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    Business

    First Text with Cory Levy

    Uncovering the hidden, behind the scenes thoughts and actions of successful people. Formerly known as OFF RCRD.

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    Latest Episodes:
    16 | NIKO BONATSOS - VC at General Catalyst & Investor in Snapchat Sep 17, 2019
    Show notes

    This week, Cory speaks to venture capitalist Niko Bonatsos, who is well known for being a managing director at General Catalyst, a multi-billion dollar venture capital firm where he was instrumental in the investment in Snapchat. In this weeks episode, Niko tells us about how he went from being an entrepreneur to a VC, the behind the scenes details on meeting Snapchat and what happened in the initials meetings that’d lead to being one of the most lucrative investments in the firm. He also gives us what metrics he looks for when evaluating a startup and he tells us which side of the Bitcoin debate he’s on.

    “IF YOU DON’T KNOW WHAT YOU WANT TO DO…FIND PEOPLE THAT CAN INSPIRE YOU.”

    When Niko Bonatsos (@Bonatsos), Managing Director of General Catalyst, started in technology, he didn’t consider becoming an investor because he was too focused on trying to build his social networking company. “I wasn’t looking to become a venture capitalist. I ended up becoming one because my startup failed,” says Niko, who talks with entrepreneur Cory Levy on this episode of OFF RCRD.

    Niko was able to turn this failure into an opportunity to identify startups worth investing in. He was one of the first employees at General Catalyst, which is now one of the top 10 VC firms according to InvestorRank. One of the early deals that helped get General Catalyst to where they are now, led by Niko, was an investment in Snapchat.

    When working with other investor groups to raise funding during the early days of Snapchat, investors were skeptical, to say the least, according to Niko. “All of them would think, ‘Oh great, this is about sharing dick pics and sexting with your friends.’”

    While investors were worried about inappropriate pictures didn’t help to fundraise, Niko thinks controversy is “great.” “It’s actually a gift. If you leverage it over short periods of time and you graduated from it in order to jump into a new set of controversy for a new customer segment,” says Niko. “Basically, the reason why I like controversy in the early days of a newly launched product is that it amplifies word of mouth. A young startup that launches a product frankly does not have the resources to do paid user and customer acquisition.”

    However, Niko warns against being controversial for the same reason and same set of users for an extended period of time. “If you are, your users and customers will demonstrate fatigue, and they’re going to be like, ‘Oh, my god. This company doesn’t get it.’ Or, ‘This company’s a waste of time.’” Snapchat was able to grow past this controversy quickly, in large part due to their team’s leadership, which Niko knew from the beginning had the ability to successfully build the company.

    Asked by Cory “How do you find the diamond in the rough?,” Niko said, I’m very enthused about partnering with founders who have nothing else to do. They are grinders, the problem their solving is their life. If I try to change the topic and talk about giants or Bitcoin or anything else, they’ll just shift the conversation back to the product they’re building.” To find these types of entrepreneurs, Niko doesn’t focus on pedigree or even relevant experience. “Amazing talent can come from anywhere…If they’re given opportunity, they can shine,” said Niko, who also stated that he looks for “learning animals.” “They’re not domain experts in what they’re doing today but, if we put them in the room with a fortune 500 CEO of that particular industry that they’re in, that person will be intimidated by the knowledge of the first time founder.”


    15 | JUSTIN KAN - Co-Founder of Twitch Sep 17, 2019
    Show notes

    This week, Cory speaks to entrepreneur and investor Justin Kan, who is well known for being the founder of Justin.TV turned Twitch.TV, a live streaming powerhouse that was bought by Amazon for close to a billion dollars. He is also a partner for Y-Combinator and recently has started video Q&A platform Whale and is the CEO of legal startup Atrium. In this weeks episode, Justin tells us how he got into technology, the story of selling his first startup on eBay, the inception of his billion-dollar startup Twitch, some of the crazy moments building the company, what he’s learned and observed over the years as a founder and his strategies for recruiting top talent.

    “THE BEST FOUNDERS AND THE BEST STARTUPS REALLY BASE WHAT THEY’RE DOING ON CONSTANTLY GETTING FEEDBACK FROM THE MARKET, FROM CUSTOMERS, AND ADJUSTING THEIR PLANS ACCORDINGLY.”

    Justin Kan (@JustinKan) is an entrepreneur with an impressive track record. He’s the co-founder of Justin.tv and Twitch.tv, and is now the founder and CEO of legal tech startup Atrium.

    Cory Levy talked with Justin Kan on OFF RCRD about Justin’s journey as an entrepreneur, his advice for others, and more.

    When launching his first company (Kiko Software), Justin and his co-founders had little to lose. “I first started in tech when one of my friends and I decided it was a good opportunity to start a company while we were in school because we had almost no opportunity cost,” says Justin. “Our opportunity cost was playing World of Warcraft and drinking beer.”

    When it came time to sell that company in 2006, several potential buyers walked away during the acquisition process, forcing Justin and his team to look at non-traditional ways of selling their business. They turned to eBay, and listed Kiko for sale with a minimum price of $50,000. A week later, the company sold for $258,100. Eight years later, Justin sold another company, but this time, it wasn’t on eBay, and it sold for $970,000,000 to Amazon.

    To someone just looking at his success with Twitch and new company Atrium, it might seem like Justin doesn’t make mistakes. However, Justin is willing to discuss his failures along with advice for other young entrepreneurs and does so in his interview with Cory.

    Asked where most startup founders go wrong, Justin says that some founders “don’t base what they’re doing in reality or customer feedback, or feedback from trying things.” Instead, Justin says, “they base it on their preconceived notions of how something should work or their own limited worldview or what’s in their head that they really want to create, and 1 in 20 or maybe even 1 in 10 get it right.”

    Be one of the 1 in 20 to get it right by basing everything you do on real feedback, not your preconceived notions. Learn more from entrepreneurs like Justin Kan on OFF RCRD, and make sure to listen to the full conversation between Cory Levy and Justin Kan only here on OFF RCRD.


    14 | JOSH ELMAN - VP of Product at Robinhood and Investor Sep 17, 2019
    Show notes

    This week, Cory speaks to product veteran and venture capitalist Josh Elman, who is best known for his integral roles in designing, building and scaling consumer products at Robinbood, Twitter, Facebook, LinkedIn, & Zazzle. Josh is also a Venture Partner at Greylock. In this weeks episode, Josh talks about the early days of the dot com era, his roles at LinkedIn, Facebook, Twitter, what it was like working with what are now the icons of the industry and what are the questions and qualities he looks in a founder before writing a check.

    “THE ONLY THING YOU CAN DO AS AN ENTREPRENEUR IS TO GET ONE MORE PERSON EVERY DAY, EVERY HOUR, EVERY MINUTE, TO ADOPT YOUR PRODUCT, TO ADOPT YOUR NEW WAY OF THINKING, TO ADOPT THE SYSTEM OR THE PRODUCT THAT YOU’RE ACTUALLY BUILDING AND ENGAGING PEOPLE WITH.”

    Venture capitalist and Greylock Partners investor Josh Elman (@joshelman) has built a successful career on finding new trends worth investing in, and using his skills and interests to move those trends forward. Before becoming an investor, Elman worked as a product manager for iconic companies in their early days, including LinkedIn, Twitter, and Facebook.

    Cory Levy talks with Josh on OFF RCRD about his journey from product manager to an investor, discovering what’s going to be the next big thing and his advice for startup founders and others who might not know what they want to do yet. “I think part of this whole startup journey is finding these things that you might believe 100 million people will use or you can actually cause this behavior change that will happen that most other people don’t believe,” says Josh.

    If you don’t yet know what idea you’re going to pursue as an entrepreneur or what company you would like to join, Josh recommends answering this question; “what do you believe will happen in the world in the next 10 years that you would love to be a part of making?” Josh says, “if you believe that something (could become) really, really big, you’re going to have more fun and work harder to try to make that happen every day.” After you figure out what that is, find a way to get started working in that field and on that trend you think could become “really, really big.”

    Capitalizing on a trend as Josh mentions in the interview with Cory Levy doesn’t have to be through entrepreneurship. There are hundreds if not thousands of companies working on problems that you’d like to solve and in industries, you’re interested in. Josh found these opportunities consistently throughout his career while finding new companies to work with. “If you pick the right trends and you pick the right mission, you can even jump from company to company like I did, from LinkedIn to Facebook and Twitter, and still come out with a great set of outcomes and be very proud of the work you did.” Other than regretting how early he left LinkedIn, Josh has few regrets in a successful career in tech. Asked what has contributed most to his success, Josh said that there are two things.
    The first is clearly luck.
    The second is this constant curiosity where I’m trying to guess what I believe the world could be in the future and trying to actually go work on that.


    13 | ALBERT WENGER - VC at Union Square Ventures, Investor in Twitter, Tumblr, & Etsy Sep 17, 2019
    Show notes

    This week, Cory speaks to venture capitalist, angel investor, and entrepreneur Albert Wegner, who is best known for being a partner at venture capital firm Union Square Ventures. Before joining the firm, Albert founded several companies and was the president of del.icio.us through the company’s sale to Yahoo. He was also an angel investor in successful startups such as Etsy and Tumblr. In this weeks episode, Albert gives us his take on blockchain and bitcoin, tells us what skill every young person should do more of, his secret on making hard decisions, how you can figure out your career path and towards the end gives a very interesting insight into the AI debate.

    “I THINK ANYTHING THAT YOU LOVE TO DO; YOU SHOULD ALWAYS JUST CONTINUE TO DO IT BECAUSE (IT WILL) FULFILL YOURSELF, (AND) YOUR PROFICIENCY IN THAT ACTIVITY WILL GROW.”

    What do you want to do with your life? If you don’t know, start by working on things you’re interested in, but you first have to know what you’re interested in. According to Albert Wenger, most people haven’t been forced to seek out and gain experience in their interests. “The school system doesn’t give people necessarily the room, the freedom, to explore their interests, but that’s what you should do,” says Wenger.

    Albert Wenger (@albertwenger) is interested in many things, including technology, specifically artificial intelligence and blockchain technology. Albert talks with entrepreneur Cory Levy about these interests and gives advice for young people and startups in his interview on OFF RCRD.

    Albert is an entrepreneur and investor with a history of success in both running companies and investing in them. Albert is graduate of Harvard, majoring in economics and computer science, and has a Ph.D. in Information Technology from MIT. Currently a partner at Union Square Ventures, Albert was previously the president of del.icio.us, which was sold to Yahoo in 2005.

    Instead of running startups, Albert now helps young entrepreneurs grow theirs as an investor. During their OFF RCRD conversation, Cory and Albert talk about what startup founders need to know and focus on, which can be difficult when launching a company due to the many roles a founder takes on. “Knowing what the one thing is that you need to get right, and working on that, and pushing everything else aside is critical to making a startup succeed,” says Wenger. Once that product/market fit is found, importance can once again be placed in the other areas of the business.

    In his interactions with young entrepreneurs and students, Wenger is often asked for career advice. Before he gives a single piece of advice, he asks the question, “What’s your purpose in life?” Their response isn’t always an answer according to Wenger. “That stops a lot of people dead in their tracks because they’ve never been asked that question so directly. Also, it’s a little unfair because they didn’t expect that I was going to ask that question necessarily. I do think when people coming for career advice, not asking that question is almost like malpractice because that is the central question. How can you give somebody advice on what they should do in their career, if you don’t understand that, or if, more importantly, they don’t understand what the answer to that question is?”

    If you have yet to find your purpose in life, take Wenger’s advice and explore your interests. Doing what you genuinely enjoy doing well can lead to many opportunities, and just may lead you to find your true purpose in life.


    12 | ALOE BLACC - Grammy-Nominated Musician Sep 17, 2019
    Show notes

    This week, Cory speaks to musician, businessman and philanthropist Aloe Blacc, who is best known for his hit singles, “I Need A Dollar”, “The Man” and writing and performing vocals on Avicii’s “Wake Me Up”. In this weeks episode, Aloe takes us back to his teenage years, telling us the defining moment when he went from corporate America to landing a record deal and then he offers advice for how young people should feasibly follow their passions. Later in the episode, he very interestingly touches on the current intersection of technology clashing with music and what he thinks the future of streaming will be like.

    “I THINK ANYTHING THAT YOU LOVE TO DO; YOU SHOULD ALWAYS JUST CONTINUE TO DO IT BECAUSE (IT WILL) FULFILL YOURSELF, (AND) YOUR PROFICIENCY IN THAT ACTIVITY WILL GROW.”

    Aloe Blacc (@aloeblacc) always loved music; he just didn’t think he had a future in it while in high school or even college. After being laid off from a corporate job, Aloe began to dedicate himself to his music and shifted from a rapper to a singer. It was a good choice. Aloe had breakthrough hits in “Wake Me Up,” which he co-wrote with Avicii, and “The Man” in 2013. The music video for “Wake Me Up” has over 1.4B views on YouTube, and “The Man” played in the background for several Beats by Dr. Dre commercials featuring Kevin Garnett, Colin Kaepernick, Richard Sherman, and Cesc Fabregas.

    Cory Levy talks with Aloe Blacc on OFF RCRD Episode 11 about his journey as a musician and his advice for fellow musicians and singers along with young people trying to figure out what to do with their lives. “For young people who are trying to figure out what they want to do, there’s probably something you’re already doing that you’re really good at and that you love. I’d say, keep doing that. Even if it’s not a career path right now, it could end up being something that is, number one, just fulfilling to your soul, and number two, could end up being something that yields your life’s income,” says Aloe.

    Aloe’s path to becoming a Grammy-nominated artist for Best R&B Album in 2015 was anything but traditional. “I’m not a trained singer. I am a rapper and MC, and hip-hop is in my life’s blood, but when I got signed to this Indie Label, they wanted me to be a vocalist. I took that on and I thought, “It can only make me a better artist.” It ended up being true and it also ended up being my career path and my stability in life in terms of financial stability and being able to make so many other dreams come true. Not just my own, but other people around me,” says Aloe.

    By being willing to be uncomfortable and try new things, Aloe was able to find where the best fit in the industry instead of only pursuing a career as a rapper, which may have resulted in missing many of the opportunities he has taken advantage of in his career.

    For those trying to start a career, Aloe’s advice is to do what you love. “If you’re young right now…whatever it is that makes you really, really smile, and that you would do, whether you’re being paid or not, that’s something to really focus on and hone in on. Those are the things that will sustain you in the long run.”


    11 | JORDAN FELDSTEIN - Maroon 5 Manager Sep 17, 2019
    Show notes

    RIP Jordan Feldstein. Thoughts & prayers go out to his family. He was an inspiring leader in the music industry who will be very missed It’s with a heavy heart but much gratitude that I was able to interview Jordan a few weeks before he passed.

    ----

    This week, Cory speaks to prolific music manager Jordan Feldstein, who is best known for being the founder and CEO of Beverly Hills-based Career Artist Management overseeing 16 clients — among them: Maroon 5, who has sold 12.4 million albums and 48 million digital songs in the United States alone. In this weeks episode, Jordan talks about what inspired him to go into the music business, what his high school and college experience was like, his favorite part of being a manager, what artists should do now to build a fan base and the hardships that came along with managing what would become one of the biggest bands in the world.

    “IF YOU WANT TO MAKE A STATEMENT THAT’S ARTISTIC, MAKE THAT STATEMENT FEARLESSLY.”

    Music manager and producer Jordan Feldstein has spent the last two decades working with some of the top artists and bands in the world, and even after many successes, he still enjoys his work. “At the end of the day, if you get to be around something that you inherently love, you should just be grateful for that,” Jordan Feldstein says.

    In addition to managing Maroon 5 and co-running a production company with Adam Levine, Feldstein has also worked with Barenaked Ladies, Relient K, Keyshia Cole, and Robin Thicke.

    Cory Levy talks with Feldstein on OFF RCRD Episode 11 about his career, working with Maroon 5, and to ask for his advice for other artists and entrepreneurs. In response to “What grabs your attention?,” Feldstein says “To be honest, at various times, it’s been various things. It’s two things for me now. One, is it something I want to play in my car on the weekend? It’s that simple for me. Or two, do my kids like it?”

    During the conversation with Cory, Feldstein stresses the importance of cutting through the noise to get people’s attention and entertain them. Feldstein says that artists need to answer the question “How do you remain relevant to people who are constantly being fed entertainment all the time?” For Feldstein, he sets himself apart by working harder than anyone else. “(success in the music business is) based on how great of a hustler and who’s going to work the hardest.”

    All successful people have routines and strategies that they swear by. Feldstein says that each morning, he purposely doesn’t check his phone for the first hour of each day, and he’s also started meditation. “On the weekends with my kids, I have no phone time, things like that. You got to create boundaries for yourself.”


    10 | NAVAL RAVIKANT - Founder of AngelList and Angel Investor in Uber & Twitter Sep 17, 2019
    Show notes

    This week, Cory speaks to entrepreneur and investor Naval Ravikant, who is best known for having founded Angel List, a platform where you can find a great startup job, invest in a startup, or raise money. He’s also an active angel investor and has invested in more than 100 companies, which includes Twitter, Uber, Yammer, Postmates and more. In this weeks episode, Naval talks about the perfect way to find what you’re good at, how to get started in learning about cryptocurrencies, what’s most exciting about the effects of blockchain, the startup ecosystem for both vc’s and founders and also what he’d change about the current education system.

    “FIGURE OUT WHAT YOU’RE THE BEST IN THE WORLD AT, AND THEN GO SEE IF THE WORLD NEEDS THAT THING.”

    In addition to being one of the most well-known and respected investors in Silicon Valley, Naval is the CEO and Founder of AngelList, “where the world meets startups,” and a mentor to many founders and young entrepreneurs.

    Cory Levy talked with Naval Ravikant on OFF RCRD about his advice for young people on education and starting a business, cryptocurrencies, and Silicon Valley. Asked what’s his best advice for people trying to discover what they should do with their life, Naval advised that they shouldn’t stress out about finding their purpose in life at an early age. “There’s this bad idea that somehow at the age of 16 to 21, you’re supposed to somehow figure out what you’re going to do for the next 20, 30, 40, 50 years of your life.” Instead, Naval encourages people to “do what is intellectually interesting to you, and is difficult…study the hard things.”

    Naval spends his time reading and learning about things that are interesting to him and likely to change the world, like cryptocurrencies. “I think it’s one of those rare things where you can combine something that is good for humanity with something that is technical, intellectually interesting and is being developed right in our time.”

    When Cory asked what people are wasting their time on, Naval responded that, especially in schools, “people waste a lot of time learning things that no longer have value.” An example Naval gave was memorization. Since we now have access to smartphones and endless sources of information, less importance should be placed on forcing people to memorize pieces of information.

    One way to avoid wasting your time and energy according to Naval is by finding out what you’re good at. “What is the thing that comes easily to you that is difficult for other people?” Naval said that the answer to this question is likely something that you enjoy doing as well.

    One of the things that come easily to Naval is dissecting businesses and staying on top of developing technologies. “I still think that technology’s underrated relative to the impact it’s going to have…either you’re telling a computer what to do, or the computer is telling you what to do…you don’t want to be on the wrong side of that transaction.”


    9 | MIKE POSNER - Grammy-Nominated singer & songwriter Sep 17, 2019
    Show notes

    This week, Cory speaks to singer-songwriter and record producer Mike Posner, who is best known for having multiple Billboard Top 100 hits while also writing chart-topping songs for other artists such as Justin Bieber, Maroon 5, Pharrell Williams and more. In this weeks episode, Mike tells us details on how he got started and what he did early on to become a success, what new artists should focus on when creating a project, how music distribution has changed and how up and coming artists should decide to release their music.

    “DON’T WASTE YOUR TIME TRYING TO BE POPULAR. SPEND YOUR TIME TRYING TO BE GOOD OR GET BETTER.”

    Singer-songwriter Mike Posner (@MikePosner) knows that nothing worth doing is easy–you have to keep working at it. But when he signed his first record deal, he thought things would change. “I really thought that when I got that record deal, that my experience of life would change, that I would be happier and I’d be in the ‘promise land’, that just my experience of life would be exponentially better and I wouldn’t have, really, problems anymore,” says Mike.

    “It didn’t make my life worse or make me more sad and more happy, it just was overwhelmingly the same. That was disappointing and disillusioning because I really thought, before, it was going to solve all my problems, and it just didn’t.” Mike then thought, “maybe I just need a big hit song or something’, and I set about acquiring that, and I did.” In 2010, Posner’s single Cooler Than Me finished #19 on the Billboard Hot 100 for the year and was RIAA Certified 2x Platinum.

    Mike Posner talked with Cory Levy on OFF RCRD about his start as an artist, getting signed to a record deal, lessons learned from Big Sean, and much more.


    8 | MATT MULLENWEG - Founder of Wordpress.com Sep 17, 2019
    Show notes

    This week, Cory speaks to entrepreneur, founder and CEO Matt Mullenweg, who is best known for have founded Automattic, which is behind brands WordPress.com, WooCommerce, Jetpack, Simplenote and more; reaching more than a billion people a month. In this weeks episode, Matt talks about how he got into technology, what his high school and college days were like, being young and in a position within a big company to leaving and risking it all to become a founder, what’s his trick to meet great people to work with or invest in and the great story of how he misplaced a half million check!

    --

    At the age of 20, Matt Mullenweg (@photomatt), launched Automattic–the company behind WordPress.com, WooCommerce, Jetpack, and others. Now 33-years-old, Matt is still working at the company he built, helping it change the landscape of websites and blogs throughout the world and give nearly anyone the ability to create and manage their web presence.

    In the interview with Cory Levy on OFF RCRD, Matt discusses founding the company and some of its growing pains before he hired now former Automattic CEO Toni Schneider, including losing a $500,000 check from an investor. “Toni had been part of startups for 20 years. He had a ton of experience,” Matt says. “I think something I still learn from him…he can approach things and really connect with people in a way that makes everyone feel really included, and I think it’s one of his superpowers.”

    Asked what his superpower is, Matt says “Probably hiring and the non-hiring parts of hiring, which are finding great people to work with. I’ve been very lucky or good at finding great partners within the investment side and other folks I worked work with like Toni.”

    Outside of the business, Matt is a musician, and is currently learning a new language (French). For more from Matt Mullenweg, listen to the full OFF RCRD episode here!


    7 | PAUL ROSENBERG - CEO of Def Jam, Co-Founder of Shady Records, and Eminem's manager Sep 17, 2019
    Show notes

    This week, Cory talks to music management veteran Paul Rosenberg, who famously became Eminem’s manager and recently the CEO of record label giant Def Jam. Paul describes his humble beginnings as a pre-med student and how he experienced a 180 turn into a profession that’d change his life forever. He talks about the risks of starting his own management company, insights into what he did differently to stand out from the crowd and a behind the scenes of what led his company to skyrocket to success.

    --

    No successful person makes it to the top without surrounding themselves with talented and trustworthy people. Music manager Paul Rosenberg (@rosenberg), who is also the CEO of Def Jam Records, is best known for the large role he’s played in one of the careers and lives of one of the most successful artists of all time–Marshall Mathers, also known as Eminem.

    As explained in his interview with Cory Levy on OFF RCRD, Paul first started working with Marshall as his lawyer. After building up trust with Marshall and learning how the industry works, Paul adapted to become Marshall’s manager, which is a job he’s now had for nearly twenty years. In addition to his role as Marshall’s manager, Paul also runs his own management firm, Goliath Artists, is co-producer of the Shade 45 SiriusXM radio station, and is the new CEO of Def Jam Records. As the new CEO of Def Jam, Paul says that he is working to “go back to the blueprint, and make that label the thing that everybody got so passionate about in the first place.”

    Paul has a long history of adapting to changes in his life and the music industry, from shifting from lawyer to music manager, to navigating music streaming, which has drastically changed the music industry. “You have to figure out what’s working to propel the industry forward, and become that. For me, I had always seen this coming for a really long time–the place that we’re in now. I had always hoped for it, so I was mentally prepared for a world of streaming. I for one, am very happy that we’re here,” says Paul.

    Cory first met Paul, who is also an investor in After School, at a party for the U.S. launch of Spotify, and then again later through mutual friends. In this episode of OFF RCRD, Cory and Paul discuss how Paul got his start in the music industry, his experience working with Eminem, his work building companies, his new role with Def Jam Records, and his advice for young entrepreneurs.

    “The most important advice that I can give, is try to work in something that you’re passionate about, because if you can do that, then you can always find enjoyment in your employment and enjoyment in your career. Because there’s going to be elements about it even through all the bad stuff that you don’t like; there’s going to be elements about it that you do. If you can find a way to work your passions into a career, overall you’ll be a much happier person,” says Paul.


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