Equity

Latest Episodes:

Will your company cut your benefits or your coworkers first? Aug 19, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This week, Natasha was joined by TC+ reporter Rebecca Szkutak to wade through the news of the week. It was frantic, it was full, and forgettable it was not!

Here's what we got into:

Quick note from Becca on Neumann's return and if follow-on funding will be a possibility for Flow -- given some investors reactions.
Our two deals of the week include an innovative step for hearing aid startups and a new take on international money transfer.
For hearing loss tech, a new FDA ruling allows hearing aids to be sold over the counter. We dove in to how this regulatory change helps open the door for startups to innovate in the category.
Speaking of regulatory pains, we spoke about how employee-benefits startups might escape cost cuts as companies seek to retain talent. Don't know about you but I'd prefer to lose free food over mental health support.
We ended with notes on two geographies.
Looking at the Midwest, we talked about how LPs aren't backing funds in the region this year despite many VCs considering it to be one of the safer areas to invest right now.
Comparing the Southeast and Midwest, we spoke about how lower valuations are helping fuel both regions to have a good year.

And that's all for now. We'll catch you next week, and in the meantime if you're feeling up to it, consider leaving us a great rating on Apple Podcasts. It goes a long way.

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.

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Let's officially stop comparing Adam Neumann and Elizabeth Holmes Aug 17, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, where we niche down to a single topic, think about a question and unpack the rest. And, I mean, are you surprised what we're working with this week? Of course we're talking about Flow, Adam Neumann's a16z-fueled return to real estate that is already reportedly valued above $1 billion.

This week, Natasha asked: Is the return is a result of vision, track record, or Adam Neumann-privilege? She's joined by Anita Ramaswamy, the co-host of TechCrunch's crypto-focused podcast Chain Reaction. The duo wrote a piece about the tech community's reaction to Neumann's new startup, so consider this episode a mic'd up follow-up:

The news, what we know, and what we still don't - including how much of that $350 million check is cash
The reporter's notebook take on how to cover news that is sensationalist in nature. Do we give oxygen to something that is meant for a reaction? And when is something worth capturing versus worth waiting to see materialize?
Why folks get checks, and Neumann's background in vision, track record and ability to raise money. After all, to succeed in becoming a venture-backed founder, all you need to be able to do is be good at getting venture backed.
How this fits into the female founder takedown story - and why people need to stop comparing Neumann to Elizabeth Holmes. Fraud, my friend, is complicated.

https://techcrunch.com/2022/08/15/tech-industry-reacts-to-adam-neumanns-a16z-backed-return-to-real-estate/

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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Startup yachts, Adam Neumann and wait what year is it again? Aug 15, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Natasha took over Equity Monday this week alongside Grace, as Alex enjoys some always-deserved vacation. Thankfully, there was way too much to get into. So much so that I recommend you listening to this podcast immediately before a whole news cycle breaks.

Here's what we got into:

Morning markets update, which is somewhat a story about reaction to China's slowing economy
For our big tech news item to start the week, Amanda Silberling dropped in to talk to us about Unity saying 'thank you, next' to a $20B merger offer from Applovin. I'll add in that it's not the only billion-dollar+ merger that fell through recently. How's that for Unity?
I talked about Adam Neumann's new startup, which just landed Andreessen Horowitz's largest check to date at a billion dollar valuation. Deep breaths, friends, the reaction is part of the point.

https://techcrunch.com/2022/08/15/a16z-andreessen-horowitz-backs-adam-neumann-wework-new-venture-flow-real-estate/

Then I got into a WebMD alternate with quality as its differentiator.
I end with bad news for Peloton employees, and good news for Atlanta's early stage entrepreneurs.

https://techcrunch.com/2022/08/12/the-silicon-peach-is-still-ripe-atlantas-venture-ecosystem-stands-strong/

As always, you can follow Equity on Twitter @equitypod, and me at @nmasc_. We are back Wednesday! Chat soon!

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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So, when is the SoftBank Execution Fund III dropping? Aug 12, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Alex, Natasha and Mary Ann worked with Grace to record yet another weekly round up on all the tech news that may have flown past your radar. Or bumped into it so hard that you're still dizzy and looking for more information. Regardless of where you're at, here's what we got into:

For our deals of the week, we spoke about QED making its first African investment, backing Nigerian fintech TeamApt in $50M+ deal and why Muon Space's custom Earth observation satellites remind us of Build-a-Bear. Plus, Founderpath secured $145M in debt and equity to help B2B SaaS startup founders avoid dilution - a reminder that non-dilutive capital is always in vogue.
Then we got to a big theme all about bets. Yep, we're talking Axios gets scooped, Haus gets put up for sale and ByteDance gets... hospitals?
We end with chatter about SoftBank's losses and redemption arc, as well as Coinbase's earnings.

You're all the best, and if you're thinking, 'you know what, right back at you!' why not leave us a great rating on Apple Podcasts. If you disagree, erm, let's try again next week?

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Founders, whales, and the sea change in the entrepreneurial energy Aug 10, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, where we niche down to a single topic, think about a question and unpack the rest. This week, Natasha and Alex asked: Despite all the dollars and deals out there, does a drop in activation energy change how many entrepreneurs we'll see in the early-stage market?

But, we're not alone! Found co-hosts Jordan Crook and Darrell Etherington hopped on the mics to do a rare cross-over episode with us. They spend every week on Found talking to early-stage founders about everything from origin stories, to pivots, to some of the hardest decisions that leaders need to make these days. Big thanks to the duo for joining us, and without further ado, here's what us four got to:

Who is succeeding right now, and what are the types of founders that we're seeing more often?
Is there anything that can be done differently when it comes to activating unlikely founders?
How do you square up a need for more business fundamentals, with an asset class designed for rocketships?
Risk, luck and what the heck whales and fizzy water have to do with this

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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How to lose money, SoftBank edition Aug 08, 2022

Show notes

Alex and Grace are back to cover the biggest and most interesting technology, startup and markets news. This morning was a fun mix of stuff that we don't always get to, so strap in for the following:

Stocks and cryptos are mostly higher today, meaning that most listeners of the show are now richer than they were Friday. Congratulations!
Coinbase earnings on the horizon, but we got word today from Palantir and SoftBank. Palantir's stock is off due to a guidance miss, while SoftBank reported massive losses from its Vision Fund efforts.
Also, it turns out that SoftBank is of the perspective that startup founders are not yet willing to accept valuation cuts to bring the value of their startups in line with market conditions. That's not good.
And there was a huge PE deal today, Avalara being taken over by Vista Equity Partners in a $8.4 billion deal.
What else? Self-driving cars from Baidu are now taking passengers in China, Lyft is building a media business, and India is cutting back on buying Chinese smartphones.

We are back Wednesday! Chat soon!

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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Robinhood's hangover, YC's reduction and Uber's return to form Aug 05, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Alex, Natasha and Mary Ann got together with Maggie and Grace this week for our weekly roundup show, and per usual, there was a lot to talk about, including the fact that there were even more topics than usual to pick from as the summer slowdown seems to be fading away.

What else did we get into? The following:

To kick off our Deals of the Week, we discussed the fact that a startup which focuses on depression, suicidality and related mental health conditions is buying a company called KetaMD in an effort to extend its telehealth prowess and, in particular, to expand its tech-facilitated ketamine-based treatments. Don’t know what ketamine is? You’re not alone.
From there, it was time to talk about a new $100 million fund, which boasts some high-profile LPs and partners, that is out to invest exclusively in Latino(a) startup founders. We then dug into the hows and whys of a fintech company that aims to get consumers to deduct everyday expenses directly from their paycheck – a concept that took us a bit to wrap our heads around.
We then moved on to Robinhood and the news that the retail investment behemoth had laid off 23% of its staff – just 3 months after letting go of 9% of its workforce. The three of us had thoughts on CEO Vlad Tenev’s acceptance of responsibility for the layoffs, and of course, on just how much dang news has surrounded the company in the past 18 months or so.

https://twitter.com/bayareawriter/status/1554598033756667905

Next up? We chatted about Y Combinator’s somewhat surprising decision to shrink its cohort by 40% – what that could mean for the early-stage venture scene. We also get into its increased check size and in-person return. So many variables! Only one experiment!
Lastly, we riffed about Uber and how the company both reported positive free cash flow and yet was deeply unprofitable in the second quarter (thanks to Alex breaking that down for us).

And we had a blast to boot! See you next time!

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Is it the bootstrapper’s time to jump on the venture treadmill? Aug 03, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Wednesday show, where we niche down to a single topic, think about a question and unpack the rest. This week, Natasha and Alex asked: Is it the bootstrapper’s time to jump on the venture treadmill?

The episode was inspired by Natasha's recent Startups Weekly column, "The bootstrapped are coming, the bootstrapped are coming" and the companion TechCrunch+ piece, "Will once-bootstrapped startups turn to venture during a watershed moment?" But, of course in classic Equity style, we continued the conversation with nuance and numbers as a focus.

Here's what we got into:

The definition of bootstrapping, and our own additions and subtractions
The trend of more bootstrapped companies taking on venture, or at least more venture capitalists being interested in bootstrapped companies
What the heck is a venture treadmill, and what to drugs have to do with it?
We ended by both agreeing that we are, indeed, the best.

There's ample history when it comes to bootstrapping companies eventually raising money. We just want to know if it is going to happen more often today, and earlier. Let's chat!

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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Public tech's espresso shot is quite literally The Cloud Aug 01, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Last week we said that you needed to pay attention to the public markets, and we weren't kidding. It was a huge week for earnings -- with notes from all over including the ad market and cloud spend. But this week's Monday show was more than just another entry in the series, it was an experimental live show! Natasha joined Alex for the fun, and this is what they got into:

Stocks up, crypto mostly flat after a solid week of gains.
Will Alibaba delist, or not? That question matters more than just what happens to the singular Chinese tech giant. The question really belies a larger query regarding the ability of Chinese tech companies to access foreign markets more generally, places where the capital can flow at a high clip. Given China's economic woes, cutting off that particular liquidity pipe might be risky.
From there we went to Clearco layoffs, UiPath buying Refiner, and Oui's first close of its new fund.
And then we wrapped with a dive into Big Tech earnings. The key gist? These companies are too big to summarize, and without the cloud they would be struggling.
Amazon’s shares rise on earnings beat, despite $2B loss
Apple’s services revenue growth slows to $19.6B in Q3, reaches 860M paid subscriptions
Microsoft misses expectations, points to foreign exchange rates and weakened PC market
Meta posts its first ever quarterly revenue decline
And via CNBC, Alphabet misses on earnings and revenue for second quarter

So, what'd you think? Should we go live again? Next time with Equity-themed espresso cups that no one can enjoy other than us? Let us know, and don't worry, the Equity team is back on Wednesday with a smashing bootstrapping show.

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto and securities, back of the postcard version Jul 29, 2022

Show notes

Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

Alex, Natasha and Mary Ann got together with Grace once again this week for our weekly roundup show, and hot dang was there a lot to talk about. So much so that we actually had to cut one topic from our notes, any guesses what that may have been?

Regardless, here's the rundown:

We had a big fintech theme this week, kicking off with the huge news that Jack Ma is giving up control of Ant Financial. Two specific tidbits stood out around Ant's origin story and Ma's flex of an ownership hold.
From there, it was time to talk Guava, Pogo, and TomoCredit, our Deals of the Week. The focus here was around just how inclusive certain fintechs can be, so thank you to founders who remind us to raise the bar constantly.
Next up? A new solo fund that broke out of a16z. Why leave to do a scary thing when risk is high? We talk about that, fintech innovation, and Rex Salisbury's LP base. (Plus, more on solo founders coming soon on TechCrunch+).
Then we dug into Mary Ann's behemoth investor survey, and closed with a look at the Coinbase-SEC situation.

And we had a great time to boot! Chat soon!

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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