Technology

Sourcery

Interviews with the top Investors, CEOs, & Founders

Latest Episodes:

Mark Suster, Upfront Ventures: Investing in Space, Defense, & Exit Opportunities Jun 28, 2024

Show notes

In this episode, Molly O'Shea interviews Mark Suster, Managing Partner of Upfront Ventures, about venture capital investing strategies and market insights.

Mark discusses the value of disciplined investments at lower valuations, diverse buyer outcomes, the exit landscape, and Upfront Ventures' focused investment in seed stage, early growth, and secondary funds. He emphasizes the importance of founder-market fit, market timing, and the influence of macroeconomic trends on investment decisions.

Mark explores the challenges of traditional IPOs and highlights alternative exit paths for startups in today's market, while also reflecting on the lessons from his time as a CEO, and offers perspectives on promising sectors such as healthcare, national defense, and space.

The interview concludes with book recommendations, showcasing Suster's interest in historical context and its relevance to understanding current trends. He emphasizes the importance of informed perspectives on issues like geopolitical tensions, technological advancements, and the history of Israel.

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Follow on Twitter

https://x.com/MollySOShea

https://x.com/msuster

Check out:

Upfront Ventures: https://upfront.com/

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Subscribe to Sourcery:

https://www.sourcery.vc/

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Companies mentioned:

Upfront Ventures: https://upfront.com/
Invoca: https://www.invoca.com/
Density: https://www.density.io/
Nanit: https://www.nanit.com/
Maker Studios: https://t.co/oIlCqwIhjg
Salesforce: https://www.salesforce.com/ap/?ir=1
Rula (formerly Path): https://www.rula.com/blog/brand-announcement/
Pragma: https://www.pragma.co/en/
Bionaut: https://bionautlabs.com/
Apex (satellite bus company): https://www.apexspace.com/
Anduril: https://www.anduril.com/
Oura Ring: https://ouraring.com/
Whoop: https://www.whoop.com/us/en/
Eight Sleep: https://www.eightsleep.com/
Peloton: https://www.onepeloton.com/
Apple: https://www.apple.com/
Riot Games: https://www.riotgames.com/en
Google: https://www.google.com/
Amazon: https://www.amazon.com/
Ring: https://ring.com/
NVIDIA: https://www.nvidia.com/en-us/
Yahoo: https://www.yahoo.com/
Snapchat: https://www.snapchat.com/
SpaceX: https://www.spacex.com/

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Book Recommendations:

Freedom's Forge: How American Business Produced Victory in World War II - Arthur Herman: https://www.amazon.com/Freedoms-Forge-American-Business-Produced/dp/0812982045

Chip War: The Quest to Dominate the World's Most Critical Technology Audible Logo Audible Audiobook – Unabridged Chris Miller:

https://www.amazon.com/dp/B09TX24J5Y

The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan:

https://www.amazon.com/s?k=The+End+of+the+World

Israel: A Simple Guide to the Most Misunderstood Country on Earth:

https://www.amazon.com/Israel-Simple-Guide-Misunderstood-Country/dp/B08R7VV25R/ref=sr_1_1

TIMESTAMPS:

(00:00) Preview

(03:00) Upfront Ventures' Fund Structure and Investment Approach

(12:30) Conviction Factors: Founder, Market, and Upfront Fit

(18:58) The Barbell Strategy and Upfront's Integrity

(23:43) Lessons Learned as a Founder and the Importance of Directness

(27:29) Emerging Categories and Macro Trends

(33:36) Challenging the Misconceptions About Capital-Intensive Categories

(36:06) Hardware and the Evolving Software Landscape

(40:13) Exit Opportunities and Market Dynamics

(42:12) The Future of Exits: Private Equity and M&A

(47:20) Book Recommendations and Closing Thoughts

Hunter Walk, Homebrew & Screendoor Jun 14, 2024

Show notes

Hunter Walk discusses the evolution of his venture capital firm, Homebrew, and their contrarian decision to become a self-funded fund in a world of increasingly large megafunds. Homebrew focuses on working with early-stage companies and keeping things simple, without the constraints of a traditional fund structure. He explains the differences between their fund structure and traditional funds, highlighting their commitment to aligning incentives with founders. He also shares some of their successful investments, such as Chime, Plaid, Gusto, and Cruise, and emphasizes the importance of being a true partner to entrepreneurs. Hunter also talks about the creation of Screendoor, a fund of funds that backs emerging managers, and explains the purpose of ScreenDoor and how it provides access to venture capital for investors who can't buy it in the ' stock market’ of venture capital returns. He emphasizes the importance of building a successful firm and the need for differentiated strategies in the venture industry. Walk also offers advice for emerging managers, including being self-aware, honest, and confident, and not changing too much too quickly. -- Follow on Twitter https://x.com/MollySOShea https://x.com/hunterwalk -- Check out: Homebrew: https://homebrew.co/ Screendoor: https://www.screendoor.co/ -- Subscribe to Sourcery: https://www.sourcery.vc/ -- TIMESTAMPS: (00:00) Introduction & Homebrew's Self-Funded Fund (01:55) Homebrew's Origins & The Shift to Self-Funding (07:25) Addressing Common Misconceptions & The Impact of Fund Size (12:00) Traditional Fund Structure vs. Homebrew's Model (21:00) The Need for a Different Playbook & The Power of Concentration (25:00) Homebrew's Investment History (33:00) Introducing Screendoor & Its Mission (41:00) Screendoor's Approach & Investment Criteria (51:00) The Evolution of Screendoor's Screening Process & Advice for Emerging Managers (57:00) Fundraising Strategies for Emerging Managers (1:04:00) Final Advice & Takeaways

Radiant CEO Doug Bernauer on Portable Nuclear Microreactors & the Future of Clean Energy May 31, 2024

Show notes

Sourcery’s Molly O’Shea sits down with Doug Bernauer, Founder and CEO of Radiant, a company pioneering portable nuclear reactors designed to replace traditional diesel generators. Doug shares insights from his experience working with Elon Musk at SpaceX and delves into Radiant’s mission and key innovations. He discusses their ambitious goal of fuel testing by 2026 and provides a technical deep dive into the technology, history, and safety measures of nuclear power. Discover how Radiant aims to meet clean energy needs in remote locations with their one-megawatt transportable nuclear reactors.

Quick Stats on Radiant:

1 MW electric
1.9 MW heat, recoverable up to 80 degrees Celsius
Unit lifetime of 20 years with 4 cores, cores are replaced at the factory
Transportable by land, air, sea
Passive safety features

TRISO fuel is meltdown-proof and handles temperatures up to 1600 C
Helium coolant does not become radioactive, eliminating the impact of a release
Passive cooling air jacket keeps fuel and vessel temperatures controlled even if power is lost

Planning to test Kaleidos at the Idaho National Lab DOME in 2026, first commercial units in 2028

Follow on Twitter

https://x.com/MollySOShea

https://x.com/DougBernauer

Check out:

https://radiantnuclear.com/

Subscribe to Sourcery:

https://www.sourcery.vc/

Companies mentioned:

SpaceX: https://www.spacex.com/

Radiant Nuclear: https://radiantnuclear.com/

Idaho National Lab: https://inl.gov/

Oak Ridge National Lab: https://www.ornl.gov/

Union Square Ventures: https://www.usv.com/

A16z: https://a16z.com/

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TIMESTAMPS:

(00:00) Intro

(01:42) Meet Doug Bernauer: Founder and CEO of Radiant

(02:30) Doug's Journey at SpaceX

(04:38) The Radiant Team and Their Backgrounds

(07:27) Founding Radiant Nuclear

(10:45) Innovative Nuclear Technology

(14:05) History of Nuclear Energy

(18:56) Public Sentiment and Nuclear Energy

(23:01) Challenges in Nuclear Industry

(24:42) Radiant's Commitment to Innovation

(25:25) Vertical Integration and Product Development

(27:28) Microreactors: A New Frontier

(28:40) Building the Nuclear Playbook

(32:09) Funding and Financial Strategy

(33:09) Remote Communities and Nuclear Power

(37:41) Technical Insights and Safety

(41:25) Team Building and Future Goals

(44:55) Wrap

Silicon Valley's Best Kept Secret for Skilled Immigration | Minn Kim, Founder of Lighthouse May 03, 2024

Show notes

Accelerating US Skilled Immigration to Power Technological Progress

This episode features Minn Kim, founder of Lighthouse, an early-stage company offering skilled immigration solutions for technology pioneers.

The discussion, led by Molly O'Shea, highlights the problematic nature of the current U.S. employment-based immigration system, which Minn describes as outdated and heavily reliant on a lottery system due to the high demand for a limited number of visas. Lighthouse aims to streamline the complex visa application process for the world's brightest in the startup and tech industries, using software to enhance efficiency and provide a high-quality U.S. immigration experience.

Minn shares her personal journey from a career in financial services and venture capital to founding Lighthouse, fueled by the ambition to democratize access to high-skilled immigration. The conversation also delves into the specifics of visa categories like the O-1 'extraordinary alien' visa and how Lighthouse is leveraging technology to simplify and expedite the application process.

Minn elaborates on the broader potential of Lighthouse to transform the landscape of legal immigration services, touching on future goals and partnerships, and concludes with a note on her experiences as an immigrant and the vibrant culture of San Francisco as a hub for tech innovation.

Follow on Twitter

https://twitter.com/mollysoshea

https://twitter.com/minney_cat

Check out: https://lighthousehq.com/

Companies mentioned:

Bloomberg Beta: https://www.bloombergbeta.com/

On Deck: https://www.beondeck.com/

Fragomen: https://www.fragomen.com/

Ericsson: https://www.theericssonlawfirm.com/

Ogletree: https://ogletree.com/

USCIS: https://www.uscis.gov/

TIMESTAMPS:

(00:00) The Visa Lottery Challenge: A Deep Dive

(01:55) Minn Kim's Journey: From New York to Lighthouse Founder

(05:38) Lighthouse: Revolutionizing Immigration for Tech Talent

(16:53) The O-1 Visa: Silicon Valley's Best Kept Secret

(22:15) Building Lighthouse: A New Approach to Immigration Services

(28:32) The Future of Lighthouse and Immigration Innovation

(34:18) Minn Kim's Personal Reflections and The SF Hype

(40:12) Closing Thoughts: Lighthouse's Goals and Opportunities

Jared Hecht of USV, 2x Exited Founder of Fundera (Nerdwallet) & GroupMe (Skype/Microsoft) Apr 26, 2024

Show notes

This episode of Sourcery features an in-depth conversation with Jared Hecht, Venture Partner at USV and 2x exited founder of Fundera and GroupMe.

Fundera, Grew to a profitable $100M+ annual revenue business with 1M+ monthly visitors to the marketplace. It was acquired by Nerdwallet in 2020.

GroupMe, with over 100M+ people have used GroupMe, including 25M MAU and virtually every college student in the country. It was acquired by Skype/MSFT in 2011

Jared shares his journey from starting his career at Tumblr to founding successful companies Fundera and GroupMe and eventually transitioning into venture capital at USV, emphasizing the importance of honesty and support from VCs.

This episode surfaces Jared’s uniquely personal insights into the tech industry, behind the scenes at USV, his characterization of the personality types in VC, and the personal growth that comes from traversing the world of startups as a founder and an investor.

Fun fact: Jared was a national chess champion at a young age

Follow on Twitter

https://twitter.com/mollysoshea

https://twitter.com/jaredhecht

Companies mentioned:

Tumblr: https://www.tumblr.com/

USV: https://www.usv.com/

Fundera (by Nerdwallet): https://www.fundera.com/

GroupMe: https://groupme.com/

Skype/Microsoft: https://www.skype.com/en/

TIMESTAMPS:

(00:00) Preview and Intro

(02:59) Jared's Career Journey: From Tumblr to Founding Two Companies

(10:16) Taking a Break and Joining USV

(25:24) Investment Focus and Areas of Interest

(28:47) Interacting with Founders

(33:11) The Romanticized View of Entrepreneurship

(34:21) The Unique Approach of USV

(41:34) What Some Investors Get Wrong

(45:04) The Evolution of New York's Tech Scene

(48:28) From Chess Champion to Venture Partner

(50:31) Wrap

Embracing American Dynamism to Upgrade Manufacturing Production With Oden CEO Willem Sundblad Apr 19, 2024

Show notes

In this episode, Molly O'Shea talks with Willem Sundblad, co-founder and CEO of Oden Technologies which has just announced a $28.5M Series B led by Nordstjernan Growth, a 130-year old Swedish investment institution.

Their conversation covers the massive opportunity in optimizing factory operations and product quality on the ground level, the labor challenge plaguing the industry, why more talent should consider manufacturing operator careers, how Oden found PMF with Process AI, how to sell into manufacturing, and where Oden fits into the paradigm of American Dynamism and US reshoring.

Willem, who grew up on the factory floor, offers a deep dive for those looking to understand granularly what it’s like to work in a manufacturing setting, the tangible problems to solve, and the potential outsized impact one can make working in the field.

Follow on Twitter

https://twitter.com/mollysoshea

https://twitter.com/WillemSundblad

Resources:

*Check out Oden's demo of Process AI: https://oden.io/

* Subscribe to Sourcery: https://www.sourcery.vc/

TIMESTAMPS:

(00:00) Preview and Intro

(02:09) Oden Technologies' Series B Round Composition

(04:25) Willem's Childhood Journey to Manufacturing

(06:42) How to Sell to the Manufacturing Industry: Oden's Approach and Impact

(09:05) The Huge Challenge of Operator Turnover In Manufacturing

(10:38) What an Actual Day Looks Like for an Operator Inside a Manufacturing Facility

(14:07) The Quality Prediction Problem that Led to Process AI

(18:19) Selling to Legacy Industries

(24:37) AI-driven Solutions for Manufacturers

(30:37) Labor Challenges

(38:55) Growth Plans for Oden

(44:14) The Larger Impact of Joining the New Wave of Tech-Enabled Manufacturing Companies

(46:44) Wrap

Kyle Harrison, GP at Contrary on Techno-Optimism, Talent Vortexes, & Writing “Investing 101” Apr 12, 2024

Show notes

In this episode, Molly O'Shea interviews Kyle Harrison, General Partner at Contrary and writer of the popular Investing 101 substack, discusses his career in venture capital and the focus of Contrary. Contrary is a VC fund that backs companies from seed to scale with an emphasis on talent and research. They aim to identify the smartest people early on and support them throughout their careers.

Contrary has a very impressive research arm that produces reports, memos, and conversations to provide insights into private tech companies. Kyle shares his approach to writing and the importance of putting his thoughts into words. The conversation explores the themes of hard work, ambition, and the divide between different work philosophies. It also touches on the power of storytelling and the influence of narratives on shaping reality.

The discussion highlights the importance of nuance and individual beliefs, as well as the cycles of hype and deflation in the tech industry. Overall, the conversation provides insights into the dynamics of the startup ecosystem and the evolving perspectives on work and success.

https://twitter.com/MollySOShea
https://twitter.com/kwharrison13

Resources

https://www.linkedin.com/in/kyle-harrison-9274b278/
Investing 101: https://investing1012dot0.substack.com/

Popular Investing 101 Pieces

The Blackstone of Innovation: https://investing1012dot0.substack.com/p/the-blackstone-of-innovation
Institutionalized Belief in The Greater Fool: https://investing1012dot0.substack.com/p/institutionalized-belief-in-the-greater
Puritans of Venture Capital: https://investing1012dot0.substack.com/p/the-puritans-of-venture-capital
Historical Futurism: https://investing1012dot0.substack.com/p/historical-futurism
Renaissance of Rise & Grind: https://investing1012dot0.substack.com/p/the-renaissance-of-rise-and-grind

Check out

Contrary: https://www.contrary.com
Contrary Research: https://research.contrary.com

Trending Reports:

SpaceX: https://research.contrary.com/company/spacex
Notion: https://research.contrary.com/reports/notion
SHEIN: https://research.contrary.com/company/shein
Midjourney: https://research.contrary.com/company/midjourney
Ramp: https://research.contrary.com/company/ramp
Anduril: https://research.contrary.com/company/anduril

Deep Dive:

The Openness of AI: https://research.contrary.com/reports/the-openness-of-AI
The Great Bank Unbundling: https://research.contrary.com/reports/great-bank-unbundling

Subscribe to Sourcery: https://www.sourcery.vc/

Companies Mentioned

Lyft: https://www.lyft.com/
TVC: https://www.tcv.com/

TIMESTAMPS:

(00:00) Preview and Intro

(00:56) Kyle Harrison: A Journey from Filmmaker to Venture Capitalist

(06:16) The Evolution and Strategy of Contrary VC

(09:35) Open Source Research in Venture Capital

(15:37) Finding And Helping The Greatest People On The Planet

(17:47) Investing 101: The Art of Writing and Reflection

(21:00) Reflecting on Personal Writing: Hits and Misses

(23:17) Exploring the Impact of Social Media and Work Culture

(23:57) The Philosophical Divide in Work Ethic and Ambition

(27:30) Techno Optimism and the Power of Positive Narratives

(28:52) Reflections on Storytelling and Reality

(34:20) The Influence of Location on Perspective and Innovation

(39:07) Looking Forward: The Age of Acquisition and Hype Cycles

(45:56) Wrap

Morgan Housel: Understanding Elon Musk, Jensen Huang and Other Outliers in Tech Apr 05, 2024

Show notes

In this episode, Molly O'Shea interviews Morgan Housel, a New York Times bestselling author and partner at The Collaborative Fund. They discuss the role of luck and risk in success, the complexities of genius visionaries like Elon Musk, Steve Jobs, Jensen Huang and more outliers, and the VC mindset. Follow us on Twitter * @MollySOShea * @morganhousel Resources * Same as Ever: A Guide to What Never Changes

* The Psychology of Money: Timeless lessons on wealth, greed, and happiness

* Check out Collaborative Fund: https://collabfund.com/

*Subscribe to Sourcery: https://www.sourcery.vc/ Companies Mentioned NVIDIA: https://www.nvidia.com/en-us/ ChatGPT: https://chat.openai.com/ Microsoft: https://www.microsoft.com/en-ph Facebook: https://www.facebook.com/ Tesla: https://www.tesla.com/ FTX: https://ftx.com/ WeWork: https://www.wework.com/ Chipotle: https://www.chipotle.com/

Timestamps (00:00) Preview
(01:00) Intro
(01:46) Morgan Housel's Trajectory to Bestselling Author
(06:02) Luck, Virality, and the Unforeseeable Nature of Success
(10:20) Serendipity and Achieving Outlier Success
(13:24) Negative Connotations of Luck or Large Successes
(17:40) Understanding the Complex Personalities of Outliers
(25:46) Morgan's latest: 'The Same as Ever': A Guide to Navigating Change
(29:55) The Slow but Significant Impact of Major Technologies
(34:38) Hype and Reality of Startup Valuations
(40:31) Challenges of Believing In A Company's Future
(45:22) The Future of VC: Adapting to New Realities
(48:05) Surviving and Thriving: Advice for Investors in Tough Times
(50:10) A Light-hearted Finale: The Chipotle Chronicles
(52:17) Wrap

Chris Power, Hadrian: $10B or Zero, Revitalizing American Manufacturing Mar 29, 2024

Show notes

In this podcast, Molly O'Shea interviews Chris Power, Founder & CEO of Hadrian, a vertically integrated deep tech manufacturing company. Hadrian recently raised a $117M Series B to support its mission of revitalizing American manufacturing. The company experienced strong customer demand, leading to an accelerated fundraise to meet the needs of large customers and expand its factory and operations to multiple states to support its growth. The company's vertical integration, focus on software and robotics, and emphasis on talent and workforce development, create an industry-leading moat. The conversation covers the importance of manufacturing for global competitiveness, America's position in global politics, building a "Tesla-hard" business, the strong vibe shift in the industry, recruiting and investor momentum, the early days of Hadrian, reflecting and resetting as a scaling Founder, drilling holes in servers, and building for the future.

Hadrian is actively hiring software engineers and other roles to continue scaling its operations. Email: jobs@hadrian.co or visit https://www.hadrian.co/careers

@MollySOShea
@2112Power

Resources

Check out Hadrian: https://www.hadrian.co/
Subscribe to Sourcery: https://www.sourcery.vc/

Companies Mentioned Software/ Tech: Tesla https://www.tesla.com/ Anduril https://www.anduril.com/ Palantir https://www.palantir.com/ Rippling https://www.rippling.com/ SpaceX https://www.spacex.com/ Ramp https://ramp.com/ Netflix https://www.netflix.com/ AWS https://aws.amazon.com/ VC: Construct Capital https://constructcap.com/ Andreessen Horowitz https://a16z.com/ Founders Fund https://foundersfund.com/ Lux Capital https://www.luxcapital.com/ RTX Ventures https://www.rtx.com/ Timestamps (00:00) Preview (02:02) Hadrian's Massive Series B Raise and Mission to Revitalize American Industry (05:24) The Strategic Decision Behind Hadrian's Emergency Fundraise (07:32) Chris' Backstory and the Challenges/Opportunities in Manufacturing Software (12:55) Scaling Operations and the Future of Hadrian's Factories (14:51) On Hadrian's Vertical Integration and Moat (18:39) Recruiting and Training: The Backbone of Hadrian's Success (22:15) Pitching to Software Engineers and the Engineering Challenges at Hadrian (25:33) Expanding the Team and the Future Goals for Hadrian (26:52) Chris Power's Bullish Stance on American Manufacturing (30:42) Vibe Shift in the Venture Capital Ecosystem (36:10) Foundational Challenges of Deep Tech Startups (40:28) Reorienting and Resetting While Scaling a Company (48:26) Future Outlook for Hadrian and Deep Tech Innovation (51:09) Wrap

Nick Abouzeid, Rivet: Growth "Hacking" Myths, What Worked at Ramp, & Better Tax Services Mar 22, 2024

Show notes

In this episode, Molly O'Shea is joined by Nick Abouzeid, co-founder of Rivet, a newly launched corporate and personal tax preparation firm. Prior to starting Rivet, Nick was a growth leader at Ramp, Main Street and Product Hunt. Molly and Nick deep dive on how to really drive growth, the misconceptions around growth marketing, and the supposed 'secret sauces’ strategies. They also discuss why venture-backed fintech startups need to focus on revenue generation in 2024 and why Nick took on venture capital to scale Rivet in a traditionally fragmented tax prep industry.