation Will talks about his transition from water polo player to helping build Slow, Slow's unique thesis in venture, the old model of VC versus new VC, and treating venture capital like a phD program.Check out our two interviews with Will's partner at Slow, Sam Lessin:Seed is Over https://www.youtube.com/watch?v=py7IPmDKjb4VC in 2024 https://www.youtube.com/watch?v=crj_H3JPHvg---BOOK CITED:The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin---RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.---SPONSOR: HARMONIC | SQUAD🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: @10xcapitalpodcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@wquist (Will)@eriktorenberg (Erik)@turpentinemedia---TIMESTAMPS:(00:00) Intro(00:14) Will Quist's Journey from Pro Athlete to VC(04:44) Slow's Evolution(07:00) Anti-Platform From the Jump(09:51) Helping Founders Become Better Investors in Their Own Business(14:49) Sponsor: Turpentine(15:12) Old vs. New Venture Capital Models(20:46) VC Framework(26:05) Franchises(29:49) Success in Venture Capital(31:13) Fund Size and Portfolio Construction at Slow(36:11) Multistage Challenges and Opportunities(39:25) Introducing the Slow PhD Program(44:22) Philosophy of Building and Investing(54:06) Wrap---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This is a special episode featuring an interview between Forerunner Ventures founder Kirsten Green and Turner Novak of The Peel podcast and Banana Capital. The conversation covers Kirsten's journey from her early days in retail investment banking to the creation of Forerunner Ventures, how she thinks of the state of consumer investing, the story behind Dollar Shave Club, how she makes investment decisions, and maintaining strong relationships with LPs.---RECOMMENDED PODCAST: The Peel Podcast with Turner NovakHead to The Peel for more of Turner's in depth interviews with great founders and the investors who fund them.Spotify: https://open.spotify.com/show/3QqtxGHqsPnKTG4CS7NgX5Apple: https://podcasts.apple.com/us/poddrcast/the-peel-with-turner-novak/id1694440669---SPONSORS:HARMONIC:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.ATTIO:Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join OpenAI, Replicate, ElevenLabs and more at ⁠https://bit.ly/AttioThePeel⁠BRAVEGet first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.SQUAD💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: 10X Capital PodcastIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/Sourcery by Molly O'SheaSourcery by Molly O’Shea brings the conversations founders and investors have behind closed doors into the light. Subscribe for upcoming episodes with: Delian Asparouhov of Founders Fund and Varda Space, and Chris Power of Hadrian.Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTgYouTube: https://www.youtube.com/@SourceryVC/---X / TWITTER:@kirstenagreen (Kirsten)@eriktorenberg (Erik)@turpentinemedia@turpentineVC---TIMESTAMPS:(00:00) Intro(00:47) Kirsten's Early Career and Retail Insights(02:40) Consumer Behavior(03:09) Impact of Discounts(05:55) Transition from Public to Private Market Investing(07:07) Journey to Venture Capital(10:31) Birth of Forerunner Ventures(11:11) Navigating the Financial Crisis of 2008(11:15) SPONSOR: ATTIO | BRAVE(13:04) Overcoming Failure(27:18) Raising the First Institutional Fund(40:34) Challenge of Securing LP Money(41:26) Convincing Investors(43:11) Story of Dollar Shave Club Investment(50:50) Fundraising for Forerunner(59:45) Approach to LP Side of Fundraising(01:02:06) The Future of Consumer Investing(01:13:33) Building Relationships with Founders(01:17:20) Wrap--This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This episode features an interview with Mike Maples, Jr, the co-founder of Floodgate, that took place in 2020. Mike's interview on Turpentine VC from September 2023 is one of our most popular episode to date, and this earlier interview offers relevant context to his success and discipline. The conversation covers how Mike got his first fund from Austin Ventures, his view on "Thunder Lizard," missed opportunities like Airbnb, and what VC could look like in the future.---RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj ---SPONSOR: HARMONIC | BRAVE | SQUAD🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: 10X Capital PodcastIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@m2jr (Mike)@eriktorenberg (Erik)@turpentinemedia@turpentineVC---TIMESTAMPS:(00:00) Intro(00:33) Building Successful Venture Firms(04:13) Journey from Insight to Growth(07:30) Insight Hacking in Entrepreneurship(08:57) Startup Success(10:48) Market Timing in Startups(14:11) Sponsor: Brave(18:04) Picking Co-Founders(33:54) Understanding the Venture Landscape(38:53) Power of Indexing: A Case Study of AngelList(41:32) Role of Brand in Venture Capital(42:45) Future of Venture Capital(46:52) Relationship Between VCs and LPs(53:48) Investing in Non-Tech Businesses(57:21) Potential Impact of Crypto on Venture Capital(01:05:38) Importance of Ownership in Venture Capital(01:09:16) Blitzscaling in Startup Growth(01:15:43) WrapThis show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode Chris Dixon, GP at a16z Crypto, joins Erik Torenberg along with cohosts Dan Romero and Antonio Garcia Martinez to discuss his recent book Read Write Own: The Next Era of the Internet, how he thinks AI and crypto will collide, and why Web3 consumer hasn’t taken off yet. This conversation with Chris was recorded for the Moment of Zen podcast and goes several levels deeper on Chris' crypto/web3 thesis than most of his book tour.---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj ---SPONSOR: HARMONIC | BRAVE | SQUAD🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: 10X Capital PodcastIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@cdixon (Chris)@eriktorenberg (Erik)@turpentinemedia@turpentineVC---TIMESTAMPS:(00:00) Intro(01:10) Why Chris wrote Read Write Own(04:38) The Negative Perception of Blockchains in Mainstream Media(09:20) The Future of Crypto and Blockchain(14:40) Sponsor: Brave(15:40) Open Protocol(32:09) The Impact of AI on the Internet Economy(40:20) The Power Dynamics of the Internet(42:15) The Rise of Blockchain and AI(45:50) Future of Web3(46:10) Growth of Tech(49:05) Challenges and Opportunities of Crypto(01:11:30) Policy in Tech EvolutionThis show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Michael Dempsey, Managing Partner at Compound, joins Erik Torenberg to discuss thesis-driven vs founder-driven investing, Compound’s AI thesis, company building opportunities, ways to win at venture, advice for emerging managers, and much more.---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | BRAVE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: 10X Capital PodcastIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@mhdempsey (Michael)@compoundvc (Compound)@eriktorenberg (Erik)@turpentinemedia@turpentineVC---TIMESTAMPS:(00:00) Intro(01:00) Thesis-Driven vs Founder-Driven Investing(03:19) Compound's AI Thesis(08:28) Company Building Opportunities(11:48) Creativity is the Constraint(14:52) More Founders or More Capital?(18:36) Michael on Crypto(24:01) Ways to Win at Venture(39:25) Michael on Bio(43:02) Michael's Family Planning Thesis(46:28) Technical Risk(49:14) Pre and Post Single Point of Proof Investing(51:24) Advice for Emerging Managers(53:04) Building a Research Organization(57:21) Compound in 2024This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Somesh Dash, General Partner at IVP, joins Erik Torenberg to discuss how IVP differentiates itself, winning late stage deals, team construction, why venture capital in 2024 looks like private equity in 2008, the future of IVP, and much more.---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | BRAVE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: 10X Capital PodcastIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@someshdash (Somesh)@ivp (IVP)@eriktorenberg (Erik)@turpentinemedia@turpentineVC---TIMESTAMPS:(00:00) Intro(02:47) How IVP Situates Itself(07:39) The Case for Not Becoming Multi-Stage(10:46) IVP's Strategy(19:05) Evolution of IVP's Approach(22:18) Sponsor: Brave(23:20) Winning Late Stage Deals(28:12) Fund Sizing(36:13) IPO Window Opening(39:35) Team Construction(47:09) Evolution of VC(50:36) Future of IVP---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Erik is joined by Frank Rotman, the founding partner of QED investors, a fintech-focused VC firm. Frank provides a nuanced analysis of investing in fintech and neo banks, offers his view of the larger macro environment, and maintains the need for discipline and resilience in business. This episode was recorded with Frank in 2023 but remains just as relevant today.---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | NETSUITE | BRAVE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “MoZ” when signing up for a 25% discount on your first campaign.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: The Limited PartnerIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@fintechjunkie (Frank)@eriktorenberg (Erik)@turpentinemedia---TIMESTAMPS:(00:00) Intro(01:46) The Evolution and future of Fintech(11:00) Incumbents vs Startups - locating the advantage?(13:50) Bullish or bearish on banking(20:30) Impact of fintech on different regions in the world (21:28) Sponsor: NetSuite | Brave(30:01) Evolution of neobanks(34:39) The Pitfalls of Abundant Capital(36:18) The Importance of Discipline in Business(36:21) The Return of Darwin: The Impact of Drying Capital(46:00) The Impact of Excessive Valuations(51:25) The Role of Crypto in the Financial World(55:13) The Potential of NFTs and Crypto(01:09:59) The Future of Fintech---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Ali Hamed, Partner at CoVenture, joins Erik Torenberg to discuss the advantages of investing across asset classes, CoVenture’s inflection points, the importance of being liked in venture, and asset classes Ali hopes to invest in in the future. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | NETSUITE | SHOPIFY🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS: The Limited PartnerIf you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@AliBHamed (Ali)@coventurevc (CoVenture)@eriktorenberg (Erik)@Turpentinemedia@TurpentineVC---TIMESTAMPS:(00:00) Intro(01:25) CoVenture in a Nutshell(03:22) How CoVenture Succeeds in Credit(06:50) Hard Conversations VCs Should Be Having(10:01) How CoVenture Differentiates(11:16) Venture Firms Getting Into Multiple Asset Classes(14:19) Team Building and CoVenture's Future(23:37) Future of CoVenture Continued(28:24) Ali on Crypto(31:07) Why LPs Are More Comfortable Giving Money to Big Brand VCs(35:50) The Future of Venture(37:41) The Evolution of Coventure(44:27) Starting Over in 2024(52:51) Wrap

In this episode of Turpentine VC, Tomasz Tunguz, General Partner at Theory Ventures, joins Erik Torenberg to discuss the Theory Ventures model, the coming contraction in investable VC dollars, the parallels between PE and VC, and much more. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | NETSUITE | SHOPIFY🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---X / TWITTER:@ttunguz (Tom)@Theoryvc (Theory Ventures)@eriktorenberg (Erik)@cjgustafson222 (CJ)@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(01:02) The Theory Behind Theory Ventures(05:23) Advice for Emerging Managers(08:29) How to Play AI as a VC(11:02) Sectors/Technologies Tom Finds Appealing(12:47) Biggest Data Trends in VC(18:13) Replacing Founders(22:54) The Journey of a Founder to IPO(28:15) Qualities of a Great CFO(31:14) Sponsor - Netsuite and Shopify(34:13) The Universe of LPs(36:56) The Future of Multi-Stage Venture Firms(39:02) The Future of Venture Capital Industry(41:45) Tom's Economic Outlook(48:23) The Future of Theory Ventures(51:12) The Future of Accelerators---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Phin Barnes, co-founder of The General Partnership, joins Erik Torenberg to discuss Phin’s idea of building a YC for emerging fund managers, the sweat equity model, and building the General Partnership. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | NETSUITE | SHOPIFY🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS: The Limited PartnerIf you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@phineasb (Phin)@theGP (The General Partnership)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:16) Episode Preview(01:16) The Journey of Starting a Venture Firm(05:49) Exploring Different Business Models in Venture Capital(08:56) Building a YC for Emerging Managers(12:53) The Evolution of Sweat Equity Ventures(20:00) The Sweat Equity Model(24:24) The General Partnership’s Product Offering(26:53) Sponsor - Netsuite and Shopify(29:30) Fund Sizing(35:49) Unbundling of Venture Capital (45:04) Advantages of Service for Equity(49:06) The GP’s Services Pricing(50:38) Incubation(54:02) The Importance of Talent Networks(01:07) Advice for Starting a Fund Right Now(01:14) Talent Networks(01:19) The GP’s LPs

In this episode of Turpentine VC, Alexis Ohanian, co-founder of Reddit and Seven Seven Six, joins Erik Torenberg to discuss how Seven Seven Six is a “tech company that deploys venture capital”, the lack of internal metrics in venture, and how he plans to reinvent venture using software. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | NETSUITE | SHOPIFY🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---Seven Seven Six just launched a new website that displays what the firm has done in the last 365 days. Check it out: https://sevensevensix.com/---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---X / TWITTER:@alexisohanian (Alexis)@eriktorenberg (Erik)@Turpentinemedia---TIMESTAMPS:(00:00) Intro(01:11) Alexis's Experience at Initialized(01:21) Formation and Vision of 776(06:15) 776's Approach to Venture Capital(07:10) 776's Unique Approach to Software(13:36) The Development of Cerebro(14:21) The Importance of Feedback and Accountability(25:34) The Future of 776(27:00) The Power of Software in Venture Capital(28:18) The Future of VC: Roadmap and Opportunities(30:18) Reimagining the Office Space: The Agora IRL Concept(32:40) Sponsor Break: NetSuite and Shopify(35:22) The Importance of Operational Rigor in VC(39:11) The Future of 776: Fund Size and Strategy(49:19) The Role of Software in Sourcing and Evaluating(52:06) Closing Thoughts: The Future of VC and 776

In this episode of Turpentine VC, Erik Torenberg speaks to Katherine Boyle, General Partner at Andreessen Horowitz leading the firm’s American Dynamism fund. They discuss why Katherine and a16z started the American Dynamism practice and what they hope to accomplish. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: HARMONIC | NETSUITE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS: The Limited PartnerIf you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@Ktmboyle (Katherine)@eriktorenberg (Erik)@Turpentinemedia---TIMESTAMPS:(00:00) Intro(01:13) Understanding American Dynamism(02:23) The Disconnect Between Silicon Valley and Washington(04:10) The Importance of Investing in America and the Role of Venture Capital(05:34) The Role of Tech in Solving Civic Problems(16:27) Sponsor: NetSuite(24:03) The Influence of Military Service on American Society(33:21) The Importance of Family in American Life and History(39:14) The Shift from Honor Culture to Dignity Culture(42:49) The Impact of Capitalism and Individualism(43:43) The Power of Memes and the Struggle of Young Men(47:58) The Role of Family and Motherhood in Society(54:23) The Power of Seriousness(57:19) The Dilemma of Choice and the Value of Commitment(01:08:30) The Role of Technology in Society and Politics(01:14:31) The Importance of Public Service and the Challenges of Running for Office(01:16:54) American Values and Opportunities---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Erik Torenberg sits with Rebecca Kaden, Managing Partner at Union Square Ventures. They discuss USV's partnership-driven model, different venture strategies, whether automation in venture is imminent, and what USV looks for in investors. If you need an ecommerce platform, check out our sponsor Shopify: https://shopify.com/momentofzen for a $1/month trial period.---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | SHOPIFY | NETSUITE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzenNetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---X / TWITTER:@rebeccakaden (Rebecca)@eriktorenberg (Erik)@Turpentinemedia---TIMESTAMPS:(00:00) Intro(00:51) Understanding Union Square Ventures' Approach(05:58) The Role of Technology and Data in VC(10:32) The Importance of Partnership Models in VC(18:07) Sponsors: NetSuite | Shopify(20:43) Generational Transition in Venture Capital Firms(25:16) Anatomy of a Partner Meeting(29:20) The Power of Ideas and Thesis Development(36:38) The Future of Virtual Learning(43:37) Investing in the Trucking Industry(45:48) Exploring Opportunities in the Fertility Space(50:16) The Role of Networks in Investment(51:01) Advice for Emerging Managers---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Today we’re back with Sam Lessin for a round 2 focused on the changing landscape of venture. We dig into the viability of M&A as a strategy for startups, “its always been crypto”, media businesses, and the role of reputation systems. If you need an ecommerce platform, check out our sponsor Shopify: https://shopify.com/momentofzen for a $1/month trial period.---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: HARMONIC | SHOPIFY | NETSUITE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzenNetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---TIMESTAMPS:(00:00) Episode Preview(01:27) Round 2 with Sam, the VC Doomer(06:24) The mechanism of how low interest rates leads to public markets valuing companies at super high multiples(10:28) Disruption fundamentally changed who the winners and losers would be(15:49) Sponsor - NetSuite(16:50) What would a $100B company look like in 15-20 years(23:20) The emergence of cultural changes after Covid-19(28:27) The only way to make real money is to be betting differently(36:36) Do franchises go public and the fundamental liquidity question(42:01) What's the best business to build on top of media company?(51:20) Sam's insights on reputation businesses(55:00) Sam's take on advanced reputation system

Today we're joined by Elad Gil, an accomplished investor and founder, who shares his insights on the idea maze and solo capitalism. He discusses the significance of market changes and shifts in technology in identifying viable business opportunities. In addition, Gil shares his viewpoints on sectors like AI, crypto, and EdTech. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv ---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: HARMONIC | NETSUITE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---TIMESTAMPS:(00:00) Intro(00:43) "The best way to start a company is to start a company" - Elad's advice to entrepreneurs navigating the idea maze(02:22) Elad's advice on which field in the business will result in a higher chance of success (and the three ways on how to think about this)(07:00) The areas where there's exciting stuff to work on(10:21) Sponsor - Netsuite(11:25) Innovating in social networking(14:06) Is crypto still going to be relevant?(15:54) What drives market cycles in crypto(21:04) On finding the better opportunity - mercenary vs missionary frameworks(24:23) Limited supply of great founders or great opportunities(28:52) Why Elad is bullish on healthtech(29:40) Reasons why it is so hard to start good biotech and how biopharma really works(32:48) Elad's strategy to winning in venture as itrelates to the broader market(35:06) What's the most interesting and useful form of investment within a couple of years?(35:49) Will there be any other important platform in the startup world or will market will always be fragmented?(38:12) The bearish case of venture (and does Elad agree with it?)(40:29) Elad's perspective on incubations(43:07) On being a solo capitalist(46:30) Reinventing yourself and being relevant

Today we're joined by Howard Morgan to dive into his illustrious career in venture. He discusses the firms he helped start, Renaissance Technologies, Idealab, First Round Capital, and now at B Capital. Morgan also highlights the importance of global investing and the challenges it presents. They also discuss frontier areas including genomics, bioinformatics, longevity, and space technology. Morgan reflects on lessons learned and mistakes made throughout his career and offers advice for emerging managers. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv ---We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSOR: HARMONIC | NETSUITE🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@HLMorgan (Howard)@BCapitalGroup (B Capital)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:00) Intro(00:50) How Howard started his venture capital and investing career(13:45) On building a global firm(17:16) Angles of building a venture firm that Howard is excited about(19:43) Sponsor - Turpentine(20:46) AI is in everything(22:57) What Howard would have done differently(27:02) On not going multistage route(30:35) Asset class: Is now a good time to invest or not?(34:05) Venture capital in the next 5-10 years(37:26) On not going accelerator route(40:43) Starting small then going multistage(43:38) Howard's approach if he were to start over an emerging fund - would he go for the same verticals or no?(45:14) It's really tough to raise money right now(46:12) Howard's thoughts on accelerators and incubators(47:32) Trade offs between venture as it relates to the macro(49:55) What inspires Howard to keep investing and working?(51:08) Will venture change much in the next 30-40 years?(52:52) On picking the right partners - what's Howard's superpower there?(54:10) Wrap

Today we're joined by Logan Bartlett of Redpoint to dive into Redpoint's approach to venture, trends and predictions for the VC ecosystem, and a breakdown of the strategies and craft of the asset class's most consequential players. Cloud Infrastructure for all your needs: do more and spend less with Oracle. Take a free test drive of OCI at https://oracle.com/turpentine---Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv ---SPONSOR:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds; offers one consistent price, instead of variable regional pricing; and of course nobody does data better than Oracle. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---RECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---X / TWITTER:@loganbartlett (Logan)@Redpoint (Redpoint)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:00) Intro(01:28) Nerding out on the history of venture(02:36) On venture firms' structure(16:09) Sponsor: Oracle Cloud Infrastructure(17:10) Logan's role models(27:08) Redpoint's history informs its present(32:04) How Redpoint operates?(37:47) Why is there no Midas List of top firms?(39:54) Which firms Logan admires (42:54) On success in distribution of returns(48:27) What if Logan didn't join Redpoint?(54:47) What will be the biggest change to happen 7-10 years from now---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Today we're joined by Kareem of Thrive Capital for one of the most extensive conversations we've had on the show—we cover the core insight that drove Thrive to invest in late-stage companies like Stripe and Slack, how they approach thinking about fund size and timing, the benefits of a concentrated portfolio, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentineOracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds; offers one consistent price, instead of variable regional pricing; and of course nobody does data better than Oracle. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---X / TWITTER:@kareemszaki (Kareem)@ThriveCapital (Thrive Capital)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:00) Intro(3:03) How does Thrive balance an opportunistic vs a focused approach(07:01) Thrive's structure and core insights(14:57) Sponsor: Synaptic(15:50) On Thrive's DNA(18:06) Kareem's insights on selling(24:01) Thrive's history(29:45) Sponsor: Oracle(33:10) Kareem's insights on the impact team (36:21) On incubations(39:45) On regulated or capital intensive industries(43:06) Thrive and healthcare(49:37) How does Thrive think about macro?(53:14]) The future of Thrive(55:25) Kareem on making bets on young people and cultivating talent---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This week's episode of Turpentine VC features Benchmark GPs Sarah Tavel and Eric Vishria. We discuss ideas that are central to Benchmark's beliefs in firm-building, including why platform teams exist to help the general partners more so than founders themselves. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentineOracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds; offers one consistent price, instead of variable regional pricing; and of course nobody does data better than Oracle. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---X / TWITTER:@sarahtavel (Sarah)@ericvishria (Eric)@eriktorenberg (Erik)@benchmark (Benchmark)@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(01:29) Benchmark in the history of venture capital(05:08) The Benchmark DNA(07:50) Learnings from Benchmark's expansion(10:53) Sponsor: Synaptic(11:55) The trade-offs of scaling(13:00) How Benchmark thinks about macro(15:08) Comparing the different Benchmark eras(17:46) Partnership construction and combining skill sets and personalities(29:38) On the investor and founder relationship(33:58) Sponsor: Oracle(39:10) How Benchmark remains one of the most relevant VC firms(44:30) The right business model for venture scale(48:24) the hallmark of a Benchmark company(52:52) Learnings from consumer social(1:08:43) What types of companies have enduring value or are truly defensible?(1:15:09) On crypto(1:23:47) Re-founding Benchmark---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Erik is joined by Alfred Lin, partner at Sequoia Capital for over 13 years, and investor in Airbnb, Doordash, Houzz, and more legendary Silicon Valley companies. We dive into the unique ways which Sequoia operates as a firm in this episode: why they don't actually track A-U-M, why they launched the Sequoia Capital Fund, the decision-making behind creating Sequoia Arc, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine---SPONSORS:🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/torenburg💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---X / TWITTER:@Alfred_Lin (Alfred)@eriktorenberg (Erik)@sequoia (Sequoia)@TurpentineVC---TIMESTAMPS:(00:00) Episode preview(01:10) How Sequoia does generational transitions(05:31) Sequoia's firm structure and evolution(11:01) Sponsor: Synaptic(11:52) On Sequoia Arc and competing against YC(15:01) On metrics and leading indicators(18:19) How to add the most value to founders(23:33) Alfred on the landscape of venture in 2030(25:39) What makes a Sequoia partner great?(28:40) Sponsor: Oracle Clound Infrastructure(33:02) On incubations(34:53) On macro(38:56) Alfred's thoughts on AI(43:33) Leadership and how to show up for founders(49:42) Alfredisms: the time span of discretion and the roles of a founder---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

On episode eleven of Turpentine VC, Ann Miura-Ko—co-founding partner at Floodgate—sits down with Erik Torenberg to dive deep into the core fundamentals of VC partners talk about behind close doors, including how to identify inflection points to give you an edge when starting a fund, muscles Floodgate has built in the -1 to 0 space, the true opportunities in AI, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@annimaniac (Ann)@eriktorenberg (Erik)@floodgatefund@TurpentineVC---TIMESTAMPS:(00:00) Episode preview(01:29) How Ann thinks about macro(04:33) Is 2023 better for incumbents or start-ups?(07:12) When is the right time to start a fund?(10:23) How Ann identifies inflections that guide her approach to innovative VC(12:40) Sponsor: Synaptic(15:43) Why Floodgate's fund size is their strategy(19:36) Ann's litmus test for product market fit(22:32) What would prompt Floodgate to change their strategy?(25:51) On how Ann evaluates people(28:02) Muscles Floodgate has built on the -1 to 0 space(31:52) Ann's thoughts on Sam's Factory Model Venture theory(39:22) AI as an inflection point(44:11) Ann's thoughts on exciting opportunities in AI---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Trae Stephens, General Partner at Founders Fund, joins Erik Torenberg to chat through how the firm's focus on independent thinking and debate culture, and counterintuitive lack of true process, has been key in helping them build an enduring fund. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@traestephens (Trae)@eriktorenberg (Erik)@foundersfund@TurpentineVC---TIMESTAMPS:(00:00) Episode preview(01:24) Debate culture and why that's key to Founders Fund's success(03:59) How Founders Fund's pitch is different from a16z's(06:56) FF’s unique market position(09:09) How FF recruits their partners(13:10) Sponsor: Synaptic(14:16) The deal-making process, or lack thereof(16:14) Governance at Founders Fund(19:27) Comparing the YC approach (21:41) How they measure success against other funds(22:50) Trae's journey at Founders Fund(24:54) On incubating Anduril(28:04) Why having no process forces partners to be higher conviction(30:15) Core debates at Founders Fund(32:24) The key to Founders Fund's current approach(34:22) Trae's request for startups in gov tech(36:03) Erik's On Deck question(37:58) What does the future look like for Founders Fund?(39:47) What gets misunderstood about the firm(44:06) On Mike Solana(47:01) The three eras of Founders Fund summarized---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Sam Lessin, General Partner at Slow Ventures, and Seth Rosenberg, General Partner at Greylock, debate what the effects of AI on incumbents and the next wave of AI-first products will look like. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---LINKS:Seth's essay on Product-Led AI: https://greylock.com/greymatter/seth-rosenberg-product-led-ai/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartnerFor more AI content, check out The Cognitive Revolution with Nathan Labenz, where Nathan covers the most pertinent AI updates in the industry with builders, investors, and more: https://link.chtbl.com/TheCognitiveRevolution---X / TWITTER:@lessin (Sam)@SethGRosenberg (Seth)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:00) Episode preview(00:47) Seth's blog post on opportunities in AI(04:46) Sam's reaction to Seth's product-led AI thesis(9:58) Identifying outliers(12:29) What happening during the cloud, mobile, and AI tech waves(14:51) Sponsor: Synaptic(15:52) Why incumbents are incredibly well-positioned to add AI tools(19:08) The mobile tech wave and why incumbents won(21:59) The Uber of the AI era(26:11) New markets unlocked with AI(28:26) Defensibility of AI startups(32:28) Thoughts on Midjourney and Character AI(34:01) Closing remarks(37:26) ​​On copilots---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Roger Ehrenberg of IA Ventures joins Erik on episode 8 of Turpentine VC to talk about his contrarian and opinionated view of how seed funds should operate, and how that's allowed him to generate 10x fund returns. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@infoarbitrage (Roger)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(01:20) IA Ventures' firm strategy(03:30) Roger's thoughts on the rise of seed(07:18) Would Roger do anything differently if he started IA today?(11:14) Is the future of venture going to be craftsman or platform?(15:42) Sponsor: Synaptic(16:56) What players are going to favored in today's venture ecosystem?(19:41) Roger's macro lesson on higher interest rates(24:32) Prediction on where interest rates will normalize(26:29) On the future for YC and a16z(31:42) Lessons from crypto, and why Roger's excited about sports for the future(36:53) Why more people should look into the sports space---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This week, Erik is joined by Mike Maples, Jr, co-founder of Floodgate, a storied seed firm that's invested in Lyft, Okta, Twitch, and Twitter, to name a few unicorn portcos. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine---RECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffRECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@m2jr (Mike)@eriktorenberg (Erik)@floodgatefund@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(01:00) The biggest inflection points in Floodgate's history(03:03) Force a choice, not a comparison(07:16) Why didn't Floodgate scale like a16z did?(11:28) Sponsor: Synaptic(12:31) How to bet on people before they have a company(15:38) On how to pull out signal from founder references(17:38) What questions would Mike be asking fund managers as an LP?(20:46) On how venture has evolved(24:12) On YC and their non-consensus economics(25:58) Will Floodgate pursue incubation?(28:05) Frameworks for identifying good ideas(32:35) How Mike thinks about AI(37:59) If Mike started Floodgate today, what would be his differentiating approach?(40:07) What kind of firms will flourish in the next 10 years?(42:10) On firm differentiation(47:57) Mike's take on Sam Lessin's thesis on seed investing---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

10 years after their initial launch, Susa is relaunching the firm with a new vision and strategy, which Susa General Partner, Chad Byers, tells us about in this episode of Turpentine VC. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine---RECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@chadbyers (Chad)@eriktorenberg (Erik)@SusaVentures@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(00:56) How does Susa see themselves within the venture ecosystem?(01:54) The history and next evolution of Susa Ventures(8:29) Why Susa isn't becoming multi-stage and the trade-offs of their new vision(11:59) What does Susa look like 5-10 years from now?(14:07) Chad's thoughts on Thrive(15:39) Sponsor: Synaptic(16:38) On incubations and whether Susa would want to pursue them in the future(17:47) On LP strategy(20:31) The trade-offs of investing in platform as a fund(23:21) The sweet spot of where Susa invests in relation to product-market fit(26:16) How has Susa thought about partner recruiting?(29:18) Why doesn't Susa pursue the maximal AUM game?(33:03) The unique ways Susa adds value to founders(36:29) How Chad thinks about seeds firms evolving to multistage firms and competing against Sequoia, Founders Fund, etc.(39:10) Pattern-matching the best founders Chad has backed(42:18) Chad on Sam Lessin's theory on seed investing(46:24) Predictions for the next 3-5 years of venture(48:47) Diving deeper into why Susa decided to double-down to become specialists in seed(50:15) Thought experiment: how would Chad launch Susa in 2023?---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Hemant Taneja is the CEO of General Catalyst, and runs the firm like a true business: defining its mission and values, approaching the product from a problem-solving perspective, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: http://synaptic.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit http://synaptic.com/turpentinePesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: http://pesto.tech---RECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@htaneja (Hemant)@eriktorenberg (Erik)@generalcatalyst@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(00:53) How Hemant took over as CEO of General Catalyst(03:31) Why General Catalyst decided to operate like a true company(05:15) The vision for General Catalyst(08:15) How GC thinks about a16z and the future of investing(10:52) GC's governance in relation to their vision(11:59) Sponsor: Synaptic(13:01) Hemant on how macro determines GC's strategy(14:59) The future of VC and how the asset class is evolving(17:04) More on GC's responsible innovation thesis(19:28) The difference between GC and a16z(20:32) Hemant explains GC's unfair advantage in healthcare(22:47) How GC's strategy is differentiated(24:05) GC's incubation strategy(26:02) GC's customer value strategy(27:23) How Hemant thinks about launching firm products(29:11) On GC's global resilience practice(30:49) Sponsor: Pesto Tech(31:40) On why GC has been so successful in digital health, and the future of that space(33:23) Hemant’s request for startups in healthcare(35:13) Opportunity areas for emerging managers today(37:06) Hemant's approach to talent cultivation and retention(39:24) Where does General Catalyst fit into the venture ecosystem?(41:11) On radical collaboration

This week Erik is joined by Sam Lessin, General Partner at the early-stage VC firm Slow Ventures, essayist, and former VP of Product at Facebook. If you’re looking to make fund administration easy and intuitive, check out: http://carta.com/turpentine---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Carta is the world’s largest venture fund administrator. Carta’s software-based approach takes fund administration out of the spreadsheet and into 2023 and beyond with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to that next level. Learn more at: carta.com/turpentineSynaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit synaptic.com/turpentinePesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: pesto.tech---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS:If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@lessin (Sam)@eriktorenberg (Erik)@slow (Slow Ventures)@TurpentineVC---TIMESTAMPS:(00:00:00) Episode Preview(00:01:22) On Screenshot Essays, writing, and being OK with being wrong(00:04:04) Sam's thesis on the factory system of venture capital(00:07:18) What does venture look like when the factory line is over?(00:10:14) Sam's bearishness on YC and a16z(00:12:36) What are the best firms going to look like in the future?(00:15:36) Sponsor: Carta(00:16:17) The future state of company building and venture(00:21:46) The biggest factors of luck in life and company building(00:23:15) Sam's thesis on constellation software(00:28:38) ​​Team Shares and why that's Sam's most bullish investment(00:31:49) Sponsors: Synaptic | Pesto Tech(00:33:15) Why Sam is bullish on crypto(00:38:32) The different models of finance and investing in creators(00:42:08) Sam's advice for future investors in 2040(00:45:21) Is the LP landscape going to change significantly?(00:52:17) Lower variance founders(00:56:08) Kardashians and the future of media / celebrity(00:57:42) Sam on Balaji's protech and anti-journalist class(1:01:00) How can we represent social capital on the internet?(1:02:41) On the end of capitalism(1:05:38) Slow Ventures today and where they expect to go in the future(1:07:26) Sponsor: Carta---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In episode three of Turpentine VC, Aydin Senkut and Erik Torenberg examine the generalist approach to VC that Felicis pioneered. If you’re looking to make fund administration easy and intuitive, check out: http://carta.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Carta is the world’s largest venture fund administrator. Carta’s software-based approach takes fund administration out of the spreadsheet and into 2023 and beyond with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to that next level. Learn more at: http://carta.com/turpentineSynaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit http://synaptic.com/turpentinePesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: http://pesto.tech---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---TIMESTAMPS:(00:00) Episode Preview(01:18) The three different stages in the evolution of Felicis(03:42) Felicis' strategy to engineer more hits: being generalists(05:26) The two key ingredients to finding the right general partners(08:02) How does Aydin think about balancing mental health and motivation to build a company?(11:04) Bottom-up vs. top-down approaches to opportunistic investing(12:54) How Felicis divides and conquers sectors internally(15:35) Sponsor: Carta(16:10) Felicis' AI strategy(18:55) Aydin on not playing the crypto / web3 wave(20:41) What's the fourth phase of Felicis' evolution?(25:07) What's Felicis' advantage and special ingredient?(27:30) Looking at Felicis from an LP perspective(31:11) Two non-negotiables for Aydin when raising funds(33:12) Sponsors: Synaptic | Pesto Tech(35:07) How does Felicis think about decision-making? How do they make such quality decisions?(38:52) Why virtually all of Felicis' investments are narrative-driven(40:59) Aydin's recommendations for firms starting in 2023(43:47) Aydin on Felicis' unique governance model(47:30) How active is Aydin in the actual investing of Felicis now?(49:50) What do founders really care about getting from their VCs?(53:10) The number one factor when founders are choosing investors(54:20) Other investors Aydin admires(56:24) The venture landscape in 2030---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This week on Turpentine VC, Mamoon Hamid and Ilya Fushman of Kleiner Perkins join Erik to discuss how they’ve seized the torch and helped drive the next chapter of the firm’s iconic history. If you’re looking to make fund administration easy and intuitive, check out: http://carta.com/turpentineWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.---SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Carta is the world’s largest venture fund administrator. Carta’s software-based approach takes fund administration out of the spreadsheet and into 2023 and beyond with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to that next level. Learn more at: http://carta.com/turpentineSynaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit http://synaptic.com/turpentinePesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: http://pesto.tech--Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@mamoonha (Mamoon)@ilyaf (Ilya)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:00) Episode Preview(01:35) How do venture firms and partner transitions work?(03:18) The craftsman approach to venture(04:55) The majors and minors of KP partners(06:04) How KP makes decisions(09:20) The different approaches of venture firms(13:50) What approach to firm-building KP believes in(18:05) Sponsor: Carta(18:37) How Mamoon and Ilya strategize on fund size(23:30) When does someone become a partner at KP? (27:10) The NBA draft analogy for how KP identifies and finds talent(30:55) Generalist versus specialist firms(34:12) Sponsors: Synaptic | Pesto Tech(35:38) What's KP's strategy when it comes to investing in new waves?(39:07) How Kleiner evaluates talent differently than other firms(43:18) What makes great partnerships?(45:33) The biggest decisions Mamoon and Ilya have made at KP(49:25) How does governance work at firms when they transition?(53:00) On products and providing unique value to founders(56:10) What's the key in making firm transitions successful?(58:40) Who drinks more coffee?---This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Ben Horowitz, co-founder of Andreessen Horowitz (a16z) and one of the most influential venture capitalists of the last decade, joins Erik for the inaugural episode of Turpentine VC. If you’re looking to make fund administration easy and intuitive, check out: http://carta.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.--SPONSORS:🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.Carta is the world’s largest venture fund administrator. Carta’s software-based approach takes fund administration out of the spreadsheet and into 2023 and beyond with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to that next level. Learn more at: http://carta.com/turpentineSynaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit http://synaptic.com/turpentinePesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: http://pesto.tech---RECOMMENDED PODCAST: LIVE PLAYERSJoin host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers.---Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/---TIMESTAMPS:(00:00) Episode Preview(02:25) Ben on what allows the legendary VC firms to be great for multi-decades(03:37) a16z’s unique product-first, investor-second approach(04:34) YC as a16z’s closest spiritual analog(06:20) The strategy behind how Ben and Marc set up their firm structure(08:12) Ben on why venture firms should stay private(09:32) How a16z scaled their fund sizes to market opportunities(10:54) Why a16z chose to go bigger than Benchmark or USV on fund size(12:47) “Spreadsheet” VCs vs. people-first VCs(14:34) a16z’s customer-focused strategy(16:22) Sponsor: Carta(16:57) Shared economics and centralized control(18:29) Ben’s view on the future of venture(21:44) How Ben thinks about riding trends like AI, crypto, etc.(24:04) a16z’s AI strategy(32:38) Sponsors: Synaptic and Pesto Tech(34:06) Ben on how macro informs a16z’s strategy(40:11) What Ben wants to see next in tech media(44:04) Sponsor: Carta---LINKS:Why Software Is Eating the World: https://a16z.com/2011/08/20/why-software-is-eating-the-world/

On Turpentine VC, host and venture capitalist Erik Torenberg delves deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Hear about insider strategies on decision-making, investment theses, and building firms for the long term—from the ground-level, VC to VC. Guests in season 1 include Ben Horowitz of a16z, Mamood Hamid and Ilya Fushman of Kleiner Perkins, and Alfred Lin of Sequoia.We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.RECOMMENDED PODCAST:The HR industry is at a crossroads. What will it take to construct the next generation of incredible businesses – and where can people leaders have the most business impact? Hosts Nolan Church and Kelli Dragovich have been through it all, the highs and the lows – IPOs, layoffs, executive turnover, board meetings, culture changes, and more. With a lineup of industry vets and experts, Nolan and Kelli break down the nitty-gritty details, trade offs, and dynamics of constructing high performing companies. Through unfiltered conversations that can only happen between seasoned practitioners, Kelli and Nolan dive deep into the kind of leadership-level strategy that often happens behind closed doors. Check out the first episode with the architect of Netflix’s culture deck Patty McCord: https://link.chtbl.com/hrhereticsRECOMMENDED PODCAST: Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriffSubscribe to Turpentine VC wherever you listen to podcasts!Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTxApple: https://podcasts.apple.com/podcast/id1701006772YouTube: https://www.youtube.com/@TurpentineVCTurpentine VC is a part of the Turpentine podcast network. Learn more: Turpentine.co